International Student Loan - Know Your Facts

While it may seem surprising, did you know that over 200,000 American students every year attend colleges and universities outside of the United States, and that over 500,000 International students attend universities in America? That says a lot for global diversity, but can you imagine what it does to your bank account? Thank goodness for the option of obtaining an international student loan.

Oh, you didn't know there was such a thing as an international student loan? There is, but you have to be eligible to receive one. What are the rules and regulations that determine whether or not you're eligible? An international student loan is typically available for non-US citizens who enroll, for at least part-time, at a school approved by the Education Resources Institute. In order to be approved however, you must obtain a US citizen co-signer. In addition, you need to make sure that you provide the following information for both yourself and your co-signer when you fill in your application. Keep in mind that these are just a few required pieces of information and are not all-inclusive.
* Full name, date of birth, contact information and SSN
* Permanent address and number of years you've lived there
* Rent or Mortgage payments
* Present occupation or position
* Employer information, and how long you have worked there
* Your Gross yearly income
* Proof of enrollment
* References

A qualified co-signer must be able to meet the following requirements. Keep in mind, that as with the requirements listed above, these are just a few of the necessary requirements, and the list is not all-inclusive:
* Satisfactory credit history for at least 21 months
* US citizen or permanent resident status
* Proof of current income
* Has employment history of at least 2 years, either self-employed or otherwise.

That's just for starters. Obtaining an international student loan is a long, complicated process, filled with forms, paperwork and more forms. Start the application process early if possible, and be prepared to wait. Patience is the key when it comes to these types of student loans. Fees for applying for an international student loan vary by the credit rating and other financial information offered by you and your co-signer. In addition, fees differ depending on how much money you request for your loan. In most cases repayment is offered in three different formats with no pre-payment penalties, which is good to know. The lowest monthly repayment option is usually for $25 dollars a month, but if you choose that option, you'll be paying on that loan until you are old and gray, in addition to paying an enormous amount of interest.

The good thing about an international student loan is that it is not based on a must-need basis. It is a credit-based loan that relies on the credit ratings and scores of applicants and co-signers. If you have bad credit, you will need to take steps to repair some of the damage before you apply for an international student loan to increase your chances of obtaining one.