As an international student, attending college in the U.S. can be exciting. It can also be expensive. Since many U.S. students take out student loans to pay for college, you might be wondering if you can too.
In this post, we’ll dive into the student loan eligibility of international students and the availability of student loans.
Are International Students Eligible for Federal Student Loans?
As an international student, you are eligible for federal student loans if you are an eligible noncitizen. Eligible students can apply for federal student loans by filling out the FAFSA.
Eligible noncitizens include:
- U.S. nationals, such as citizens of American Samoa or Swains Islands.
- U.S. permanent residents with a permanent residence card – or “green card.”
- Others with an Arrival-Departure Record (I-94) from the Department of Homeland Security showing any of these statuses: refugee; asylum granted; indefinite parole; humanitarian parole; Cuban-Haitian entrant.
- Those holding T nonimmigrant status
Are International Students Eligible for Private Student Loans?
If you are unable to secure federal student loans because you are not an eligible noncitizen, you can still apply for private student loans.
Private lenders will request proof of enrollment in an eligible program to lend to you. You’ll want to make sure that you have proper documentation, such as your student visa and tuition bill. Keep in mind that each private lender is unique, so they will each have their own requirements.
As an international student, it can be a challenge to secure loans on your own. While not impossible, having a cosigner can help you meet the requirements you otherwise wouldn’t by yourself. A cosigner typically has to be a U.S. citizen or permanent resident with good credit. This will help you secure private student loans with lower interest rates.
However, if you don’t have a cosigner, you can still apply for private student loans. There are many lenders that offer private student loans specifically for international students.
How Much Can an International Student Get in Student Loans?
Typically, you can borrow up to the total cost of attendance, minus other aid received, depending on your school. However, each lender will have its own borrowing limits.
To verify the cost of attendance at your respective school, talk to your school’s financial aid office. If your student loans are approved, the financial aid office will certify the loan amount.
How to Find an International Student Loan
It might be hard to figure out where to start if you’re navigating student loans for the first time. However, Sparrow is a great resource to help you find the best student loans for you.
International students can use Sparrow to receive personalized rates on student loans. Many lenders allow international students to borrow if they have a U.S. citizen as a cosigner.
Did you know that two of our lending partners focus primarily on international student loans? This puts your needs first! To compare international student loans side-by-side, Sparrow will be the best option for you!
Final Thoughts
You might have a lot of questions and worries about studying in the United States. Paying for college is a big part of the conversation, too. The good news is that you don’t have to go through it alone. With these resources on-hand, you are a step closer to studying in the United States. It’s a matter of finding the student loan that is right for you as an international student!