US cosigner loan options offer several advantages to borrowers when compared to international loan options. US cosigner education loan options can provide funding with more predictable repayment terms, and interest rates tend to be affordable for international students. These aspects might be more important to you if you’re taking out a significant amount.
US cosigner loan options: an overview
US cosigner loan options are available to international students with the guarantee of a cosigner living in the US. The co-signer must be either a US citizen or a permanent resident with a good credit history. Prominent US cosigner loan options come with affordable terms and conditions for international students, as you can see below:
| US Cosigner Loans | |
| Maximum Amount | Up to 100% of the cost of attendance |
| Loan Option Coverage | Tuition fees Living costs Housing costs Food Books |
| Interest Rates | Fixed Rates: 4.11% – 15.90% *APR 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 | Immediate: Pay the full amount + interest in one go Interest only: Pay SI/PSI interest every month Fixed pay: Pay 25 USD every month Deferred: No payment while studying |
*APR: APR stands for Annual Percentage Rate and represents the total cost of borrowing on an annual basis. The APR includes the nominal interest rate on a loan option and additional fees or costs associated, such as origination fee, closing fee, and discount points.
Top benefits of US cosigner loan options
The investment made through a US cosigner education loan option can pay off in the long run by opening doors to better-paying jobs and career advancement. Top benefits of US cosigner loan options include the following:
| Loan without collateral US cosigner loan options allow international students to get funds for their studies without mortgaging anything. The only security they ask for is a financially stable cosigner in the US, either a citizen or permanent resident. | Speed processing US cosigner loan options are processed quickly, saving you time. Even if you apply at the last minute, you stand a chance to get the loan approval timely as your interest rates are estimated within minutes. |
| Zero additional charges There are no origination, disbursement, prepayment or late payment fees in US cosigner loan options. You save around 1% – 5% of your loan amount in this way. | Minimal documentation process US cosigner loan options involve minimal documentation and less hassles. You only need to submit your identity and admission documents and your cosigner’s financial documents. |
| Supports more institutions US cosigner loan options cover more US institutions than international lenders. Therefore you stand a chance to get a loan even if your institution is remote. | Zero FOREX conversion charges FOREX conversion charges (1% – 5% of the loan amount) are zero for US cosigner loan options, letting you save more. |
| Funds up to 100% of the total expenses You can expect up to 100% coverage of your expenses with a US cosigner loan option, including academic and living costs. | Flexible repayment options Borrowers have the flexibility to pick any monthly payment and term between 5 and 20 years in US cosigner loan options. Repayment of a US cosigner loan option can be made in a single payment, fixed monthly installments, interest-only payments, or no interest payment while studying, according to your financial ability. |
How to apply for US cosigner loan options?
The application process for US cosigner loan options is online and hassle-free, with minimal documentation and no application fee. Streamline your application process with Nomad Credit, your trusted study abroad partner. Our counselors offer holistic help, including
- Profile evaluation for personalized search
- Document collection from applicant and cosigner
- Online application
And our service charges? It’s ZERO. Don’t let your dream of education in the US wait – join Nomad Credit and explore US cosigner loan options with our guidance.
Frequently Asked Questions
What is the advantage of an education loan from a US lender?
An education loan from a US lender saves you FOREX conversion charges (up to 5% of the loan amount) and application fees. You don’t need to pledge collateral to apply for an education loan from a US lender.
What are the risks of a US cosigner loan option?
If you don’t get a job after your studies, it will be difficult to repay your education loan, and the debt will accrue with interest. Check your job opportunities properly before applying for a US cosigner loan option.
Is US cosigner loan option debt high?
The amount of monthly repayment depends on your borrowed limit and the interest rate charged. If you repay your US cosigner loan option timely, the debt can be manageable. It becomes high only when you default on repayment.
Can a good cosigner change US cosigner loan option terms?
A financially sound cosigner in the US is a plus for your application. Having such a cosigner enhances your chances of getting a high amount at low interest rates.
Can students get US cosigner loan options with non-US cosigners?
No. It is mandatory to have a US citizen or permanent resident as a cosigner for US cosigner loan options.
