Can International Students get Student Loan Consolidation in US?

If you are an international student who completed his higher education in the United States and had to take student loans to pay for the school, you may be considering a student loan consolidation like many of your classmates. Here, the question arises; “Can international students get student loan consolidation in US”?

Financial Options for International Students

There are a fewfinancial options available for international students who want an American degree but they lack the financing. However, any international student in the United States cannot get Federal Loanslike:

• Federal Perkins Loans,
• Nursing Student Loan (NSL)
• Institutional Loan Programs
• Federal Family Education Loan (FFEL)
• Stafford (GSL) Loans a
• PLUS Loans

An American Cosigner is neededfor International Students

Private student loans are available to international students just like American students.Most lenders do not lend to international students without an eligible American cosigner. This is also true with student loan consolidations.

International student are not able to get student loan consolidation or any student loans without a cosigner with good credit and a reliable source of income.The cosigner will have to:

• Be an American citizen, or
• Legal permanent resident, and
• Live in the country for more than 2 years

Finding a Student Loan Consolidation Lender

Finding a student loan consolidation lender is the next thing an international student will need to do. There are a few banks in the United States thatare giving student consolidation loans to international students with American cosigners. It is possible to apply online or over the phone and get conditional approval for a consolidation loan.

International Student Check List

International students should make sure they have the following when applying:

• Student visa (type F1, H1B, J1, or M1).
• I-94 with a status expiration date
• Form I-20 for F1 students
• Valid passport with photo
• Social Security card (if you don't have one, some banks are willing to use their number instead of SSN)
• Driver's license or state ID

International students may be illegible for student loan consolidation if they have the proper prerequisites that lenders need. Check with lenders to get all the relevant details.