If they want to go overseas to study for a semester or a year, American students can apply for a study abroad loan.
Many American students aspire to finish their whole degree program abroad rather than just studying abroad for one or two semesters.
If you’re one of them and intend to enroll right away at a university abroad, you might quickly discover that your financial possibilities are somewhat more constrained than those of your colleagues who are studying in the USA.
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Preparing for the Application Process
Borrowing as much as you can on federal student loans is the most cost-effective way to pay for your foreign education, so be sure to submit your FAFSA and receive your federal support.
The majority of the time, you will require more financial support than is provided by the Stafford Loan Program. If this is the case for you, you can borrow the extra money from a private lender.
The Process
To find out if your preferred school qualifies for a foreign enrolled loan, utilize our comparison tool or look through our list of qualifying institutions. You will be linked with lenders who offer loans that satisfy your needs if your school is listed.
Using our service, you can quickly determine your eligibility, and if you’re matched with a lender, you may finish the full procedure online.
Initial approval is usually given by lenders in a few weeks or less.
Cosigner Recommended for All Applicants
Although not essential, a cosigner is highly advised for student loans. We advise everyone to apply with a cosigner to boost your chances of being approved and to get a more favorable interest rate depending on your cosigner’s creditworthiness (credit history), as there are very few students who have good enough income or credit history to qualify without one.
The cosigner must be a citizen or permanent resident of the United States, have a solid credit rating, a history of reliable income, and have spent the previous two years in the country.
Your cosigner needs to be aware that the lender will check their credit report and score. The co-signer’s credit history is updated to indicate that they have cosigned on a loan if the loan is approved. Should the principal borrower (you) fail to repay the loan, they will be liable for payment.
Advantages of these loans
- The overall cost of the loan, as decided by your school, may not exceed the total cost of your education (minus any other aid received)
- Online eligibility checks take less than ten seconds.
- Online applications are accepted within a few weeks.
- There is no application fee and no additional fees.
