Table of Contents
- What are US cosigner education loan options?
- How does a US cosigner education loan option help you?
- What is the moratorium period for US cosigner education loan options?
- How to plan your repayment in the moratorium period?
- Frequently Asked Questions
US cosigner education loan options let you study in the US without worrying about finances. This is possible with the agreement of a moratorium period in which the lender does not charge you for repayment. In the moratorium period, you can plan your repayment to avoid accruing interest rates and future debt.
What are US cosigner education loan options?
US cosigner education loan options help you study in a US institution with the help of a US citizen or permanent resident as the cosigner. For international students, US cosigner loan options are beneficial as the funds are provided upon the guarantee of a US cosigner and the student’s academic merit.
| 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 |
How does a US cosigner education loan option help you?
- Loan without collateral: US cosigner loan options provide international students with access to funds for their studies without requiring collateral. Instead, the sole security needed is a financially stable cosigner based in the US who can be either a citizen or permanent resident.
- Fast processing: US cosigner loan options are processed swiftly, saving applicants valuable time. Even for last-minute applications, timely loan approvals are possible, as interest rates are estimated within minutes.
- No additional charges: US cosigner loan options come with no origination, disbursement, prepayment, or late payment fees, resulting in savings of approximately 1% – 5% of the loan amount.
- Minimal documentation: US cosigner loan options entail minimal documentation and reduced hassles. Applicants only need to submit their identity and admission documents, along with their cosigner’s financial documents.
- Support for more institutions: US cosigner loan options encompass a wider range of US institutions compared to international lenders, increasing the likelihood of securing a loan even for students attending remote institutions.
- Zero FOREX conversion charges: US cosigner loan options do not incur FOREX conversion charges (typically 1% – 5% of the loan amount), leading to additional savings for borrowers.
- Funds up to 100% of total expenses: US cosigner loan options offer coverage of up to 100% of expenses, including academic and living costs.
- Flexible repayment options: Borrowers have the flexibility to choose any monthly payment and term between 5 and 20 years with US cosigner loan options. Repayment can be structured as a single payment, fixed monthly installments, interest-only payments, or deferred interest payments while studying, depending on the borrower’s financial capacity.
What is the moratorium period for US cosigner education loan options?
The moratorium period in education loans refers to a specified duration during which borrowers are not required to make any repayment towards the principal amount on their loan. The moratorium period allows students to focus on their studies without the immediate burden of loan repayment.
- The moratorium period for US cosigner loan options typically begins from the disbursement of the loan amount.
- It extends till 6 – 12 months after the course completion. So US cosigner loan options moratorium period is 1 – 4 years plus 6 – 12 months.
- The interest may continue to accrue during this period, depending on the terms of the loan agreement.
How to plan your repayment in the moratorium period?
It is advised that you plan your repayment in the moratorium period itself to avoid accruing debt. Use our EMI calculator and budget the repayment in your monthly expenses. Work part-time and pay the interest every month. It will help you save more as the interest will be lowered as you make frequent payments.
Are you looking for an education loan option without pledging collateral or involving your parents? Explore your personalized US cosigner education loan options with zero-cost guidance from Nomad Credit. Our tailored approach filters top options with minimal interest rates for your profile.
Frequently Asked Questions
What is the advantage of the moratorium period?
The moratorium period lets you study without worrying about repayment until you complete the course. With the moratorium period, you are relieved of an immediate financial strain.
Can I start repaying my education loan during the moratorium period?
If possible, you can start repaying your education loan in the moratorium period. It will reduce your interest debt in the future.
Would there be an increase in the EMI after the moratorium period?
No. EMIs are fixed and decided when you accept the education loan sanction letter.
What are moratorium charges for US cosigner education loan options?
There are no moratorium charges for US cosigner loan options. Anyone can get the benefit of a moratorium period automatically.
Can the moratorium period be canceled?
Typically, you can’t cancel the moratorium period once the agreement is made. In fact, there is no need to cancel the moratorium period as you can start repaying the loan in this period itself.
