It’s January, and international students are ringing in the New Year in the United States and in their home countries all over the world. As you look forward to what 2013 will offer, keep in mind that a New Year usually means a new semester starting up, too! And with that, it’s definitely time to think of how to get your student loans for the new semester!
If you are an international student, you will soon realize that federal loans through the U.S. government won’t be an option for many international students looking for student loans. There are, however, private student loans that international students are eligible for if they have a US cosigner (no cosigner loans are available only in select instances). This cosigner must be a US citizen or permanent resident with good credit who has resided in the US for the past two years.
Private student loans function very similarly to federal loans, with the added advantage that many private lenders open their services to international students as well as U.S. citizens. There are also rarely application deadlines (as opposed to the rigid deadlines found through the U.S. and state governments), and funds can be used to pay for those incidental educational expenses (your flight into the country, for example) which can sometimes be incurred at a higher rate by international students. Institutions granting loans to international students include both banks and specialized financial aid organizations. Make sure to look into these options early, as applying internationally may take some time.
Whether it’s continuing loans from your fall semester or seeking new ones to meet unforeseen expenses for the spring semester, now is the time to get on top of your student loans for 2013. Search for private student loans, and talk with your school’s financial aid advisor to straighten out your student loans for the new semester as soon as possible!
* New Year Money photo courtesy of Shutterstock