The Easiest Way To International Student Loans

 

International student loans are like wings for every international students so that they can fly and chase their dreams. In this blog we are going to discuss regarding international student loans. Before going to the topic, first of all  it’s very  important to understand  what exactly is a student loan . When comparing with other scholarships and grants which gives you money without any accountability to return back, the main thing which makes a student loan different is that you need to return pack all the principle amount plus interest to the bank from which you have taken loan after some period of time. There are mainly  two types of student loans available in united states. The first one is federal loans, the best example of federal loans is  Stafford loan. Sadly  international students are not eligible for federal loans .Instead they are eligible for private student loans, Banks are the major  issuer of private loans in united states and these loans can be issued throughout the year. These types of  loans are very helpful in situations were your  existing funder is no longer able to financially support you. In this type of situations you can  borrow total cost of education after deduction of financial aid from the bank as private loans. Before picking up any sort of loans make sure you understand every terms and conditions in the loan. Always remember lower the cost lower will be the interest rate.

The next one is the repayment period of loans. Repayment period is the period of time that we get to repay the loan amount. Another important term  is deferral period. It is the period of time during which the borrower of the money is not subjected to repay the principle amount or the interest rate. From international student loan perspective deferral period is the graduation period. Your cost of borrowing will greatly depends upon the deferral period (ie) the greater the deferral period , most costly the loan can be. However the glad news is that once you apply for a loan , you will be getting approval within two to six weeks. Always  remember, the international student loans are  lifesavers to cover up your educational expenses. Always make sure that you have captured hundred percent of the scholarship, fellowships and all other money you doesn't need to pay back. Then utilize the amount of money that you attained from your parents and relatives to cover up your rest of fees and other expenses. If the gap still persist you may apply for international student loan to cover up rest of your expenses.

Once you become ready to apply , it's very important that you make sure that you have all the necessary checkmarks that are required for your application. Next we have to look at what all are the requirements  that need to be met in order to apply  for an international student loan. The first requirement that an international student is going to be cosigner. Since most of the international students who are coming to US doesn't have accepted line of credit, a cosigner is very important. Obviously  cosigner is a hurdle for most of the international students but it's actually a good thing for students since the cosigners line of credit help them to get their loan approved faster with best interest rate possible. Best interest rate means you only need to pay less amount of money later on. In order to become a cosigner one need to follow certain eligibility criteria's and they are (i) Cosigner must be a US citizen or permanent resident who have been living in the United States for the past two years. (ii) They should have a good credit history. One  must comply all these eligibility criteria in order to become a cosigner. Always keep in mind that credit history criteria varies with lender. So it is always better to have a cosigner with very good credit history. If you are a US citizen cosigner is not at all required . However it is always better to find some cosigner  with good credit history  because you will get approved for international student loan with best interest rate possible.

In many other cases social security number is necessary for the application of loans. When you are applying for loan without any social security number  what you can do is make a call to your lender and ask whether they have any option for paper application which does not require social security number. This might  your issue regarding requirement of social security number for international student loans. So now what you need is a cosigner. In most of the cases international students are facing difficulty regarding whom should they ask to become a cosigner when they don't have one. The best people you can ask to become a cosigner is to ask your close relatives and friends. People you don't want to ask to become your cosigner includes your colleagues in the past, your professors etc since you don't know them well. In most of the cases it is not a good idea to ask them to become cosigner unless otherwise you lend them a good amount of money. Now the crucial part here is to find a lender. Not every lender works with every schools and not every lender works with every international students. So it is very important to find out a lender who works with both these aspects (ie) you need to find out a lender ho works with the school you are planning to take admission as well as ready to support international students.

Once you find out a cosigner and have been admitted to a school. Then you should be ready to apply for an international student loan . For that you need to find out a lender who is willing to lend you money and works the school you have chosen for your education. After that you need to apply for a loan . Once you have applied for a loan you will get initial approval within two days to two weeks. After initial approval you need to complete some additional documentation which is required as per the law. Once your loan is approved your lender will directly sent you a self certification form and a master promissory note and you need to sign it. After that your lender will communicate with your school  for loan certification to make sure that the funding is distributed correctly. In this step you are not directly involved and you don't need to do anything with regard to this. In case if you are having any questions regarding loan amount, loan amount distribution time etc then you can directly call your school.