Student loans for international students
The number of international students who study in the United States and Canada is constantly increasing, so is the requirement for international financial aid. To deal with this situation, there are online sites to offer loans to the non-US citizens who are planning to gain admission in the United States or Canada.
Features of the loan
The students can apply for the loan by phone or online. For one year, it is possible to borrow the lesser amount out of $30,000 or the cost of attendance. In case of some schools, the yearly cost of attendance is more than $30,000. For such schools, this limit is exceeded to $40,000. While applying for this loan, there is a need of a co-signer. The co-signer has to be a US citizen or permanent resident. These loans do not have any application fees and the interest rates are competitive. These loans are permitted in case of TERI approved schools. The funds are directly paid out to the student.
Undergraduate students
Those undergraduate students who have planned to study or are currently studying in the United States or Canada, will agree that arranging for funds for the total college program is a difficult task. The International Student loan for undergraduate students can be accessed at International The application process is easy. The student can choose between the repayment options. The co-signer in addition to the above mentioned criteria, must have evidence of current income. Those who are in business must have been in it for minimum two years. Additionally, the co-signer must have an employment history, residence and satisfactory credit of minimum two years. Those applicants who are not given the loan, can reapply with a qualified co-signer. This improves the applicants chances of getting approved.
Similar criteria for undergraduate students are applicable to graduate students as well.
Eligibility and information
The student loan for international students is given to non-US citizens who have been enrolled, minimum for half time, at any school that is TERI approved. While applying for the loan, the presence of a co-signer is mandatory. Without this co-signer, approval is not possible. The following information of the applicant and co-signer is demanded while the application is made. The full name, social security number, date of birth, permanent address (no P.O.. boxes), number of years at the address, monthly rent or house payment, home phone number, occupation or position, employer, duration of employment, business phone, gross annual income, proof of enrollment (letter of acceptance, tuition invoice etc) and the reference (different from co-signer and the nearest relative or friend not living with you the name, address, home or business phone number) has to be provided.
An example
Consider that the amount requested is $10,000. The origination fee is 4.5 percent and comes to be $471.20. The principal amount of loan at disbursement is $10,471.20. The deferment period is 24 months. $11,945.30 is the principal amount of loan at repayment. The monthly principal and interest payment is $90.10. The repayment period is of 240 months. The annual percentage rate is 7.11 percent. Thus, the total finance charge is $11,624.
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