Just like many U.S. students choose to spend time studying abroad, many international students choose to study in the United States. Here are two great resources for students considering traveling to the U.S. to further their education:
educationUSA — advising centers from the U.S. Department of State
eduPASS — a guide to studying in the U.S. including travel and customs
I recently answered an Ask the Expert question about student loan availability for international students. I wanted to share that information with the rest of the Student LownDown readers. Here's the scoop…
International or not, students should always apply for federal aid first. However, most foreign citizens aren't eligible for student aid from the U.S. federal government. There are some cases where non-citizens may be eligible for financial aid. Students should check out this online guide to federal student aid for international students to see if they qualify.
After federal aid, international students could consider private student loans. Many lenders will ask that international students who apply have a cosigner who is a U.S. citizen. Cosigners assume equal liability for the loan, so this is not a responsibility to be taken lightly.
For our international student readers, what has been your experience with American financial aid? How does the process work in your own countries?
So basically, there aren't loans out there for international students, as ALL private loans do ask for a U.S. citizen cosigner; to which I ask: where is one supposed to get one?
I went to the US for a bachelor's degree and even after making friends up there, it's still hard to get a cosigner, because of the fact that we're all the same age and we are all trying to get our MBAs at the same time, they can't possibly be cosigners, when they themselves are trying to get loans for school or a mortgage.
I find there is very LITTLE (to not say NONE at all) help out there for an international student trying to go to the states for their undergrad or (like me) graduate education. Even after I myself have a good credit score in the States.
Hi, Im an international student willing to study outside US. Do you know where can I find loans?
Thanks so much
Fosoki -- I'm not an expert when it comes to loans outside the U.S. Best bet would be to check with the school you are planning on attending to work with their financial aid or billing department to see what options you have through banks or lenders in that country.
Dear Barbara,
I´m a graduate student of Law from Argentina that already has the admission to UF and the I-20 for the Visa F1. My problem is that I need a loan of 20K and my co-signer is living in USA and has a I-797C (Notice of Approval of Permanent Resident Petition) but the USCIS office will issue him a I-551 or Green Card in one or more year because of Bureocracy reasons. I´m extremely sad since I have the conditional approval of the loan and I wonder if they (the bank) will refuse to finally approve my loan. In this case, what can I do Barbara? Please help me because my LLM is a dream coming true. Please help me with your knowledge because it has to be another alternative of no permanent resident co-signer. Thanks
Fer -- First off, have you confirmed with your potential lender that this person will qualify as a cosigner? I ask because many lenders (including Wells Fargo) generally require a temporary or permanent resident alien to have a U.S. citizen cosigner. You generally would not be able to qualify on your own or with a permanent resident alien as a cosigner. So, I'd recommend you double check what exactly is required to secure the loan for which you have conditional approval. If your potential cosigner has not gained the resident status he needs, you may need to find another cosigner.
Hey Barbara,
I am studying in Australia through the bank loan from Bank of America and now due to credit crunch they cant issue any loans, i got a big problem now because now i have to leave my studies and go back to my country.
Do you have any idea they how long it will gonna take to give loans for the schools which are outside of US?
Waiting,
Regards,
Maddy
Maddy -- Are you studying abroad on exchange from a home university in the U.S. or are you enrolled directly at the school in Australia? Either way, you'll want to speak with the financial aid office at your school (either in Australia or back home) to talk through other options you may have to finance your education. There may be other lenders who still offer financing for students in your situation, and you school should be able to give you details.
Hi,
Greetings from Maddy,
Thanks for the reply,
I am not an exchange student, I am doing Bachelor Studies from Australia majors in Hotel and Tourism.. and now if i want to continue my studies so i have to get admission in US,
But do you any idea how long they will start giving loans for students who wants to study outside of US
Waiting for the positive reply,
Maddy
Maddy, I'm still not sure I understand your situation. But to be honest, we're not sure if/when the credit situation is going to change. Many lenders have changed their policies and tightened their credit criteria. Have you considered a more affordable school where you wouldn't need a student loan, or thought about working while going to school to pay for your education expenses?
