Are study loans available for international students in the US?

I'm an international student considering studying in the United States and I'm curious about what study loan options are available for us. How hard is it to secure these loans and are there specific criteria or challenges?

While financing your education abroad can seem complex, there are some loan options available for international students studying in the United States.

One option is private student loan companies that offer loans to international students. Some of these companies offer loans without requiring a U.S. cosigner, but they often have stricter loan terms and higher interest rates. Plus, eligibility for these loans can be dependent on the school you plan to attend, as some loan companies work directly with certain schools.

Another option is through the college or university you'll be attending. Some U.S. colleges and universities offer institutional loans specifically for international students. For example, certain Ivy League universities have robust financial aid programs that include institutional loans for international students.

As for federal student loans, unfortunately, they are generally not available to international students unless they are U.S. nationals or eligible non-citizens.

The criteria for study loans usually include meeting satisfactory academic progress, attending an eligible school, and certain credit requirements in the case of private loans.

Finding a U.S.-based cosigner with good credit can be a significant challenge for international students, especially if you don't know anyone who is able, willing, or qualified to co-sign the loan. This is where loans without a cosigner requirement can be helpful.

In terms of difficulty to secure these loans, it may vary based on your unique situation, the lender's criteria, and the loan terms. Be sure to research thoroughly, compare the terms of different loans, and seek out the best option for your needs. Also, be mindful of the repayment terms and consider how you plan to handle repayment after you graduate.

Remember that loans should generally be a last resort after seeking out other forms of funding such as scholarships, grants, work-study, and personal savings.