Surprised to know that being an international student you can still avail a student loan? Learn more about the lenders, criteria and other requirements to avail an international student loan with and without a cosigner in the United States.
Education in the United States is not an easy affair. Financial aid is essential in funding one’s education in the United States. Student loans are available for international students. Though international students cannot take up the different types of aid that are available for US residents, several other resources are available for them to achieve their goals. The different types of loans available are as given below.
International student loans US citizens can make use of the FAFSA that is available for them to learn about the various financial aid resources. Federal loans that are included under the https://paydayloan4less.com/payday-loans-ms/ federal assistance, does not include everything under one approach.
According to the Institute of international education, 73% of the international US students rely on resources outside the country in order to finance their education. The funding can come from the student’s own family members, home country government or university, personal funds and more.
Depending on the lender, the eligibility requirements and the process of the financial aid varies. Some lenders insist only on a student visa, whereas few others want a US Cosigner. Therefore it is necessary to find out the sources of financial aid and the application process of each of the programs.
International student loans with a cosigner
The eligibility requirements looked upon by most no-cosigner student loans include the duration until your graduation, the career potential, attending a school on the approved list and more.
Each lender has his or her own eligibility criteria. A loan comparison tool should be first used to find out the loan that does not need a cosigner.
The details of your conditions such that you don’t have a cosigner are entered. In case of availability of a no-cosigner loan, then the terms and conditions of the loan are to be explained. The interest rates and the repayment terms of the loan are studied.
Documents required for application
There are several procedures available for applying for a co-signer loan. A few of the essential documents required for the application process are as given below.
A few of the banks that offer International Student loans with a co-signer include Ascent Tuition, Citizens One Student loan, Discover Student loans, Sallie Logo student loans, Wells Fargo and College Avenue.
1) Citizens Bank student loan
The maximum loan that is awarded to Citizens Bank is $1,00,000 for undergraduate students and for health-care professional students, it is $2,95,000.
2) Discover student loan
Discover student loans are granted to international students who choose an eligible US College. A creditworthy cosigner is either the permanent resident of the United States or is a citizen.
Some of these include up to 12 months of forbearance, up to 12 months of temporary interest rate reduction, up to six months of temporary payment reduction and more.
3) Wells Fargo
Borrowers of the Wells Fargo work with a dedicated student loan specialist for the lifetime of the loan. Several options available for the struggling borrowers includes
Finding a cosigner is difficult especially for an international student. A few of the essential qualities of a cosigner are as given below.
The cosigner should have a good credit score and a credit history. The security that is provided on the loan is that the co-signer has the ability to pay the loan in case the borrower doesn’t. Thus credit history and credit score of the cosigner is highly significant in granting the loan to the borrower.