If you are an international student looking for the best type of loan that would help you pay for your studies, private student loans will be the best option for you since it is difficult to qualify for federal student loans.
Here, we will be discussing private loans for international students, to help you identify them and also enlighten you on the best approach you can take towards getting the loan. Let’s get started!
International students going to school in America have fewer U.S. student loan options than most borrowers. Unless you’re an eligible noncitizen who can qualify for federal student loans, you may need to borrow from a private lender.
Some banks, credit unions, and online lenders offer private student loans for international students, but they often require you to have a co-signer who is a U.S. citizen or permanent resident.
Your co-signer will need good credit for approval and to get the most favorable rates. See Private Loan For International Students in Australia.
You may be able to find a private lender that doesn’t require a co-signer, but you’ll pay higher interest rates as a result.
How To Be Eligible For a Private Loan
Private student loans originate with a bank, credit union or online lender.
Private student loans can be a good option if:
- You have already completed the Free Application for Federal Student Aid, known as the FAFSA, to see if you’re eligible for federal grants and work-study programs.
- You have already borrowed the maximum in both subsidized and unsubsidized federal student loans.
- You have good credit (a credit score of 690 or above) or a co-signer who does. Most private student loan borrowers have a cosigner.
Here is the list of Companies that offer private loans to international students
- MPower Financing
- Prodigy Finance
- Future Finance
- Global Student Loan Corporation
1. MPOWER Financing
This is a highly reputable institution that gives out loans to international students in U.S. dollar currency. It focuses more on students whose study destinations are the U.S. and Canada.
You can request a loan to finance your tuition, accommodation, living expenses and study materials.
MPOWER renders loans to international students with or with no cosigner. You can apply online by following some simple steps.
You could be eligible for an MPOWER student loan if you’re:
- An undergraduate or graduate student within 2 years of graduating or about to begin a 1-year or 2-year program.
- An international student, DACA recipient, U.S. citizen, refugee, or asylum-seeker.
- Admitted to or attending one of our 400+ approved schools in the U.S. or Canada.
STILT is an institution that prides itself on lending to underserved international students. They demand that you submit your application online and get feedback the following day.
You need to upload all your documents and other necessary information. Then, they will verify your documents properly and ask you to sign a promissory note.
Once all these have been done, Stilt Finance promises that you will receive your loan offer in less than a week. At this point you will be requested to set up a schedule for payments.
You can repay your loan at once or pay it in regular sessions. You don’t need a security number or a cosigner before accessing a loan from Stilt Finance.
The interest rate is low and the method of repayment is flexible. See How to Get Financial Aid For International Students in The USA.
3. FUTURE FINANCE:
This is good news for you if you are planning to or currently studying in the United Kingdom. This United Kingdom based highly respectable lender will give you a loan as long as you can provide a cosigner.
Your cosigner must be a citizen of the United Kingdom and more than 25 years old. He or she must be living in the United Kingdom and must have been earning income regularly for more than 4 years.
As a borrower, you must be admitted to a United Kingdom university either for an undergraduate or a full time programme.
Application process is and you should be sure of a quick response. Future Finance can offer you £2,000 – £40,000.
Getting a private loan has lots of requirements you need to adhere to before you can become eligible to get the loan and in this article, we have highlighted various requirements to make the process an easy one for you. For more information on this topic, you can send us a direct message using the comment section.