If you’ve researched all the available funding options for you as an international student in the US, and you are still in need of additional financing, your next place to look is an international student loan.
If, like many international students, you didn’t realize that loans were even available for international students, here’s a roundup of 10 things you need to know about international student loans and how to apply for them. We will also point you in the direction of additional useful resources and the loan comparison tool which you can find here.
International Student Loans are specialized private education loans that are available for international students who are studying in the USA or Canada at approved colleges and universities. US students in the USA are able to apply for Federal student loans (provided by the US Government), but these are not available to international students.
In many cases, international students in the US have to apply with a qualified cosigner and should only apply for international student loans after exhausting all scholarships, personal funds, and other options. At select schools in the US and Canada there are loans without a cosigner available for select students to apply for.
Students who are not US citizens or non-citizen permanent residents and who are attending an eligible US college or university. Loans are also available to international students in Canada (including US students) at select universities.
In most cases in the US, borrowers are required to have a credit-worthy cosigner who is a US citizen or permanent resident. However, there are loans available at select schools that do not require a cosigner, depending on your situation as the borrower.
Students who are not US citizens or permanent residents and who are attending schools outside the US/Canada are not currently eligible for an international student loan.
Lenders only work with specific colleges and universities, and not every lender works with international students. This can make it difficult at times to find the right option for your situation.
International Student Loan has a helpful comparison tool which will show the options that are available to you depending on your circumstances – taking into account your course of study, duration of study, field of study and if you’re studying at an approved US or Canadian college or university.
There are loans for students who have a US cosigner, and loans that do not require a co-signer that are available to students in select instances.
International student loans, like all private education loans, can be used for education-related expenses.
The main categories/items that an international student loan can cover are:
The maximum amount that you are able to take out in the form of an international student loan is the total cost of your education minus any other aid (like scholarships, grants, etc) received.
The total cost of your education will vary based on your school and the program’s cost of attendance. After you apply and receive credit approval your school must certify the amount of the loan.
Most international student loan options are only for non-US citizens studying inside the United States. However, we now have loan options at a few select universities for those who want to study in Canada!
A cosigner is required for many international student loan programs, but not all. If a cosigner is required they must be a US citizen or a US permanent resident, with good credit, who has lived in the US for the past two years. Non-US citizens or non-US permanent residents cannot act as a cosigner.
Although we are not able to assist with finding a cosigner, it is common to ask close friends or family members. If you do not have a cosigner you will want to explore lenders that do not require a cosigner.
Before applying for a private student loan, you should know exactly how much you need to borrow. To do this, review the financial aid award letter sent to you by your school. Next, find a loan that meets your needs. You can use our Loan Comparison Tool to help you find a loan that suits you.
You will need to submit your application to the lender. Most international students studying in the United States are required to have a US co-signer. After you have completed your part of the student loan application, your co-signer will need to complete their part of the application.
After submission you will be sent documents relating to your loan application. Follow any instructions carefully, and ensure that you (and your cosigner) sign and return the documents in a timely manner.
When your lender has received and approved all of the documents the money is transferred directly to your school/university, and you will receive your loan proceeds from them once they have been applied to your student account.
The interest rate and repayment terms will depend on the loan option and lender you select. When selecting a lender you will need to review the terms or contact the lender directly with any specific questions. If you go with a lender that requires a cosigner the interest rate is calculated based on factors including your cosigner’s creditworthiness.
If a lender does not require a cosigner the interest and repayment rates are established in a different way. For example, with MPOWER, the interest and repayment is determined based on other factors. While they do not require a credit score, they do need to review a detailed credit report to verify payment history and good standing.
It is possible to begin the loan application process prior to being accepted to your school, however, you will need to be accepted with your student visa to finalize the loan. The first step is to find a lender; see if one is available at your college or university.
We hope you’ve found these 10 things you need to know about international student loans useful for your plans to study in the USA.
For more information check out our posts on 5 international student loan terms you need to know and Student loan repayment explained.
The world we are currently living in is a society that thrives and depends heavily on computers and technology so this 2019-2020.
Gone are the days when we can function at our best without all the needed technological complexities. Now, we not only need the right equipment and computers but also the right minds to work on today’s tech-driven world.
That’s where Indeema comes in.
Indeema is a software company that develops business solutions for its clients using the latest tech. Aside from that, they also believe that having their own contribution to the industry can be best defined by offering scholarships.
