How To Get An International Student Loan
The cost of studying in the USA is an issue for any international student. For private colleges, it can be as high at $75 thousand dollars a year and for public schools it’s around 50k annually. Federal loans are popular among US based students but they aren’t available to Kenyan or other foreign citizens – instead they can apply for an International Student Loan.
If you are interested in a student loan to study in the USA or Canada, start your research with the Student Loan comparison tool that will match you with a list of lenders specific to your school. Simply use the tool above and follow these three steps:
- Choose your citizenship and school, and click “Compare Student Loans”
- Review your list of lenders and compare terms
- Select the student loan that meets your needs and start the online application
The student loan comparison tool allows you to compare basic terms and choose the loan that’s right for you. Then, apply online and get initial approval within weeks!
Eligibility
To qualify for a loan international students must attend an eligible school in the US or Canada. You must also be enrolled as an undergraduate or graduate student and pursue a degree, certificate, or license.
What Student Loans Cover
International students can apply for a loan for up to their school’s total cost of attendance, as determined by the school, minus any other aid received. Total cost of attendance includes tuition, room and board, and expenses related to education such as books and transportation, as well as living expenses. All of the international student loans offer:
- No collateral required
- FLEXIBLE REPAYMENT TERMS
- ONLINE APPLICATION
Education Loan Programs in Canada for Kenyan Students:
Students from Kenya studying at eligible Canadian universities may find loan programs available to them. In most cases a co-signer is not required when studying in Canada.
Like all private education loans, students in Canada can use the funds to cover part of or their entire tuition fee, as well as living expenses and school-related costs, medical insurance and travel costs.
How to apply:
The application process for international student loans is quite simple.
Check your eligibility:
Using the loan comparison tool – this takes 10 seconds and will show you if any companies are able to lend to a student in your position.
Application:
If you are matched with a lender you can then proceed with your application. The application process doesn’t take long even if you are a non-US citizen. You will need to submit the necessary documents and paperwork to the loan company and they will decide whether you are approved or not.
Documentation
These are the most common documents you will need to provide your lender. You may be asked to provide other documents if needed.
- Identification proof
- Proof of residence
- Academic records
- Valid passport & Visa
- Proof of admission to your university
- Extra-curricular certificates if appropriate
Approval:
Once your application is conditionally approved, you will be notified of the interest rates (fixed or variable rate) and repayment terms. Once you agree with the terms, your loan application will be approved and funds disbursed. This usually takes around 6 weeks.
You should go through the terms and conditions multiple times before making any decisions. It can be very confusing to understand. If you have any doubts, consult an expert before signing to accept your funds.
