collageGraduating and getting your first job is a huge step, but it can also be a stressful one. If you’re looking for the best private graduate student loans or international student loans, we’ve got some exposition for you. In this post, we explore all you need to know about best private graduate student loans, best international student loans, graduate student loans for living expenses, International Student Loans With Cosigner and Student Loan Cosigner Requirements.
Cosigners serve as guarantors for the loans that they agree to cosign on behalf of their family members or friends who have been approved for them by banks and other lenders. They provide some level of assurance that the person applying for the loan will be able to pay it back if they default on their obligation to do so by adding their own name onto the agreement between lender and borrower (which would otherwise only include signatures from both parties). A good example of this would be if one parent cosigned on behalf of their child who was attending college in another state Read on to know more on best private graduate student loans, best international student loans, graduate student loans for living expenses, International Student Loans With Cosigner and Student Loan Cosigner Requirements.
best private graduate student loans
We begin with best private graduate student loans, then, best international student loans, graduate student loans for living expenses, International Student Loans With Cosigner and Student Loan Cosigner Requirements.
Private student loans are best used to pay college costs after you’ve borrowed the maximum you qualify for in both subsidized and unsubsidized federal student loans.
Private student loans come from banks, credit unions and online lenders, and unlike federal student loans for undergraduates, they require a credit check. That means most undergrads will need a co-signer in order to qualify. Private student loans also are more expensive than federal loans—especially now that federal loan rates are at historic lows—and typically don’t offer the flexible repayment options their federal counterparts do.
That’s why there is no five-star lender on our list of private student loans: In the vast majority of cases, the best college financing option is a federal student loan.
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College Ave
3.5
Variable APR
0.94% to 11.98%*
Fixed APR
3.24% to 12.99%
College Ave offers a solid all-around private loan product with a few unique features. Borrowers can choose an eight-year term, which is in addition to the typical five-, 10- and 15-year terms many lenders provide. Borrowers can also access an extended six-month grace period beyond the initial payment-free six months allowed after separating from school.
Extra Details
Loan terms: 5, 8, 10 and 15 years
Loan amounts available: $1,000 up to the total cost of attendance
Eligibility: Applicants must have a minimum credit score in the mid-600s.
Forbearance options: Up to 12 months of forbearance is available, in three- to six-month increments
Co-signer release policy: Available after 24 payments
*Borrowers with a co-signer who choose the shortest repayment term available and who make full monthly payments while in school qualify for the lowest rates.Pros & Cons
- Interest rate estimate available without undergoing a hard credit check
- International students can qualify with a co-signer who has U.S. citizenship or permanent residency
- Long time period (210 days) before unpaid loans go into default
- Maximum APR above 10%
Best Private Student Loan Lenders
BEST FOR LOW MAXIMUM APR
Rhode Island Student Loan Authority
4.5
Variable APR
N/A
Fixed APR
5.99% to 6.67%*
Rhode Island Student Loan Authority, known as RISLA, is a nonprofit based in Rhode Island that lends to students across the country. It offers two different loan types for undergraduate students, which each come with their own fixed interest rates. One loan requires immediate repayment, and one lets you defer payments until six months after you leave school. Everyone who qualifies for each of the loan types gets the same rate, which makes it easy to compare RISLA loans with others you’ve qualified for.
For borrowers who struggle to afford their loan after graduating, RISLA is one of the only private lenders to offer an income-based repayment plan, which limits payments to 15% of income for a 25-year period.
RISLA was a winner of Forbes Advisor’s best private student loans of 2020 awards.
Extra Details
Loan terms: 10 or 15 years
Loan amounts available: $1,500 to $45,000 per year ($150,000 aggregate per borrower)
Eligibility: Applicants must show a minimum income of $40,000 per year and a minimum credit score of 680. Most undergraduate students will need a co-signer to qualify.
Forbearance options: Forbearance available for up to 24 months.
