There are several means to get monetary aid to support your academics as an international student. Applying for a scholarship as an international student could pass as the easy option but what if the option doesn’t work out or the financial assistance from the scholarship doesn’t cover all the expenses required? Another reason could also be the need for financial proof before starting international studies abroad.
Whatever your reason for seeking financial assistance may be, there are other options for obtaining it when you have exhausted all other options. Getting a loan as an international student can go a long way to cover your educational needs including providing you with the support you need to settle other expenses. Most loan opportunities are strictly for U.S. citizens, but if you search deeper, you will find other loan opportunities available for international students from different parts of the world seeking to undertake their studies abroad. To qualify for a loan, you have to provide and fulfill certain requirements to be eligible.
This article will provide you will detail on some of the means to get loans as an international student and step-by-step procedures on how to go about it.
There are several loan providers available for international students to obtain the finances they need to settle their educational expenses including their cost of living, books, and others. The good thing about these loan providers is that the process of getting a loan is pretty straightforward and has flexible repayment options with low-interest rates. Some of the popular Loan providers include:
- InternationalStudentLoan.com: International student loan is one of the popular loan providers for international students to obtain loans. They offer loans that are high enough to cover the entire education of the student. Their terms are very flexible with extended repayment terms and considerable interest rates. The amount of loan collected is usually school certified- meaning that the financial aid office off your school determines the maximum loan amount a student needs. This is to ensure that students do not borrow more than they need and can pay it back.
To obtain a loan on International Student Loan, you will need to have a cosigner. The cosigner must be a permanent citizen in the U.S. and has lived in the U.S. for the past two years before they can apply for your loan. The purpose of getting a cosigner is to have somebody close to you who is legally obligated to pay back the loan if you fail to pay. There is an interest rate attached to every loan obtained and a repayment option based on the type of loan you choose.
To apply for a loan on an International student loan you will need to first choose your school and the amount of loan you will like to obtain read through the terms and conditions and fill out the application then wait for your loan to be approved. After approval, the funds will be given to you by your school.
- InternationalStudent.com: International student provides a loan comparison tool that features multiple lenders where you can find several loans including those that do not require interest repayment while you are still in school.
Other loan providers include:
- College Avenue
- Sallie Mae
General Requirements for Obtaining Loans for International Students
To apply for a loan as an international student, you might be required to provide your proof of identification, proof of residence, academic records, a valid passport & visa, proof of admission into your university as well as other extracurricular certificates.
After application and approval, you will be notified of the interest rates involved as well as the terms of repayment. You will then decide if you would like to go for it by agreeing to the terms and conditions presented to you. It is very important to go through every document presented to you thoroughly before signing. We recommend having a professional go through all the documents before you sign.