It might be a challenge but there are student loans for international. This does not mean it is impossible to finance an education. There are many different ways of acquiring the necessary funds for the college education for international students. These ways may not be available to all students but it is important to have the proper visas while in the United States.
There are different ways an international student may get financing for schooling. They may have saved money to finance their schooling in the U.S, arrived with an educational sponsor, help from parents, acquired private student loans from friends or a sponsored family, or they may need to apply for a student loan for international students. Each of the options may not be available or there may not be enough money from one particular source. So the viable option is finding a legitimate lender for the student.
Applying For An International Student Loan
Student loans for international students have a basic requirement for all applicants. The students must have a cosigner that is either a U.S. citizen or permanent resident. The additional requirements for the cosigner are as follows: good credit, income history and has lived in the U.S. for the last two years. The applicant can either find a private lender or apply with the Department of Education for an international student loan.
If a student borrows from the U.S. Government to cover their college expenses they can use the Sallie Mae Smart Option Student Loan. This loan will help cover additional expenses that are not covered by free money and other federal loans. Students can borrow up to the full cost of their education.
What is the documentation required by the International student and their sponsor? The student needs to send in the alien registration card or I-551 form (must be current), must submit either a student visa F1, H1B, J1 or M1, valid passport with CIS form I-94 or a CIS form I-688B or I-766 form. Their cosigner needs to submit their social security number, personal references and monthly income statement.
Private lenders require the same cosigner requirements to ease their risk on the investment. Each bank or lender will vary on requirements for the loan. The loan will pretty much be under the cosigner’s name and the student will be a secondary signer. The cosigner may enter into a secure or unsecured educational loan for the student but if the student is working and has the proper documentation to support their legality in the U.S. there is a good chance they can apply for a loan on their own.