The Best Student Loans for International Students

Student loans for international students can be more difficult to locate than loans for domestic students. You should note that international student loans include those given to foreign students studying in the United States as well as U.S. citizens studying abroad. If you are a U.S. student studying abroad, the same loans you use for your domestic tuition can be applied to your overseas tuition through financial partnerships. If you are a foreign student coming to the U.S. for loans, then you should consider the unique needs you have when deciding on a loan option.

Lack of Credit History

First, it can be a challenge to locate a loan when you have no credit history in the United States. Most students lack a credit history. However, most students have the option of allowing parents with credit histories to cosign on loans. Since international students do not have parents with credit histories, even this is not an option. As a result, you will need to seek a lender that specializes in loans to international students and understands these challenges.

The U.S. Department of Education offers many loans direct to international students. These loans tend to be very inexpensive and easier to obtain. It is also valuable to speak with your college or university of choice regarding options for international students. They may offer financial aid and grants that can assist in the process.

Potential for Relocation

There are two main periods of relocation for international students: coming to the U.S. and transitioning from college into adult life. The fist relocation can cost a tremendous amount of money. Seeking student loans that assist with relocation costs to the U.S. can be essential in providing the resources needed to get started with a college education. Many international student loans help with this expense.

You should also consider the possibility that you will relocate immediately after graduation. In this case, especially if you intend to leave the country, it can be hard to continue to make loan payments to a domestic lender in the U.S.. Opting for a loan from an international lender may be a better option. Some multinational banks will be more accommodating to this need. 

Cost of Living Expenses

International students do not often travel home for breaks. If they do, the cost can be very high, so they will choose only to travel for extended time off. This makes it more likely that an international student will be paying for year-round housing and living. Campus housing may be open to international students during winter and summer breaks. This is typically far more affordable than living off-campus. Speaking with a college's housing department will open options to save on this expense.

Paying for groceries and other needs when campus facilities are closed gets costly. Taking summer jobs can be essential to affording this expense, but having a credit card will also aid in the times when a salary cannot be earned. A credit card can be used during the school year or when an international student is not working in order to meet day-to-day expenses.

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