• Home
  • Country Index
  • About US
  • Contact

Immigration World

The World Has No Boundarys

  • Canada
  • Dubai
  • France
  • India
  • Italy
  • Sweden
  • UK
  • USA
  • etc
  • Country Index

Home » etc » Getting An International Student Loan – Everything You Should Know

Getting An International Student Loan – Everything You Should Know

June 17, 2019 by Filter Coffee

  • Student loans cover tuition fees and cost of living
  • A cosigner is required for most student loans in the USA
  • Repayment may begin immediately or after graduation

Studying abroad is an expensive affair. Look for a scholarship to cover the costs and if you can’t find one go for an international student loan. The question is how to apply for it? Here is everything you must know about applying for an international student loan.

Image by 3D Animation Production Company from Pixabay

Why Do You Need A Student Loan

Most colleges and universities welcome international students but often charge a higher tuition fee. Apart from this, international students also have to account for accommodation costs, travel expenses and day to day cost of living.

Thus, the first step most students take when applying for admission to foreign colleges is to look for a scholarship. This can help pay for part of the tuition fees or in some cases even living expenses.

However, not everyone can get a scholarship and even if they do, this may not be enough to meet all their costs. Hence, the next step is to apply for an overseas student loan.

What Is Covered By Student Loans

Student loans are available to students traveling to any country around the world. The total amount of a loan varies from student to student depending on the total cost of their education minus any financial aid already received.

This includes tuition fees, accommodation costs, health insurance, travel expenses, books and stationery, etc. Most student loans do not require a collateral payment.

Finding the Best Overseas Student Loan

Internationalstudentloan.com makes it easy for international students in the USA to find the best loan for them. Once the student enters the name of the school he or she is applying to and the location of the school, a list of all the available loans are displayed.

Along with the name of the loan, all the salient features are also listed. This helps students compare loans at a glance. The student may then apply for the loan best suited to him or her.

Finding Cosigners

Most international student loans require a cosigner. A cosigner is a person who agrees to pay the debt back to the loaning agency if the student defaults on their payments.

In most cases, the cosigner must be a US citizen or a permanent resident in the USA for at least 2 years. He or she must have a good credit rating. Most students ask friends and family members in the USA to act as their cosigners. The cosigner’s creditworthiness can influence the interest rate of the loan.

A few loans are available to international students without a cosigner but these loans typically have a much higher interest rate.

International Student Loan Repayment

The loan repayment terms are often a deciding factor when choosing the best loan to apply for. The repayment period can range from between 10 to 25 years.

A longer period may feel more comfortable but it is important to recognize that a longer repayment period translates to a higher interest payment.

Since most international students are not allowed to work in the USA while they are on a student visa, the repayment period for loans may begin after they graduate. Some of the standard repayment options available to students are:

  • Full Deferral: In this case, full-time students can defer the start of their repayment period to 6 months after they graduate. This is typically understood as a period of 4 years from the time of getting the loan.
  • Interest Only: Full-time students can choose to pay back only the interest component of the loan for up to the 4 years that they are in school. Repayment of the principal amount can be deferred to 4 days after graduation or to the time when students shift from a full-time course to a part-time course.
  • Immediate Repayment: In such cases, the student begins paying back the principal and interest as soon as the loan has been dispersed.

How To Apply For An International Student Loan

At Internationalstudentloan.com, students can apply for a loan online. Once you have compared the loans available and decided on the best loan for you, the next step is to complete the online application.

Once a loan application has been submitted, students are typically notified about their eligibility for the same within a few hours. In some cases, pre-qualification can take up to 48 hours.

The next step for students is to submit the documents needed to finalize the loans. This will include their admission letters, proof of ability to repay the loan and a document known as the Truth in Lending Disclosure.

On approval, a Self-Certification Form and Master Promissory Note must be signed by the student and the cosigner.

The last step before the dispersal of funds is for the lending agency to check that the student is enrolled in the relevant institution and that the loan amount does not exceed the total cost of education.

Also See

  • 5 Tips for International Students To Identify A Fake University In The USA
  • Top 10 Mistakes International Students make in the USA and How to Avoid Them?
  • How To Identify Scams Targeting International Students In The USA?
  • Working While Studying In The USA- Here Are Your Options
  • University Living – An Easy Way For Overseas Students To Find Accommodation
  • COVID 19 Impact – Students Can Now Take TOEFL And GRE At Home

Filed Under: etc Tagged With: International Students

Follow US

  • facebook
  • twitter

Recent Posts

  • US Immigrant Visas And Work Visa Restrictions Extended Till 31st March 2021
  • No More Country Cap For Employment-Based Green Cards – S386 Bill Explained
  • The 9 Best Countries To Study In Asia
  • The 10 Best Part-Time Jobs In Canada For Students
  • Birthright Citizenship In the USA – Will Trump Impose More Restrictions With An Executive Order?

Top Posts & Pages

  • 9 Countries Indians Can Easily Get Permanent Residency
  • Ways to Migrate to Singapore
  • Top 10 Countries Where You Can Immigrate and Settle Easily
  • How To Migrate To Malaysia
  • China Immigration - Eligibility, Job Opportunities and How to Apply
  • How To Migrate To France
  • 5 Ways To Get Swedish Citizenship
  • 6 Easy Ways to Migrate to Canada
  • What Is The Cost Of Living In Canada?
  • Tax Filing In Germany For International Students – Do All International Students Need To File Tax?

Tags

Australian citizenship Australian student visa business visa Canada Immigration Canada student visa citizenship citizenship by birth citizenship test Coronavirus cost of living EB5 visa Green Cards H-1B visa H1B Visa H1B visa Policy H4 visa immigrate to immigration and settlement Indian e-visa indian students International Students investor visa Migrate to New Zealand student visa no visa travel passports Permanent Residency Schengen Visa Student Visa Study in USA Tax Filing For International Students tourist attraction tourist visa travel ban UK immigration UK Visa USA Green Card usa immigration USA student visa USA Visa US citizenship US immigration US work permit work permit For H4 visa work visa
Feedback | Disclaimer
Copyright © 2021 immigrationworld.com.
This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish.Accept Read More
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled

Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.

Non-necessary

Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.