So, you’ve done your research on international student loans. You feel a little better knowing everything that you do now. All that’s left is to apply, but how do you do that? Let’s get into it.
When to Apply for International Student Loans
Before you can officially start applying, you need to have a couple of things worked out first.
Know what program or university you’re going to attend
You’ll need to know what school you’re going to. Usually, you’ll want to be accepted. Remember that your international student loans are going to be private student loans. This means you’ll deal with private lenders who will want to make sure that their money is in good hands. Having a concrete plan for your education tells lenders that their money will be safe with you.
This step is especially important because most international student loans have school restrictions. They’ll only offer loans to students of certain schools. And which schools depend on the lender. Knowing where you’re going will narrow down which loans you qualify for.
Know how much it’s going to cost
Once you’ve picked where you want to go, you need to find out how much it’s going to cost you. There are the typical school-certified expenses such as tuition, books, and room and board. But you’ll also need to account for travel expenses, health insurance, recreation, and more. So, take the time to sit down and calculate the cost of living. Doing this will help you know what type of loan is good for your situation. For example, this will help when it comes to knowing how much you’ll need to take out or if it’s smarter to go for a fixed or variable interest rate.
Before applying for any loan, look for money in other places first. This means applying for scholarships and grants, collecting money you saved on your own or got from your parents or a job, or any other way you can save up money. Loans, while helpful, can take a long time to pay off. They’ll stick with you for years, so you want to take out only what you absolutely need after exhausting other options first.
Know who can be your cosigner
You are more than likely going to need a cosigner. While there are non-cosigned loan options, those have even more restrictions. Additionally, you may get a higher interest rate. So, you’ll want to try and stick to finding a cosigner if you can.
Your cosigner will have to be either a U.S. citizen or a permanent resident and have been in the U.S. for at least 2 years. Additionally, they must have good credit, stable income, and good overall financial status.
How to Apply for International Student Loans
Once you know where you’re going, how much it’ll cost, and who can be your cosigner, you can move on to applying. Here’s some information you’ll need for the application process.
Basic information
You’ll need basic information about yourself, which shouldn’t be too hard. For example, you’ll need your full name, date of birth, address, and contact information such as your phone number. Also, provide the name of the school you’re taking out the loan for. You’ll need proof of enrollment at the school, too.
Financial Information
Lenders will also ask for proof of income and details of your current job or place of employment. Provide your employer’s current contact information. Do the same for other references you have. This includes both phone numbers and emails. Finally, include information about your debts (if applicable) and your gross annual income.
Citizenship Status
You’ll need to show proof of your current citizenship status. Usually, this will be in the form of a visa that you’ll have already secured. If you don’t have a visa yet, take some time to apply for one before you start applying for loans.
Cosigner
You’ll need basic information such as their full name, date of birth, and permanent address. You also need their social security number and financial information. This includes proof of income, credit score, employment information, and debts.
Where to Apply for International Student Loans
Normally, you’d have to apply for each loan individually. However, this way of applying can be tedious and make the process longer than it needs to be. Use Sparrow instead! With Sparrow, you can compare real student loan offers by filling out one application. If you’re not ready to officially apply yet, use Sparrow’s search and comparison feature. This lets you compare existing lenders and save the ones you’re interested in for later. Get started by clicking here!
Final Thoughts from the Nest
Becoming an international student can be scary, but it’s also exciting! As long as you prepare everything in advance, the process shouldn’t be too hard. Besides, now you have a secret weapon: Sparrow. And here at Sparrow, we know that you’ll do just fine.