International Student Loans
Thousands of international students arrive in the United States every year to pursue higher education. Colleges around the country welcome international students since they provide diversity in the college’s community and academic talent. Despite the significant populations of international students at colleges and universities across the country, international students often face formidable hurdles in financing their education.
Some private universities are able to offer need-blind financial assistance for international students, but most universities are unable to offer financial aid to international students. In such cases, international students who are unable to afford the cost of attendance entirely out-of-pocket have no choice but to seek out private student loans.
Finding International Student Loans
A few universities are resourceful enough to provide loans to international students that tend to have low interest rates and have generous repayment terms. Most of the time, however, international students seeking loans must turn to private lenders. When international students seek out loans from private lenders, they are often required to have the loan cosigned by a U.S. citizen or a permanent resident. To apply for international student loans, international students should first compare all of their loan options. Some corporations are willing to provide loans to international students in exchange for a commitment to work for the corporation for a few years post-graduation.
The expenses for international students tend to be very high, reaching up to $50,000 or more at private colleges. International students also have to consider significant travel costs when evaluating the money they need for college.
For many international students, the only option they have to help finance their education is taking out a student loan. To search, compare, and apply for international student loans, just use our student loan comparison tool above. It will show you a variety of loan options for international students, and lets you compare loans based on APR, monthly payments, total cost, and more factors that let you make an educated student loan decision.
Can you tell me about Fulbright scholarships?
Fulbright scholarships are designed to help international students finance their educational expenses in the United States. Each year, approximately 4,700 graduate students from around the world obtain this award. Applicants must pass proficiency tests such as the TOEFL, GRE or GMAT. Interested students can get more information from either the U.S. embassy or the consulate in their respective countries.
What is the cost of attendance for international students?
International students should calculate their financial need by subtracting the expected family contribution from the cost of attendance. Cost of attendance for international students include application fees, entrance exam fees (TOEFL, GRE), visa fees, tuition fees, room and board, books, supplies, and other provisions, traveling expenses, health and medical insurance, and other personal expenses.