Is there any need for an International Students Loan?

Just like any other student, even these students find it difficult to fund their education, while scholarships are available to these students, they either granted to those lucky ones or just not sufficient to meet the cost of education.

Cost of international student loans?

Interest rates have soared up due to the turmoil in the student’s loan market. It will indeed be a wise decision to exhaust every other source finance namely, scholarships, and grants, personal funds, family borrowings before venturing into proper International Students Loan.

Various Loan Programs for International Students

• Canadian Higher Education Loan Program (CanHELP)
• International Student Loan Program (ISLP) and Study Abroad Loan Program (SALP)
• TERI Professional Education Plan (PEP)
• Massachusetts Educational Financing Authority (MEFA)
• Global Student Loan Corporation (GSLC)

The above are just a glance of the various loan programs available to international students; they are not a comprehensive list.

International Students Loan Programs – Avoid getting busted.

• Due to the prevailing uncertainties, it would be advisable to go for a loan as early as possible, to get approved and get the amount as soon as possible
• It is important to get the best and credit worthy US citizen as your co-signer in order the beat the rising cost of borrowing which is very hard to manage in the given scenario.
• It is very important to have a constant check on the school you opt for and the loans programs offered to those schools. Lenders constantly change the list of schools covered under their program
• On evaluating the loan program carefully compare the cost. While some loans use the 91 day T- Bill Rate others use the Prime lending rate.