US Passport by Tim Sackton, on Flickr
Today's guest blog post is brought to you by International Student Loan, the premier resource for financial aid when it comes to studying overseas.
After much deliberation, you’ve finally made the decision to study abroad and have even picked out your dream school. Although the school abroad will fit perfectly into your academic (and social) plan, they don’t offer much when it comes to financial aid. The next step: apply for international and study abroad loans.
Depending on if you are a US citizen studying abroad or a non-US citizen/permanent resident coming to study inside the US, the requirements to apply for international and study abroad loans will differ. Find the category you fit into and get the scoop on what you need to do to apply for a private student loan and make your study abroad journey happen.
US Citizens Studying Abroad
US citizens who have maxed out their federal aid options still have the option of a private student loan. If you are studying abroad but are directly enrolled in your US school you will need to get the loan through your US school- even though you will be physically attending class abroad.
If you are a US citizen that is directly enrolled in the school abroad, you will need to apply for your loan through the non-US school.
While you aren’t required to have a co-signer as a US citizen studying abroad, it’s a good idea to do so. Having the good credit history of a co-signer on your application will increase your chance of being granted the loan and getting the best interest rate possible.
Studying by Francis, on Flickr
Non-US Citizens in the US
If this is the category you fall into, you will be applying for your loan through the US school. Students from around the world coming to study inside the US will need to be attending an eligible US school and must have a co-signer. That co-signer needs to be a US citizen that has lived inside the US for the past two years and has good credit history.
US Citizens and Non-US Citizens
While the requirements do differ based upon whether you are a US citizen, a few requirements are consistent across the board:
-
The school you are directly enrolled in must be approved through the US Department of Education (DOE) and have school code
-
If it is approved through the DOE, there must be lenders that have agreed to work with that school
-
You can apply for the total cost of your education minus any other aid that you receive
Keep in mind that it takes 3 to 8 weeks from submission for the loan to be approved- so grab your co-signer and apply as soon as possible!
Here is the general step-by-step breakdown, whether you are a US citizen or non-US citizen:
-
Apply and become accepted into a school that is approved through the US Department of Education and works with private lenders
-
Find a co-signer and complete the loan application 8 weeks prior to when you need the loan
- If approved, the loan will be disbursed to your DOE approved school, then given to you
Click here to use the Study Abroad Loan Comparison Tool!
{ 0 comments… add one now }