Co-signer release policy: Available after 24 months of payments. Periods during which borrowers use income-based repayment do not qualify.Pros & Cons
- Low interest rates
- Income-based repayment plan available
- Nurses pay 0% interest for 48 months following graduation
- No options for international students
BEST FOR FLEXIBLE REPAYMENT TERMS
Ascent
4.5
Undergraduate Variable APR
1.78% to 9.37%*
Undergraduate Fixed APR
5.17% to 13.21%*
Ascent offers both co-signed and non-co-signed student loans, which gives borrowers without co-signers more college funding options. We scored the company based on its co-signed credit-based student loan for undergraduates.
Ascent stands out for its range of payment reduction and postponement options, rare among private lenders. Borrowers can choose a graduated repayment plan, which provides a lower monthly payment to start that increases over time. That can be useful for graduates just starting out, who will likely make more money as they move up in their careers.
Borrowers also can pause payments if they’re experiencing a temporary financial hardship for one to three months at a time, up to a maximum of 24 months total. (Taking this forbearance means you will repay the loan over a longer period, though.) Interest continues to accrue during forbearance, which is true for the vast majority of private student loans.
Ascent also offers a graduation reward of 1% of the loan’s original principal balance. Check the conditions you must satisfy to qualify.
Ascent was a winner of Forbes Advisor’s best private student loans of 2020 awards.
Extra Details
Loan terms: 5, 7, 10, 12 or 15 years
Loan amounts available: $2,001 up to total cost of attendance, to a maximum of $200,000 per academic year ($200,000 aggregate)
Eligibility: Student borrowers with no credit history can qualify with a creditworthy co-signer. Co-signers must show income of at least $24,000 for the current and previous year. Co-signers must have a minimum credit score of 660 if the student has a score of less than 700, and a minimum credit score of 620 if the student has a score of 700 or higher.*
Forbearance options: When experiencing financial hardship, borrowers can suspend payments for up to three months at a time, for a total of up to 24 months throughout the loan term. Only four rounds of forbearance (up to 12 months’ worth) may be taken consecutively.
Co-signer release policy: Available after 24 months of consecutive automatic debit payments, if the primary borrower meets certain credit score requirements.
*For Ascent Terms and Conditions please visit: AscentFunding.com/Ts&Cs. Rates are effective as of 06/15/2022and reflect an automatic payment discount of either 0.25% (for credit-based loans) OR 1.00%(for undergraduate future income-based loans). For Ascent rates and repayment examples please visit: AscentStudentLoans.com/Rates . 1% Cash Back Graduation Reward subject to terms and conditions. Cosigned Credit-Based Loan student borrowers must have a minimum credit score. The minimum score required is subject to change and may depend on the credit score of your cosigner.Pros & Cons
- Both co-signed and independent loans available
- International students can qualify with a co-signer who has U.S. citizenship or permanent residency
- Interest rate estimate available without undergoing a hard credit check
- Charges late fees
- Maximum APR is above 10%
BEST FOR EXTRA MEMBER BENEFITS
SoFi
4.0
Variable APR
1.89% to 13.17%
Fixed APR
3.47% to 12.55%
SoFi is perhaps best known as a student loan refinance lender, but it also makes loans to undergraduates, graduate students, law and business students and parents. Its undergraduate student loan product offers mostly industry-standard features, plus a few perks: no late fees, an interest rate discount of 0.125% if your co-signer already uses another SoFi product and job search help through its career team.
Extra Details
Loan terms: 5, 7, 10 and 15 years
Loan amounts available: $5,000 to total cost of attendance
Eligibility: Does not disclose credit score or income requirements
Forbearance options: SoFi offers a specific Unemployment Protection Program that allows borrowers to pause payments in three-month increments, for up to 12 months, if laid off from work. A separate forbearance program is also available for borrowers experiencing other types of economic hardship, such as medical expenses. Borrowers can take up to 12 months total forbearance, no matter which program they use.
