Student loan for International student

Can I get a student loan?

The education departments of the UK Government, the Scottish Executive, the Welsh Assembly Government and the Northern Ireland Assembly decide which categories of student are eligible for loans and grants. There are many different categories of eligible students, and the regulations can be quite complicated. We have produced a summary of these regulations for you.
Can I get a student loan?

Are there any application fees?
There are no fees or costs associated with submitting an application form.

What are the deadlines?
There is no deadline. Students should be advised to leave plenty of time to submit the application and required documentation so that funds may disbursed by school deadlines. Applications for past academic years are allowed only if the school will certify that past education related expenses are due.

Stafford/PLUS loans generally take about a week from the date of receipt at the guarantee agency. Applications may be submitted up to the last day of classes in a given academic year. No past due expenses are allowed.

Is there an approved school list?
Students wishing to study abroad must first verify that the school they plan to attend is approved for either the Stafford/PLUS loan programs. Students should check for their institution on our web site. Schools wishing to become eligible for the Stafford/PLUS loan program need to contact the U.S. Department of Education at 202 708 8820, or via email at osfa.foreign.schools.team@ed.gov.

There may also be restrictions on the type of visa (F1 or J1). In addition to the loans listed below, certain international students (i.e., permanent US residents with a green card) may be eligible for Federal Stafford and PLUS loans.

* Canadian Higher Education Loan Program (CanHELP). CanHELP is an alternative loan program for Canadian college and university students to study in the USA and approved schools throughout the world. The loans are offered by the International Education Finance Corporation (IEFC) working in conjunction with Bank of America, Fleet Boston, Citizens Bank, and The Education Resources Institute (TERI). Students may borrow up to the full cost of education, including tuition, fees, and room and board. Graduate students may borrow a maximum of $15,000 per year without a co-signer, or up to cost of education with a co-signer. The minimum loan amount is $1,000 per academic year. Students may take up to 20 years to repay the loan. There is a $50 minimum payment and some deferment provisions. The interest rate is the prime lending rate plus 0.5%. Undergraduate students must have a creditworthy Canadian citizen as co-signer. There is a 8.5% guarantee fee for undergraduate and graduate students with a co-signer. Graduate students can apply without a co-signer if they pay a 7.5% guarantee fee at disbursement and a 2% guarantee fee at repayment which will be financed into the loan. For more information, call 1-617-328-1565 or fax 1-617-328-0615, write to InternationalStudentLoan.com, 15 Cottage Avenue, Fifth Floor, Quincy, MA 02169, or send email to service@internationalStudentLoan.com.

* Global Student Loan Corporation (GSLC). GSLC offers student loans for international students that do not require a US citizen or permanent resident to co-sign the loan. (A co-signer in the student's home country may be required. Often this co-signer is the student's parent or guardian.) GSLC works with financial institutions and banks located in the student's home country to provide financing for the student's education. GSLC's President is Dr. Keith Jepsen, formerly the Director of Financial Aid at New York University. Currently more than three dozen schools participate in the GSLC loan program. Their web site also includes an International Student Planner. For more information, visit the GSLC web site, call 1-212-736-9666, fax 1-212-736-6536, send email to info@globalslc.com, or write to Global Student Loan Corporation, 350 Fifth Avenue, Suite 2416, New York, NY 10118 USA.

* International Student Loan Program (ISLP) and Study Abroad Loan Progam (SALP). ISLP is an alternative loan program for international students to study at approved US colleges and universities. SALP is an alternative loan program for US citizens to study abroad. The loans offered by InternationalStudentLoan.com are funded by PNC Bank and guaranteed by The Education Resources Institute (TERI). Students may borrow up to the full cost of education, including tuition, fees, and room and board. The minimum loan amount is $1,500 per academic year. Students may take up to 25 years to repay the loan. There is a $25 minimum payment and some deferment provisions. A creditworthy US citizen or permanent resident must co-sign the loan. For more information, call 1-617-328-1565 or fax 1-617-328-0615, write to InternationalStudentLoan.com, 15 Cottage Ave, Fifth Floor, Quincy, MA 02169, or send email to service@internationalstudentloan.com.

* Massachusetts Educational Financing Authority (MEFA). The Massachusetts Educational Financing Authority offers the MEFA Loan program for foreign students attending one of more than 80 participating colleges and universities in Massachusetts. Canadian students may borrow without a US cosigner, and a US cosigner is required for all other foreign students. Families may borrow up to the full cost of education and the repayment term is 15 years, with a fixed interest rate (currently 6.85%) and there is no penalty for prepayment. MEFA is able to offer such a low interest rate because they are non-profit and exempt from federal and state tax. MEFA also has a free guide to colleges and universities in Massachusetts. For more information, call 1-800-842-1531 or 1-617-261-9760, fax 1-617-261-9765, write to MEFA, 125 Summer Street, Suite 1450, Boston, MA 02110, or send email to info@mefa.org.

* Norwest Bank (1-703-749-0131 or the financial aid department at 1-800-366-6227). These MBA loans are for graduate business and medical students who are international students. For more information write to Norwest Bank/HEMAR Insurance Corp., GMAC, 2400 Broadway Suite 320, Santa Monica, CA 90404-3064.

* The Education Resources Institute (TERI) (1-800-255-8374 x210 or 1-617-426-0681). The TERI Professional Education Plan (PEP) loan is available for graduate and professional study. International students can borrow the cost of education up $20,000 per year (cumulative limit of $80,000) with a creditworthy US citizen as cosigner. Their lenders include Citibank (1-800-692-8200 x480), Bank of Boston (PO Box 312, Boston, MA 02117-0312), Baybank (1-800-332-8374 or 1-617-320-2422; PO Box 510, Dedham, MA 02026), and Nellie Mae (1-800-634-9308; 50 Braintree Hill Park, Braintree, MA 02184). Interest rates and fees may vary depending on the lender. For more information, call 1-800-255-TERI (1-800-255-8374), write to The Education Resources Institute (TERI), 330 Stuart Street, Suite 500, Boston, MA 02116-5237, or send email to custserv@teri.org.

When evaluating a loan program, it is important to carefully compare the costs. Some loans have interest rates pegged to the 91-day T-Bill Rate. Others use the Prime Lending Rate, which is approximately two to four percentage points higher.