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Loans for International Students

<h1>Loans for International Students</h1>

Non-US citizens can secure loans from certain banks in the United States on condition that it is co-signed by a credit-worthy US Citizen or Green Card holder. Other than that, some banks may require the foreign student to be in possession of a particular visa – F1 or J1. A very small percentage of international students may qualify for the PLUS and Federal Stafford loans in addition to these discussed in this article.
Canadian Higher Education Loan Program (canHELP)
The canHELP loans are offered by the International Education Finance Corporation (IEFC) in partnership with Citizens Bank, The Bank of America, The Fleet Boston and The Education Resources Institute (TERI). This loan program is only available to Canadians wishing to pursue their degrees in the United States and select colleges and universities in the world.
The loan program allows the students to borrow up to the whole education cost i.e. Fees, tuition, accommodation et cetera. Those enrolling for graduate programs can apply for loans up to a maximum of $15,000 without a co-signer and up to the entire cost of education with one. Usually, a 20 year repayment period is allowed to service this loan.
For more information, write to InternationalStudentLoan.com, 15 Cottage Avenue, Fifth Floor, Quincy, MA 02169, or email to service@internationalStudentLoan.com. You may also call 1-617-328-1565 or fax 1-617-328-0615,
Global Student Loan Corporation (GSLC)
This corporation extends loan offerings to foreign students without necessarily having a US citizen or permanent resident co-signing the agreement. Instead, a parent or guardian from the student’s native country may be required to co-sign. Global Student Loan Corporation works in conjunction with financial institutions in the foreign student’s native country.
For more information, visit the GSLC web site, call 1-212-736-9666, fax 1-212-736-6536, send email to info@globalslc.com, or write to Global Student Loan Corporation, 350 Fifth Avenue, Suite 2416, New York, NY 10118 USA.
International Student Loan program (ISLP) and Study Abroad program (SALP)
ISLP is a loan program for international students to study at specific US institutions, while the SALP allows citizens of the United States to study abroad. TERI guarantees these loans which are availed by PNC bank. You can access the loans via www.IntenationalStudentLoan.com
These two loans are serviceable within 25 years and may cover up to the total cost of education if the student wishes.  As a requirement for qualification for these loans, a creditworthy US citizen must co-sign.
For more information, call 1-617-328-1565 or fax 1-617-328-0615, write to InternationalStudentLoan.com, 15 Cottage Ave, Fifth Floor, Quincy, MA 02169, or send email to service@internationalstudentloan.com.
Massachusetts Educational Financing Authority (MEFA)
Foreign students wishing to enroll in one of over 80 participating universities and colleges in Massachusetts can be granted MEFA loans. All other foreign students except the privileged Canadians must have the loan co-signed. Full education cost may be awarded to the students who are expected to service the loan in full within 15 years. Given that MEFA is a non-profit generation, thus tax exempt; their loans have very low interest rates.
MEFA also has a free guide to colleges and universities in Massachusetts. For more information, call 1-800-842-1531 or 1-617-261-9760, fax 1-617-261-9765, write to MEFA, 125 Summer Street, Suite 1450, Boston, MA 02110, or send email to info@mefa.org.
Norwest Bank
International graduate business and medical students qualify to apply for loans from Norwest Bank.
For more information write to Norwest Bank/HEMAR Insurance Corp., GMAC, 2400 Broadway Suite 320, Santa Monica, CA 90404-3064.
The Education Resources Institute (TERI)
TERI’s education plan referred to as Professional Education Plan (PEP) grants up to $20,000 annually to international students wishing to pursue graduate or professional study. A creditworthy US citizen must co-sign the agreement.
Lenders include:
Nellie Mae (1-800-634-9308; 50 Braintree Hill Park, Braintree, MA 02184)
Citibank (1-800-692-8200 x480), Bank of Boston (PO Box 312, Boston, MA 02117-0312)
BayBank (1-800-332-8374 or 1-617-320-2422; PO Box 510, Dedham, MA 02026)
For more information, call 1-800-255-TERI (1-800-255-8374), write to The Education Resources Institute (TERI), 330 Stuart Street, Suite 500, Boston, MA 02116-5237, or send email to custserv@teri.org.
** Loan programs should be critically analyzed as interest rates usually vary coupled with ‘hidden costs’.