Co-signer release policy: Available after 24 paymentsPros & Cons
- Access to SoFi member benefits, including career coaching
- No late fees
- Interest rate estimate available without undergoing a hard credit check
- Maximum APR above 10%
BEST FOR NO-COSIGNER LOANS
A.M. Money
4.0
Variable APR
N/A
Fixed APR
7.53% to 8.85%
Why We Picked It
Similar to Funding U, borrowers qualify for A.M. Money loans based on their educational background and GPA, not their credit. The company does not allow co-signers. A.M. Money also stands out for the fact that it offers an income-based repayment plan for up to 36 months for borrowers who need it. The minimum monthly payment on the plan is $50.
A.M. Money charges a 4.5% origination fee, and unpaid loans go into default sooner than most other lenders: 14 days, unless otherwise specified by state law.
Extra Details
Loan term: 10 years
Loan amounts available: $2,001 to total cost of attendance, up to a $50,000 cap
Eligibility: The loan is merit-based, so it has no credit or income requirements. Students must attend one of several eligible schools, mostly located in the Midwest. But A.M. Money encourages prospective borrowers to apply even if their school isn’t yet listed.
Forbearance options: Up to 12 months of forbearance available. Borrowers can make income-based payments for up to 36 months.
Co-signer release policy: No co-signer requiredPros & Cons
- No late fees
- Income-based repayment available
- 4.5% origination fee
- Short amount of time before default occurs on unpaid loans
BEST FOR MULTI-YEAR LOANS
College Ave
3.5
Variable APR
0.94% to 11.98%*
Fixed APR
3.24% to 12.99%
College Ave offers a solid all-around private loan product with a few unique features. Borrowers can choose an eight-year term, which is in addition to the typical five-, 10- and 15-year terms many lenders provide. Borrowers can also access an extended six-month grace period beyond the initial payment-free six months allowed after separating from school.
Extra Details
Loan terms: 5, 8, 10 and 15 years
Loan amounts available: $1,000 up to the total cost of attendance
Eligibility: Applicants must have a minimum credit score in the mid-600s.
Forbearance options: Up to 12 months of forbearance is available, in three- to six-month increments
Co-signer release policy: Available after 24 payments
*Borrowers with a co-signer who choose the shortest repayment term available and who make full monthly payments while in school qualify for the lowest rates.Pros & Cons
- Interest rate estimate available without undergoing a hard credit check
- International students can qualify with a co-signer who has U.S. citizenship or permanent residency
- Long time period (210 days) before unpaid loans go into default
- Maximum APR above 10%
BEST FOR GOOD STUDENTS
Funding U
3.5
Variable APR
N/A
Fixed APR
7.49% to 12.99%
Why We Picked It
While Funding U’s rates are higher than other private lenders’, the company is unique in that it doesn’t make loans based on credit history and it doesn’t require student borrowers to use a co-signer. Borrowers qualify for a loan based on academic and work background, current courses, graduation prospects and likely future earnings.
Also, while Funding U’s loan limits are comparatively low, private loans should be used sparingly, so ideally borrowers won’t need them to finance larger gaps in funding.
Extra Details
Loan term: 10 years
Loan amounts available: $3,000 to $10,000 per year ($50,000 per student aggregate)
Eligibility: Students must meet GPA requirements and attend colleges that meet certain six-year graduation rate thresholds, depending on the student’s year in school. To qualify, first-year students must have a minimum high school GPA of 3.5, second-year students must have a minimum college GPA of 3.0, juniors must have a minimum GPA of 2.75 and seniors must have a minimum GPA of 2.5.
Note that only borrowers in these states can apply: Arizona, Arkansas, Colorado, Connecticut, Florida, Georgia, Hawaii, Illinois, Indiana, Kansas, Maryland, Massachusetts, Michigan, Missouri, Nebraska, New Jersey, New Mexico, New York, North Carolina, Ohio, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Vermont, Virginia, West Virginia and Wisconsin.
