US Cosigner
Student
Loan
US Cosigner Student Loan Options
What is a US Cosigner loan?
A US cosigner loan is an education loan that international students can obtain from a US lender with the backing of a US citizen or permanent resident as a cosigner. This cosigner, who may be a relative, professor, or close acquaintance, must have a stable income in the US. International students admitted to a US institution qualify for these loans, provided they have a financially reliable cosigner in the country. Our smart eligibility checker saves you time by providing accurate results and recommending the best loan options tailored to your profile. Whether you’re applying for a collateral-free loan, a cosigner loan, or one without a co-applicant, our tool simplifies the process by matching you with suitable lenders.
No Credit Score Impact
Instant Eligibility Check
Multiple Loan Options
Expert Assistance
Top benefits of a US cosigner loan option for international students
- No collateral needed: US cosigner loans are generally unsecured, meaning international students can secure funding for their education without pledging any assets as security.
- Simplified documentation: US lenders require only a few essential documents from the student and cosigner, making the application process straightforward and hassle-free.
- Wider institutional coverage: US lenders generally support a larger number of colleges and universities than other lenders, increasing the likelihood of loan approval for international students compared to other education loan options.
- No currency conversion fees: Education loans from India incur FOREX conversion charges (typically 1%–5% of the loan amount) for currency exchange. In contrast, US cosigner loans do not have these charges, allowing students to save on additional costs.
- Full funding availability: US cosigner loans generally do not have a fixed upper limit, allowing international students to secure up to 100% of their cost of attendance.
- Flexible repayment options: US cosigner loans offer various repayment choices, including a single payment, fixed monthly installments, interest-only payments, or deferring interest payments while studying. This flexibility allows international students to manage repayment based on their financial situation.
US cosigner loan option amount, interest rate, and repayment terms
US cosigner loan options offer high amounts at an affordable interest rate that is fixed or variable, depending on the lending partner and market conditions. Multiple repayment options available for US cosigner loan options allow international students to repay the debt according to their financial strength.
| US Cosigner Loans | |
|---|---|
|
Maximum Amount |
Up to 100% of the cost of attendance
|
|
Loan Option Coverage |
Tuition fees, Living costs, Housing costs, Food, and Books
|
|
Interest Rates
|
1. Fixed Rates: 4.11% – 15.90% *APR 2. Variable Rates (with autopay discount): 5.62% -16.51% APR Disclaimer: The interest rates are subject to market conditions and can change from case to case. |
|
Additional Fees |
0 (no application, penalty, or origination fee levied at the time of application)
|
|
Repayment Period |
5, 7, 10, 12, & 15 years
|
|
Repayment Options
|
1. Immediate: Pay the full amount + interest in one go 2. Interest only : Pay SI/PSI interest every month 3. Fixed pay Pay 25 USD every month 4. Deferred: No payment while studying |
APR (Annual Percentage Rate): APR represents the total yearly cost of borrowing, including the nominal interest rate and any additional fees such as origination fees, closing costs, and discount points. It provides a comprehensive measure of the loan’s actual cost.
Eligibility requirements for a US cosigner loan option
Here are the typical criteria for US cosigner loan options:
Eligibility requirements for students
- Secure admission to a US school
- Have a good GPA (minimum 2.0 – 3.0)
- Possess form I-20 at the time of application
Eligibility requirements for cosigner
- Be a US citizen or permanent resident for at least 10 years
- Have a good GPA (minimum 2.0 – 3.0)
- Possess a minimum credit score of 650
- No history of bankruptcy
Who is considered a good cosigner for US cosigner loan options?
Show repayment capacity:
The cosigner must earn a regular and sufficient income to repay the debt in timely installments. It is acceptable to have already pending payments if the monthly income is adequate enough to cover it.
Financial stability:
Depending on the lending partner, the cosigner has to show proof of regular and stable income. The cosigner should possess a good financial history with no debt records.
Living in the US for a long time:
Lending partners make sure that the cosigner is living in the US for a long time, typically at least 10 years. The cosigner can be either a US citizen or a permanent resident with a stable source of income and banking credibility.
Documents required for a US cosigner loan option
Compared to other education loan options, a US cosigner loan option involves a minimal documentation process. It can be completed within a short time. Given below are the must-have documents for US cosigner education loan options:
- Permanent address proof of the student
- Copy of form I-20 (showing course details and cost of attendance)
- Proof for extra expenses not shown in Form I-20
- Cosigner’s address proof showing name, email, and home state in the US
How to find a cosigner in the US?
Finding a cosigner in the US is a key part of the application process for a US cosigner loan. Since the cosigner is liable for the loan while you are studying, US lenders only accept reliable and creditworthy cosigners.
Here are some suggestions for finding your cosigner in the US:
- Look for close relatives or friends in the US who earn a regular income
- Approach your professors and ask for their willingness to be your cosigner
- Do network for US settled-Indians and request them to be your cosigner
Inquiry Form
Get Access to the BEST Student Loan Options
EmailAddress
Phone Number
Fill out the form below, and we’ll get back to you
Within 24 Hours.
How to begin the application process for a US cosigner loan option?
The US cosigner loan options application process is online and hassle-free, with minimal documentation. If you are interested in a US cosigner loan option, get in touch with Study Bank. Our dedicated counselor evaluates your profile and provides valuable guidance on admission, university shortlisting, education loan options, and student visas at zero cost.
Get this no-cost guidance right now and save yourself from intricacies related to US cosigner loan option application and documentation processes.
Frequently Asked Questions (FAQs)
Why do our students take US cosigner loan options over other loan options?
US cosigner loan options enjoy a greater acceptance rate among US institutions. Also, they have an easy criteria for accepting applications compared to other lending partners.
Can I get a 100% education loan option in the US?
Typically, banks offering US cosigner student loan options fund up to 100% of the Cost of Attendance (COA) as reflected on the student’s I20 or school portal. These loans are typically disbursed for one academic year at a time. For subsequent academic years, students are required to initiate a new loan application. This process may involve using the same existing cosigner or finding a different cosigner.
Am I eligible for a loan option in the US?
You can begin the application process for a US cosigner education loan option if you get admission to an academic institution in the US and have an eligible U.S. cosigner.
Is a US cosigner education loan option risky for international students?
Taking a US cosigner education loan option comes with benefits and challenges. If you don’t repay the loan option amount, the accrued interest rate can be higher and can pose a financial challenge to you. Proper financial management makes your repayment an easy process.
Can I repay the US cosigner loan option while studying?
Many students opt for the repayment of interest while studying. If you are financially good enough to repay the interest while studying, it is better to do so for a reduction in the repayment debt by the time you complete your studies.
What if my cosigner backs off at the last moment?
It is mandatory to have a cosigner for US cosigner loan options. If your cosigner backs off at last, find another cosigner to get your education loan option.
Your cosigner must be a US citizen or a permanent resident with sufficient earnings.
Many students opt for the repayment of interest while studying. If you are financially good enough to repay the interest while studying, it is better to do so for a reduction in the repayment debt by the time you complete your studies.
Can I change my cosigner in between my semesters?
Some students may need to change their US cosigner due to poor financial conditions or the death of the cosigner. In such emergencies, reach out to your lending partner and request a change. The ultimate decision is from the lending partner.
What if I am not in a condition to repay my education loan option?
If you don’t repay the education loan option, the interest will be accrued, and your debt will be higher. If you don’t repay the debt for long, the cosigner will be responsible, and legal action may be taken against them.