Student Loans are government loans that is available to students at a college or university in order to help them pay their expenses. These loans are available to students who do not have the financial power to pay for their own tuition fees/ expenses and are expected to pay back a few years after completion.
In this article, we will give you a complete guide on how to apply for International Student Loan so you can enroll in the school of your choice.
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The idea behind student loans is a good one as it has come to the rescue of many students. There are quite a number of people/students who wouldn’t have been able to pass through college/ University had it not been for student loans.
However, just as it has its merits, it also has its demerits that are worth taking note of. Therefore, before deciding on whether to go for a Student Loan or not, do well to think through it carefully.
- Student loans makes it possible for you to pay for college/university.
- They can be used for other things aside tuition fees and hostel fees
- Student Loan differentiates between an okay school and dream school.
- Loans may be expensive to pay back
- With student loans, it automatically means you start out life with debts to pay
- Monies that can be used for other purposes goes into the payment of student loans
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Why Go For An International Student Loan?
One may ask “why he/she should apply for an international Student Loan?”Well, it’s simple!
Education is expensive, more so when you are studying overseas. Alot of students have found it difficult to fund completely their international studies; hence the student loans comes to the rescue of such students.
However, these loans are very competitive and rarely cover all the expenses.
What You Need
One key requirement when applying for an International Student Loan in the US or Canada in particular is a COSIGNER.
A Cosigner is a person who is legally-bound on a loan application to pay the outstanding debts in case the applicant is unable to pay. Non-USA citizens who wish to apply for loans need a US cosigner to increase their chances of getting approved and lower interest rates.
The cosigner must be a US citizen or one with permanent residence with good credit.
HOW TO APPLY
- Visit http://www.internationalstudentloan.com
- Navigate to Find My Student Loan and answer questions to complete the search
- A list of available lenders will appear showing you their various rates and conditions.
- Go through the list and click on APPLY NOW against a lender of your choice.
- It then directs you to the lenders page to complete the application process.
- You will receive notice of approval within weeks after a successful completion of application.
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Having taken note of the merits and demerits of International Student Loans, one may say it is a necessary evil. This is because student loans can be a life saver if used well.
However, factors such as high interest rates, laws regarding repayemng of loans after school even when you’re broke makes it difficult for alot more students to apply.
Having said that, do not let money or cost be s hindrance. Engage in proper research to find out if you’re eligible and apply now so you can have that dream overseas education.
Good luck !!