International Student Loans Without A Cosigner


Many international students choose to study at colleges and universities in the United States. It can be very expensive to get a college degree abroad, so many students look to scholarships, grants and loans to help fund their education.

Unfortunately, United States banks do not offer private student loans to international students without a cosigner. Many international student loan programs require a cosigner who is a U.S. citizen or permanent U.S. resident. A few loans do not require a U.S. cosigner, but do require a cosigner from your home country. This International Student Loan blog explains the process.

International Student Loans

  • Canadian Student Loan Program is available to Canadian students who plan to attend college in the United States. You must have a cosigner who is a U.S. citizen or permanent resident to apply. This program compares lenders and offers. The available loans offer flexible repayment options and competitive interest rates. Additionally, there is no application fee to use the program. Students may borrow the full cost of their education.
  • Global Student Loan Corporation (GSLC) partners with financial institutions around the world to provide educational loans to international students. GSLC does not require a cosigner from the U.S., but you must have a cosigner from your country. In addition to providing tuition, GSLC also covers expenses such as computers, insurance, travel, communication and housing.
  • Credilia Financial Services is a non-bank finance company that offers private student loans to international students from India. Credilia does not require a cosigner from the U.S., but the student must have a cosigner from India, usually a parent or relative. In addition, the loan is secured by collateral, such as a home or other property. Interest rates begin at 13.5 percent and a choice of repayment options.

Federal student loans may be available to international students who qualify as an eligible non-citizen. According to the Free Application for Federal Student Aid (FAFSA) website, the most common type of eligible non-citizen holds a “green card”. Visit their website for more information concerning eligibility.

Applying for federal aid is simple using the free online application at Before starting the complete application process, use the FAFSA4caster to view an estimate of your eligibility for federal loans.

Final Words

My best advice to international students studying abroad is to explore all other options before applying for any private loans. Try to fund your education through scholarships, grants, gift money and work study before taking out any loans.

Loans for international students are usually going to require a cosigner, either in the United States or from home or both. The interest rates for international students are going to be higher than rates for students who are U.S. citizens. Remember that whatever you borrow, you eventually have to pay back – with interest.

Find the Money: The Real Story on How Aid Packages Are Calculated


You've worked up a list of colleges that look promising, from academics to size to location to vibes. Logically, the next step would be to use price to help narrow the field-but how? Going by the figures for total costs shown in catalogs and on Web sites-last year they averaged $24,946 for private colleges and $11,338 for public...

Guide to Deferment and Forbearance


Sometimes life can put a dent in your budget, making it harder to pay your everyday living expenses and monthly bills. When faced with the loss of a job, going back to school or sudden unexpected expenses like medical bills or car-repair costs, even the most responsible borrowers can find themselves struggling to make their student loan payments....

Financial Aid: A Key Part of College


Paying for college is an issue for every family. Many do not have the resources to pay the costs of a college education without unreasonable sacrifices. They must look for student financial aid to provide access and choice to college. With a basic knowledge about how the system works, financial obstacles should never prohibit you from fulfilling...

Myths and Realities About Paying for College


Myth: College tuition costs more than $20,000 a year. Reality : Of the 3,600 colleges and universities in America, 81 charged $20,000 or more for tuition and fees in 1997-98. When on-campus room and board charges are added, about 300 institutions cost $20,000 or more before student aid is deducted....

Now's the Time to Start Working on College Aid


Happy New Year. If you've got a kid who's a senior in high school and planning to start college this fall, you'd better get busy. OK, go ahead and finish your coffee first. But right after that -- or at least as soon as possible within the next few weeks -- it's time to apply for financial aid....