Success The Turning Point

Author(s): Rajendra Rakhecha
Publisher: Rajendra Rakhecha

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Unfortunately a co-signer is required for all international student loan programs. The co-signer must be
a US citizen or US permanent resident, with good credit, who has lived in the US for the past two years. Non-US citizens or non-US permanent residents cannot act as a cosigner. Although we are not able to assist with finding a co-signer, it is common to ask close friends or family members.
Can I apply for an international student loan before being accepted to my school?
While you can begin the loan application prior to being accepted to your school, you will need to be accepted with your student visa to finalize the loan.
What if I need to show proof of funds before I obtain a visa? Can I show this loan as satisfying this requirement?
Some students are able to use loan approval as proof of funds, but it's not easy and it's up to the school and consular officer if they'll accept a loan approval as proper funds. You would need to apply for the loan now, list the school you plan to attend, get initially approved based on the credit of your co-signer, then use that initial approval to complete your acceptance to the school.
I need proof of funds before I can enroll, can I use loans?
Typically you need to be admitted and enrolled, and have your visa, in order to apply. Some students are able to use loan approval as proof of funds, but its not easy and its up to the school and consular officer if they'll accept a loan approval as proper funds. You would need to apply for the loan, list the school you plan to attend, get initially approved based on the credit of your co-signer, then use that initial approval to complete your acceptance to the school.
You will also have to provide a valid student visa in order to finalize the loan. After you apply and receive credit approval for you and your co-signer, your school must certify the amount of the loan. The proceeds are then disbursed directly to the school.
My school is not on the list, can I still get a loan?
If your school does not appear on our eligible school list, then we unfortunately do not have a loan program for you. We recommend contacting your school directly as they may know if there are any loan programs available to their international students.
Are there application deadlines?
No. You may apply for an International Student Loan at any time.
If I obtained a loan last year, can I get another loan again this year?
Yes. You can reapply each academic term for a loan.
What is an International Student Loan?
Federal student loans are popular with US students in the USA, but they are not available to international students. International Student Loans are specialized private education loans that are available for international students who are studying in the USA. International students will have to apply with a qualified co-signer and should only apply for international student loans after exhausting all scholarships, personal funds and other options.
Before applying, please visit these international education financing guides:
International Education Financial Aid (IEFA) - http://www.iefa.org/
International Scholarships - http://www.internationalscholarships.com/ International Financial Aid Blog - http://www.internationalfinancialaidblog.com/
Lenders typically give better terms for better credit history, so when you apply find a co-signer with the best credit history to improve your rates and fees.
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