The United States of America is a dream destination for most international students. The country is home to some of the best universities in the world. Degrees earned from educational institutes of the US are highly attractive to employers around the globe. However, studying in the USA costs a lot of money in addition to the high cost of living. After evaluating all the options for funding your education, applying for scholarships and aid; some students need further assistance to support their education abroad, and this is where international students’ loans play a vital part.

So, what are international loans?

Are education loans available to Indian students in the US?

Getting a loan is difficult as an international student attempting to apply through conventional financial providers in the US. Furthermore, the struggle to apply for a loan back in India cannot be overlooked. Banks and providers back in the native country are sceptical to sanction loans to students for reasons of them leaving the country and defaulting on payment. The same is true for providers in the US. Mentioned are some reasons why an Indian student finds it difficult to get a international student loan in the US –

Having stated the above, students may apply for loans in the US with private providers.

Who can be your co-signer?

Interest rates

Interest is charges on the amount borrowed. There are two main indices used for international students are the Prime Rate and LIBOR Rate.

Repayment of the loan

Loan providers for international students (non –US citizens) with a co-signer

Loan providers for international students (non –US citizens) without a co-signer

Private loan providers without a co-signer require the student to pay a higher interest

It is important to know that international students have few student loan options in the US. Unless, the student is eligible non-US citizen who can qualify for a federal student loan, they have to apply for a loan with a private lender.

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