The United states excel in providing quality education for those who aspire to pursue and achieve academic excellence in their bachelor’s and master’s degree. For this reason, many international students enrol in the educational institutes of the United States. However, not all have the finances to afford education of higher levels and have to resort to student loans to complete the education. For this reason, the United States has a provisioning plan for those international students that visit the United States for education.
For the students that are United States students are provided with federal loans. However, for the international students, the application of this loan is not acceptable. International students are eligible for international student loans, which require a co-signer.
All the international students applying for this loan need to have a co-signer who is a citizen of the United States. The co-signer is legally obliged to pay the loan in case the student cannot repay his/her loan, and defaults on the payments. The co-signer has to be a permanent resident of United States with a history of good credit. Co-signer is important for those students that either have no bank records or credit history. In such cases, banks are wary of lending money to students that provide no or minimal financial record, since the individual does not seem to show the ability to cover the risk of defaults on payment. The bank may ask for a co-signer that has a fairly good or extraordinary history in terms of financial capabilities. However, most international students are not able to find a co-signer, in which case there are ways to sign up for educational funds without a co-signer. There are certain facilities regarding borrowing available for students without a co-signer, to benefit from availing loan facilities to fulfil educational requirements.
In the case where there is non-availability of co-signer for a student loan, the students can apply for private student loans without the co-signer. However, to qualify for a private loan, it is imperative that the students have a good credit history. Credit scores indicate the capability of the student to pay back the $2000 loan. Therefore the banks are interested in looking at the age of the accounts, missing or late payments, and the amount of debt on the accounts. It allows banks to gauge the responsibility of the students to pay back the loans.
Government Loans and Grants are convenient and inclusive of all those students who cannot provide a US co-signer. This facility of borrowing without a US co-signer is available to worldwide students. International students who are in need can apply for this loan, moreover, ensures that the request is fulfilled within due dates. Before enrolling in any private educational programmes, students ought to reliably look for government student facilities that provide financial assistance and do not require co-signers or any financial records of the student, before applying for the loans. There are certain benefits attached to this grant provision:
However, certain loans and credit facilities of some educational institutions are regulated by certain rules. Many students must reach the basic requirement of eligibility for a loan, in a given semester.
Global Student Loan Corporation (GSLC) is a financial corporation that is associated with providing financial services for international students. They offer educational loans and grants to those students who show potential and deserve funds to pursue their education. GSLC another special type of loan, which does not require a co-signer from the U.S., instead it requires the students to provide a co-signer from his/her native country. Additionally, GSLC caters to another educational cost, for example, PCs and computers, insurance, travel and lodgings for the students.
Perkins Grants are a type of Federal loans that the banks in the United States provide graduates and undergraduates that are in dire need of financial assistance under this loan. The college is the lender of the loan and not the banks. Therefore the loans depend upon the financial need of the student that can be accurately accessed by the colleges they study at, and the funds available to the college. The students are required to repay their colleges within the nine months of their graduation. For this reason, Perkins loan is not available throughout all the colleges in the United States. Only a few colleges provide their students with the Perkins Grant Facility.
Educational grants are essential provisions for those students who wish to pursue their education in foreign countries. Therefore, the United States has enforced certain robust measures that allow these international students to study on loans and grants in the United States.