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Student Loans for International Students - Eligibility Criterion and Two Things to Know

April 12, 2012 | Comments: 0 | Views: 153

Education is the most important inheritance a child can receive from its parents. A properly educated child does not only have high chances of finding good jobs but he or she has what it takes to start a thriving business too. Education excellence is essential in spite of a person's background. While many aspiring students have what it takes to excel in higher education some cannot pay for it. The cost of educating children in best schools located in developed countries is very high currently. It is therefore difficult to complete a course without using student loans for international students.

These loans can be used together with international student scholarships provided by local governments and other financial institutions. While borrowing may seem difficult at first, it can help a student build a good credit-rating that would help him or her in future loan applications or student loan consolidations. Unfortunately a student is not automatically given a loan to pursue his studies abroad. There is a selection criterion that helps the lenders choose the students who are best qualified. The eligibility criterion often requires a proof of the following.

• That one is not a citizen of the country providing the student loans for international students. If the providers are based in the U.S, for instance, an aspiring loan applicant has to prove that he or she does not have a USA citizenship.

• That one is already enrolled in a college or University in the country that provides loans for overseas students. For example, a loan applicant who is already studying at a USA-based university has to prove this to a loan provider. If one is accepted in a school but has not yet joined, he or she can use a student visa to process the loan application.

• That a borrower has a reliable and creditworthy con-signer who is either a citizen of the USA by birth or a non-citizen who has acquired a permanent residence. This rule is upheld in other developed countries as well such as Australia, the UK and Canada among others.

Fulfilling the conditions that makes a student eligible to receive a loan is okay but not sufficient. There are a few other things that an applicant has to know and do. Two things are described below.

Searching for Student Loans for International Students Even if a borrower is eligible to apply for a student loan he or she should find out the available loans. A simple comparison tool is all an international student requires to do this. It is able to match a borrower with the best lenders in relation to his or her needs. This tool can be used to locate lenders in a good number of developed countries that provide financial aid to overseas students. The comparison tool can sometimes return zero lenders. This should not discourage a student because it simply shows that there are no compatible lenders located by the tool. An applicant should consult the school's financial aid office directly to find out if there are loans for international students.

Size of a Loan a Student Can ReceiveThe size of the loan that a scholar can apply for is determined by the financial aids office of the university that he or she is enrolled with. An endorsement is required from the office if a student wants to borrow funds for the entire course. The office must first verify the creditworthiness of the con-signer and the borrower. One thing to note is that student loans for international students are only provided to an applicant who produces a con-signer. The con-signer must have a good credit score to be approved.

To gather more information about studying abroad and the available financial aids, read these student loans for international students tips and hints.

Source: EzineArticles
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