In 2019-2020, there were 1,075,496 international students studying in the USA. Of those, 14,348 were from Mexico making it the tenth largest number of foreign students in the US.
International Student Loan recognizes that many students need additional funding to study at a US college or university, and provides information on international student loans for Mexican students to help fund their education in the USA or Canada.
Education Loans In the U.S. and Canada for Mexican Students
Attending college in the U.S. and Canada can be an expensive endeavor, some students may need to take out loans alongside any scholarships they receive to pay for their education. Domestic students are more likely to be eligible for student loans than international students from Mexico.
Although many Mexican students will apply for a loan from their own country, it isn't always easy to get approved doing this either. Education loans from providers in Mexico are not very common for those planning to study abroad. So, what are the options for students studying in the U.S. or Canada?
Studying in the USA is expensive for international students. The cost of a private college can be as high as $75,000 a year. The cost of a public college can be $50,000. Federal student loans are only for US students. People from other countries cannot get them. Instead, they can apply for international students loans.
Studying in Canada is often more affordable, but for many, it is still beyond their reach.
Students from Mexico may not have an easy time getting a student loan in America or Canada, but we are here to help. Choosing the right lender and understanding their terms can be hard. That is why we have resources to explain everything.
Loan Programs in the U.S. for Mexican Students:
Mexican students may be able to take out a loan to help pay for higher education. You can apply for this loan after being accepted into an eligible school in the United States. There are couple of educational loan providers available in the USA. The rates applied to your loan depend on the lender and your own personal circumstances.
Here are three things Mexican students should know about international student loans in the United States:
Sometimes a co-signer is needed in order to obtain or apply for private student loans. The co-signer will be responsible for repaying the loan taken out by a student if they can’t repay it. The co-signer for the loan should be a US citizen who has lived in the country for at least 2 years.
However, it is typically challenging for Mexican students to find a co-signer in the U.S., as most of them do not have any family or friends living here. They should look for a lender who doesn't require one.International Student Loans without a Co-signer
How much can you borrow?
The maximum loan amount Mexican students can apply for is their entire cost of tuition and education-related expenses.
Tuition fees, books, health insurance, and other necessary expenses are all considered when determining the student’s total cost of attendance. The exact amount that you can apply for will depend on the specific details of your school and lender.
The monthly payment for a student loan depends on the specifics of the repayment plan agreed to between the student and lender. Often there will be a period during your studies when you are not required to make any payments, or if you're an undergraduate student, there may be a short time after graduation that you can pay reduced monthly payments.
Education Loan Programs in Canada for Mexican Students:
Students from Mexico studying at eligible Canadian universities may be able to apply for loans. A co-signer is not usually required when applying for international student loans in Canada.
In Canada, private education loans can be used to cover part or all of the tuition fee as well as living expenses and school-related costs, medical insurance, and travel.
How to apply:
Applying for a student loan for studying in the U.S. or Canada is surprisingly easy.
Check your eligibility:
The student loan comparison tool on this page will show you if any companies are able to lend to a student in your position. It takes 10 seconds to find out if you are eligible.
Once you are matched with a lender, you can then proceed with your application. The application process is short and simple even for non-US citizens. You need to provide the loan company with your supporting information and they will tell you if they can provisionally approve your application or not.
These are the most common documents your lender will need to check. Other documentation may be needed if necessary.
- Proof of your identity
- Proof of address
- Academic transcripts
- Passport & Visa
- Proof of admission to university
Once your application is conditionally approved, you will receive information about the interest rate and repayment terms. Once you agree with the terms of the loan, it will be approved and money will be sent to your school. It usually takes about 6 weeks.
It’s important to review the terms of a contract before going forward to confirm that you fully understand the obligations and benefits. If you have any doubts, consult an expert before committing your signature to finalize your agreement.
Are you a US student planning to study in Mexico? If so, check out our list of approved schools in Mexico to see if you are eligible for a study abroad or foreign enrolled loan.
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