Do you need a cosigner for international student loans?

May 21st, 2012 by Jennifer Frankel

Many international students looking to financially support their education overseas turn to US loans as a way to help fund their education. If you are in this situation and are looking to apply for an international student loan, you may have some questions about eligibility and how you can qualify.

If you want a US international student loan, the first criteria the lender will look at is if you have a US cosigner- most international students will be required to have a cosigner. Your cosigner must be a US citizen or permanent resident, with good credit, who has lived in the US for the past two years. This person is typically a family member or a close friend.

Why do you need a cosigner, you might ask?

When you take out an international student loan, you are required to not only to pay back the amount that you borrowed – but you are also required to pay an additional amount to the lender for the ability to borrow. Because international students may return to their home country and since there is a possibility that students may be unable to repay the loan, who would the lender be able to turn to for repayment?

A cosigner is legally obligated to repay an international student loan. In fact, the loan will appear on the cosigner’s credit history as an outstanding obligation.  If the student fails to repay, the cosigner would have to step in and make the necessary repayments.

Overall, the cosigner is joining the loan application since an international student cannot receive such credit on his/her own. If you have questions about cosigners, feel free to ask our financial aid experts who are available to answer any questions on eligibility.

If you already have a US cosigner – you can begin comparing lenders and apply right online!

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  1. Arjun says:

    Is there any privite student loan that accept H1 olders as cosigners ?
    Thank you !

    • Bryanna Davis says:

      Hi Arjun,

      Thanks for your message.

      Unfortunately all of the loans in our loan program will require you to have a US citizen or resident as your co-signer. Good luck!

  2. ruth says:

    hi bryanna can you be my cosigner??Please??!…

    • Bryanna Davis says:

      Hi Ruth,

      Unfortunately not. You will want to start by asking friends and family members as it is a great responsibility to be a co-signer. Good luck!

  3. onuorah bonaventure chukwudi says:

    Is there any way to get loan and study Chemical engineering at spain? I really need quality education.

    • Bryanna Davis says:

      Hi Onuorah,

      Thanks for visiting. Unfortunately our loan program is only for US citizens going abroad or non-US citizens coming to the US to study at an approved school. If you’re a US citizen please feel free to check out lenders and if there is a program available to you.

  4. isaac says:

    Hi, this is isaac again, I finally found a co signer, how do I apply for the loan and what are the process… This is my email…

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