International Student Loans for African Students – Best Guide
I believe with the help of International Student Loans for African Students, many will have adequate education. Studying overseas can be expensive. Many African students who would like to further their education abroad are limited by a lack of funds. Fortunately, more and more lenders are including student loans for international students in their product offerings.
After evaluating how much you can raise and looking at scholarships and financial aid from the institution that you plan to join, there’s one more option to complete your term funding: student loans for international students.
The truth of this whole scenario is that the majority of African students don’t have adequate education about international student loans. The complicated financial terms and jargon can leave you bamboozled, making the search for an appropriate international student loan even more difficult.
Many Africans come to the United States as international students to earn their undergraduate or graduate degree. This is not an easy process especially as the cost of international education in the US can be quite expensive – and continues to rise year after year.
One option to help international students afford their education is a student loan which can cover up to the total cost of your education minus any financial aid received. The loan amount must be certified by your school.
Students from Africa studying at eligible international universities may find loan programs available to them. In most cases, a co-signer is not required when studying in Canada while it is required in some other international schools.
Like all private education loans, students in Canada can use the funds to cover part of or their entire tuition fee, as well as living expenses and school-related costs, medical insurance and travel costs.
Who is Eligible to Apply for International Student Loans?
Are you an African student wondering if you’re eligible for a student loan? Unfortunately, some lenders don’t provide international student loans to citizens of certain countries. Be sure to check the lender’s website for detailed information on eligibility before starting the application process.
The good news is that you can easily check your eligibility for loans from different lenders online. The most important factor in determining eligibility is being admitted to an eligible college abroad.
Many lenders offering student loans for international students also require you to have a qualified cosigner. You can check your eligibility for a loan using our pre-approval tool. A cosigner is not required to check your rates, and you can even compare rates with and without a cosigner.
Must Read: Best Private Student Loan Companies that Require a Cosigner in the USA
How to Get an International Student Loan?
The cost of studying in the USA is an issue for any international student. For private colleges, it can be as high as $75 thousand dollars a year and for public schools, it’s around 50k annually. Federal loans are popular among US-based students but they aren’t available to African or other foreign citizens – instead, they can apply for an International Student Loan.
How to Apply for International Student Loan:
The application process for international student loans is quite simple.
- Check your eligibility – Using a loan comparison tool, check if you are qualified for the loan – this takes 10 seconds and will show you if any companies are able to lend to a student in your position.
- Application – If you are matched with a lender you can then proceed with your application. The application process doesn’t take long even if you are a non-US citizen. You will need to submit the necessary documents and paperwork to the loan company and they will decide whether you are approved or not.
- Documentation – These are the most common documents you will need to provide your lender. You may be asked to provide other documents if needed. ◦ Identification proof ◦ Proof of residence ◦ Academic records ◦ Valid passport & Visa ◦ Proof of admission to your university ◦ Extra-curricular certificates if appropriate.
- Approval – Once your application is conditionally approved, you will be notified of the interest rates (fixed or variable rate) and repayment terms. Once you agree with the terms, your loan application will be approved and funds disbursed. This usually takes around 6 weeks.
Note: You should go through the terms and conditions multiple times before making any decisions. It can be very confusing to understand. If you have any doubts, consult an expert before signing to accept your funds.
Most Africa students need a cosigner to apply for an international student loan. The co-signer must be a US citizen or permanent resident, with good credit and who has lived in the USA for the past 2 years. Learn more about how to find a cosigner. If you do not have a cosigner you can use the loan comparison tool to see if a no cosigner loan is available at your school.
Loans that do not require a cosigner for Africa students are available at an increasing number of US schools and in Canada – use the Loan Comparison Tool to find out if your school is on the list.
What Is the Best Time to Apply for an International Student Loan?
Are you an African and you intend to study in the US or any other international school but you are wondering about the best time to apply for an international student loan, you should get started on your preparations early, make sure that the funds are disbursed before the beginning of the academic year?
It is best to apply for a student loan after you’ve received your acceptance letter from the school you plan to attend.
If you are already enrolled at a U.S college or university, you can apply for an international student loan whenever you need it. Make sure you apply early in advance to have the funds disbursed before the beginning of your school term.
Lenders have varying application and approval timelines. The timeline depends on how long it:
- Takes you and your cosigner to complete your application.
- The lender takes to review those documents.
- The school you’re enrolled at certifies you for the loan.
With these considerations in mind, it’s often recommended that students apply for loans at least 6 weeks before the beginning of the academic year.
As an African student who plans to study abroad, it’s important to note the enrollment dates and deadlines of your school. Before you begin the application for a student loan, you may need to ensure that you have a willing, creditworthy US citizen or permanent resident cosigner on standby.
Related: 5 student loans for international students in 2022
What are International Student Loans used for?
International students loans are mainly used to cover the expenses below;
- Tuition fees.
- Any other mandatory fees that are specific to a school.
- Books and educational supplies/equipment.
- International student insurance.
- Transportation (including airfare).
- Other school-related expenses – such as food, personal expenses, leisure and communication.
Are you an African that intends to attend international universities with international student loans… I hope the tips I shared above were able to guide you on how to get started.