Dear Barbara,
I have been in the US as an undocumented student for about 10 years now (my parents don't have a green card but have a worker's permission to work here legally). Come fall, I'm suppose to go to college as a freshmen but I'm having a hard time finding ANY banks that would loan me private student loans (since i don't have a SSN for federal ones). I need about 26,000 to study in a public school and all though im in the top of my class, i don't qualify for merit aid. Help me, what can i do???
Hey Rocio -- Most lenders offer private student loans to temporary or permanent resident aliens, but as you are experiencing there are few options for undocumented students. There is currently a piece of legislation in the Senate (S.729 ) that may help the situation. Are you familiar with the Dream Act? There are provisions that would allow undocumented students who meet certain guidelines to have conditional temporary resident status. However, right now the bill is just in the initial stages. You can look at the progress of the bill at the National Immigration Law Center's website. As far as scholarship funding is concerned, there are some scholarships that don't require the student to be a citizen or resident alien -- check out a list of some of those at FinAid: finaid.org/otheraid/undocumented.phtml. Depending on what state you're in there may also be other resources available to undocumented students. Have you checked with your state's education department? Your school may be able to provide you additional resources as well. Check with your financial aid office to see what's available.
Hello, I am wondering if there are any private student loans available for a US citizen wanting to enroll directly in a medical university in another country? I have already applied for the Stafford Federal loans, but they will only give up to the cost of attending. I was hoping for some extra cash for the plane tickets there and to visit home, and maybe a little sightseeing.
Ryin -- you may be able to find a private student loan to cover costs beyond the cost of attendance set by your school. However, you'll need to make sure that you use the funds for qualified education expenses, which will likely be detailed in the promissory note for the loan. So, you might not be able to cover the expenses you detailed with a student loan. You could check with your school's financial aid office to see what other students in your situation have used for financing additional expenses.
Hello,
Im an international student and I would like to know if its possible to get a loan being a not resident but having credit since I lived for almost 2 years in the US.
Thanks a lot
Barbara -- There are loans available to international students, however, you'll probably need a U.S. citizen cosigner in order to qualify. Generally, lenders do not extend credit to international students on their own. Your best bet is to check with the school you'd like to attend to see what financing is available there.
Dear Barbara,
I'm an international student studying in the US. I need student loan for the upcoming year and I have a US citizen co-signer, but I one question I can’t figure out. In addition to the cost of tuition, I have to have enough money for living expenses such as rent, food, gas, etc. As you know, international students are allowed to work only on campus with limited time. Even if I worked 20 hours a week, it’s still not enough to pay my bills. Do you allow international students to have monthly living expenses?
Aki -- Borrowers can use most private student loans to cover qualified education expenses including living expenses while you're in school. If you have a lender in mind, check with them to see what would be a qualified expense. Usually, the expenses you mentioned can be paid for with a private student loan.
Hi, I'm an international student. I have a U.K. cosigner but not one from the U.S. is it possible for me to get a loan to study in the States?
pd -- Generally, lenders in the U.S. will require that international students have a U.S. cosigner.
Hello, I have a bank account with Wellsfargo account that I opened using an ITIN, as I am not a resident or citizen of this country, and am undocumented. I keep getting offers from Wellsfargo to open a student loan. I have read through the posts and know I need a US citizen cosigner; but would I be able to do this on my own? if not, why do I keep gettig offers of a preapproved loan? Thank you so much, I appreciate your help.
Hey,
When the US banks will start giving loans for students who wants to study outside of USA, I have two strong co-signers.
But i dont want to study in USA?
Any Suggestions,
Thanks
Ms. Rodriguez -- You're right that you would need a U.S. citizen cosigner. Wells Fargo does not mail pre-approved offers for student loans. You may have received information on Wells Fargo student loans, but you would still need to apply and be approved (with a cosigner).
Jain – Are you wondering about borrowing from a U.S. bank if you are neither a U.S. resident nor studying here (so basically your only connection to the U.S. would be the lender)? Would you clarify your situation for me?
CITI bank gives loans with US co-signers
Wanted to mention that Wells Fargo makes private student loans available to international students who are temporary resident aliens and have a U.S. citizen cosigner.
Hey Barbara,
Yeah you are thinking right that i need US lender for studying abroad but not in USA,
I was studying in Newzeland before but due to this recession, Banks stop givings loans for outside of USA.
Please suggest me on my situtaion, I have two well qualified co-signers.
