How To Apply For A Study Loan: Complete Guide For International Students 2023

International Student Loans: After our previous article on How to Focus on Studying |15 Amazing steps to get you Back on Track

we realized that one of the ways to stay focused on studying is to secure funding.

Thus, the world study portal team is committed to helping students access the right



So, we decided to put up this article for you on international student loans application.

That being said, it should be known that the International Student Loans Center always provides international students and students

studying abroad access to a range of loans That will help them finance their study abroad.

As we all know that Studying abroad is expensive and many students struggle to finance their international studies.

International Student Loans

There are scholarships and grants available, but they are very competitive and rarely cover all of your expenses. A loan can cover the full cost of attendance determined by your school, minus any other assistance received.

Thus, If you are an international student applying or enrolled in certain schools in the US and


Canada and meets the lender’s criteria, you may be eligible for an unsigned loan.

However, most loans to non-US residents require a US co-signer, which will improve your

chances of getting approval and lower your interest rate.

If a co-signer is required, they must be a US citizen or permanent US resident with good credit

who has lived in the US for the past 2 years.

What is an International Student Loan?

A study abroad loan is an unsecured loan used by international students and study abroad students attending US higher education institutions.

Therefore, the main purpose of this loan is to finance your education at your study abroad school. You will typically repay the loan by remitting payments to your loan provider monthly.

You can use your loan payments to cover the cost of living in your study abroad destination as well as to cover study abroad expenses.

There are different loan products available to international students, including:

Senior Credit (S): This is the standard package that comes with interest rates that are competitive with other unsecured personal loans.

A new client might only be charged interest for the first 12 months.

There are a number of different types of student loans you can use to finance your study abroad, but the most common type of loan to use is an Unsigned loan.

Unsigned loans are typically disbursed through a network of lenders including Sallie Mae and Discover. Not all lenders offer Unsigned loans.

You may have to go through a loan processing company such as SoFi.

Unsigned loans are designed to give you more control over the amount of money you borrow and typically take less time to process than a standard, signed loan.

Take a look at the different types of International Student Loans available and how they work below.

Applying for a student loan? What are the requirements for an International Student Loan?

Applicants must meet the lender’s eligibility criteria and demonstrate their eligibility for a loan. These qualifications are:

  • The Student must be enrolled or accepted at the US or Canadian university Eligible institution.
  • Student must meet the lender’s eligibility criteria
  • The Student must have proof of financial need and meet the income eligibility requirements.

While applying, make sure you provide the lender with the following information:

The information you send to the International Student Loans Center will be used for the

purpose of determining if you are eligible for an unsigned loan.

What are the benefits of an International Student Loan?

#1.Help Paying for Study Abroad:

You won’t have to find a job in your host country to make up for the difference in the cost of

tuition, and you can still earn some money while you are studying.

#2.Cut Out Credit Card Debt:

Loan payments are always considered ‘negative’ debt.

#3.Lower Interest Rate:

International Student Loans are typically less expensive than credit cards. You can pay off the loan with the money you earn while studying.

#4.No Home Loans Required:

Many study abroad programs do not require you to have a mortgage, and some only require

you to pay a bit of your share of the cost of the accommodation.

If your school does require you to have a mortgage, an international student loan is an

excellent option to cover your share of the housing costs.

What can an International Student Loan fund?

Depending on your university and personal situation, your loan might cover the full cost of

attendance, up to and including tuition fees, boarding, and other living expenses.

However, to get a loan for full tuition fees and living costs at most US and Canadian schools,

You may need to prove that you qualify under one of a number of circumstances, including

  • Meet certain financial criteria,
  • You have already applied for international Student Loans for your school of choice or
  • have been offered a loan.
  • Your financial aid application requires you to estimate the cost of attendance,
  • You are considered a low-income student and are applying for an unsubsidized loan,
  • You meet certain educational criteria,
  • or You are studying an undergraduate program in the U.S.

If you qualify for an unsigned loan, you may want to have a look at the loan you qualify for to see how much you can borrow.

The general size of an unsigned loan can vary, and it is normally loaned to students over the age of 18 who are studying in the US or Canada for an undergraduate program.

Hence, Loan amounts range from $5,000 to $35,000 per semester (semester is the term for the academic quarter in which you attend classes) with a maximum annual loan amount of $45,000.

How do I apply for an International Student Loan?

#1. Learn About the Loan Type:

International Students There are two loan types available for international students: Unsigned and Signed.

  • Unsigned loans are the most affordable and available to international students. They do not have any fees, rules, or requirements, and are immediately available after the loan agreement is signed. The only requirement to take an Unsigned loan is that you have a good credit score. Credit Sesame offers you your free credit score. Build your credit with Credit sesame visit Credit Sesame review  to learn more
  • Signed loans: offer several benefits such as a small fee and conditions to make sure that the loan is used for your intended purposes.

#2. To apply for a student loan, you must apply directly to the lender.

International students have a special loan which is processed by the Financial Aid Office of the school they are attending.

You may apply online or you may visit the Financial Aid Office of the school to make an appointment.

#3. Prepare your student loan documents

Students must have a documented reason for applying for this loan and can only receive funding for specific expenses.

How do I get a US co-signer?

The student will need a guarantor, who should be a US citizen or permanent US resident with good credit. The guarantor will sign a power of attorney, guaranteeing your co-signer, and may become your co-signer in case of default.

Also, the guarantor will need to have the same identity as the student to be approved. If a guarantor is not available, the student’s family or other trusted individuals may be able to secure approval.

However, they will need to have an impeccable credit record and the guarantor will not be

allowed to make payments until the guarantor is sure to be approved.

If you do not qualify for a non-signed loan, then you can ask your school to pay directly for your education.

Most universities charge up to $4,000 annually for non-signed loans.


Saving for your studies in the UK or Europe, while studying and living in the UK, is undoubtedly the most challenging part of your education abroad.

You are leaving your family and friends behind and you have no guarantee that you will find employment.

With the right financial guidance and advice, and the right loan, you will be able to achieve the same level of living as a UK student.

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