Forbearance options: Up to 24 months of forbearance allowed in 90-day increments. Borrowers must pay $30 per month while in forbearance, which is less generous than payment-free forbearance that other lenders offer. But this policy helps borrowers avoid occurring large amounts of interest.
Co-signer release policy: No co-signer requiredPros & Cons
- No late fees
- Interest rate estimate available without undergoing a hard credit check
- Co-signer not required
- Just one, 10-year loan term available
- No options for international students
BEST FOR NO-FEE LOANS
Discover
3.5
Variable APR
1.79% to 11.24%
Fixed APR
4.49% to 13.34%
Why We Picked It
Discover charges no late fees on its private student loans, and it provides an interest rate discount if borrowers choose to pay the interest on the loan as it accrues while they’re in school. It also offers several unique deferment, forbearance and hardship payment options.
Co-signer release is not available, though, and there is only one loan term: 15 years. Know that you can prepay the loan without penalty, and if you have the means to do so, paying off a student loan in less than 15 years could save you a substantial amount in interest.
Extra Details
Loan term: 15 years
Loan amounts available: $1,000 up to total cost of attendance
Eligibility: Discover does not disclose its minimum credit score or income requirements, but in 2019 the company reported that 94% of all private loan borrowers had a FICO score of 660 or higher.
Forbearance options: Borrowers can take up to 12 months of forbearance, which is standard across the industry. But Discover also offers several additional hardship options, including a three-month suspension of payments for borrowers early in the repayment cycle and a six-month reduced payment option.
Co-signer release policy: None.Pros & Cons
- Borrowers with a 3.0 GPA or higher can receive 1% of their loan amount as a cash reward
- International students can qualify with a co-signer who has U.S. citizenship or permanent residency
- Multiple economic hardship repayment options
- No co-signer release program
BEST FOR AUTOPAY DISCOUNTS
PNC Bank
3.5
Variable APR
1.34% to 8.44%
(including 0.50% discount for automatic payments)
Fixed APR
2.99% to 9.89%
(including 0.50% discount for automatic payments)
Why We Picked It
PNC Bank offers an extra-generous 0.50% interest rate discount for making automatic payments, and it provides a 12-month loan modification program for borrowers in financial distress (in addition to 12 months of forbearance). Loan modification lowers the interest rate and monthly payment charged.
It also offers co-signer release, though after an even longer period than Citizens Bank’s policy: 48 months.
Extra Details
Loan terms: 5, 10 and 15 years
Loan amounts available: Up to $50,000 per year ($225,000 aggregate, including federal student loans)
Eligibility: Does not disclose credit score or income requirements.
Forbearance options: Up to 12 months of forbearance available.
Co-signer release policy: Co-signers can be released from the loan after 48 payments.Pros & Cons
- 12-month payment reduction option, in addition to forbearance, for borrowers experiencing an economic hardship
- 0.50% interest rate discount available
- No interest rate estimate available without hard inquiry
- Co-signer release after 48 months, about 24 months later than many other lenders’ policies
BEST FOR BORROWERS WHO HAVE A CITIZENS BANK ACCOUNT
Citizens Bank
3.0
Variable APR
1.86% – 8.47%
Fixed APR
3.47% to 9.35%
Citizens Bank provides an additional 0.25% loyalty discount if a student loan borrower or their co-signer has an existing account with the bank. (Checking and savings accounts are only available in Connecticut, Delaware, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island and Vermont.)
It also makes its loans available to international students. But co-signers must wait a longer period of time to be released from the loan than what many other lenders provide.
Extra Details
Loan terms: 5, 10 and 15 years
Loan amounts available: $1,000 up to $150,000 total over the course of your undergraduate education
Eligibility: Does not disclose credit score or income requirements.
Forbearance options: Up to 12 months of forbearance available.