Thanks Barbara
Jain – We can’t predict when the markets may change and lenders in the U.S. resume lending at your school. So, I’d suggest that you check with your school to see if other students have been in a similar situation. Your financial aid office might have some solutions specific to your school and your situation.
I am an undocumented student living in Maryland. I graduated from high school this spring (2009) I got accepted to college and got scholarships that added up cover 1/2 my tuition. I still need some money to cover the rest of the tuition I am trying to get a loan I already have two U.S citizens that are willing to help the problem is one is already retired and the other one has a low credict score. I also want to know if I can apply for a loan by having a permanent resident cosigner? Please let me know as soon as possible I don't want to lose the money I had already gotten which is about $20,000.00. Please help me.
Hi Stephanie – Unfortunately, there aren’t many borrowing options for undocumented students. Even with qualified cosigners, lenders usually require the borrower to be a permanent or temporary resident alien, or a U.S. citizen. Have you talked with your school about other payment options? If they offer a tuition payment plan perhaps that could help you pay the remaining tuition. You might also find the comment I left for Roccio (http://blog.wellsfargo.com/StudentLoanDown/2008/03/student_loans_for_internationa.html#comment-22353) helpful as you look at possible solutions.
Hey,
International student who wishes to study in Canada, any Loan information reagrding to finance the studies.
Hi Mike – As I’ve told some other commenters, the best place to start is with the financial aid office at the school you’re considering in Canada. They’ll be able to guide you through the available options for loans as well as scholarships and grants.
Hey there Barbra. I am an international student here in the US and my parents can't pay for my school any more. I was counting on my co-signer to get a student loan from the citi bank and I was so sure that I would get it that I let my co-signer take his time in filling out the application. Today (3 weeks away from the beginning of the quarter) he completed the application and I was automaticaly denied the loan even if he earned more than the required yearly income. I have such a short time and I don't have any other person who would be willing to sign for me or who would be eligible and if I don't register for classes this fall I am going to fall out of status and I don't have any where I could stay in the mean time because I am in another state. I don't know what to do please any kind of advice will do or if I should apply some where else but i am thinking that i am going to be denied there too. I even tried lowering the amount of money that I was asking form a years school fee to a quarters' but I was denied automaticaly again.
HELP PLEASE!!!
Sam – you may find that a different lender has different credit requirements that your cosigner may meet. So if you wanted to try applying with another lender you certainly could. You also may want to see if Citibank would give you more details on why your cosigner was not approved. Have you talked with your school about your other options for payment? Maybe there’s a possibility of other aid or a tuition payment plan.
It'not impossible to get a loan though
I'm exchange student who would like to get MBA degree in US, but my university required a financial statement from institution during admission process. Would it be possible to get loan approvement before I get acceptance from university?
Hi April – You can start an application before you have things squared away with your admission. Check out this link to get an idea of what to expect when you apply: https://www.wellsfargo.com/student/whattoexpect/. Have you talked with your school about what exactly is required? During the loan approval process your lender will usually need to verify your enrollment. I’d suggest talking with your school’s financial aid office to see what other exchange students in your situation have done.
Hi Barbara
I am a nigerian student with an american citizen co-signer who is currently residing in nigeria.I wish to apply for a private student loan of USD20000 from Citibank or Bank of America with backing of the co-signer to meet the financial requirements for admission to study at an american community college next spring.Would either bank grant the loan so I can use the approved sum to meet the application requirement?
Nelson – April had a similar question right before you and you can look to that answer for what happens at Wells Fargo, however I can’t tell you the process with another lender – best to check with them directly or go to the financial aid office at your school for more information.
Hi Barbara,
Is there any financial aid available for Canadian Permanent Residents (not citizens) in US?
Hey CH -- will you clarify for me: are you a Canadian citizen living in the U.S. as a permanent resident?
join me i want loan
Thanks for commenting. Can you be more specific about what you're looking for?
am a post graduate student in a Uk university and am seriously in need of a loan to finish my masters degree. ideas about where and how to get the loan is needed urgently. Note: am not a US citizen, I dont stay in the US and I dont have a cosigner
Oluwole – Your best bet is to talk with the financial aid office at the school you’re attending. Because you’re not a U.S. citizen or attending school in the U.S. your options here are limited, but your school should be able to give you information about other financing options.