INTERNATIONAL STUDENTSCOLLEGE

Student Aid for International Students

If you’re an international student, it’s important to understand the funding options available to you. While most international students don’t qualify for federal student loans due to not being a U.S. citizen, there are loans you can utilize to pay for your education.

To start with, private student loans through third-party lenders can be a good option for international students to help pay for education. However, it’s important to note you may be required to have a U.S. citizen or permanent resident as a co-signer for the loan. Make sure you choose a cosigner who you’re comfortable with and who makes regular, on-time payments on their own loans. There are also specific international student loans that may be considered private loans as well. Be mindful of the interest rate on these loans before taking one (or more than one) out.

Next, contact your financial aid office to see if you qualify for any financial aid options as an eligible noncitizen or based on specific financing opportunities for international students. If you can submit a Free Application for Federal Student Aid (FAFSA) as an eligible noncitizen, you may qualify for federal direct subsidized or unsubsidized student loans, which may have lower interest rates and more repayment options than private loans. In addition, if you’re a recipient of the Deferred Action for Childhood Arrivals (DACA) program, you likely will not qualify for federal student aid, but you may qualify for financial aid through your college or university or the state you live in.

Another option that may be available to you is a study abroad loan from your home country. This can allow you to pay for your education in the United States and may be more affordable than the options offered in the U.S. Additionally, don’t forget to check out opportunities for scholarships and grants in your home country and through your college or university’s financial aid office.

Finally, be sure to review all your options to determine which financial aid opportunity will work best for you. It’s important to compare interest rates when it comes to choosing a loan, pick a cosigner you can trust, if necessary, and look for the most cost-effective financing option. Good luck to you as you explore the student aid choices available to international students!

Sources:

https://www.forbes.com/advisor/student-loans/best-international-student-loans/

https://www.forbes.com/advisor/student-loans/subsidized-vs-unsubsidized-student-loans/

https://post.edu/blog/guide-to-student-loans-for-international-students/