Table of Contents
Introduction:
Have you ever wondered if it’s possible to get a student loan for an American University as an international student? Well, you’re definitely not alone many International students face this challenge when looking for ways to fund their education in the United States hey everyone welcome back to the channel and in this video I’m going to walk you through how to get a student loan as an international student and we’ll discuss some top lenders like college AV and Sally May to see if they offer options for international students and if you’re interested in a full review you can find both on Sally May and on College AB.
Us Education loan for international students if at any point you decide to try either College AB or Sally May you should use the affiliate links that I left down in the description they won’t cost you anything and you might even get a bit of a discount which you wouldn’t be able to get if you went directly to either of their websites without further Ado let’s get right into it okay so a student loan
What is a Student Loan for International Students?
For international students is essentially a loan that International students can use to fund their education in the United States these loans often require a United States citizen as a co-signer as the most International students do not have a credit history in the United States which is necessary to get a loan. however some lenders may offer loans without a co-signer if the student can demonstrate sufficient credit worthiness and income now when it comes to federal student loans unfortunately they’re not available to International students.
these loans are funded by the United States government and therefore are only available to United States citizens and eligible non non citizens and in terms of private student loans International students do have some options here that they can choose from but they often require a co-signer that is a US citizen lenders like college AV and Sally may have specific criteria for approving loans for international students that being
College Ave:
said let’s start with College Avenue(Us Education loan for international students) or college AV generally getting approved as an international student can be a little bit difficult if you don’t have a US co-signer with a strong credit history or steady income now College app typically requires a credit worthy co-signer for most of their loans but they do have options for students who can demonstrate credit worthiness on their own like I mentioned to qualify for loan without a co-signer at College AB you’ll need to have a good credit score with sufficient income they also offer a pre-qualification tool that lets you check if you might qualify without affecting your credit score right so you generally can’t go wrong with college app which is an online student loan portal that arranges loans and provides Financial Services for students using a few different banks meaning they arrange lending for you but don’t actually lend themselves and the reason.
why I like them is that there is a really easy pre-qualification process right on their website that doesn’t use a hard credit check that would reflect badly on your credit history so you don’t have to worry about it affecting your credit score then once you get pre-qualified all the deals that you’re approved for and that you can get will show up right there on the website and only after you see your options will you go through the formal application process which will affect your credit score so if you type in all the information correct you’ll be able to see all your options really fast and without it negatively affecting your credit score which like we’ll see in a moment not all services offer.
okay so when it comes to their website College AV is really easy to use and is packed with a lot of helpful information about scholarships and loan financing the eff for loan starting as low as ,000 all the way up to covering the full cost of your tuition they also have refinancing options if you already have student loan debt which could help you pay less on that debt or even pay it off faster now College AB is a private lender which means they can offer both fixed and variable rate loans and if you don’t know the difference a fixed rate gives you predictable and unchanging monthly payments and at College Avenue these start at 3.89% but a variable rate on the other hand changes based on market conditions and at College AV they start at 5.59% okay so in terms of qualifying for
Qualification:
a loan from College Avenue(Us Education loan for international students)you have to be at least 16 years old you have to have a Social Security number and be enrolled in an eligible school for undergrads and international students you also need to have a United States co-signer and it doesn’t take more than a few minutes to check if you qualify and what rates you can get then you’ll be given a choice of loans for undergrad graduate career parent or refinancing your existing student loan you’re then going to choose your loan terms and your APR or interest rate once your loan is approved by college AB they then check in with your school to confirm that you’re enrolled or that you’ve been accepted and that the loan that you’re asking for doesn’t actually cost more than their cost of attendance and if you meet the school’s academic progress guidelines and lastly if it all checks out College app sends the money directly to the school itself now the benefit of
Benefits:
being financed through college AV is that along with having pretty flexible terms they offer a number of ways you can save on how much you pay on the lifetime total of the loan starting off with making minimum payments while you’re still studying if you’re able to make minimum payments while you study it shows them that you take your responsibility for paying back your loan seriously and therefore they reward you by lowering your interest terms by a bit also you have the option of paying the interest charges each month.
