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Do You Know That You Can Get A Loan To Study In The United States Of America? - Education - Nairaland

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Do You Know That You Can Get A Loan To Study In The United States Of America? by Bmasterz: 5:56pm On Sep 24, 2017
Do You Know That You Can Get A Loan To Study In The United States Of America

Studying in the United States of America (USA) can be highly difficult to afford in terms of finance.Most at times, there are usually scholarship opportunities, grants and other financial AIDs to help you cater for the cost of tuition, housing or accommodation,Feeding,Books,etc.However, there are certain conditions that may hinder you the opportunity of having access to all these.

Do not panic.Getting a student loan can be a better alternative for you if you are the type that knows how to manage given resource.

In the United States, once you are 18 years old, or once you graduate from High School and set to enter college or university, you will no longer depend on your parents for most of the things you do.You will be responsible for providing your Tuition/School fees and the rest of them.

If you are unable to get a scholarship, getting a loan can be another option for you.US student loans usually cover cost of tuition, accommodation,books and other things you need to do with money.Then, while you are in campus, you will find an odd job and start working.You work and study.While working, you may decide to be paying back your loan little by little or you may decide to make it a deferred payment, where you are given an option to make your payment after you had graduated from school.

Formerly, getting a student loan in the United States is only possible for US citizens but recently, we discovered that International students are now eligible for a loan offer.

Why getting a Student loan

As a matter of fact, we all know that Studying overseas/abroad, especially in the United States US, is usually costly, and many students struggle to fund their international studies. Scholarships and grants are available, but they are very competitive and hardly cover all of your expenses. Student loans can cover up to the total cost or amount of attendance, as determined by your institution, excluding any other aid received.Below are just a few of the costs your international student loan will cover:
Tuition Fee
Rooms and boards (Accommodation/Housing)
Books and supplies
Travel and transportation(Flight ticket fees)
Health insurance
Living expenses
Even if you already have been awarded financial aid, you may find that you are still coming up short. In cases like these, international student loans can cover the difference – or they may cover the total cost of your education.

International student loans provide a convenient way for students to borrow money and fund their education. Students – and their cosigners – will be expected to pay back the total amount of money borrowed plus an additional cost (determined by your interest rate). You and your cosigner should be aware of the terms and conditions to ensure that you have ability to pay back your loan timely

Who Is A Cosigner ?

A cosigner is a person who is legally-binding on a loan application to pay the outstanding debt in case the applicant is unable to pay. Almost all loans for non-US citizens and most US students are required to have a cosigner to secure a loan.

Qualifications Of A Cosigner?

Your cosigner must be a US citizen or US permanent resident with good credit who has lived in the US for the past 2 years. Finding the right cosigner can improve the likelihood of approval and can decrease your interest rate.

Your cosigner should have a steady income, a stable job, and an established credit history. Some lenders will look at how long your cosigner has lived at their current address and how long they've been employed at their current job.

Since the cosigner is taking on the obligation to pay back loans in case the borrower cannot, it's important that the cosigner can afford to cover these expenses. International student loans and study abroad loans will look at the total income of your cosigner and their total debts (mortgage, car payments, credit card debt, and any student loans they may have on their own).

In the United States, credit history is evaluated by a credit score that is based on outstanding debts and payment history. Lenders evaluate your cosigners existing and past loans looking to see whether they were paid on time.

Some International Student Loan Companies

1. MPower Financing :- Features are:

No co-signer required
No collateral required
Interest rates from 7.99% to 13.99%
10-year loans with no pre-payment penalties
Fast online application process
Career strategy services

Their mission is to remove financial barriers to higher education in the U.S. To accomplish this mission, MPOWER works with investors and universities to lend to high-potential students who are left out by traditional banks. In addition to providing students with access to the financial resources necessary to attend and complete college, MPOWER builds students’ credit histories, provides them with personal finance education, and offers gateway financial products to prepare them for life after college.

2. Discover Student Loans :- Features are ; -

Cover up to 100% of your school-certified costs with a great rate. Cash rewards for good grades. Simple application-you could get a response in minutes.

Other highlights on Discover loans include:
• Rewards for good grades
• Cover up to 100% of school-certified college and graduate school costs
• Zero fees
• Choose between in-school or deferred repayment options

3.Citizens Bank :- Features are ;-

Your choice of a fixed or variable interest rate
Flexible repayment options
No application, origination or disbursement fees
This application can be done right online by both international and US students.

Citizens Bank offers both US and international students the TruFit Student Loan. All international students will need a creditworthy cosigner who is a US citizen or permanent resident. We recommend that all US students have a cosigner to increase the likelihood of getting approved.

