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international Student Loan Application Process

You can decide to apply for private student loans from banks or other financial institutions if you are not eligible for federal loans or if they are not sufficient to cover all of your costs. To find out if you qualify for a loan, try our comparison tool. Private loans should only be used as a last resort because students typically cannot defer them like they can with federal loans. However, in some cases it is necessary. Your personal credit will be checked to determine the interest rates of your loans.

Before Applying

You should be certain of how much money you need to borrow before submitting an application for a private student loan. Examine the financial aid award letter your school issued you in order to do this. Next, locate a loan that suits your requirements. To find a loan that works for you, visit our Loan Comparison Tool.

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The information you will need for the application must then be gathered. This comprises:

  • Information about your school, such as the name, major, grade, and academic term for which you require the loan.
  •  Your Social Security number (as an international student, this may not be applicable)

Call-in numbers.


  • Current mailing addresses for both your home and school
  • Contact information and personal references
  • Gross income figures
  • Information about your home, such as whether you own it or rent it, and your monthly housing payment
  • Loan amount requested

What happens if I apply for a foreign student loan before getting accepted?


Although it is feasible for an overseas student to apply for some loans and financial aid before being formally accepted by a school, it is not possible to receive the monies. Only until the amount has been verified by your school’s financial assistance office will loan monies be disbursed.

Application and Credit Check

You must first fill out an application and go through a credit check. International students who come to study in the US typically lack a credit score, so they must typically have a US co-signer. A co-signer is someone who agrees to co-sign for your debt and is jointly responsible for its repayment in the event that you are unable to. You’ll have a better chance of getting a loan approved and pay less interest if you have a cosigner.


You have two choices if you don’t know somebody who can serve as your cosigner:

Firstly, finish the online application. Make sure to give your co-signer (if necessary) your application number so they can apply once you have finished your portion of the student loan application.


You will receive a disclosure outlining the range of interest rates that are available for the loan you applied for as part of your online application. A second disclosure that details the particular interest rate you are eligible for will be given to you later.


You’ll then receive an email outlining your next actions. These will vary depending on the lender you use.


Follow these guidelines and deliver the data requested to your lender.

Sign the Documents

To certify that you have confirmed the amount you need to borrow, you must sign both the self-certification form and the consumer credit agreement. Your school will also confirm that you have registered and that the loan amount you have sought does not go beyond the cost of attendance (maximum loan amount). The amount you requested can change depending on the school certification.


You must next complete the Self-Certification Form and sign your Promissory Note, which guarantees that you will return the loan in full.

Loan Disbursement

Lastly, you must consent to the loan conditions.


Your loan funds will then be released (given) to your school to pay for tuition and any other expenses that must be paid directly to the institution. Once your student account has been charged for any remaining loan funds, you will receive them from your school. These residual funds can be used to pay for living expenses as well as any other prospective personal costs associated with the price of education.

Repaying Your Loan

Some loans offer a grace period during which you don’t have to begin making payments (period of forbearance).


For instance, while you are enrolled in school, the government will cover the interest on Federal Stafford Subsidized Loans. Students typically have a few months after graduation before they must start paying back federal loans.

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