while you’re still in school or you can pay a flat rate of 25 bucks a month on the other hand you can go for a deferred payment where you don’t make any payments until after you finish school but you’ll end up paying more interest over the life spin of the loan so I mentioned the fixed and variable rates and the reason why I recommend College AB is that they’re all about students and getting you the best deal possible they also have lower than average starting rates compared to other lenders in the industry but their maximum rates are also much higher than averages for student loans in the industry going up all the way to just under 18% on both variable and fixed interest rates for undergrads but their loans are structured to help you pay off.
your student debt as fast as possible so they encourage you to start paying while you’re still studying and those low starting rates are also there to help you get out of debt faster at this point I just want to reiterate that if you decide that you want to try out College app check out the affiliate link that I left down below it won’t cost you anything and you’ll probably be eligible for a discount that you wouldn’t get if you went directly to their website now
Sallie Mae
Sally May is another player in the student loan Market they also offer loans without a co-signer but like college AB it’s more challenging to qualify without one Sally May considers factors such as your credit history income and School enrollment status for students who can demonstrate strong credit and financial stability .
Sally May does provide no cosigner loans additionally they have various repayment options and tools that help you manage your loan a bit more effectively and Sally May is a private student loan provider that started out as a federal student loan lender in the 70s nowadays they offer both undergraduate and graduate loans as well as loans for trade schools and also fund part-time and international students now compared to college AV Sally May has fewer options.
when it comes to repayment and even fewer choices for loan terms and although they don’t charge you any loan application fees they don’t have a pre-qualification process like college AB does so when you fill out their online application it will actually reflect on your credit history so my advice is that you do your best to check and see if you qualify before you go through the process because you don’t want it to affect your credit score
How to apply?
negatively right so to apply you’ll need to give them some basic personal information in details about your school and the semesters you plan to get funded you also need to know what your school’s total cost of attendance is which means all related expenses including tuition but also stuff like meals equipment and books.
which is information you can get from the school website and just like college ab and a lot of other lenders your loan can’t be more than whatever your school has calculated as the total cost of attendance which again is usually right on their website now if you have a scholarship or a co-signer you’ll need to supply that information as well however you don’t necessarily need to have a co-signer but most students who don’t have a co-signer will need the credit history needed to get a loan by themselves but in any case even if you can get approved without one having a co-signer can get you lower interest rate so it’s worth checking out if a parent or other adult with a good credit history would be willing to co-sign for you okay so.
once you filled in all the details Sally May will give you a document called a loan application solicitation disclosure the pretty detailed breakdown of the rids terms and repayment plans that apply to you and your situation if it works for you and you decide to go ahead then Sally May Works directly with your school to disperse the funds right to them now
Apply now
Loan terms & Repayment options:
when it comes to loan terms Sally May has fewer options than College(Us Education loan for international students) app they offer either 10 or 15 years for undergrad and Career Training loans 15 years for MBA law and graduate school loans and up to 20 years for medical or dental school loans their minimum loan amount is $1,000 and the max maximum is 100% of your school certified expenses they also have a standard late payment fee of 25 bucks for repayment plans you have three choices pay interest or a set amount of 25 bucks a month while you’re still in school and during the six-month grace period after you finished school or start paying after you finish studying and the grace period is up that being said the most important thing is the rate and Sally May offers a bunch of
Rate Comparison:
different rates because I mentioned the undergrad rates for College Avenue let’s see how Sally May Compares in that respect for fixed undergrad rates Sally May starts at 3.99% which is a bit higher than College AB but it goes all the way up to 15.49% which is quite a bit lower than College ja’s highest rate of just shy of 18% when it comes to variable rates Sally May starts at 5.37% and their maximum rate is 15.7% which is also quite a bit lower than College Avenue so
Conclusion:
at the end of the day it all depends on how you plan to pay off your student loan and what your personal needs are in my opinion if you want more loan options I would definitely recommend Sally May but if you want more repayment options and more choices for loan terms you should probably go with College Avenue both are solid reliable options that offer some of the best rates in the business okay so that’s all for this