Planning on studying in the U.S. involves many moving parts, especially if you need additional student aid to pay for school. When applying for a private education student loan from a U.S. lender, you’ll want to know about the lender’s educational loan requirements and how to get started.
As an international student, you’ll need to meet at least the lender’s minimum education student loan requirements to be a qualified applicant. Each lender has its unique lending guidelines that it adheres to when deciding whether to approve a loan application.
However, lenders, like MPOWER Financing, generally have a few common education loan requirements you should be aware of:
If you’ve determined you fulfill the general educational loan requirements described above, you might be ready to start the application process. Here’s a step-by-step guide to securing international student loan funding.
Making time to research a handful of education student loan lenders can help you find the best offer for your financing needs. In addition to having different educational loan requirements, lenders charge different fixed or variable interest rates and fees, and have varying minimum and maximum borrowing limits.
For example, some lenders require a cosigner or collateral to secure the loan, while others, like MPOWER Financing, offer fixed-rate, no-cosigner private student loans.
After comparing multiple lenders and choosing the best one for you, review the lender’s educational loan requirements. Put together any necessary supporting documentation, including academic and financial documents that you’ll need for your application.
Applying online is a convenient and fast option. It takes just 30 seconds to determine your eligibility with MPOWER and about 30 minutes for the complete application.
If you can’t finish your application in one sitting, you can typically save your progress and return to it at a later time.
After submitting your application, the lender will review your information and determine whether you meet its requirements. If you do, your loan application might be conditionally approved. Conditional approval means your application is approved, pending supporting documents or steps.
If you receive conditional approval, your lender will provide a list of items or steps you must complete before final approval.
Provide any requested information or documents to your lender and wait for confirmation that it doesn’t require any additional paperwork. The lender will review your submitted documents and confirm whether it’s prepared to finalize the loan.
If it is, you’ll receive the loan agreement, which states your loan details – including principal amount, loan rate, repayment term, repayment options and more. Carefully read the agreement and ensure you understand what you’re agreeing to; if you’re comfortable moving forward, sign the agreement.
Getting a loan through a traditional bank can be challenging as an international student for a few reasons.
Banks and lenders often refer to a loan applicant’s U.S. credit history to determine their likelihood of repaying the loan. A credit history details past and current borrowing behavior, including payment history, and the applicant’s unpaid debt liability.
International students who want to borrow an education student loan for the first time might not have a U.S. credit record. In these situations, some lenders require applicants to add a U.S. cosigner with strong credit and reliable income on the application. Being a cosigner, however, is a serious financial responsibility, so finding a willing participant can be a hurdle for international students. Some lenders, like MPOWER, offer education funding without the need for a cosigner.
The U.S. financial terms might differ from those of your home country, which can present a learning curve during the loan application process. Additionally, you’ll want to fully and clearly understand the legal terminology in an application or loan agreement so you know what you’re agreeing to upon signing a contract. This can be a challenging and time-consuming hurdle to get past.
Ultimately, a key educational loan requirement is to be enrolled in a recognized U.S. school and academic program. However, a student’s enrollment eligibility is also contingent on having an active student visa – or at least, having a student visa that’s in progress and will be secured by the time school starts.
However, the immigration process operates on its own timeline, independent of loan application deadlines. If a lender is uncertain about your visa status, it could delay or halt the student loan process entirely.
Every lender adheres to its own rules regarding educational loan requirements. Generally, you’ll need to meet the lender’s academic, visa and financial requirements to qualify, in addition to providing supporting documents proving your eligibility.
Fortunately, if you need extra funds to pay for school, MPOWER makes the loan application process easy with a simple online form. See if you qualify for MPOWER Financing’s no-cosigner private student loan.
DISCLAIMER – Subject to credit approval, loans are made by Bank of Lake Mills or MPOWER Financing, PBC. Bank of Lake Mills does not have an ownership interest in MPOWER Financing. Neither MPOWER Financing nor Bank of Lake Mills is affiliated with the school you attended or are attending. Bank of Lake Mills is Member FDIC. None of the information contained in this website constitutes a recommendation, solicitation or offer by MPOWER Financing or its affiliates to buy or sell any securities or other financial instruments or other assets or provide any investment advice or service.
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