Loans for International Students in the US without a Cosigner
As an international student inside the US you will be required to have a cosigner most of the time when applying for
a loan. Required cosigners must be a US citizen or permanent resident who has lived in the US for the past 2 years
and has good credit history. Although a cosigner is typically required, international students attending a select
few colleges and universities in the US are able to apply for a loan without a cosigner. If you’re not
able to find a cosigner then a no cosigner loan could be a good option for you.
Since most international students in the US do not have credit history, a cosigner joins the standard international
student loan application process. Loan approval and rates are then based off the credit of the cosigner. They are
also legally bound to repay the loan if the borrower is unable to pay. With no-cosigner loans, instead of looking
at credit history, they look at your academic success and career path. A few factors they will take into
consideration include your home country, graduation date and what school you attend.
Loans for International Students in Canada
International students in Canada may now apply for a student loan without a cosigner. At select Canadian schools,
US, Canadian and international students may be eligible for a student loan to cover the cost of their education
including tuition, housing, food, insurance and educational supplies such as books.
Finding and Comparing No-Cosigner Loans
If you’re an international student and would like to explore the option of a loan that doesn’t require a cosigner,
you’re able to use our loan comparison tool above to see if your school has one available. If so, you can then
research the terms and conditions of the loan and apply directly through the lender. When researching a loan a few
items you will want to take note of include:
- How much you can borrow
- The interest rate (including if it’s fixed or variable)
- The repayment period
- When and how your funds will be disbursed
Once your loan application has been reviewed you will receive details on your loan including your interest rate and
how much you can borrow, these items will vary by lender and your situation. For example, no-cosigner loans through
MPOWER have a fixed interest rate of 11.99%-13.99% and allow you to borrow up to $25,000 per academic period, or
$50,000 total. On your application you must state how much you would like to borrow. The approved amount along with
your designated interest rate will be assigned to you by MPOWER after your application has been reviewed. If
approved for a loan, funds are disbursed directly to the college or university. To give you an idea of the length
of time that is required, the entire process through MPOWER takes about 6 weeks, so you will need to plan accordingly.
To see if there are loans available at your school, including no cosigner loans, use the
student loan comparison tool to get started.