Student loans are available for international students studying at approved schools in the United States and Canada. There are multiple loan programs available – today we will highlight the main two. International students are not eligible for US federal loans, for which you need to be a US citizen or permanent resident. However, the following two private loan programs are an excellent resource for non-US 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 US 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.
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.
Check them both to figure out which is the best financing option for you.