International Student Loans – Overview & Lenders To Use

August 28, 2011

International Student Loans

International student loans are you ticket to studying abroad! Over a quarter of a million college students study abroad every year and now you can be one of them by using international student loans. They provide you with a way to both allow you to visit a foreign country as well as have the funding to do it without having to keep a job. In order to get you more familiar with international student loans, the next section will provide you with an overview, what is needed to be eligible as well as 4 great lenders to use for your loan.

International Student Loans

International Student Loans – Overview

International student loans are offered in two different categories, short term and long term. Below are the details on each:

Short Term:

These loans are called Study Abroad Student Loans and are given upon proof that you are currently enrolled in a college and have completed credits at the college. Your specific school must be enrolled in the study abroad program to get international student loans and if it is, then you are able to go wherever you want to study abroad. These loans will offer you up to about 50,000 per year you are studying. These loans can be used for anything related to schooling like tuition, books, supplies, living and food and even medical needs.

Long Term

The long term international student loans are called Foreign Enrolled Student Loans and offer you the chance to atttain a degree through a foreign college. These loans offer around up to 50,000 dollars for students who are undergraduates and up to 70,000 for studies like dental, law, medical among others. The best way to become qualified for these international student loans is to provide a co-signer who has a good credit score, unless you think that you have built up your own credit score to a level that would qualify you. Like Study Abroad Student Loans, Foreign Enrolled international student loans can be used towards anything school related.

Internatioal Student Loans – Lenders To Use

Federal -

Just like with any other student loan, international studen loans are offered on both a federal and private level. Here are two options you can use for federal international student loans: Stafford Loans and PLUS Loans which can be applied for by filling out a Free Application For Student Aid (FAFSA). You will want to get an early start on these applications because it can take a couple months for verification.

Private -

Private international student loans are provided by many great lenders, and are credit based meaning that you must provide a good credit score to qualify for the loan. The best program to go through for private inernational student loans is go go to a site called www.internationalstudentloan.com/ where you can find more information by filling out an application which can be found on their main page. They have a database of thousands of colleges that are approved and provide you with fast lending and very competitive interest rates on their international student loans.

 

Category: International Student Loans

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