Co-signer release policy: Co-signers can be released from the loan after 36 payments.Pros & Cons
- International students can qualify with a co-signer who has U.S. citizenship or permanent residency
- Up to 0.50% interest rate discount available for existing Citizens Bank customers
- No interest rate estimate available without hard inquiry
- Co-signer release after 36 months, about 12 months later than many other lenders’ policies
best international student loans
Next, we review best international student loans, graduate student loans for living expenses, International Student Loans With Cosigner and Student Loan Cosigner Requirements.
Federal student loans offer a number of advantages when compared to private loans, but they are limited to U.S. citizens and eligible non-citizens. That means for many international students, a private student loan is the best way to pay for college.
International students have more options than ever to choose a loan that’s right for their unique needs. We’ve compiled the best international student loans to help you narrow down the choices. These loans don’t require borrowers to have a Social Security number (SSN), collateral, and two we like don’t even require a cosigner.
Best International Student Loans of June 2022
- Best for Undergraduate Students Without a Cosigner: MPOWER Financing
- Best for Graduate Students Without a Cosigner: Prodigy Finance
- Best for Graduate Students With a Cosigner: Citizens One
- Best Interest Rates: Ascent Student Loans
- Best for DACA Recipients: Discover
graduate student loans for living expenses
Now, we find out graduate student loans for living expenses, International Student Loans With Cosigner and Student Loan Cosigner Requirements.
If you’re an undergraduate, graduate, or professional student, you might be wondering how to pay for your living expenses while you’re in school. While most schools will cover tuition and fees with their own funds, there may be times when you need additional help. That’s why we offer student loans for living expenses to help cover housing and other educational costs.
Student loan funds are typically disbursed directly to your school so that they can be used for tuition and fees. Any leftover money will be refunded directly to you, which you can use to pay for housing and any other education-related costs.
International Student Loans With Cosigner
How to Find A Cosigner
If you are interested in applying for a loan, it’s important to plan in advance so that when it comes time to apply, you’ll be ready. International student loans and study abroad loans have an approval process where the lender evaluates your financial ability to pay and the likelihood that they will get paid back the principal plus interest. These private student loans are different from Federal Student Loans.
When it comes to students, whether US or international students, this financial history can be quite limited – or nonexistent. The lack of credit history makes it tough for lenders to evaluate the borrower’s ability to pay. To resolve this issue, almost all international students and most US students interested in applying for a loan need a cosigner to be accepted. This article will discuss how to find the right cosigner – one that meets the lender requirements and provides you with the best interest rate available.
Why Cosigners Help
If you are an international student looking to apply for a loan, almost all US lenders will require that you have a cosigner. On the other hand, if you are a student who is a US citizen, a cosigner can increase the likelihood of approval and improve the interest rate offered. Many students, especially undergraduate students, have very limited income and no credit score. Whether or not you require a cosigner, there are two important reasons a cosigner can help with your international student loan:
- Cosigners can improve the chance of getting approved
- Cosigners can reduce the interest rate you have to pay
How Interest Rates and Cosigners Are Related
During the application process through lenders that require a cosigner, the lenders will review your application to consider whether they are willing to issue a student loan. The lender will evaluate whether they believe they will be paid back by looking at the financial history of the borrower and cosigner, asking:
- Will the student loan application be approved?
- If yes, what will be the applicable interest rate?
The interest rate is the cost of borrowing money. Depending on the creditworthiness of both the cosigner and borrower, the interest rate can fluctuate within a range. Someone with good credit will get a more favorable interest rate since the risk the lender is undertaking is less.
What Are The Cosigner Requirements
A cosigner must be a US citizen or permanent resident who has lived in the US for the past two years with good credit. Trying to find out how to find a good cosigner can be difficult, so use the following guidelines:
Stability
Your cosigner should have a steady income, a stable job, and an established credit history. Some lenders will look at how long your cosigner has lived at their current address and how long they’ve been employed at their current job.