Well, that’s just what they did as our friends at Indeema offers a scholarship program worth $1,000 for computer science students and to those who are studying STEM-related courses.
Indeema believes that investing in bright minds and aspiring talents, as well as sharing their resources and knowledge to the right people is one of the best things they can do for the upliftment of society.
To assist high school seniors or freshmen students in the USA, Indeema is offering the $1,000 Scholarship Program for enrolling at a university/ college for:
The company believes that it is in supporting students who are following a path towards computer and tech literacy is the future. Thus, those who are interested in enrolling in computer science, computer engineering, as well as other STEM-related programs, specifically in science, technology, engineering, and mathematics, are eligible to apply for of this scholarship fund.
Indeema is driven by their passion to not only cater quality tech business solutions to their clients but also positively contribute to the overall welfare of the industry. This is why the company’s mission is driving progress with tech skills and science.
The company also lead educational courses and collaborate with research institutions in Lviv and Austria. Furthermore, Indeema also believes that it is important for them to facilitate the development of fresh minds in the IT industry so that it will progress for the betterment of everyone.
Because of this, they decided to finally grant educational scholarships to students in the US who are interested in pursuing careers in computer science and other STEM courses. This is also a strategic move for the company as it is where their main office is located.
Indeema knows that starting can be hard. That’s why they want to create a stepping stone and encourage IT enthusiasts to build their career in this innovative landscape.
Not only will this create brighter minds in the tech industry, but this will also make it easier for them to leverage on their careers, and in the process, help Indeema and the entire tech sector improve.
Any wonderful product or disruptive innovation is done by people like you or like Indeema — passionate dream chasers.
Study hard and work smart, and there will be nothing you can’t achieve!
High school graduates who graduated from a public school are eligible. However, those who have graduated from a private school are also welcome as long as the school they’ve graduated in is accredited.
Students who are going to pursue a degree and career in computer science, computer engineering, and other STEM-related courses are eligible to apply for the scholarship.
Students who are already enrolled or have been accepted for enrollment for a four-year course at any accredited college and university in the US are eligible for the scholarship.
Students who have a high SAT score are eligible. Specifically speaking, only those who have SAT scores of 1350/1600 and above. Also, those that have a cumulative GPA of 3.0 as well as a 27 or higher composite ACT score are eligible for the scholarship.
If you are deeply passionate and interested in computer science, computer engineering, and technology, then you’re a great fit for the scholarship.
If you are interested you can find out more below. You must apply for the $1,000 Scholarship Program by March 1st.
Read more from our blog.
This award is brought to you by IEFA.org and all responsibility for the program lies with the provider – in this case, Indeema. For more information see the listing on IEFA.org and contact the provider directly.
We believe that everyone deserves the right to get a proper education as it creates a better world for all of us. What better way to turn that philosophy into reality by offering scholarships in the U.S. and Canada.
Knowing that these two countries are some of the best places to study and get a college degree because of their high educational standards, it’s best that deserving students get the chance to experience premium education.
This is why we, at International Education Financial Aid (IEFA), are proud to showcase two scholarships for international students in the U.S. and Canada. There are two scholarship types. These are the Global Citizen Scholarship and the Women in STEM Scholarship.
Although the deadlines have passed and the students have been carefully chosen, there’s still a chance that another round of free scholarships will be given soon.
Find out more about these scholarships and stay up to date with another possible round by reading on.
Provided by: MPOWER
Application Deadline: July 15th
About this scholarship:
The Global Citizen Scholarship is geared towards international students who are looking to study either in the U.S.A. or in Canada. The two countries are considered as the top places to get premium education because of its first-world and high-standard educational experience.
To qualify you must be enrolled full-time at a US or Canadian school that MPOWER supports, and you must be an international student allowed to legally study in the U.S. or Canada. U.S. citizens wishing to study in the U.S. and Canadian citizens wishing to study in Canada are not eligible for this scholarship.
This scholarship is not restricted to a field of study – students from all fields can apply.
And although the application deadline has passed, the chances of MPOWER offering another batch of scholarships for international students is very high.
This scholarship has been created and specifically designed to cater to international students who wanted to study in the U.S.A. and Canada. Its aim is to encourage a diverse community of students for the long-term goal of improving the productivity and prosperity of both the two countries and the individual lives of its scholars. In simpler terms, foreign students get the chance to experience American and Canadian college and university-level education at its finest.
