What Student Loans Are Available For International Students

Due to the credit crunch, student loans for international students are becoming more expensive, harder to obtain, and the number of approved schools is dwindling. Add to that the declining value of the dollar, which means the dollars borrowed don't buy as much as they did last year. It is no wonder that private lending institutions are eliminating their student loan programs, because new federal regulations make it harder to make a profit.

But it is not all bad news. Student loans for international students are still available. You'll need to look harder and being willing to pay higher interest rates. That's just the reality of today's market place.

Several private lenders specialize in loans for international students. Loans are available to U.S. citizens for study abroad has strict requirements. The borrower must meet the following qualifications: (1) U.S. citizenship, (2) Be enrolled at least half time in an accredited program, (3) attend an eligible institution, and (4) have a good credit standing. (The student's credit standing can be improved if they obtain a co-signer with good credit standing.)

The minimum loan amount is $1500 and extends to a maximum of $50,000 for most students. Medical, Dentistry, Law, and Business schools on the approved list can qualify for loans up to $70,000.

For an international student seeking a loan to study in the U.S, most private lenders require an American co-signer. Co-signers for international students must have an excellent credit and employment history, and must have lived in the U.S. for two years.

Financial aid advisors recommend that students looking to have an international study experience apply early. Remember to research the institution to be sure it is on the approved list. Know your credit standing and if necessary obtain a co-signer. Try to anticipate foreign expenses so that the loan will cover all contingencies.

Even in the tightening economy, student loans for international study can still be obtained.

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