Ability to Pay
Since the cosigner is taking on the obligation to pay back loans in case the borrower cannot, it’s important that the cosigner can afford to cover these expenses. International student loans and study abroad loans will look at the total income of your cosigner and their total debts (mortgage, car payments, credit card debt, and any student loans they may have on their own).
Willingness to Pay
In the United States, credit history is evaluated by a credit score that is based on outstanding debts and payment history. Lenders evaluate your cosigners existing and past loans looking to see whether they were paid on time.
Where To Find Your Cosigner
If you are an international student, finding a creditworthy cosigner can be a bit tricky since they do have to be a US citizen or permanent resident. Most students first look to their family members to act as their cosigner, but in some cases, it’s possible that they will not meet these requirements. Borrowers can also find an extended family member or friend to cosign their international student loan or study abroad loan. In fact, a cosigner doesn’t have to be a relative at all, your cosigner can be anyone who meets the general requirements and is willing to cosign your loan. Your cosigner should have a social security number, current address and phone number, references, and employment information.
If you are evaluating your international student loan options, you should plan in advance and figure out your approach on how to find the right cosigner for your loan. Once this part is done, it will help you expedite the loan application process and give the financial help you need to fund your education overseas.
Student Loan Cosigner Requirements
Cosigners for student loans typically need a good credit score, stable income, be in good health and be willing to help you if you are unable to meet your loan payments.
1. Credit History of Cosigner
After the financial and credit crisis of 2008, it became more difficult to qualify for unsecured consumer credit. In the case of private student loans, most borrowers will need a cosigner who has a favorable credit history and a reliable source of income. Your cosigner should have a low debt to income (DTI) ratio, as well as a history of making payments on time.
There are frequently student loan cosigner minimum credit score requirements. Lenders are more likely to approve your loan if your cosigner’s credit score is 720 or higher. If your cosigner has a credit score between 680 and 720, he or she may still be able to help you secure a loan, but the interest rate will probably be higher.
2. Stability
Along with a good credit history, lenders will also look at the stability of your cosigner. This includes job history, as well as the length of time your cosigner has lived in his or her home.
You’ll want to choose someone who has worked for the same company for at least a year, if not longer, and has verifiable income. The longer he or she has lived in the area, and maintained a steady income, the better your chances are of securing a private student loan.
3. Good Health
Believe it or not, the age and health of your cosigner does matter. Maybe not so much to the lender, but it should be something you take into consideration. If you choose a cosigner who is in poor health, or over the age of 65, you may be in for an unpleasant surprise later on.
Why? Some lenders include a clause in your student loan agreement that allows them to demand your loan be paid in full upon the death of your cosigner. Or worse, the lender could place your loan in default, even though you have made all your payments on time.
This can happen automatically, without any notice, and effectively ruin your credit.
4. Relationship to Student Loan Cosigner
You may think that your parents are the only ones who can cosign a loan for you, but that is not the case. Other relatives, including siblings and cousins, as well as a friend or a spouse, may act as your cosigner. Basically, anyone with a good credit history and the willingness to help you could act as your cosigner.
Just remember that this is a binding contract. If you fail to make your payments or default, you run the risk of not only ruining your credit and your cosigner’s, but also destroying your relationship.
It might be a good idea to draft a contract prior to asking someone to act as your cosigner. You could include specific details about how you plan to repay the debt, such as setting up automatic payments, as well as a clause that states you will reimburse any missed payments and/or fees covered over the life of the loan.
It’s not required, but it may give your cosigner some peace of mind. Finally, don’t forget to thank your cosigner for helping you out. It’s a serious commitment to make and one that should not be taken lightly.
If you’re going to school out of state, then it’s likely that you’ll need to find private student financing. There are numerous resources readily available (including private lenders, scholarship websites, and student loan companies) just waiting to help you out. But it’s important to research each option carefully before signing a contract with any lender.
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