The population of international students is on the increase since the boom in study abroad education boom started the past two decades. Last year, the United States recorded a net immigration of over 720,000 spread across their universities. Studying abroad is expensive and thus requires some financial assistance in form of international students loan.
I have received several question from students who wish to know some things about getting loan abroad as an international student. Among the questions they ask includes:-
- Who is eligible to apply for international students’ loan?
- Do I need a shortee/creditworthy cosigner to get government loan?
- What are the loans available for international students in the U.S?
- What are the documents needed for a successful student loan?
- Can you help me with contact of a loaning organization in U.S?
Answers to these questions are as follows (Case Study: Sallie Mae loans) :-
Eligibility for international students’ loan in US
- Students who are not U.S. citizens or non-citizen permanent residents and who are attending an eligible U.S. college or university.
- Borrowers are required to have a creditworthy cosigner who is a U.S. citizen or a non-citizen permanent resident.
Students who are not U.S. citizens or non-citizen permanent residents and who are attending schools outside the U.S. are not currently eligible for Sallie Mae loans.
Role of a creditworthy cosigner in obtaining Students loan
Talking about referees, a wide range of individuals can be a cosigner as long as they are creditworthy, understand and accept the responsibilities of being a cosigner, and meet any specific cosigner requirements of the lender. A creditworthy cosigner is an individual with good or excellent credit and an ability to repay the loan.
Select a cosigner who has demonstrated
- The ability to pay. When Sallie Mae® evaluates cosigners, we look at their ability to pay which includes comparing the cosigner’s total debt to their total income and the amount of student loans they already have.
- Stability. We look at how long the cosigners have lived at their current address, whether they have a stable job, and whether they have an established credit history.
- Willingness to pay. We consider the cosigners’ credit scores and their payment history on other types of credit, including credit cards, mortgages, and automobile loans.
Available loans for international students in the U.S
The Sallie Mae Smart Option Student Loan is an ideal solution for students who still need funds after they have maximized free money and federal loans. With this loan, students can borrow up to the full cost of their education, less other aid received. The Smart Option Student Loan helps students save money, build good credit, and pay off their student loan faster.
Documents needed for a successful Sallie Mae Smart Option student loan
U.S. permanent residents and other eligible aliens must submit a copy of the front and back of their current Citizenship and Immigration Services Form I-551 (Alien Registration Card). We do not accept expired cards.
If the student borrower does not have a current Form I-551, we will accept
- a temporary CIS Form I-551,
- a passport stamped “Temporary 551,” or
- Form I-90 (Application to Replace Alien Registration Card), and
- a copy of the student’s passport.
International students must submit a copy of one of the following:
- Student visa (type F1, H1B, J1, or M1). If the student is already in the U.S. and the expiration date on the student visa has passed, we require an I-94 with a future expiration date.
- Valid passport with photo and current CIS Form I-94 (Arrival/Departure Record) with any of the following classifications:
F-1 and D/S; J-1 and D/S; M-1 and D/S; or H1B
Public Interest Parolee (PIP)
Asylum status granted indefinitely
Refugee status granted indefinitely
- Current CIS Form I-688B or I-766 (Employment Authorization) that entitles the student to work and attend school in the U.S.
For international students who do not yet have a valid Social Security number (SSN), we can accept the first loan application with an “administrative SSN” that will be assigned by Sallie Mae. For future loans, it is preferred that borrowers apply with a valid SSN, but if borrowers are not able to obtain a valid SSN, they may be allowed to use the administrative SSN for all future private loans with Sallie Mae.
Put the student borrower’s Social Security number on all CIS forms.
Contact of a loaning organization in U.S
You may contact Sallie Mae International by email at email@example.com or by phone. See international toll-free number dialing instructions.
Share this tips, you might just help someone take care of their finance in school. Wilfred cares. Cheers!