Student Loans for International Students

U.S. students are not the only students who decide to study abroad. Many international students find themselves choosing to study abroad in the United States and may run into some questions in regard to student loans and how to pay for college in our country. Two resources for students considering traveling to the U.S. to further their education are:

  • EducationUSA- advising centers from the U.S. Department of State
  • eduPASS- a guide to studying in the U.S. including travel and customs

We recently answered an excellent question about student loan availability for international students and the types of student loans on offer. I wanted to share that information with the rest of the StudentLoanDown readers. Here’s the scoop…

Whether you’re coming from international turf or not, the first and most important thing any student should do is apply for federal aid first. Most foreign citizens aren’t eligible for student aid from the U.S. federal government, but there are some cases where non-citizens may be eligible for financial aid enabling them to move forward with applying for a student loan. Students should take a look at this online guide to federal student aid for international students to see if they qualify.

After federal aid, international students should consider private student loans. Many available lenders will require international students to have a cosigner who is a United States citizen. Cosigners will be the individuals responsible for assuming equal liability for the student loan, so this is a not a obligation to be taken casually.

For our international student readers, what has been your experience with American financial aid and applying for a student loan within the borders of the United States? How does the process work in your own countries? Wells Fargo is very interested in your comments.

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