Do You Know That You Can Get A Loan To Study In The United States Of America ???

Do You Know That You Can Get A Loan To Study In The United States Of America ???

TAGS : Student loan, international student loan, usa,us,scholarships,grants,financial aid, debts, Sofi Student loan, Sallie Mae student loan, Citizens Bank Student Loan, Wells Fargo Student Loan,Discover student loan,Sun Trust Student Loan,Lendkey Student Loan, Ihelp Student Loan,PNc Student Loan, Nelnet Student Loan,Loan Interest Rate

Studying in the United States of America (USA) can be highly difficult to afford in terms of finance.Most at times, there are usually scholarship opportunities, grants and other financial AIDs to help you cater for the cost of tuition, housing or accommodation,Feeding,Books,etc.However, there are certain conditions that may hinder you the opportunity of having access to all these.

      Do not panic.Getting a student loan can be a better alternative for you if you are the type that knows how to manage given resource.

     In the United States, once you are 18 years old, or once you graduate from High School and set to enter college or university, you will no longer depend on your parents for most of the things you do.You will be responsible for providing your Tuition/School fees and the rest of them.

    If you are unable to get a scholarship, getting a loan can be another option for you.US student loans usually cover cost of tuition, accommodation,books and other things you need to do with money.Then, while you are in campus, you will  find an odd job and start working.You work and study.While working, you may decide to be paying back your loan little by little or you may decide to make it a deferred payment, where you are given an option to make your payment after you had graduated from school.

    Formerly, getting a student loan in the United States is only possible for US citizens but recently, we discovered that International students are now eligible for a loan offer.

     Why getting a Student loan ???

   As a matter of fact, we all know that Studying overseas/abroad, especially in the United States US, is  usually costly, and many students struggle to fund their international studies. Scholarships and grants are available, but they are very competitive and hardly cover all of your expenses. Student loans can cover up to the total cost or amount  of attendance, as determined by your institution, excluding any other aid received.Below are just a few of the costs your international student loan will cover:

• Tuition Fee

• Rooms and boards (Accommodation/Housing)

• Books and supplies

• Travel and transportation(Flight ticket fees)

• Health insurance

• Living expenses

Even if you already have been awarded financial aid, you may find that you are still coming up short. In cases like these, international student loans can cover the difference – or they may cover the total cost of your education.

International student loans provide a convenient way for students to borrow money and fund their education. Students – and their cosigners – will be expected to pay back the total amount of money borrowed plus an additional cost (determined by your interest rate). You and your cosigner should be aware of the terms and conditions to ensure that you have ability to pay back your loan timely

Who Is A Cosigner ????

A cosigner is a person who is legally-binding on a loan application to pay the outstanding debt in case the applicant is unable to pay. Almost all loans for non-US citizens and most US students are required to have a cosigner to secure a loan. 

Qualifications Of A Cosigner????

Your cosigner must be a US citizen or US permanent resident with good credit who has lived in the US for the past 2 years. Finding the right cosigner can improve the likelihood of approval and can decrease your interest rate.

Your cosigner should have a steady income, a stable job, and an established credit history. Some lenders will look at how long your cosigner has lived at their current address and how long they've been employed at their current job.

Since the cosigner is taking on the obligation to pay back loans in case the borrower cannot, it's important that the cosigner can afford to cover these expenses. International student loans and study abroad loans will look at the total income of your cosigner and their total debts (mortgage, car payments, credit card debt, and any student loans they may have on their own).

In the United States, credit history is evaluated by a credit score that is based on outstanding debts and payment history. Lenders evaluate your cosigners existing and past loans looking to see whether they were paid on time.

Some International Student Loan Companies

1. MPower Financing :- Features are:

• No co-signer required
• No collateral required
• Interest rates from 7.99% to 13.99%
• 10-year loans with no pre-payment penalties
• Fast online application process
• Career strategy services

Their mission is to remove financial barriers to higher education in the U.S. To accomplish this mission, MPOWER works with investors and universities to lend to high-potential students who are left out by traditional banks. In addition to providing students with access to the financial resources necessary to attend and complete college, MPOWER builds students’ credit histories, provides them with personal finance education, and offers gateway financial products to prepare them for life after college.

2. Discover Student Loans :- Features are ; -

Cover up to 100% of your school-certified costs with a great rate. Cash rewards for good grades. Simple application-you could get a response in minutes.

Other highlights on Discover loans include:
• Rewards for good grades
• Cover up to 100% of school-certified college and graduate school costs
• Zero fees
• Choose between in-school or deferred repayment options

3.Citizens Bank :- Features are ;-

• Your choice of a fixed or variable interest rate
• Flexible repayment options
• No application, origination or disbursement fees

This application can be done right online by both international and US students.

Citizens Bank offers both US and international students the TruFit Student Loan. All international students will need a creditworthy cosigner who is a US citizen or permanent resident. We recommend that all US students have a cosigner to increase the likelihood of getting approved.