Here Are The Top 10 Student Loan Companies For US Citizens As Compiled By Simpletuition.Com

1. SoFi
SoFi (proper name Social Finance, Inc.) takes a page out of Facebook by combining social media with student loans. It puts students and recent graduates in touch with investors via “school-specific student loan funds,” a process that is known as peer-to-peer lending. SoFi has funded over $5 billion in loans to date and just secured $1 billion in series E funding in late September 2015.
Reporting on SoFi in its first year of business, The Wall Street Journal explains that SoFi works as an “online loan marketplace,” bringing borrowers and student loan providers together and imposing a fee on the loan. Dissatisfaction with “traditional lending,” which has seen the amount of student debt in the United States pass $1 trillion, may place SoFi at the forefront of a new frontier in student loans.
2. Sallie Mae
There is probably no bigger name in the student loan industry than Sallie Mae. Originally known as the Student Loan Marketing Association, Sallie Mae oversees more than $180 billion of debt from over 10 million borrowers. It is the largest student loan provider in the country, and as such, has weathered numerous controversies (ranging from questioning its power as both a lender and a collector and allegedly engaging in deceptive lending practices, the latter case leading Sallie Mae to donate $2 million to a fund that educates potential college students about their student loan options). Nonetheless, Sallie Mae remains the first stop for millions of students and their families as they embark on the process of financing college. In March 2014, the company announced that its customers were more successful in repaying their loans compared to national data provided by the Department of Education.
3. Citizens Bank
Citizens Bank is one of the largest banks in the United States, and thus one of the largest providers of student loans in the country. As such, it offers both private and federal loans for both undergraduate and graduate students. In 2014, the bank introduced a refinancing program that allows borrowers to consolidate their private loans, citing a need to offer a “complete” program to customers whose circumstances change from the time they enroll in school to when they get their first job after graduation.
4. Wells Fargo
As another leading American bank, Wells Fargo also offers to service student loans for graduates and undergraduates. The Charlotte Observer reports that the bank’s portfolio for private student loans grew by 6 percent in 2013, putting it behind only Sallie Mae as the largest provider for student loans in the country. With Discover Bank, Sallie Mae and Wells Fargo are responsible for 75 percent of the private student loans in the United States.
5. Discover Student Loans
Discover sets itself apart from other loan servicers in two ways: it rewards graduates (who select variable rate loans when applying for the loan) for good grades (in the form of a check), and it does not offer an option for borrowers to consolidate their loans. There are no fees for early payment and the competitive fixed and variable interest rates make it a popular choice for students and their families.
6. SunTrust
SunTrust offers its borrowers variable and fixed interest on private student loans, and charges no origination fees (which some lenders charge upon entering into a loan agreement to cover the cost of processing the loan). SunTrust offers a graduation incentive – 1 percent off your principal if you graduate. Like many other private student loan servicers, SunTrust does not do consolidation of loans (Investopedia reports that this program was suspended), but offers competitive rates to make it a strong contender in the student loan provider arena.

Source [ http://www.usacollegedream.us/2017/09/do-you-know-that-you-can-get-loan-to.html ]


1 Like

Re: Do You Know That You Can Get A Loan To Study In The United States Of America? by naomizina(f): 12:09pm On Nov 03, 2017
I've gotten my admission and even gotten my visa for Jan 2018 but I don't have enough money for my tutition, is it possible to get a loan before I start?
Re: Do You Know That You Can Get A Loan To Study In The United States Of America? by Vicktor18: 12:11pm On Dec 29, 2017
Hello. please can anyone help me with a co-signer. please
Re: Do You Know That You Can Get A Loan To Study In The United States Of America? by josh911: 3:15pm On Sep 09, 2018
One of my Friend has got his US visa and there he applied for the Loan at Sallie Mae and currently his application is under review. I asked him what are the basic criteria for applying for a loan at Sallie Mae as it's one of the best loan providers for educational load and he told me one must be required:
You have to Provide school information like enrollment status and degree program
Total Loan Amount in USD
Academic period of enrollment
Amount of anticipated financial aid
Your Employment information like company name and gross year income proof
ID Proof which says that You are a US Citizen
In case of Non-US Citizen, you have to provide info of creditworthy co-signer who is a U.S. citizen or permanent resident
Source - https://techcortex.com/sallie-mae-student-login-pay-loans
Re: Do You Know That You Can Get A Loan To Study In The United States Of America? by titu321: 3:12pm On Jan 29, 2020
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Re: Do You Know That You Can Get A Loan To Study In The United States Of America? by Dexterity2020: 10:30am On Jul 23, 2021
I have been trying to use cosigner finder to get a cosigner but am unable to make the payment, how Else can one get a cosigner while still in Nigeria, without knowing any USA citizen or PR personally.

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