Although U.S. citizens and some foreign nationals living in the country legally are eligible for federal student loans, everybody else must take a private loan. Consequently, private student loans are often the best option for overseas students.
Now more than ever, international students may choose a loan that suits their circumstances; to help them narrow down their options, we have listed the top international student loans. Borrowers may get these loans without providing their SSN, providing collateral, and in the case of two of our top picks, even providing a co-signer.
Can Borrowing Loans Be Made Available to Foreign Students?
Students who are not U.S. citizens should investigate their eligibility for federal student assistance programs before applying for private student loans. Federal student loans may be available to “qualified noncitizens” or those who are not citizens of the United States:
- America’s nationality.
- U.S. inhabitants or permanent residents who have obtained a green card (also known as a permanent resident card, resident alien card, or alien registration receipt card).
- Anyone who has been granted entry to the United States as a refugee, asylee, Cuban-Haitian entrant and conditional entrant (before April 1, 1980); or parolee and has an Arrival-Departure Record (I-94) from U.S. Citizenship and Immigration Services (USCIS).
- Anyone who has a T nonimmigrant status visa or their parent does.
- Whoever meets the criteria for “battered immigrant-qualified alien.”
Suppose you do not fit any of the above descriptions. In that case, you may want to contact the U.S. embassy or consulate in your home country, or the relevant agency in your home country, to find out if they have any scholarship or assistance programs.
Based on which school you study at, you may be able to get some grant or scholarship money from the government. Private student loans should be considered when all other funding sources have been depleted.
What Sources Are There for Overseas Student Loans?
Banks and alternative lenders both provide private student loans to overseas students.
Banks may be a one-stop shop for overseas students’ banking and student loan needs. In addition, borrowers who bank with Citizens get interest rate reductions of 0.25 percent. However, you will need a co-signer in order to qualify, so there is that.
Borrowing options for overseas students from non-bank sources tend to be more diverse. In order to determine whether or not you are eligible for a student loan without a co-signer or collateral, MPOWER and Prodigy Finance consider your career goals and anticipated income. Additionally, many businesses rely only on the internet. Thus their websites must be simple.
Who Can Apply for an Overseas Education Loan?
The lender may have specific standards that international students must satisfy if you had a creditworthy co-signer and must be enrolled at least half-time at a qualifying school for this.
Students who have been granted DACA but do not yet have a Social Security number are limited in their career and educational opportunities to qualify for the best rates and conditions. International students from outside the U.S. need a co-signer and Social Security number before applying to student loan businesses like College Ave and Earnest.
An Overview of the Top Options for Foreign Student Loans
The best foreign student loan does not exist. Your residence or visa status, the creditworthiness of a co-signer, and the field of study you want to pursue all play a role in determining the best kind of loan for you to pursue:
- MPower Financing is an option for students who do not have a co-signer but are willing to pay higher-than-average loan rates and attend one of the 350 participating institutions.
- Graduate students in science, technology, engineering, mathematics (STEM), medicine, and public administration (PPD) at more than 600 approved colleges and universities in the United States may benefit from Prodigy Finance. Due to the absence of a fixed-rate loan option, repayment on this loan may become prohibitively costly over time.
- One Citizen: Graduate students who have access to a suitable co-signer may benefit from this option, as it offers competitive fixed and variable interest rates on top of a selection of professional degree loans.
- With an approved co-signer, Ascent Student Loans provide competitive interest rates for overseas students. However, they are limited in the repayment and term choices available throughout the student’s time at school.
- Discover is one of the few student loan providers that would approve a loan for many years for an overseas student who otherwise qualifies. That is great news for DACA recipients who want to protect their credit score but cannot afford to forgo the yearly hard credit inquiry.
Selecting the Top Loans for Overseas Students
More than fifteen private student loan lenders of undergraduate student loans (including firms that refinance student loans) were researched for this article. These lenders were selected from a larger pool of potential providers, including national banks, credit unions, and lenders. Lenders were ranked based on various factors, including their interest rate offerings, fees, repayment schedules, hardship provisions, and other features (including the opportunity to refinance, get your co-signer off your loan, or get a loan from your parents).
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