Loans for International Students
A few US banks will offer student loans to international students if the loan
is co-signed by a creditworthy US citizen or permanent resident
(holder of a "green card"). There
may also be restrictions on the type of visa (F1 or J1).
In addition to the loans listed below, certain international students
(i.e., permanent US residents with a green card) may be
eligible for Federal Stafford
and PLUS loans.
- Canadian Higher Education Loan Program (CanHELP).
CanHELP is an alternative loan program for Canadian college and
university students to study in the USA and approved schools throughout
the world. The loans are offered by the International Education Finance
Corporation (IEFC) working in conjunction with Bank of America, Fleet
Boston, Citizens Bank,
The Education Resources Institute (TERI). Students may borrow up to the
full cost of education, including
tuition, fees, and room and board. Graduate students may borrow a
maximum of $15,000 per year without a co-signer, or up to cost of
education with a co-signer.
The minimum loan amount is $1,000 per academic year.
Students may take up to 20 years to repay the loan. There is a $50
minimum payment and some deferment provisions.
The interest rate is the prime lending rate plus 0.5%.
Undergraduate students must have a creditworthy Canadian citizen as
There is a 8.5% guarantee fee for undergraduate and graduate students
with a co-signer. Graduate students can apply without a co-signer if
they pay a 7.5% guarantee fee at disbursement and a 2% guarantee fee at
repayment which will be financed into the loan.
For more information write InternationalStudentLoan.com, 224 First Street, Neptune Beach, FL 32266, USA or visit International Student Loan, or send email to
- Credila Financial Services
offers private education loans to students from India. Credila is a
subsidiary of the Housing Development Finance Corporation (HDFC), the
largest mortgage lender in India.
The loans offer a variable interest rate with a 10-year repayment
period. A family member or relative must cosign the loan. The loans
are disbursed in Indian Rupees and must be repaid in Indian
Rupees. The loans must be secured by collateral, such as a house,
apartment/flat or non-agricultural land. Extensive supporting
documents are required; failure to submit all the supporting documents
may lead to denial of the loan or delays in approval.
For more information, call 1-800-209-3636 in the USA or send email to
- Global Student Loan Corporation (GSLC).
GSLC offers student loans for international students that do not
require a US citizen or permanent resident to co-sign the loan. (A
co-signer in the student's home country may be required. Often this
co-signer is the student's parent or guardian.)
GSLC works with financial institutions and banks located in the
student's home country to provide financing for the student's education.
GSLC's President is Dr. Keith Jepsen, formerly the Director of
Financial Aid at New York University. Currently more than three dozen
schools participate in the GSLC loan program.
Their web site also includes an
International Student Planner.
For more information, visit the GSLC web site, call 1-212-736-9666,
fax 1-212-736-6536, send email to
write to Global Student Loan Corporation, 350 Fifth Avenue, Suite
2416, New York, NY 10118 USA.
- International Student Loan Program (ISLP) and Study Abroad Loan Progam (SALP).
ISLP is an alternative loan program for international students to study
at approved US colleges and universities. SALP is an alternative loan
program for US citizens to study abroad.
The loans offered by InternationalStudentLoan.com are funded by PNC
Bank and guaranteed by The Education Resources Institute
(TERI). Students may borrow up to the full cost of education,
including tuition, fees, and room and board. The minimum loan amount
is $1,500 per academic year. Students may take up to 25 years to repay
the loan. There is a $25 minimum payment and some deferment
provisions. A creditworthy US citizen or permanent resident must
co-sign the loan. For more information write InternationalStudentLoan.com, 224 First Street, Neptune Beach, FL 32266, USA or visit International Student Loan, or send email to
- Norwest Bank (1-703-749-0131 or the financial aid
department at 1-800-366-6227). These MBA loans are for graduate business
and medical students who are international students.
For more information write to Norwest Bank/HEMAR Insurance Corp., GMAC, 2400 Broadway Suite 320,
Santa Monica, CA 90404-3064.
- The Education Resources Institute (TERI) (1-800-255-8374
x210 or 1-617-426-0681). The TERI Professional Education Plan (PEP)
loan is available for graduate and professional study. International
students can borrow the cost of education up $20,000 per year (cumulative limit of $80,000) with a creditworthy US citizen as cosigner.
include Citibank (1-800-692-8200 x480), Bank of Boston (PO Box 312,
Boston, MA 02117-0312), Baybank (1-800-332-8374 or 1-617-320-2422; PO
Box 510, Dedham, MA 02026), and Nellie Mae (1-800-634-9308; 50
Braintree Hill Park, Braintree, MA 02184). Interest rates and fees may
vary depending on the lender.
For more information, call 1-800-255-TERI (1-800-255-8374), write to
The Education Resources Institute (TERI), 330 Stuart Street, Suite
500, Boston, MA 02116-5237, or send email to
When evaluating a loan program, it is important to carefully compare
the costs. Some loans have interest rates pegged to the 91-day T-Bill
Rate. Others use the Prime Lending Rate, which is approximately two to
four percentage points higher.