Scholarship applicants, should, however, be qualified. Some of the qualifications needed are full-time students who are currently enrolled at a school located in the U.S. or in Canada. And that school should be directly supported by MPOWER.
Furthermore, applicants should be confirmed as official international students who are allowed to legally study either in the U.S. or Canada or in both the two countries.
Students who are U.S. citizens looking forward to studying in the U.S. are exempted and not eligible for the scholarship. The same goes for Canadian citizens who are looking to study in Canada. The aforementioned scenarios are not eligible to get the scholarship.
However, it’s worth noting that the scholarship isn’t restricted to a specific field of study or degree. This means that successful scholars from any field of degree can apply for the scholarship.
Provided by: MPOWER
Application Deadline: July 15th
About this scholarship:
The Women in STEM Scholarship is geared towards female international students who want to study college-level education in the U.S.A. or in Canada.
The last applications were also submitted last July 15. But the chances of having another batch of STEM scholars is very high because of MPOWER’s continuous support towards the cause.
It is a scholarship fund aimed at women who are geared towards using their STEM degree for the greater good and benefit of society. Those who have the potential to serve as inspirational role models and as advocates for women’s rights are the main target of this scholarship.
Students coming from different countries, except for the U.S. and Canada, are eligible for the scholarship. They should also be currently enrolled in a STEM degree program in any U.S. or Canadian school that is directly supported by MPOWER. Only females and those who are full-time students can apply for this scholarship.
Applicants must also submit a clear and detailed essay describing their academic and professional accomplishments in the STEM program. They should also share their thoughts about their future goals and how they intend to achieve those goals if ever they successfully qualify for the STEM scholarship.
STEM is a description of programs that feature subjects in any field of Science, Technology, Engineering, and Mathematics, hence STEM.
If you are already, or are going to be an international student in the US, it will be required of you to have a cosigner while applying for a loan.
If you do require a cosigner, the cosigner must be a US citizen or permanent resident, and they must have lived in the US for more than 2 years. They should likewise have good credit history. Non-US natives and non-US permanent residents are not allowed to be a cosigner for international student loans.
Despite of the fact that most international student loan applications require a cosigner, students attending a growing number of schools and colleges in the US and Canada can apply for a loan without one.
If you do not have a cosigner, there is guidance on how to find one in the International Student Loan Resources, but looking for a “no cosigner loan” could be the best choice for you.
Since most international students in the US don’t have any financial history there, a cosigner joins the loan application process. Approval for the loan and the interest rate applicable are then based upon the perceived reliability of the cosigner.
The cosigner is lawfully bound to repay the loan if the borrower does not make the payments.
Don’t have a cosigner? If research doesn’t help you find one, see if a loan that doesn’t require a cosigner is available for you.
With loans that do not require a cosigner, rather than using the applicant’s credit history, lenders assess your education and career path, in addition to other factors when making a decision on approval for a loan. These might include your nation of origin, graduation date, and what school you are attending.
The majority of student loans available for international students are solely for non-US natives who will be in the United States. However, a new option helps students apply for loans at a number of colleges in Canada as well!
International Students in Canada may now apply for an international student loan without a cosigner!
International Student Loan has partnered with a lender that can offer loans to students from over 190 countries, including the US, who are attending select schools in Canada. Up to this point it has been hard for international students to finance university education in Canada, but thanks to our partner lenders and International Student Loan, there are now various schools in Canada where no-cosigner loans are available.
International students at eligible schools can apply for a loan to fund the expense of your education including the cost of tuition, lodging, sustenance, insurance, and supplies. As referenced previously, with this sort of loan, rather than focusing on your or your cosigner’s financial record, the loan specialists take into account different factors.
For example, your education and future career, your nation of origin, your expected graduation date and what school you will be studying at will be considered. Students who are not US natives or permanent residents, and who are going to schools outside the US/Canada are not presently qualified for international student loans.
Students who are not US natives or permanent residents, and who are going to schools outside the US/Canada are not presently qualified for international student loans.
International students should use the loan comparison tool to see whether they can apply for a loan without a cosigner and if their chosen school is available. Provided that this is the case, they should then be able to review the terms and conditions of the credit agreement and apply online.
