It’s May, and that means that many of you have received your acceptance letters from colleges and universities. Once you’ve narrowed down your schools and confirmed your attendance, it’s time to start thinking about your student visa and financial aid.
Many students ask us, when is a good time to apply for a loan?
If you are going to be an international student in the US, you are not eligible for US Federal Stafford loans. Instead, many students choose to apply for private student loans. The best time to apply for a loan is once you’ve received your acceptance letter from the school you plan to attend. If you are currently enrolled at a college or university, you can apply for a loan at any time.
Before you begin your application, as an international student, you will need to make sure that you have a US cosigner. To be eligible, you must have a cosigner in most cases, your cosigner must be a US citizen or US permanent resident who has lived in the US for the past two years with good credit. Most cosigners are family members or close friends as they are stating that they are responsible to pay any debts that you may be unable to afford.
You can apply each academic term for student loans. The time it takes for the approval will ultimately depend on how long it takes both the borrower and cosigner complete their documents and also on how quickly the school certifies the loan. Once your loan has been approved, the funds will be disbursed to the school and your school will then disperse the funds at the beginning of your term.
To get started, click here to compare international student lenders available at your college or university. Once you’ve found your student loan, you can apply right online.