International student loan available
Student loans are available for international students studying at approved schools in the United States and Canada. There are multiple international student loan programs available – today we will highlight the main two. These loan programs are designed to help students cover the total cost of attendance, including tuition, room and board, and other expenses. International students are not eligible for U.S. federal loans, for which you need to be a U.S. citizen or permanent resident. However, the following two private loan programs are an excellent resource for non-U.S. citizens:
InternationalStudentLoan.com – International Student Loan is the main online resource for school loans for international students, and has been for years. Currently, International Student Loan offers loans up to the total cost of education, as determined by your school, minus any other aid received. These loans are school certified (as all student loans are now), meaning your school financial aid office must certify the final amount of the loan to ensure that you are not borrowing more than you need. And the kicker – the school determines how much you need, based on their total cost of education minus any other aid you receive. The approved school list is quite long, meaning most U.S. schools are approved for loans. With this loan program, interest payments are required while you are in school, with full repayment beginning 6 months after separation from school.
Find an international students loan in the U.S. at https://www.InternationalStudentLoan.com
InternationalStudent.com – InternationalStudent.com is the primary portal site for international education, and on its loan page it features a loan comparison tool with multiple lenders. The school list is even longer, and you can find loans on the comparison tool that do not require any interest repayment while in school.
http://www.internationalstudent.com/loans/
Check them both to figure out which is the best financing option for you.
What are International Student Loans?
International student loans are private student loans specifically designed to help international students finance their education in the United States. Unlike federal student loans, which are only available to U.S. citizens and permanent residents, international student loans are offered by private lenders. These loans can be used to cover a wide range of education-related expenses, including tuition, room and board, books, and insurance. For many international students, these loans are a crucial resource, especially when federal student loans are not an option or when additional funding is needed to cover the total cost of education.
Eligibility and Requirements
To qualify for an international student loan in the U.S., there are several key requirements that students typically need to meet. Firstly, you must be an international student enrolled in a U.S. college or university. Additionally, you will need a valid visa, such as an F-1 or J-1 visa. One of the most important requirements is having a U.S. citizen or permanent resident co-signer with a good credit history. This co-signer is essential because it provides the lender with a guarantee that the loan will be repaid. Furthermore, you must meet the lender’s credit requirements and be enrolled in a degree-granting program, whether it’s an undergraduate or graduate program.
Loan Details and Terms
International student loans come with various terms and conditions that can differ from one lender to another. Common features include variable interest rates, which can vary depending on the lender and your credit profile. Loan amounts can vary significantly, typically ranging from $1,000 to $50,000 or more per academic year. Repayment terms also vary, with some loans offering terms from 10 to 25 years. Additionally, there may be fees associated with the loan, such as origination fees or late payment fees. Lenders also have specific credit requirements, which may include a minimum credit score or a certain credit history.
Application and Approval Process
The process of applying for an international student loan generally involves several steps. With some lenders you can seek pre-approval to get an estimate of how much you may be eligible to borrow. Following this, you will need to submit a formal application, which typically requires documentation such as proof of enrollment, proof of income, and your credit history. If a co-signer is required, they will also need to submit an application and provide the necessary documentation. Once the lender reviews the application, they will make a decision. If approved, the loan amount will be disbursed directly to your school.
Alternative Financing Options for International Students
In addition to private student loans, international students have several other financing options available. Scholarships, which can be merit-based or need-based, are a great way to cover education expenses without the need to repay. Grants, which are typically need-based, also provide financial assistance that does not need to be repaid. For graduate students, fellowships offer merit-based funding opportunities, while assistantships provide financial support in exchange for teaching or research duties. Additionally, some colleges offer financial aid specifically for international students, so it’s worth checking with your college’s financial aid office to explore all available options.
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I’m a student from West Africa ( Liberia ????????)
And I need a student aid or loans.
Can someone please help me?
You can view scholarships that you might be eligible for by clicking on the following link:
https://www.iefa.org/scholarships
You can browse the awards or use our quick search tool which will narrow down the scholarships based on what you are studying, where you are studying, or where you are from.
After you find a scholarship you are eligible for or interested in, you will need to contact the institution responsible for the scholarship directly. They can assist you with the application process and any questions you might have.
You can also find out more in this post: https://blog.iefa.org/2021/02/15/how-to-find-international-scholarship/
Hi, I am a high school student (grade 12) soon to be an undergraduate 2023 and I need a student aid or loan even a bursary/scholarship
Can somebody please help me
You can view scholarships that you might be eligible for by clicking on the following link:
https://www.iefa.org/scholarships
Hey! I am a student from Tajikistan, Central Asia. Is there any way to get student loans or maybe scholarships and be eligible for them? Thank you.
You can view scholarships that you might be eligible for by clicking on the following link:
https://www.iefa.org/scholarships
For loans information see:
https://www.iefa.org/international-student-loans
I am a pilot student I completed my ground school and my only parent the father is paying for the course, I would like to find out how do I apply for the loan to complete my Pilot license at CAE OXFORD AVIATION ACADEMY PHOENIX in USA NEXT YEAR 2023. thank you
Thank you for your email. Unfortunately, we do not have a lender for aviation courses at present.
Please check back in the future.
I’m an online student resident in Cameroon but studying at the George Washington University Milken School of Public Health…I need a loan or scholarship to cover a portion of my school fees. Please help in any way if you can. Thanks
Hi Nji,
Unfortunately, none of the loan providers we partner with have programs for online learning at present.
You can view scholarships that your daughter might be eligible for by clicking on the following link:
https://www.iefa.org/scholarships
Help me please
Hi Tobias,
You can view scholarships that you might be eligible for by clicking on the following link:
https://www.iefa.org/scholarships
Hi there
Hope that this message finds you well . In fact i am an international student looking for student loan without co-signer . Please could you suggests me some loans without co-signer ??
And also if is there scholarships opportunities for me ..
Thank you for help and support!!
Best regards!!
Hello,
I’m glad to hear from you! As an international student, finding a student loan without a co-signer can be a challenge, but there are options available. You may want to check out the following resources: https://www.internationalstudentloan.com/ and https://www.mpowerfinancing.com/. These websites offer international student loans without a co-signer requirement.
Additionally, you can explore scholarship opportunities for international students. Many universities and organizations offer scholarships specifically for international students. You can research and apply for these scholarships through various resources such as: https://www.internationalstudent.com/scholarships/.
I hope this information is helpful. Best of luck with your studies!
Hello,
I got admission at the Worcester Polytechnic Institute, an MS Business Analytics program. I received aide of 2000.00 and the balance 60,000 I got loan to finance the two years program certified by my school. But I worry if the embassy won’t deny me due to loan financing. I am sorry if he might think I won’t come back to my homeland. Even though I have evidence that I’m legally married with two kids tying me back to always be with them.
Hello, I’m an external student from Ghana who has been admitted to Trebase Institution. I would like to enquire about whether your institution offers educational loans and financing options and the related requirements if yes.
Thank you.
Hi,
Thank you for your comment!
We recommend exploring various scholarship and financial aid options that might be available to you. Our scholarship search tool can be a great resource. You can access it here: https://www.iefa.org/scholarships.
Additionally, for more comprehensive information on financial aid options, including loans and other forms of assistance, please visit our resources page here: https://www.iefa.org/international-student-loans
Remember, each scholarship or financial aid program will have its own application process and requirements, so be sure to contact the relevant organizations directly for guidance.
Best of luck with your studies, and keep pursuing your dreams!
– The IEFA team