International student loans for borrowers with or without a cosigner

Tired of seeing rate ranges and not knowing where you fall in the range?  Sparrow allows you to compare real international student loan rates through a single form.  Think of Sparrow as the Expedia of student loans.

With Sparrow, you can compare real repayment plans from multiple lenders side-by-side so you know exactly how each loan stacks up when it comes to APR, monthly repayment, total repayment amount, and repayment options.

To determine your eligibility, complete our three minute form. If you’re eligible, you’ll instantly receive personalized rates on your Sparrow Dashboard from all the lenders with whom you qualify.

About 50% of Sparrow’s international student borrowers apply with a cosigner. Cosigners can increase your chances of being approved by lenders. Including a cosigner may also help you receive lower interest rates.

The maximum amount you can borrow from Sparrow’s lending partners is based on your school’s certified costs minus the amount of financial assistance you’ve already received (i.e. scholarships). We encourage you to reach out to your financial aid office to get more information on your school’s certified costs.

Your private student loan funds are sent directly to your school’s financial aid office. Your school automatically deducts your outstanding balance (if applicable). Following deductions, the remaining amount of your loan funds are sent directly to you, the borrower.

Your school sets the loan disbursement date (when you actually receive the money), which is usually a week or two prior to the beginning of the semester or quarter.

You’ll need the following information to find personalized rates on Sparrow:

• First name, last name, date of birth, and citizenship status
• Physical address
• Email address
• Loan size
• Income and housing expenses
• Name of school, degree, concentration, and expected graduation date

Sparrow: You don’t need to upload any documents to find personalized rates through Sparrow.

Lenders: The documents you submit will vary depending on the lender. Most lenders require you to upload a pay stub (W-2’s or 1099’s) to verify your income and an ID (driver’s license or passport) to verify your identity. If your rate is through one of our non credit-based lending partners, you may have to submit a copy of your transcript to verify your GPA.

You’re not guaranteed to receive personalized rates. Each of our lending partners uses its own criteria to determine whether you’re eligible for a loan. Each lender’s filtering criteria is based on the information you provide and a soft credit inquiry (which doesn’t affect your credit score). You’ll receive pre-qualified rates from lenders if you meet their pre-qualification criteria.

We also have lending partners who don’t provide pre-qualified rates on our platform. You’ll see a link for these other lending partners on your Dashboard.

The likelihood of eligibility, or receiving better rates, might increase if you add a creditworthy cosigner.

For international student loans, the funds are disbursed directly to your financial aid office. After deducting any outstanding balance, your school will provide you, the borrower, with access to your loan funds.

Your school sets the disbursement date (when you actually receive the money), which is before the beginning of a new semester. Regardless of when you applied for the loan, your school’s disbursement date will be the same. However, it’s best to apply early so that you can avoid any unexpected confusion or delays.

The most common reasons for delays are as follows:

• Delays by the borrower or cosigner in responding to the lender’s request for documentation;
• Incomplete information on borrower or cosigner’s application;
• Incomplete documentation provided by the borrower or cosigner in response to the lender’s request for documentation; or
• Delays in the lender receiving the certification from the borrower’s school’s financial aid office, certifying school costs.

You’re not required to have a cosigner to use Sparrow. However, if you’ve a limited or poor credit history and minimal income, adding a creditworthy cosigner can improve your chances of qualifying for a loan.

Just like for borrowers, it takes just three minutes for a cosigner to include themselves on a pre-qualification request.

Many of Sparrow’s lending partners offer the benefit of cosigner release. To confirm whether a specific lender offers cosigner release, we recommend you visit the lender’s website to read their official policy.