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International Student Loans With Cosigner

Earl Said:

Where is the best company loan for international student loan with a cosigner but poor credit?

We Answered:

No one will give you a loan. Sorry. Your visa will lapse and you will have to leave the US.

Milton Said:

International Student Loan Options?

We Answered: - it provides some tips about applying to US federal and state grants for college students.

Jaime Said:

My daughter has been accepted to The University of Sheffield in England, having problems with loans.?

We Answered:

I am also a student applying for a loan, but I am in Scotland, and applying for one through SAAS, not sure if they are only Scottish though, but I would've thought her University or school/college she is currently attending would have a financial advice cent re, she should go there, if that fails go to Citizens Advice Bureau

David Said:

Student Loan need a cosigner?

We Answered:


I'm going to start out by highly recommending a booklet to you - it's a US Department of Education publication called "Funding Education Beyond High School: The Guide to Federal Student Aid". I'll link to it below, because the URL seems to get garbled when you link to it in the body of the question.

You'll find this book useful, because it explains all of the different forms of college financial aid - what's available - who is eligible - and how to apply. You'll learn about federal aid, both "need-based" and general, but you'll also learn about the available sources of state aid, institutional aid, private educational loans, and scholarships. I also like the fact that the booklet provides some warnings of things to avoid, because there are a lot of scams out there.

One of the things that you will discover is that the federal government is far and away the single largest source of financial aid for college. They provide tens of billion of dollars a year to US college students. Some of that aid is "need-based", which is money that does not have to be repaid - that kind of assistance is only available to applicants who come from low income families and demonstrate what's known as "exceptional need". Other forms of aid are available to almost everyone, regardless of their financial circumstances.

The most common form of federal aid is the Stafford Lending program. The Stafford program is a government-guaranteed loan program - meaning, simply, that the federal government guarantees the Stafford lenders that they will pay the loan if the borrower does not. Because of that guarantee, lenders are thrilled to make Stafford loans.

Stafford loans have many great qualities - a student applicant does not need an income or a credit check to borrow. The repayment obligation begins 6 months after the student leaves school, and the interest rates are low and fixed. If a borrower experiences financial difficulties during the repayment period, they have the right to request a temporary postponement in payment. A cosigner is never required.

The downside of a Stafford loan is that there are annual and lifetime limits to the amount of money that each student can borrow. This year, a dependent freshman student can borrow as much as $5500. In subsequent years of college, the student can borrow a larger amount.

Since your daughter is a permanent resident, she will be eligible to borrow from the Stafford loan program, but she'll need to complete a Free Application for Federal Student Aid (known as a FAFSA) in order to apply. Completing the FAFSA requires information about your daughter's finances, and about her parents' finances, too. That information is used by the US Department of Education to calculate something known as the Expected Family Contribution, or EFC.

When she completes the FAFSA, she'll be asked where she would like her EFC score to be sent - she should make sure it goes to the school(s) that she hopes to attend. When the financial aid office at those schools receive her EFC score, they'll use that score to determine what forms of aid she is eligible for. Once they've figured that out, they'll send your daughter an "aid offer letter", and your daughter will need to respond to that offer, accepting or rejecting the various forms of aid that are offered.

I'm not sure where you got the $2750 figure from - I'm guessing that this may represent that your daughter could be eligible for the form of need-based assistance known as a Pell Grant. Those funds would be in addition to the Stafford loan, but the Pell Grant funds are a "gift" that don't need to be repaid. If she does qualify for a Pell Grant of $2750, a Stafford of $5500 and a contribution from dad of $6000, that would total almost $14,000 - that's a pretty nice bankroll for school.

However - as I'm sure your homework has taught you - $14,000 doesn't buy tuition, fees, room and board and other expenses at a high-priced out-of-state school. You may need to sit down with your daughter and talk about financial realities. A state university will provide pretty much the same education at a much cheaper price - a price that you and your husband MAY be able to afford, once you include the available financial aid.

Your only other option would be to supplement the aid and dad's money with a private educational loan. Those are higher-rate, variable interest loans that are always based on a credit history and income analysis. Few students are able to qualify for those on their own, and right now, in the midst of this credit crisis, very few of these loans are available anyway. Think VERY VERY carefully about whether you want to cosign a loan. Instead, consider the government's PLUS loan program - you'll read about that in the booklet, too.

Good luck!

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