Sources of Aid for International and DACA Students

Aid From Your Home Country

Your own government may have financial aid available. (Usually this support requires that you return home after your education is complete.) There may also be private organizations in your home country that provide support for study in the US. Businesses, foundations, and religious groups might have funds available.

Scholarships

There are private agencies and organizations which provide scholarship assistance to international graduate students. The eligibility criteria and deadlines vary according to the guidelines established by the organization. These scholarships can be merit based and/or need based. Avoid scholarship scams where they charge a fee to apply. Scholarship searches should be free.

Private Loans

A limited number of outside lenders offer students private loans with an approved U.S. citizen or permanent resident cosigner for financing their education. The terms of private loans are set by the individual lenders. The interest rate and fees are determined by your credit history, your debt-to-income ratio and that of your co-signer. The interest rates for private educational loans are variable and are most often based on a range using Prime or the London Interbank Offered Rates (LIBOR) as a base and add an additional percentage based on the borrower's credit. The current Prime and LIBOR rates are available at the Federal Reserve Statistical Release. Students are encouraged to investigate these options thoroughly. The maximum loan amount your financial aid office can certify is the cost of attendance minus any other aid received.

Selecting a Lender

Compare the following aspects of lender services when deciding which lender to choose:

Interest rates, fees and terms: How is your interest rate calculated? Can I get a better interest rate by applying with a co-signer? Are there any additional fees for this loan? What are the terms of the loan? View the current interest rates.
Co-signor Release: How many months of on-time payments must be made before any co-signor will be released from the loan?
Capitalization: What is the lender’s capitalization policy?
Repaying your loan: How soon do I have to start repaying the loan after graduation? Does the lender offer deferment or forbearance options while I’m in residency?
Early payment: Are there any penalties for paying off the loan early?
Repayment plans: What repayment plans and options are available?
Repayment incentives: What incentives does the lender offer for borrowers who pay on time or make loan payments electronically?

If you have any questions regarding these loans beyond the information provided on the links above, please contact the lender for more information.

Co-signer Information

The major requirements of a cosigner for a private student loan are that they have solid credit themselves. The main purpose of a student loan cosigner is to back up the loan’s repayment if the student cannot. Having an established and strong credit history is an absolute must for a cosigner.

Select a cosigner who has demonstrated

Ability to pay. When a lender evaluates cosigners, they look at their ability to pay which includes comparing the cosigner's total debt to their total income and the amount of student loans they already have.
Stability. Lenders look at how long the cosigners have lived at their current address, whether they have a stable job, and whether they have an established credit history.
Willingness to pay. Lenders consider the cosigners' credit scores and their payment history on other types of credit, including credit cards, mortgages, and automobile loans.

Cosigner Release

Many of the loan programs have a cosigner release where after certain stipulations are met the student can become responsible for the loan in its entirety. Typically stipulations include consecutive monthly payments, and the student must be a U.S. citizen or permanent resident at the time the cosigner release is processed.

Online International Resources

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