One question that is always asked when I open the International Student Mailbag each day is “How can I apply for an international student loan?” or “How do I go about getting funding for my time abroad?”. So, I thought I would dedicate a blog post to give a brief overview of who is eligible for an international student loan and how you can apply for one.
The International Student Loan is available to any international student who wants to study at one of the approved schools in the USA or Canada. The approved schools list is also available online so you can check to see if your school is part of the program.
To apply for the loan program, you will need to have a cosigner to complete the application in most cases. Your cosigner must either be a US Citizen or permanent resident for at least the last 2 years. Once you have that you can apply for the program and the best way to do is either online (where you can walk through the application step by step) or you can phone our customer support team who will go through the application over the phone. If you do not have a cosigner you can explore no cosigner loans.
If you have all the information with you when you apply, and your cosigner has a good credit history you can receive your funds in as little as 5 business days – and even get a preliminary approval in 15 minutes.
Of course, there are many students who do not have a cosigner, and unfortunately without a cosigner the loan program is not available to you. However, there are many other resources and means to obtain funding – for example there are many international scholarships around that providing funding for students all over the world, plus you should get out the international financial aid blog which has updated listing of financial aid information.
If you have any other resources or comments about funding, post them below.