Study Abroad Loans for U.S students | A complete Guide 2022
Study Abroad Loans for U.S students: It’s no longer news that 70% of students who want to study abroad do not have enough finances.
Also, this percentage looks out for loans and scholarships.
However, as the saying goes, only the excellent makes it to the King’s table.
Therefore, if you wish to know about study abroad loans for US students then you have to get to reading this piece now!
So, US citizens looking for study abroad loans, you got it here. Also, students who study abroad in US wonder “Can I get a student loan to study abroad?”
Well, yes, you can! But you discover the “How” below!!! Enjoy this educational rollercoaster ride.
Do U.S Students Get Loans to Study Abroad?
Yes, US citizens get loans to study abroad. According to the Institute of International Education, a great number of U.S Students study abroad. And sadly, the number never declines. However, it’s a good thing as they make spaces for other international students. Therefore, if you want to study abroad as a U.S citizen but require funds then we just solved that puzzle below.
Kindly note that you pay loans back. What this means is that however you get the loan, it’s not for free. If you seek a free funding, apply for scholarships. Regardless of how you get the loan, they expect you to pay back but “Later”. Although there are hacks at how to make a “cat face” and make them forgive you. However, we focus on you getting a loan!
What Types of Study Abroad Loans are Available for U.S Students?
From research, there are basically two ways to study abroad loans for US students. Now, the loan you get depends on the requirements you fulfill. The U.S Government in a bid to help U.S citizens fund their education offer them loans. Here’s the type of study abroad loans for U.S students;
Federal Government Loans
Just like the name insinuates, it’s a study abroad loan the U.S government sponsors. Like earlier stated, the U.S government makes financial provision for citizens who need it. You can get this study abroad loans for U.S students via any of these options;
Direct Subsidized Loan: Strictly open for undergraduate students. Also, students who want to apply for this Federal Government study abroad loans for U.S students must be applied for college or career school. However, they count you eligible if only you have financial needs.
Direct Unsubsidized Loan: Here, undergraduates, graduates, and professional students can apply. They do not base eligibility on financial need.
Direct PLUS Loans: Categories who can apply include graduates, professional students and parents of dependent undergraduate students. Also, eligibility is not based on financial need, but a credit check is required. Therefore, if your parents are sponsoring your education and need a loan- the PLUS loan is the best option.
Also, the U.S government offers high school scholarships to study abroad.
If you’re unlucky to get a federal government study abroad loan for U.S citizens, here’s another option. Private institutions, individuals and organizations offer loans to U.S students to study abroad. However, their terms and conditions differ and kinda more stringent. Below is a list of some private loans you can apply for to study abroad in U.S;
#1. Global Student Loan Corporation (GSLC)
Does not require a cosigner.
Also it covers tuition, fees, computers, travel, and housing.
Who Can Apply? All students including U.S citizens looking for study abroad loans
#2. MPower Financing
No requirement for a cosigner, collateral, or credit history.
An international student, DACA recipient, a U.S. citizen, refugee or asylum-seeker are eligible to apply.
#3. HDFC Credila
Offers country-specific funding. In other words, only Indians studying abroad in U.S will apply. (Find out on their official website!!)
#4. Sallie Mae Smart Option Student Loan
Very low interest rates.Who can Apply? Everyone also international students studying in the U.S.
The Smart Option Student Loan allows you to choose the repayment option that best suits your borrowing needs and offers options that help you save money and pay off your loans faster, or give your flexibility to defer payments.
The Sallie Mae started off under the federal government and provided loans through the Federal Family Education Loan program.
#5. International Education Financial Aid
Most foreign nationals are not eligible for government grants from the U.S. Department of Education. However, there are instances when non-citizens are eligible for financial assistance from the US federal government.
For those searching for study abroad loans for U.S citizens, IEFA is a plug.
You do not require a cosigner. Repayment period ranges from 10 to 25 years.
#6. International Student Loan
Provides a variety of options of private study abroad loans for U.S students.
Do they require a cosigner? No, they don’t.
#7. Study Abroad Loans
Here, they offer loans to only to U.S. Citizens and permanent residents who are planning to study abroad.
As long as you are on a qualifying program, you can use your federal student loans to study abroad. However, federal loans may not cover all of your expenses, which means you may need to find other sources of funding.
Of course, the loans require a cosigner who is a U.S. citizen or permanent resident.
#8. The Education Resources Institute (TERI)
Open for graduate and professional study.
The available loans can amount to $20,000 per year and a total limit of $80,000.
Requires a creditworthy U.S. citizen as cosigner.
#9. Northwest Bank
Open to graduate business and medical students who are studying internationally.
Also, you can consider these top lenders if you want to study abroad in U.S for a private loan;
What are the Requirements to get a Study Abroad Loans for U.S Students?
Trust me, not even the U.S government wants to toss their money to anyone without a surety. Before you get any loan, meet the requirements. Sadly, not everyone is eligible to get educational loans. However, the key criterion is that you must have a financial need. (In other words, you have to be “broke”. And I mean really broke)
Aside from that, you should have gained admission into a foreign program or university. Yes, you must have gotten admission into any of the best colleges for study abroad programs. Although we do not have all the requirements listed below, we outlined the important ones. This is so because requirements differ by lender. However, most international student lenders will require the following application and materials;
Frequently Asked Questions Students Ask About Loans to Study Abroad in U.S
Do I Need a Cosigner?
Very important. No one approves a study abroad loan in U.S for students without a cosigner. Who’s that anyway? A cosigner is a person who is a joint signer to your loan application. Just in case you’re unable to pay back the loan, the cosigner is held responsible because law binds him. Although important, some study abroad loans for U.S citizens do not require a cosigner.
Also, for U.S loans, your cosigner must be a US citizen or have permanent residence and lived in the US for the past two years. They must possess a valid social security number and pass a credit check.
What if I Don’t have a Cosigner to apply for Study Abroad Loans as U.S Students?
Not to worry. If you do not have a cosigner and you need a loan to study abroad in U.S, all hope is not lost. Here’s what to do;
Which is Preferable: Private or Federal Government Loans?
Well, all comes with their odds. However, there are better options. Most students go for study abroad loans for U.S citizens because of the following reasons;
However, private loans can be stringent with their agreement. What that means is that you pay as agreed. Therefore, we encourage you to make the wise choice.
How Much Loan Can I Get in U.S?
There is no specificity as to how much you get. However, depending on the type of loan the limit to how much you get vary. For federal loans, you can borrow $12,500 annually and $57,500 total. However, you can borrow up to $20,500 annually and $138,500 total.
Days are gone when students give up on international study in U.S due to lack of funds. You can make that dream a reality by applying to any of the study abroad loans for U.S students. Also, these opportunities are open to U.S citizens to obtain loans for study abroad programs. We hope this piece gives the direction you seek. Get started Now!!!