The cost of a college education in the United States just keeps soaring. According to the College Board, tuition and fees at public four-year institutions rose at an average rate of 5.2% per year over the past ten years.
Because of this, international students who choose to study at colleges and universities within the U.S. typically need to access alternative sources of financing beyond scholarships and grants. To help fill in the gap, several lenders within the U.S. offer international student loans for foreign students wishing to study in the United States.
While that may sound great, qualifying for international student loans are not always so easy. One of the biggest roadblocks is that lenders will not offer private student loans to international students without a the presence of a credible, financially stable cosigner. A further hurdle lies in the fact that the vast majority of international student loan programs require a cosigner who is a U.S. citizen or permanent U.S. resident. While there are a few loan programs that will accept a cosigner from the student's home country, these are very hard to find and qualify for.
For international students wondering where they can find a cosigner, the best and most common options include an extended family member, friend, or even an acquaintance (the cosigner doesn't have to be directly related to the student seeking financing). The most important thing is that the person meets the general requirements and is willing to cosign on the loan. The cosigner should have a social security number, and provide a current U.S. address, phone number, references, as well as employment information.
Cosigners should be chosen carefully because if the loan defaults they will be held liable for the outstanding debt.
For those who have a cosigner to turn to and are looking for programs and additional international student loans information, the best online resource to turn to is The International Education Financial Aid website (IEFA.org). This site maintains a very comprehensive listing of grants, scholarships, loan programs, as well as other information on international financial aid. International students should start their search here to see what is available to them.
Lastly, foreign students seeking to attend college in the U.S. should make sure to check in with the college's financial services department to make sure the financing they would receive will adequately meet their needs.
In short, though it may be a bit of a challenge for some international students to secure financing for their studies within the U.S., if they can get around the cosigner issue, they may have several options for international student loans.
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