While inquiring about a no-cosigner loan, here are a couple of things you should consider:
When your application has been assessed you will get further information about your loan and the terms and conditions. These will cover the financing cost and the total amount you can obtain. These will differ by loan specialist and depend on your circumstances.
No-cosigner advances through our partner have a fixed rate of interest and enable you to access up to $50,000 in a 2 year period. You should state the amount you might want to borrow on your application.
Once approved for the loan, the funds are disbursed directly to your school or college.
The whole process takes around about a month and a half, so you should plan ahead and ensure that you make your application in time.
To check whether there are no-cosigner loans at your school, start with the loan comparison tool.
Find out more about International Student Loans.
Sponsored by educations.com
Deadline: April 2020
Educations.com believe that students who study abroad become the next generation of globally-minded leaders – and they want more of you to do it!
They’re offering a scholarship of up to €5000 to help cover your tuition fees and get you one step closer to your next great adventure.
The scholarship will be awarded for the fall/autumn semester and is open to students from any country who will be studying a master’s degree abroad at a European university or school.
To apply for this scholarship, you must:
The applicant should have already gone through the whole process of application to be accepted as a regular student in any European school. If not, then applicants should have serious intent to study in any European school.
The applicant must have already applied for entry to any school that is based in Europe as one of their regular students. If this isn’t the case, then the hopeful applicant should show serious intent to study in any European college or university.
The applicant must be currently studying any degree program that is offered by the European college or university. Online courses attended from another country aren’t considered.
In order to benefit from the masters scholarship study fund, applicants should have graduated and finished a bachelor’s (undergraduate) degree. They should also meet the program’s language requirements, especially that Europe is a multilingual continent.
Spanish, French, and German are some of the top languages needed to be learned, depending on location, alongside the universal language, English. The applicant should also be eligible to apply for any study visa that is relevant to his or her desired master’s degree.
The applicant should also have experienced studying abroad. The country where the education took place should also not be the place the applicant was born in. Furthermore, he or she shouldn’t also be a regular resident of the country he or she currently studies in.
The applicant should show an interest in other cultures. This is very important, especially that Europe is a continent where people from different countries and cultures live.
The applicant should understand that the world he’s living in is a globalized world where people from different walks of life and from different corners of the globe live together and in harmony. Showing a positive attitude towards the people around him or her are good signs of becoming a scholar.
The applicant should have a set goal in mind, one where he or she is aimed at contributing something productive and positive to the world through the education that they are likely to get. Showing passion and eagerness to improve their skillset and acquire more knowledge for the betterment of society are good signs of a carefully handpicked scholar.
The applicant should be intellectually superior, both academically and in extracurricular activities as well. Those that are academic achievers are given priority as they are the ones who are most likely to excel.
Furthermore, applicants should show a willingness to improve their grades and do the best of what they can to strive for perfection, despite the fact that all are imperfect in one way or another.
Those who are active and engaged in participating in extracurricular groups and activities are given priority as they show a positive attitude towards their peers. Academic excellence isn’t the only thing considered but social skills as well.
The applicant should show eagerness in starting a new journey of his or her life, knowing that their are endless possibilities around him or her. They should also be excited in sharing their experiences and story with the world, specifically to their families, friends, and peers from their homeplace.
Get more details on the €5000 Scholarship to Study a Master’s in Europe and how to apply.
The 2018 InternationalStudent.com Travel Video Contest winners have been announced! For all the ones who have been following the contest, you know that it wasn’t an easy decision for our judges since all the finalist videos were incredible, but they had to come with 3 winners. Today, the last day of International Education Week, we are pleased to announce the final winners of the 2018 contest:
The $4,000 grand prize winner: Mariana Barbosa with Remembering to Live
Mariana is from Brazil, an amazing country that unfortunately, due to all the budget cuts, had to cut off student scholarships at federal universities. For this reason, Mariana put her eyes on another country that will bring her more opportunities and new experiences, Canada! Mariana will walk away with the $4,000 grand prize to help her study in Canada!
The second place winner ($500): Prabhat Gurung with: Me and my Camera
Prabhat is from Nepal and he moved to New Jersey to began his undergraduate education. In the United States, Prabhat has made new friends and shared his culture with his fellow international peers. It’s there where he found out what his true passion was: a camera. He wants to go home and share with his people everything he has learned while being abroad. Prabhat will receive $500 to help him pursue his dream of sharing the beauty of Nepal with the world!
