International Student Loans

[40404]

Anyone here applying to intl student loans to finance his/her US degree? I am planning to take a loan and I have heard its possible as long as you have a US citizen as guarantor/co-signer. Anyone here know more information? How long does it take to take out a loan and have it approved?

I bet due to the economic crisis, loans are not that available as before.

Anyone who can give more insight??

[teaganc]

As an international student, you probably cannot qualify for Federal Student Loans (Stafford loans); however, with a US co-signer, international students can often qualify for a private loan. You are right that private loans will be in short supply due to the economic crisis, and they will have higher (maybe 8.5% or more) interest rates. Also, some private loans cannot be deferred while in school, so you have to pay them back in installments as soon as you take them out.

I would leave at least a month for processing before the beginning of the school year, though you most likely will not get the money before classes start. It's really an unfortunate position to be an international student in the US taking out loans here, so if you have any other options, I would strongly recommend taking them.

[jangela123]

To finance higher studies in US, you can go for International Student loans. You can apply for this loan program only when you have a permanent US citizenship. However it is not necessary to have a cosigner. There are several student loan program which never asks for a cosigner for approval. If you are unable to manage a cosigner then you can opt for student loans without cosigners. For this you will have to fill an online application form with some personal details. The form will gets approved in short interval of time and then required amount of money will transferred to your bank account shortly.