When studying in the US is financially challenging, a US cosigner loan option saves you from financial anxieties. You can start the application process and get a US cosigner loan option hassle-free if you have an eligible and trustworthy cosigner living in the US who can be your relative, professors, friends, or anyone close to you.
In the application process, submission of the documents is a crucial part that determines an applicant’s eligibility. Let’s explore what are the documents required for US cosigner loan options to help you prepare well for a successful application process.
Who is eligible for a US cosigner loan option?
US lending partners give education loan options to international students only if the students and cosigners follow the eligibility guidelines. Here are the 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 the application process
Eligibility requirements for cosigner
- Be a US citizen or permanent resident for at least 10 years
- Have at least 3 years of good credit history
- Possess a minimum credit score of 650
- No history of bankruptcy
Why is proper documentation important for US cosigner loan options?
Proper documentation is the soul of the US cosigner loan option application process. It plays a crucial part due to many reasons, some of which are mentioned below:
- Legal Compliance: Proper documentation ensures the loan option application process is processed according to government rules and regulations. This helps in creating a legally binding agreement that protects all parties involved.
- Clarity of Terms: Detailed documentation outlines the terms and conditions of the loan option, including interest rates, repayment schedules, and any applicable fees. This clarity helps all parties involved understand their obligations and responsibilities, reducing the risk of misunderstandings.
- Risk Mitigation: For lending partners in the US, proper documentation is a risk management tool. It allows them to assess the creditworthiness of the international borrower and the US resident cosigner, reducing the likelihood of defaults. It also provides a basis for recourse in case of non-payment or other issues.
- Communication: Written documentation serves as a communication tool, providing a written record of the agreed-upon terms. This can be beneficial in case there are changes or modifications to the loan option agreement, ensuring that all parties are on the same page.
What documents are required for US cosigner loan options?
| Permanent address proof of the student The student’s permanent address in their home country is recorded to ensure credibility. Often, a KYC document with government ownership is required. | Copy of form I-20 (showing course details and cost of attendance) Form I-20 showing the student’s admission and passport details is mandatory for US cosigner loan options. It proves you are an authentic immigrant and eligible to get an education loan option in the US. |
| Proof for extra expenses not shown in Form I-20 If you need funding for costs not documented in your Form I-20, the lending partner may ask for proof of the extra expenses. | Valid passport copy Sometimes students may be asked to submit their passport copy, although the details are already mentioned on Form I-20. |
| The cosigner’s income proof The cosigner’s income proof is a must for US cosigner loan options, as the lending partner requires proof of the cosigner’s financial capability. The income must be sufficient enough to cover the loan option debt. | University admission proof if no Form I-20 In the absence of Form I-20 due to delay, students need to submit alternate proof of admission, such as a university offer letter for US cosigner loan options. |
| Valid passport copy Sometimes students may be asked to submit their passport copy, although the details are already mentioned on the Form I-20. | Recent passport-size photographs The lending partner may ask for recent passport-size photographs of the student and cosigner for verification purposes. |
How to submit the documents required for US cosigner loan options?
Typically, the documents required for US cosigner loan options are submitted online through the lending partners’ portals. Students need to follow the documentation guidelines suggested by the lending partner for a successful submission. Often, a copy of the original document is sufficient.
When you go through the application process with Nomad Credit’s assistance, you unlock a simple documentation process. Access seamless guidance at zero cost to research your personalized options and start the application process for US cosigner loan options. Let your US study dreams actualize with us! Connect and get zero-cost guidance now.
Frequently Asked Questions
What if I miss any document while going through the application process for a US cosigner loan option?
Missing out an important document may delay your verification process. Inform the lending partner if you miss any documents and follow the instructions.
Is a delay in submitting cosigner documents accepted?
Sometimes, an applicant may require more time in submitting documents. It is up to the lending partner to accept a delay in submitting a document.
How much time is required for a US cosigner loan option documentation?
US cosigner loan option documents are easily verified and processed at a faster rate. Typically, 1 – 4 days are required to complete your US cosigner loan option documentation.
What is the documentation fee for US cosigner loan options?
Typically, there is no additional fee for documentation of your US cosigner loan option.
Can I submit my documents from India for a US cosigner loan option?
You can submit your documents for US cosigner loan options from India online. Make sure you coordinate with your cosigner in the US and that no documents are missed. We suggest you get in touch with Nomad Credit’s counselor and streamline the process at zero cost.
Is there any minimum or maximum loan option amount for US cosigner loan options?
The minimum or maximum US cosigner loan option amount is determined by your lending partner, school, course, cosigner income, and other factors.
