What is a cosigner?
A cosigner is a person, usually a U.S. citizen or permanent resident, who agrees to share responsibility for a student’s loan. In simple terms, the cosigner promises to pay the loan if the student can’t. Lenders like having a cosigner because it provides extra financial security.
The cosigner’s own credit history and income help the student qualify for the loan. If the borrower misses payments, the cosigner is legally on the hook to repay the debt. Think of the cosigner as a backup who guarantees the loan. It’s a big responsibility, so only ask someone you trust. This is serious.
Foreign Student Loan Eligibility
To get a private student loan, international students must meet basic criteria. You need to be admitted to an eligible U.S. school and hold a valid F-1, J-1, M-1 or Q visa. Lenders usually ask for proof of financial need based on your school’s cost of attendance.
Most also require either a U.S. cosigner or an evaluation of factors like your school’s reputation, grades, and future earnings. Your visa should typically be valid for at least six more months into your study. In short, enrollment and visa status are key, and rules can vary by lender.
How international students can get financial aid
International students have a few main ways to get help paying for college, since U.S. federal aid is usually not available to them. They often use private loans, which are loans from banks or lenders that specialize in international students. They also rely heavily on scholarships and grants.
Programs like the Fulbright Foreign Student Program and AAUW Fellowships provide awards for qualified international graduate students. Many universities offer their own scholarships or aid programs for international students. Some students work part-time on campus to help cover costs. All these options can significantly reduce out-of-pocket costs. Use all resources available today.
Can international students get student loans in the US?
Yes, international students can get student loans in the U.S., but mostly through private lenders. Most internationals cannot get federal loans (FAFSA-based aid). Only certain noncitizens (like green card holders, refugees, asylees) qualify for federal aid. Students on F-1, J-1 or M-1 visas generally must use private student loans instead.
For example, Earnest a private lender) states that international students are eligible if they apply with a creditworthy U.S. citizen cosigner. Private lenders like MPOWER or Prodigy have specialized loans for international students as stated by rentaba.co. It’s still possible, but plan ahead and ask your school’s financial aid office for help.
Are F1 students eligible for student loans?
F-1 visa students cannot get U.S. federal student loans, because they can’t complete the FAFSA. However, they can qualify for private student loans from banks or other lenders. Private lenders usually require an F-1 student to have a U.S. citizen or permanent resident cosigner.
For example, Earnest explains that a non-U.S. student may be eligible for an Earnest loan only if they apply with a creditworthy U.S. cosigner. In practice, this means F-1 students must use private loans and find a qualified cosigner to get approved. No special federal programs are available for F-1 status. Plan accordingly.
Which loan is best for international students?
The “best” loan depends on your situation. If you have a strong U.S. cosigner, Brazos Private (formerly Sallie Mae) has very low rates (about 2.71–7.38% APR). Other common lenders like College Ave and Sallie Mae are also options with flexible terms. If you don’t have a cosigner, consider MPOWER Financing, which offers loans based on your future earning potential (no cosigner needed).
MPOWER’s rates are higher (around 12.99–15.99% APR) but it doesn’t require U.S. credit. For graduate students, Prodigy Finance offers loans (around 9.30% variable APR) tailored to international master’s/PhD programs. Choose the option with the best rates and terms for you.
Who does not qualify for student loans?
Certain students cannot get U.S. student loans. Federal loans are not available to anyone who isn’t a U.S. citizen or eligible noncitizen. This includes almost all students on F-1/J-1 visas. Even for private loans, if you don’t meet lender criteria you won’t qualify.
For example, you might be disqualified if you aren’t enrolled full-time at an accredited school, your visa is invalid or expiring, or your school isn’t on a lender’s approved list. Other common reasons: lacking a required U.S. cosigner or missing key documents (like the I-20). In short, if you fail any criteria above, you cannot borrow. No exceptions are guaranteed.
Do student loans fall off after 7 years?
No, student loans do not automatically fall off your credit report after 7 years. This is a common misconception. Student loans stay on your report for the life of the loan, and a default can appear for seven years. Federal loans have no statute of limitations, meaning you owe them until they’re fully paid. Private loans may be limited by state laws, but you’re still responsible for repaying them.
In practice, loans can remain obligations for many years. In short, you must keep paying your loans until the debt is fully paid off, even after many years. So, think twice! Be careful, everyone.
FAFSA® for international students
International students generally cannot get federal aid via the FAFSA®. Some U.S. colleges still ask internationals to submit it so they can consider any possible aid. If you have no U.S. Social Security number, you must print a paper FAFSA and mail it. Some schools offer their own international aid forms (like an ISFAA).
