Loans for international students.Answered
Hey, so is it possible to apply for a loan as an international student if you have a co-signer. If it is, must you be residing in the US at the time of application. What are the factors that I need to consider before applying and what are some great resources that I may use?
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2 answers
Hi, thank you for asking your question! I am going to briefly answer your question and then point you towards great resources that will hopefully expand upon my answer. The US government loans are granted to only US citizens (which requires an application called the Free Application for Federal Student Aid or FAFSA). However, you can still qualify for private and institutional loans that are non-federal/US government. One common application for institutional aid, from the college that you attend, is the CSS application. These forms of loans or institutional aid will usually require you to have a co-signer from the US, because lenders want security.
Link to the FAFSA website (non-US citizens students do not qualify): https://www.edupass.org/paying-for-college/financial-aid/loans/
Link to the student loans for international students FAQ: https://www.edupass.org/paying-for-college/financial-aid/loans/
CollegeVine links that are helpful as well:
https://blog.collegevine.com/how-to-apply-for-financial-aid/
https://www.collegevine.com/livestreams/374/-the-ultimate-guide-to-financial-aid-and-scholarships
https://www.collegevine.com/livestreams/4097/make-it-make-cent-financial-aid
I can tell you that it is indeed possible for international students to apply for a loan with a co-signer. However, residency in the US may be a requirement for some lenders.
Before applying for a loan, it is important to consider the interest rates, fees, and repayment terms associated with the loan. It may also be helpful to research and compare different lenders to find the best fit for your specific needs and circumstances.
As for resources, there are many online tools and websites available that can help you research and compare loans, such as NerdWallet, Bankrate, and Credit Karma. Additionally, it may be beneficial to consult with a financial advisor or counselor to help guide you through the loan application process and answer any additional questions you may have.
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