For many international students, the hefty price tag that comes with studying in the United States can be daunting. Even with scholarships and grants, there might be some funding gaps to fill. Taking out a loan is often an attractive option – except for the fact that most loans require a cosigner who is a US citizen or permanent resident who has lived in the U.S. for more than two years and has good credit. This challenge can put any student’s dreams on hold if they’re unable to secure a qualified cosigner for their loan application.
If you don’t have a cosigner, there are still options for getting the loan you need. Instead of relying on someone else’s eligibility to get approved, loans without a cosigner focus more on factors like your graduation timeline and career potential – and whether the school you attend is listed as an eligible institution.
Finding an international student loan that doesn’t require a cosigner can be tricky. Each lender has different eligibility requirements, which is why it’s essential to compare lenders and their criteria carefully. Thankfully, our loan comparison tool makes this easier than ever! All you have to do is enter details about your situation (such as not having a cosigner) and you’ll receive tailored results in seconds.
It may be tempting to jump on board with any lender who is willing to work with you, but make sure that their interest rate and repayment terms will stay within your budget. Being aware of what is expected from you as the borrower can save lots of trouble in future – it pays off (literally!), so don’t forget this important step before you sign the dotted line.
How to Find International Student Loans Without a Cosigner
To get started on your search for a loan that doesn’t require a cosigner, you can follow these simple steps:
- Use our loan comparison tool above
- Compare lenders
- Apply for a loan directly through the lender
Before applying for a loan without a cosigner, gather each document needed for the application. Common documents that you will need to have on hand when applying for a loan that doesn’t require a cosigner include:
- University transcripts (past and current)
- Standardized test scores
- University invoice or financial summary
- Employment letter or pay stub
- Address verification
- Your I-20 or financial plan
After you’ve followed these steps and have been approved for a loan, your funds will be automatically disbursed to your university. The time frame will vary from one lender to the next. With a lender like MPOWER, it usually takes less than a week to receive a final approval once your documents have been received.
International Student Loans (Without Cosigner) FAQs:
Some of the most common questions related to international student loans without a cosigner include:
What Is a Cosigner?
A cosigner is someone who agrees to accept responsibility for repaying a loan if the borrower is unable to. Cosigners must be U.S. citizens or permanent residents with good credit who have been living in the U.S. for at least two years.
Why Do International Students Often Need Cosigners?
International students often need a cosigner because they may not have any U.S. credit history, which can make it difficult to get approved for a loan. Having a cosigner helps to guarantee that the loan will be repaid in the event that the international student is unable to repay it.
How Do I Find and Compare No Cosigner Loans?
It’s as easy as using the search tool on this page to see if you meet the basic eligibility requirements of a lender. From there, you can apply with confidence.
What Are the Loan Requirements for International Students Without Cosigners?
To apply for private international student loans that don’t require a cosigner, you will usually need to be studying a postgraduate course or be in the final two years of an undergraduate degree. You will also need to be attending an eligible school or university, and meet the lender’s other criteria.
Are There Other Financial Aid Options for International Students?
In addition to international student loans without a cosigner, there are other financial aid options available. These include scholarships, grants, fellowships, and work-study programs. Each option has different requirements, and you may need to do some research to find the best one for your particular situation.
No matter what your financial situation is, it’s important to understand all of your options when it comes to getting the funding you need for college. With some research and hard work, you can find a loan that doesn’t require a cosigner and get the money needed to pursue your education.
What Are the Repayment Options?
Repayment options for international student loans without a cosigner vary depending on the lender. Most lenders will offer multiple repayment plans, with some offering interest-only payments while you’re in school and others offering deferred payment options while you’re in school. Make sure to ask your lender about the repayment terms they offer so you can choose the one that works best for you.
What Will the Interest Rate Be?
The interest rate for international student loans without a cosigner will depend on the lender, your financial history, and other factors. The biggest factor, though, is whether your loan has a fixed interest rate or a variable interest rate.
Fixed rate loans offer borrowers the security of knowing their loan payments won’t change over time, regardless of market fluctuations. This means that the borrower’s interest rate remains constant throughout the life of the loan.
Variable rate loans, on the other hand, are adjusted according to market conditions and can change over time. This means that borrowers may face higher or lower interest rates depending on the market and will have to adjust their payments accordingly.
The trade-off here is that the increased security of fixed interest rates means they usually start slightly higher than variable rates. A variable rate could seem cheaper at the time than a fixed interest rate initially, but due to uncertainty in the economy, it could go up and make repayment more difficult and expensive, making the fixed rate loan less expensive over the life of your loan.