Do you have to let finances stop you from receiving a quality education? Absolutely NO!. There are available loans with no cosigner for international students in Canada, the UK, and the USA. All that’s left for you to do is to carefully evaluate how much loan you will need to study in these states.
International Student Loans USA
International students are non-U.S. citizens schooling in the United States for a specific space of time. Some of them can’t take out federal student loans, though there are some exceptions. That means international students who need additional funding often turn to private student loans to help cover college costs.
Know that lenders will require you to have a U.S. citizen co-signer in general to get a private loan. Below we have identified the best options for international students based on features like eligibility requirements, fees and flexible repayment options.
International Student Loans are a genuine way to finance your education in the USA. These Loans are manageable and can offer a high amount of loan enough to pay your entire education bills. However, they are given long repayment terms and reasonable interest rates. This is to enable you to afford the repayment after graduation. Moreover, International student loans can be used for education expenses such as tuition fees, books, insurance, transportation, accommodation and other school-related bills.
International Student Loans With no Consigner
The cosigner is usually a close friend or relative who can help in getting credit. They are needed because most international students cannot get a loan on their own. Therefore the cosigner is legally obligated and held responsible if the borrower fails to repay the loan. However, the consigner must be a stable US resident, with an excellent reputation.
Best International Student Loans of May 2023
Below are International Student Loans With no Consigner
- MPOWER Financing gives Undergraduate Students Without a Co-signer
- Prodigy Finance offers loan for Graduate Students Without a Co-signer:
- Ascent Student Loans offers loans without consigner with the Best Interest Rates:
- Earnest Runner-Up and Best for Low Rates
Read Also: Student Loans Company Guide: All You Should Know (+ free tips)
International Student Loans in Canada
As a result of the high quality of education rendered by Canadian study centres or colleges, Canada is is seen as one of the top 5 destination countries for studying abroad. Although, International students at a Canadian university usually have limited resources available to them. Meanwhile, it is important to carry out a research into which type of loan is applicable to you.
Here are four(4) things you should take note of while the search for an international student loan in Canada
- The amount to borrow
- The interest rate
- Repayment period
- When and how your funds will be distributed
As far as, your application has been examined, you will receive a piece of offer information including your interest rate and how much you can borrow. Then if your application is finally approved, the funds are disbursed directly to your college or university. This process usually takes about 5-8 weeks.
International Student Loans UK
Going through education in the United Kingdom is requires a lot of money. Interestingly, studying in the UK comes with a number of benefits such as a globally recognized certificate, international exposure as well as network building. Therefore many students in the UK require some financial assistance to help them pull through their education.
Moreover, some students prefer working while studying as an option, this might cause distractions thus affecting their academic performances. Come to give it a second thought! There are UK loans for international students. In addition, going through a university in the UK can cost quite a lot of money. Unfortunately, not all international student groups in the UK are eligible for the government student loan programs.
Note that only students who are attending an eligible Canadian college or university.
List of UK Student Loans
If you are a UK international student seeking financial assistance, below is a list of places you can as well get a loan to sail through your higher education.
#1. Future Finance Students Loans
Future Finance Loan Corporation Limited is a for-profit company that offers private loans to students in the UK. This loan comes with pretty high interest charges. They advertise loans of up to £45,000. Although their interest rates vary depending on the loan term
#2. The Global Student Loan
The Global Student Loan is a study loan for international students who do not need a co-debtor from other countries.
They believe that education is the best investment that an individual and a society can make.and so they offer loans to international students who are not US citizens.
#3. Prodigy Finance
Prodigy Finance loans to students seeking to study abroad. It requires no collateral, cosigners, or guarantors. Although to some extent it’s not the right choice for some college students. It fills a significant need for many international student borrowers.
Below are the steps to follow in order to apply for Prodigy Finance Student Loan:
- Step 1: Register and get your quote.
- Step 2: Download your documents. Confirm the information contained in your request by providing some supporting documents.
- Step 3: Sign your loan agreement
- Step 4: Get your money. Your funds will directly b sent to your school.
Conclusion
These loans are to support the cost of education for students, with extra costs of travelling to and studying in a foreign country. They are also created to provide an easy process for loan application. However, loan requirements vary, most students studying in a foreign country should be able to find a loan that works for them.
Unlike other forms of financial aid, bear in mind that all student loans must be repaid. Although fortunately for you, you’ll only start paying off your debt after you graduate. Therefore think wise, and study hard.
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