Explore Loan Options for International Student Loans
A study in the United States UU. It’s not cheap, and it’s usually even more expensive if you’re an international student
Most international students, including F-1 visa holders, are not eligible for student loans in the United States. UU. Government But there are a limited number of other loan options for potential and future international students
[Learn tips on student loans from recent university graduates.]
Some EE UUs. Schools offer international university students Among the 50 colleges and universities that according to the largest financial aid for international students for the 2015-2016 school year, the average size of the awards was $ 51,164, according to the United States. UU. News data
But not all international students receive a considerable aid package: to meet the requirement, some schools, such as St. Olaf College in Minnesota, offer loans.
“We have a small amount that allows international students to borrow,” says Carly Eichhorst, director of financial aid at the university. “We do not allow them to borrow more than that.”
St. Olaf’s international university students can borrow up to $ 4000 a year. The current interest rate is set at 5% and the repayment period is five years. A co-signer is not necessary, says Eichhorst. A co-signer is someone who agrees to take over the debt if the borrower does not return it.
For the academic year 2016-2017, St. Secondo Eichhorst, according to Olaf, lent money to 111 students, or about half of the international student population. The average amount requested was $ 3,185
[Seeing is like attending St. Olaf College.]
If a student’s school does not offer loans, there are other options. Some companies, such as Citizens Bank, will grant student loans to non-Americans. citizens if they have a co-signer who is a US citizen. UU. citizen or permanent resident – difficult requirements for many foreign students
International students may have siblings or cousins living in the United States UU. who is willing to sign a student loan, says Eichhorst
Some schools compile a list of credit institutions recommended as a result for their international students, says David Sheridan, director of Financial Aid at Columbia University’s School of International and Public Affairs. The lenders recommended in the Columbia list for 2016-2017 for university students require all co-signers
There are a handful of companies that grant loans to international students and do not require a guarantor, such as MPOWER funding. The company based in the District of Columbia grants loans to undergraduate and graduate students, although most of the lenders are graduate students.
Unlike many other lenders, MPOWER also considers a student’s earning potential, unlike the credit history, in determining whether to approve a loan, says Manu Smadja, CEO, and co-founder.
“We observed dozens of variables,” says Smadja, “from the university is student participation, to SAT or GRE test scores or to GMAT or LSAT, so we can provide a merit-based loan.”
There are restrictions Only university students with two years or less in their degree program can borrow from MPOWER. In addition, students must attend 223 schools from June 2017.
The interest rates on the MPOWER loans are fixed and range between 7.99 and 13.99 percent. These rates are higher than those of new federal student loans, which currently range between 4.45% and 7%.
The repayment term of the MPOWER loans is 10 years, although there is also a three-year option.
However, financial aid experts argue that before applying for loans, international students should consult all scholarships and grants available, both at home and in the United States. UU. – Since the types of prizes do not have to be paid for a place to start is the EducationUSA website, which has a database of opportunities for private and university financial aid.
[Explore an international guide for US students. UU. scholarships.]
For international students who are considering loans, here are some suggestions.
• Begin research early: Sheridan says students should start looking for loan options before they are admitted to the United States. UU. college or university, “just so you know the realistic options for them will be”.
• Ask a lot of questions: Smadja suggests that students study whether a loan is fixed or variable; The duration of the repayment period; If there is u