Things You Need To Know When Applying for International Student Loans

There are many ways you can apply for scholarships to study abroad, but instead of using a scholarship finder to find what you need for your degree programs; you can apply directly to universities that offer full scholarships to international students.

Finding student loans for international students is challenging because many people search for international student loans without cosigner as consolidation loans are hard to get when you need them.

The United States of America is regarded to be among the countries with the best education systems, and it is for this reason that there’s a continuous rise in the number of foreign students deciding to study in the USA. Meanwhile, there are also several American students who want to study abroad too.

These groups of students are actually qualified to receive what is called an International student loan. International student loans are a type of customized loans which are granted to both international students in the USA and Americans enrolled in foreign schools.

International student loans could be offered either in form of government loans or private unsecured loans. This type of loans also needs the presence of a United States consignee. While an international student loan will be a lot similar to many other types of student education loans, it is especially applicable for the students who are searching to obtain a degree in many specialized fields, including the arts, commerce, engineering, science, and medicine.

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As you would have known this, student loans for colleges offer very significant financial aid to foreign students who may have the need to achieve better and higher education overseas.

The process of application for international loans is very specific and may also be very strict. Therefore, it’s important that students seeking to study in the United States of America should follow the procedures and comply with all the current requirements to ensure that their application are accepted and processed promptly.

Above all, the foreign students who can benefit from this type of loan are those who intend to enroll in approved schools. Not all American universities are approved to offer college loans to international students. They should be ready to produce an American citizen or maybe a permanent US resident who will co-sign with the student in the application for the loan.

International students are not allowed to apply for student loans directly. Borrowers are required to have a creditworthy cosigner who is a U.S. citizen or a non-citizen permanent resident.

The first step in the application for international loans is to complete an application form together with the signature of the consignee. Remember that students will only be approved for this type of American student loan when they have exhausted all of their options, including scholarships and grants and other personal resources. It will be detailed in the student loan application why they want to avail this student loan.

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When the application for international loans is approved for the student, the concerned student will be notified without delay in writing. With regards to the repayment, the students have a choice of deferring the payment during their full-time enrollment, as well as six months after the completing of their studies.

Students may also be given a maximum of twenty (20) years to pay off the amount of money they loan, with a fixed monthly due payment. It also needs to be taken note of these international loans are valid for a year only, so international students who may have plans of studying for more than a year should notify the school’s financial aid department for the re-application in the student loan.

There are various programs offered for international education loans, so it will be best that International students complete a little research on their available options so that they can end up getting one that can be most appropriate for them.

If you’re still unable to find a cosigner for international loans online, the following is a list of websites with information and resources on multiple loans and grants. Websites like these provide a good starting point for your research on the many study abroad scholarship opportunities and loans available on the internet.

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Websites with Searchable Databases

College Board general scholarship search engine: Free online scholarship database.

Diversity Abroad Scholarships & Grants: Free database of scholarships that target minority, low-income and first-generation students

FastWeb: Free online scholarship database.

IIEPassport Study Abroad Funding: Free online database of study abroad scholarships, fellowships, and grants.

Scholarships.com: Free college scholarship search and financial aid information resource.

Students.gov: U.S. government-sponsored scholarships and grants.

University Sites

Arcadia University: Lists scholarships open to non–Arcadia University students and non–Arcadia University program participants.

University of Kansas Database of Scholarships: National and international scholarships for study abroad, starting on p.7 of the handbook.

University of Minnesota-Learning Abroad Center – External Scholarships Database: Searchable resource of funding and scholarship opportunities.

Other Source

Black Excel: One of the largest scholarship and resource databases for African American students.

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