One positive by-product of a relatively weak ecomony is the continuing low interest rates for international student loans for study in the USA. Interest rates for loan programs offered by International Student Loan range from 2.25% APR to 9.11% APR with no origination fees. When you consider that there is no collateral required for a student loan, unlike a home or car loan, it is impressive that student loan programs can operate at such rates. Since student loans are often based on LIBOR, a low LIBOR is certainly helping the situation.
Lenders offered through the loan center on InternationalStudent.com also offer excellent rates, and you can compare and contrast them. A quick search today showed current APRs beginning at 3.16%.
Private student loans are available for international students studying at approved schools in the United States. All international students need a US co-signer. The interest rate for each student is set by the loan underwriter based largely on the credit score and income history of the US co-signer, so a stronger co-signer can mean a lower rate. You can apply for up to the total cost of education, minus other aid received.
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