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If you are an international student looking to apply for a loan, almost all US lenders will require that you have a cosigner. On the other hand, if you are a student who is a US citizen, a cosigner can increase the likelihood of approval and improve the interest rate offered. Many students, especially undergraduate students, have very limited income and credit history. Whether or not you require a cosigner, there are two important reasons a cosigner can help with your international student loan:
If you are an international student, finding a cosigner can be a bit tricky since they do have to be a US citizen or permanent resident. Most students first look to their family members to act as their cosigner, but in some cases, it's possible that they will not meet these requirements. Borrowers can also find an extended family member or friend to cosign their international student loan or study abroad loan. In fact, a cosigner doesn't have to be a relative at all, your cosigner can be anyone who meets the general requirements and is willing to cosign your loan. Your cosigner should have a social security number, current address and phone number, references, and employment information.
If you are evaluating your international student loan options, you should plan in advance and figure out your approach on how to find the right cosigner for your loan. Once this part is done, it will help you expedite the loan application process and give the financial help you need to fund your education overseas.
If you're not able to find a cosigner you will want to see if you're eligible for a no-cosigner loan.