Here Are The Top 10 Student Loan Companies For US Citizens As Compiled By Simpletuition.Com

1. SoFi

SoFi (proper name Social Finance, Inc.) takes a page out of Facebook by combining social media with student loans. It puts students and recent graduates in touch with investors via “school-specific student loan funds,” a process that is known as peer-to-peer lending. SoFi has funded over $5 billion in loans to date and just secured $1 billion in series E funding in late September 2015.

Reporting on SoFi in its first year of business, The Wall Street Journal explains that SoFi works as an “online loan marketplace,” bringing borrowers and student loan providers together and imposing a fee on the loan. Dissatisfaction with “traditional lending,” which has seen the amount of student debt in the United States pass $1 trillion, may place SoFi at the forefront of a new frontier in student loans.

2. Sallie Mae

There is probably no bigger name in the student loan industry than Sallie Mae. Originally known as the Student Loan Marketing Association, Sallie Mae oversees more than $180 billion of debt from over 10 million borrowers. It is the largest student loan provider in the country, and as such, has weathered numerous controversies (ranging from questioning its power as both a lender and a collector and allegedly engaging in deceptive lending practices, the latter case leading Sallie Mae to donate $2 million to a fund that educates potential college students about their student loan options). Nonetheless, Sallie Mae remains the first stop for millions of students and their families as they embark on the process of financing college. In March 2014, the company announced that its customers were more successful in repaying their loans compared to national data provided by the Department of Education.

3. Citizens Bank

Citizens Bank is one of the largest banks in the United States, and thus one of the largest providers of student loans in the country. As such, it offers both private and federal loans for both undergraduate and graduate students. In 2014, the bank introduced a refinancing program that allows borrowers to consolidate their private loans, citing a need to offer a “complete” program to customers whose circumstances change from the time they enroll in school to when they get their first job after graduation.

4. Wells Fargo

As another leading American bank, Wells Fargo also offers to service student loans for graduates and undergraduates. The Charlotte Observer reports that the bank’s portfolio for private student loans grew by 6 percent in 2013, putting it behind only Sallie Mae as the largest provider for student loans in the country. With Discover Bank, Sallie Mae and Wells Fargo are responsible for 75 percent of the private student loans in the United States.

5. Discover Student Loans

Discover sets itself apart from other loan servicers in two ways: it rewards graduates (who select variable rate loans when applying for the loan) for good grades (in the form of a check), and it does not offer an option for borrowers to consolidate their loans. There are no fees for early payment and the competitive fixed and variable interest rates make it a popular choice for students and their families.

6. SunTrust

SunTrust offers its borrowers variable and fixed interest on private student loans, and charges no origination fees (which some lenders charge upon entering into a loan agreement to cover the cost of processing the loan). SunTrust offers a graduation incentive – 1 percent off your principal if you graduate. Like many other private student loan servicers, SunTrust does not do consolidation of loans (Investopedia reports that this program was suspended), but offers competitive rates to make it a strong contender in the student loan provider arena.

7. LendKey (formerly cuStudentLoans)

cuStudentLoans was a group of 130 non-profit credit unions across the United States that offer a single loan “with common underwriting and pricing,” says Forbes magazine in a report on the new element of a credit union entering the student loan market. While a credit union being a non-profit organization can be of benefit to a borrower, credit unions also have more restrictions for membership than banks do. If you do fit the criteria for membership of a credit union, cuStudentLoans will match you up with one of their 130 credit unions that is the best fit for you. cuStudentLoans actively prohibits their members from consolidating their federal and private student loans, which is a mistake that many borrowers do when they unwittingly try to bring their student debt down to manageable levels.

8. iHelp

It’s not just credit unions who are throwing their name into the student loan servicer hat; small banks like iHelp, a national lending program, is partly owned by the Independent Community Bankers of America, putting borrowers (and their loans) in touch with local banks. While a smaller bank like iHelp doesn’t have the same kind of capital as a Wells Fargo or Discover, Bankrate reports that the advantage of working with a bank like iHelp is that they work more closely with their borrowers. This is especially beneficial to “high risk” students – those with poor credit or no co-signer – who would otherwise be turned away by a larger financial institution.

9. PNC

As one of the largest financial services corporations in the United States, with assets of $271 billion, PNC Financial Services also has a stake in student loans. PNC offers variable and fixed rate interest on private loans to graduates and undergraduates. There are a number of different types of loans you can get from PNC, including specific ones for health care and law students. Like other student loan providers, PNC sends the funds of the loan directly to your school and not to you.

10. Nelnet

Nelnet is one of the 11 loan servicers that have contracts with the United States government, up from just one servicer in 2008, according to US News & World Report. It is a significant player in the student loan industry, having $8 billion in assets and $2 billion in student loans, and it provides servicing for $25 billion in student loans annually. Nelnet has over 50 subsidiaries working across the entire North American continent. Nelnet consults with students who are in the process of paying back their loans and offers them feedback on their progress and the status of their loan.