What is an International Student Loan In USA ?
International Student Loans are now a very realistic way to finance your education in the USA . Study Loans are very flexible, and can offer loan amounts high enough to pay for your entire education, but with extended repayment terms and reasonable interest rates, so you can afford the repayment after you graduate.
Cosigners For Loan
LIBOR – The LIBOR (London Interbank Offered Rate) is based on the British Bankers’ Association and is used on the London interbank market. The rate is an average of the world’s most creditworthy bank’s interbank deposit rates for overnight and one year terms.
When evaluating the loan, the lender will clarify which index the plan uses. Then, there will be an additional margin that will be added based on the borrower’s individual criteria, including the co-signer’s credit history. Based on their creditworthiness, an additional interest rate will be added to the index. This will be the total interest you owe. When your application is approved, your specific margin will be disclosed to you, at which point you can accept or refuse the loan.
Interest Only – International students only pay the interest while in school, up to four consecutive years, and can defer the principal until 45 days after graduation, or when the student drops their course load to part-time.
Immediate Repayment – Payments on both interest and principal are due immediately once the loan has been dispersed.
Frequently Asking Questions
Who is eligible to apply for international student loans?
Students who are not USA citizens or non-citizen permanent residents and who are attending an eligible US college or university may apply for international student Study loans.
What can international student Study loans be used for?
International student loans can be used for education-related expenses such as tuition, books, fees, insurance, and room and board.
What is the maximum loan amount I can apply for?
You can apply for up to the total cost of education, minus other aid, as determined by your school. In order to determine your maximum loan amount, you will need to contact your school’s financial aid office. After you apply and receive credit approval for you and your co-signer, your school must certify the amount of the loan.
When used responsibly as part of an overall education funding plan, international student loans can help to put a USA education within reach, regardless of your financial circumstances. We offer two main loan resources dedicated to providing funding for international students: International Student Loan and Study Abroad Loans – please visit them for more information.