collageStudying inside the United States is expensive and after all of the family funds, scholarships, and other “free” money available to you has been accounted for, sometimes it’s still not enough. Loans are a great way for international students to fill the gap when trying to fund their education, but one hurdle that often stands in the way is finding a cosigner. Most loans available to international students require a cosigner that is a US citizen or permanent resident, has lived in the US for the past two years and has good credit. Finding a cosigner that will meet this criteria can be challenging and puts a halt to many students being able to apply for a loan.
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Although most lenders require an eligible cosigner to join the application, there are some loans that do not require you to have a cosigner. Instead of determining your eligibility based on your cosigner, loans without a cosigner look at factors like:
- How soon you will graduate
- Your career potential
- If you attend a school on the approved list
Each lender has their own eligibility criteria. Because of this it’s important to compare each lender- including their eligibility requirements. If you would like to find an international student loan that doesn’t require a cosigner make sure you use our loan comparison tool above. There you can enter details on your specific situation (like if you don’t have a cosigner) and receive a list of lenders that you’re eligible to apply for a loan through.
If a loan without a cosigner is available to you, then you will want to explore its terms and conditions. Each loan will have its own interest rate and repayment terms and it’s important to know these before signing up for a loan. Although it can be exciting to find a lender that will work with you as an international student, your school, and doesn’t require a cosigner- you will still want to ensure you’re aware of your responsibility as a borrower.
Steps to Finding a No Cosigner Loan
To get started on your search for a loan that doesn’t require a cosigner you can follow these simple steps:
- Use our Loan Comparison Tool above
- Compare lenders
- Apply for a loan directly through the lender
Before applying for a loan without a cosigner, gather each document needed for the application. Common documents that you will need to have on hand when applying for a loan that doesn’t require a cosigner include:
- Resume
- University Transcripts (past and current)
- Standardized Test Scores
- University Invoice or Financial Summary
- Employment Letter or Pay Stub
- Address Verification
- Your I-20 or Financial Plan
Information on Cosigners
As an international student in the United States, or coming to the US, you will be required to have a cosigner most of the time when applying for a loan. Cosigners must be a US citizen or permanent resident who has lived in the US for the past two years and has good credit history.
Since most international students in the US do not have credit history, a cosigner joins the standard international student loan application process. Loan approval and rates are based off the credit of the cosigner and the cosigner is legally bound to repay the loan if you (the borrower) are unable to pay.
If you don’t have a creditworthy cosigner, you won’t qualify for most international student loans However, there are still a few options available to international students, and on this page, we’ll give you the information you need on private international student loans that don’t require a cosigner.
Find more information on finding a cosigner.
No-cosigner loans
Although a cosigner is typically required, international students attending certain colleges and universities in the US and Canada are able to apply for a loan without a cosigner. If you’re not able to find a cosigner then a no cosigner loan could be a good option for you.
With no-cosigner loans, instead of looking at credit history, the lender will look at your academic success and career path. A few factors they will take into consideration include your home country, graduation date and what school you attend.
Private international student loans are offered through non-government lenders. There are a number of private lenders that offer loans for international students, each with their own eligibility requirements. However, only select lenders offer loans to international students that don’t require a cosigner.
Before choosing a lender, it’s important to do your research and find a lender that will offer you a loan that meets your needs. You can use our international student loan comparison tool to get information from the student loan companies that work with international students in just a few clicks.
How To Find And Compare No-Cosigner Loans
If you’re an international student and would like to explore the option of a loan that doesn’t require a cosigner, you’re able to use our loan comparison tool to see if your school has one available. If so, you can then research the terms and conditions of the loan and apply directly through the lender. When researching a loan a few items you will want to take note of include:
- How much you can borrow
- The interest rate (including if it’s fixed or variable)
- The repayment period
- When and how your funds will be disbursed
Once your loan application has been reviewed you will receive details on your loan including your interest rate and how much you can borrow, these items will vary by lender and your situation. For example, no-cosigner loans through one of our partners have a fixed interest rate of 11.99%-13.99% and allow you to borrow up to $25,000 per academic period, or $50,000 total. On your application you must state how much you would like to borrow. The approved amount along with your designated interest rate will be assigned to you by the lender after your application has been reviewed. If you are approved for a loan, the funds are disbursed directly to your college or university. The entire process usually takes about 6 weeks, so you will need to plan accordingly.
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