Students and parents worry about how international students can get loans in America. US education is expensive even for a native student. For international students, there are added burdens of additional fees, travel expenses, currency exchange, and living expenses. The resident students have many opportunities to finance their education. They even get government aided loans at subsidized terms.
Non-resident students are not presented with many options. Especially, the government loans are not made available to them. However, international students can avail private loans offered by many financial institutions. They may not come with lucrative terms, but they help those students fund their education. Students, who have been in the US for a period of three or more years can convert their status from non-resident aliens to resident aliens, and become eligible for some of the federal loans.
Before they set out to find how international students can get loans, students need to explore their other options. Availing financial aid from the university or college and qualifying for merit scholarships using family’s funds are better options than getting a loan. If these options do not work or they do not cover the entire educational expense, then they can explore financing through loans.
International student loans come with certain requirements and features.
There are several facts, myths and theories on how international students can get loans. It is important to get the right information and knock the right doors to be successful. Even though, it is limited and difficult, it is not impossible for international students to fund their education in the US through loans.