The third place winner ($250): Hoang Thuy Ha with Why Later?
Hoang is from Vietnam and found in dancing a therapy that made her a more confident person. She found this passion at the age of 30 and advises you not to wait any longer to follow your dreams. She will take home $250 to help her study dance therapy abroad.
Next year InternationalStudent.com will host their annual Travel Video Contest and you won’t want to miss out! Check back on September 2019 for your chance to enter the contest!
In late August InternationalStudent.com invited you to participate in their annual Travel Video Contest where students can create a 4 minute or less video describing their proposed study abroad, or any trip they would like to take if already studying abroad. After receiving numerous entries with emotional and inspiring videos, InternationalStudent.com has announced who the lucky finalists are, including the Viewers’ Choice Winner.
We encourage you to watch their amazing videos and listen to their unique stories- perhaps one of your favorites was nominated within the 12 finalists! To choose the three final winners, InternationalStudent.com has a Judging Panel comprised of leaders in international education.
As well as watching the 12 finalist videos, we encourage you to check out the Viewers’ Choice winning video: Leaving Routine Behind, created by Kaleema Lowery, who is actually participating for her second time in this contest! Winning the Viewers’ Choice Award means she not only will receive $1,000, but also gains automatic entry into the finalist round. Check out Kaleema’s video and let her tell you her story through her moving video, where she shares her desire to visit and live in South Korea in order to leave the routine behind.
Stay tuned as the 3 winners will be announced during the last day of the International Education Week: November 16th! If you’re interested in entering this Travel Video Contest next year make sure you sign up to receive the latest alerts from InternationalStudent.com.
University of Arizona
Deadline: April 1st
Looking to study at the University of Arizona (UA) but can’t afford the tuition? This is your chance! The UA is offering Tuition Awards to international students that go from $4,000 to $24,000 per academic year.
The University of Arizona is one of the United States’ most respected public research institutions. The UA provides more than a world-class education, they help students develop the necessary skills of discovery, research, and creativity and that’s why you can’t miss this opportunity to study there!
What’s the scholarship about?
In recognition for students who exhibit an outstanding academic performance, the University of Arizona offers the International Tuition Award which offers $4,000 – $24,000 per academic year for freshman, and $5,000 per academic year for transfer students.
If you meet the criteria, be sure you submit your application on time for the next fall semester!
Get more details on the University of Arizona International Tuition Award and how to apply.
The 2018 InternationalStudent.com Travel Video Contest
Deadline: October 9th
The InternationalStudent.com Travel Video Contest is back and is open for entries until October 9th! If you are planning to become an international student or if you are already one, this contest is a great opportunity for you! Keep reading to get all the details about the InternationalStudent.com Travel Video Contest!
What is it about?
You will need to create and submit an original video before the deadline to be considered for a $4,000 grand prize. One lucky winner will receive the grand prize and their very own blog on InternationalStudent.com. There will also be a second place, third place and a viewers’ choice winner. The grand prize winner will be announced on November 16th.
To be eligible you must be 18 or older and already enrolled or planning to enroll in college or university outside of your home country. If you are currently studying outside of your home country, your video must describe any trip you would like to take. If you are not currently studying outside of your home country, your entry must describe your proposed study abroad.
Your video must be created specifically for the current InternationalStudent.com Travel Video Contest with a maximum length of 4 minutes.
Make sure you read the full list of rules and regulations before you enter. You would also want to check the tips & tricks section and view the past winners, as well as see who will be judging your video.
Get more information on how to enter the 2018 Travel Video Contest!
Deadline: October, 15
Westbon is the first lending platform for international students in the U.S. Based in Chicago, they specialize in providing auto loans and personal loans for their customers, who have always been an underserved group due to their lack of a Social Security Number (SSN) and credit history.
Westbon is dedicated to assisting international students in their pursuit to study in the United States and is always amazed by how vibrant and talented the international student community is.
To help international students further pursue their dreams in the U.S., Westbon has established a scholarship program for international students who are on F1 Visa in the United States. Regardless of your fields of study, Westbon is happy to offer the assistance you need for your college studies in the United States.
To qualify, you must be:
What are they looking for?
Applicants who have the excellent achievement and great potential in academic, extracurricular activities or social fields.
Social Impact/ Leadership/ Entrepreneurship
All undergraduate and master program students are welcome to apply. You can find further details here.