Only eligible noncitizens (green card holders, certain refugees, etc.) can actually receive federal aid; regular F-1/J-1 students cannot. Sallie Mae notes that internationals “are not eligible for federal aid from the FAFSA”. In short, if you’re on a student visa, use scholarships, grants, and private loans instead.
Scholarships for international students
Scholarships play a huge role in funding study. There are thousands of scholarships for international students based on factors like field of study, talents, heritage, or volunteer work.
Apply for many scholarships— even smaller awards (like $500) can add up. Programs like the Fulbright Foreign Student Program (for grad study) and the AAUW International Fellowships offer large scholarships to eligible international students. Universities often have their own scholarship programs for internationals. Be sure to watch deadlines and avoid scams (never pay to apply).
With enough scholarships, you may reduce your loan needs indeed.
Grants for international graduate students
Graduate international students can get grants to cover costs. One big example is the Fulbright Foreign Student Program, which covers almost all expenses (tuition, living costs, airfare) for master’s and PhD study. Another is the AAUW International Fellowships, which award grants to women from other countries pursuing graduate degrees in the U.S..
Many universities also offer small grants or fellowships for graduate students. Check with each school’s aid office and national scholarship agencies. Even small grants can reduce the amount you need to borrow.
Loans for international students
International students can also use private loans to fill funding gaps. As Sallie Mae notes, most international borrowers “apply with a [Cosigner] who is a U.S. citizen”. Without a U.S. cosigner, only a few specialized lenders will consider you. For example, companies like MPOWER and Prodigy Finance evaluate your school, program, and future earnings instead of your credit history.
Be aware: private loans generally have higher interest rates and fewer protections, so only use them after scholarships and grants. Compare multiple lenders to find the best rates and terms.
Cost of attendance to study in the U.S.
Studying in the U.S. is expensive. Tuition and fees can be very high, and international students also pay visa application fees, mandatory health insurance, and round-trip travel. Add housing, food, books, and personal expenses, and the total cost is much higher than tuition alone. Sallie Mae advises considering all these costs and looking for “savings, scholarships, grants, and other ‘free money’” to cover them.
Public universities often charge less than private ones, but even state schools have costs. You should budget carefully and plan for all expenses before borrowing.
Choose the school that’s right for you
Pick a school not just for academics, but also for financial support. Some schools offer generous scholarships or special loans for international students, while others offer none. Sallie Mae warns that “not all schools offer international financial assistance,” so contact each school’s admissions or financial aid office about forms and aid programs.
Find out if they require the FAFSA, an ISFAA, or other forms. Consider cost and aid availability: smaller colleges or state universities can save money. In the end, choose a school that balances academic fit with financial support.
What happens to your student loans if your visa expires or is revoked?
Your visa status does not cancel your loans. If your visa expires or is revoked (or you leave the U.S.), you still owe any money you borrowed. Student loans (private or federal) are legal debts that must be repaid under the loan terms.
Lenders do not forgive loans because your visa ends. In practice, this means even if you stop attending school or return home, your repayment obligations continue. Always plan ahead: borrowing with a student visa means you commit to repayment regardless of immigration status.
Cosigner requirements for Earnest student loans
Earnest, a private lender, has specific cosigner requirements for international student loans. The cosigner must be a U.S. citizen or permanent resident with strong credit and income. Earnest often expects at least two years of U.S. residency and a credit score in the mid-600s.
You and your cosigner will both complete the application and provide financial details. In short, Earnest needs a reliable U.S. cosigner (often a parent or close relative) who meets their credit and income criteria before approving a loan for an international student.
Things to consider before asking someone to cosign
Cosigning is a big commitment for someone else. The cosigner should understand they are equally responsible for repaying the loan. If you miss payments or default, it will hurt their credit and they legally must pay the debt. Make sure the person you ask has enough income and good credit to take on this risk.
Think about your relationship: borrowing money can strain trust if problems arise. Explain your repayment plan so the cosigner feels comfortable. Remember, the cosigner is not just helping – they are financially on the hook if you can’t pay.
How to apply for a student loan with a cosigner
To apply with a cosigner, both you and your cosigner will fill out the loan application together. You’ll provide your personal and school details, and the cosigner provides their financial information and SSN/ITIN. The lender will run credit checks on both of you.
For example, Earnest’s application may ask for a Social Security Number; if you (the student) don’t have one, Earnest can assign a temporary number after you contact them. Submit any required documents (enrollment proof, visa, ID). The lender then reviews both credit profiles. If approved, you’ll sign the loan agreement and funds will be sent to your school.
