The United States of America offers a scholarship to international students who have been accepted to a US institution. The scholarship helps with the cost of tuition, fees, and other expenses.
Many foreign students apply for loans to help pay for college - especially as the cost can add up when tuition, room and board, transportation, books, supplies, health insurance, and other expenses are all factored together.
International student loans are available year-round and can cover up to the total cost of school minus any other financial aid received. Our student loan comparison tool will match you with eligible loan options which you can review and choose the one that works best for your circumstances.
USA student loan programs are broadly categorized into federal loans and private loans. Private lenders offer loans at higher interest rates than federal loans, but they require less stringent requirements. Federal student loans come in the form of Federal Direct Lenders or Federal Perkins Loans. These programs do not have a credit check requirement and the interest rates are lower than private loans
Student loans are often a financial aid given to students who are enrolled in higher education institutions. These loans are provided by the government, private sectors, or educational institutions. International students can also get these loans if they are citizens of one of the countries that the US government has an agreement with.
Students may apply for these loans through their school or through a private lender. Eligibility requirements vary depending on the type of loan and where it is coming from. You do not need to be a US citizen to qualify for these loans but you must be considered as “residing” in one of the eligible countries.
Fortunately, certain types of loans are available for international students that are looking to earn a degree in the United States. The most common type is an F-1 loan, which are federal loans for international students with an F-1 visa. There are also private student loans that are available at competitive rates for those who need financing options outside federal loan programs. This means that if you’ve previously been denied a Federal Direct student loan.
These are the types of loans available for international students:
Federal Direct Unsubsidized Loan - this is a loan type where the borrower has to pay interest on any unpaid balance throughout the life of the loan. It has an interest rate of 5.05%.
Federal Parent PLUS Loan - this type of student loan can be obtained by parents if they want to help their child finance their education in the USA. This type of loan does not have any time limits and can be repaid with low monthly payments. The interest rates on these loans are not fixed and depend on your credit score.
International student loans are an option for students that are not eligible for any other form of repayment plans. They are intended to help students finance their education when they do not qualify for government or private loan programs. This kind of loan is usually very difficult to pay back due to high interest rates and it may take up to 10 years before the borrower is able to repay it fully.