International students can apply for student loans just like domestic students. However, there are some key differences between the two, and you need to be aware of them before you start applying.
How do international students get a loan?
If you’re an international student, the U.S. Department of Education is your best bet for obtaining a student loan. The federal government offers loans through several different lending agencies, including the U.S. Department of Agriculture (USDA) and the Federal Direct Student Loan Program (FDSLP). You can also obtain private loans from banks or other lenders, which are much less common than federal ones.
Federal loans are available to all students regardless of nationality or citizenship status as long as they attend an eligible institution within their state—anywhere in the country—and meet certain requirements such as being enrolled at least half-time and maintaining continuous enrollment throughout their studies; some schools may have additional requirements depending on how long it has been since you first enrolled there (e.g., if you have already taken one course at that school).
What are the requirements for getting a student loan?
The requirements for getting a student loan vary depending on your citizenship, degree program and enrollment status. If you’re a U.S. citizen or permanent resident, you can use the Federal Student Aid loans to pay for your education expenses at any accredited school in the country. To be eligible for federal aid and other state-sponsored grants, the schools must verify that you meet certain criteria:
- Be enrolled in an eligible program (general studies does not qualify)
- Be enrolled full-time or part-time (depending on what type of loan you want)
- Be a degree-seeking student (you don’t have to earn one immediately)
- Graduate programs require accreditation from an agency recognized by the U.S Department of Education, while undergraduate programs don’t need it
How much money can I get in loans?
Loans are available for different amounts depending on your degree, program and financial need. For example, if you’re a graduate student with a high loan debt-to-income ratio, you may receive more funding than someone just starting out with their studies.
Are student loans guaranteed if I meet the eligibility requirements?
“Guaranteed” student loans are backed by the government and are the safest option. If you qualify for one of these loans, you can rest easy knowing that your college education is secure—but it’s important to note that not all student loans are guaranteed. Non-guaranteed student loans tend to carry higher interest rates and may be riskier for students; however, they’re also more common among international students because they’re easier to obtain (for example, many don’t require a credit check).
How do I get a lower student loan interest rate?
- Apply for federal student loans. Federal student loans, unlike private ones, have fixed interest rates that never change. This means that you know exactly how much you will pay each month, and there are no surprises. In many cases, they offer better terms and conditions than private lenders. As per the experts at Lantern by SoFi, “The interest rate for private loans is also based on a financial index, but it’s one that varies by lender, plus a margin.”
- Get a good credit score before applying for a cosigner or private loan. A decent credit score will help you get approved faster and lower the average student loan interest rate since lenders consider it a sign of responsibility when they see good numbers on your report (note: having bad credit can make getting approved difficult). If your parents can cosign with you, this won’t apply, but if not, being prepared with good scores beforehand will save time while waiting for approvals from financial institutions later on down the line!
Remember that applying for a student loan will be much more difficult if you work part-time. Your income may not be enough to pay off the debt after graduation, so try to avoid taking on other jobs while studying. If you have to take on extra work, make sure that it doesn’t interfere with your studies or cause stress that would impact your grades.
