How Can International Students Get Loans?

How Can International Students Get Loans?

International students can get loans to pay for school within the U.S. It will rely in your noncitizen standing and you probably have a co-signer.

Here’s the best way to inform should you can qualify for a federal student loan, which personal loans you’re eligible for and the way to buy one.

If you’re an eligible noncitizen

Apply for federal student loans by submitting the Free Application for Federal Student Aid, generally known as the FAFSA. This can even qualify you totally free help equivalent to grants, scholarships and work-study. If you propose to borrow, federal loans supply decrease rates of interest than personal loans do, in addition to income-driven reimbursement plan choices and forgiveness packages.

If you’re not eligible for federal student loans

If you have a student visa, find a co-signer who is a U.S. citizen or permanent resident and has good credit. You’ll have the best shot at a private loan with competitive interest rates if your co-signer’s credit score is 690 or higher.

If you’re not eligible for federal aid and don’t have a co-signer

Get a private student loan for international students. If you can’t find a co-signer who is a U.S. citizen or permanent resident, find a lender with products designed for international students.

How to shop for an international loan

Compare loan features. Compare private international loan offers to get the lowest interest rate you qualify for. Note whether the lender will postpone payments if you have trouble paying them — and for how long. That’s important. Find out if there are origination, prepayment or late fees, and how easily you can reach the lender by phone, email or live chat if you encounter a billing or customer service issue.

Opt for a fixed interest rate. Given the choice, a fixed interest rate that won’t increase over time is a safer bet than a variable interest rate.

Keep an eye on the bottom line. Use a student loan calculator to see what kind of payment you’ll face after borrowing for multiple years.

Consider refinancing in the future

It’s more challenging for visa holders to refinance student loans. But there are a few ways to do it:

  • Build your own credit before you refinance. If you remain in the U.S. and build a credit profile over time, you may be able to refinance private student loans to a lower interest rate. You’ll generally need solid income, a credit score of 690 or higher and a history of on-time debt payments.

  • Refinance with a co-signer. You may be able to refinance if you have a co-signer who fits those qualifications.

  • Consider private refinancing for international students. Prodigy Finance is the one personal lender that may refinance student loans for worldwide working graduates within the U.S.