Here we are going to share with you tips to get Loan as US non-citizen or foreign student, you know what? It doesn't matter whether it's MIT, UCLA or Harvard, derby, Cambridge, as regards to opportunity to study in the US can open many doors.
The reason for this article to help US non-citizen or international students understands and learn the best way to get Loan as US non-citizen or foreign student, it is also great to be aware that not all US non-citizen or foreign students can afford tuition fee, accommodation and board, books, feeding and supplies that's necessary for college requirements.
So For these students we have written this article to help you out on the necessary requirements for applying a student or non-citizen loan in US, so you should note that applying for a student loan is often the best help you can get while studying as a student here in US. International student loans often cover the total cost of school.
We are going to use this frequently ask questions format, to narrate all necessary tips you need on How to get Loan as a US non-citizen or foreign student
1.As an international student, do I still need to provide a credit history?
Our answer on this; is that, you should know that as an international student, you are expected not to have built up a credit history in the US. Lenders do not all require you to have excellent credit history, but the most important thing is that you will be required to have a US cosigner. Your cosigner (sureties) is the person who will legally sign any loan papers in order to help you to secure non-citizen or foreign student US loan.
The person you bring as cosigners are jointly and legally responsible for repaying the non-citizen or foreign student US loan. They must be able to provide all this necessary requirements listed below in order to verify their citizenship status:
- Proof of US citizenship or lawful permanent residency
- Good credit
- An income history
- Proof they've lived in the US for two years or more
- How do I apply loan for a new home as a US non-citizen or foreign student?
We all know that owning a home is one of the cornerstones of the American dream. Providing shelter for your family and a place to call your own is a step toward integrating into American culture and your new community. But many US non-citizens or foreign student believe there's no way to obtain a home loan. It is wise to learn that as a nonresident of the US, financing a home loan or mortgage is difficult, but not impossible.
You should note that the ease of getting a home loan depends on your residency status. Generally, you can apply loan for a new home as a US non-citizen or foreign student loan if you are a:
- Permanent resident with a valid green card (Form I-551)
- Nonpermanent resident with a valid work visa
2.Applying for a mortgage, what do I need to apply for a mortgage?
By assembling the following documentation, you're assuring potential lenders that you can make future mortgage payments:
- A valid work visa - E1, E2, H1B, H2A, H2B, H3, L1 or G1-G4 visas
- A valid Social Security number
- Employment authorization documentation
- Proof of employment history
- A credit history
- Proof of income
- How do I compare loans?
It better to understand that all loans are not created equal. You'll need to do your research and compare your options before making a final decision.
Consider these factors listed below:
- Loan terms. Shorter loan terms could end up being beneficial. You'll increase your monthly payments, but you'll pay a lower amount in overall interest.
- Monthly payments. Monthly payments with variable interest rates or balloon payments typically have lower monthly payments, but these loans come with other catches. Evaluate what you can afford each month before signing any contract.
- APR. Don't ignore the APR, which reflects the interest rate, broker fees and other charges. For mortgages, lenders are required to tell you the APR, allowing you to find the best rate to save money in the long run.
- Interest rate. One of the most important factors to consider is the interest rate. It's not always easy to compare them, but a loan with a low interest rate may be a bad value if its fees are too high. Likewise, a loan with a high rate and low fees could be an exceptional value.
- Balloon payments. A balloon payment is a large payment due at the end of a balloon loan. It means you'll need to pay any remaining money owed at the end of your loan term. If you are a considering a loan with a balloon payment, you will need to have money on hand when it comes due.
What is a balloon loan?
A balloon loan is a loan - often a mortgage - that does not fully amortize before the end of its term. This means that while your payments are lower over the life of the loan, you will owe a large payment to pay off the balance at its end. This payment is often more than twice the loan's average payment, sometimes thousands of dollars. You'll need to think about whether you will have the cash on hand to pay the balloon payment when it's due.
3.What happens after I receive my loan as a US non-citizen or foreign student?
So far you have cleared all the requirements and have also completed and submitted the paperwork, you'll have to wait to receive your money. Some lenders take 48 hours to authorize a loan, but it could take longer.
So now that that you have gotten US non-citizen or foreign student, let me give you a little advice, you should carefully know that once you have apply for the loan you have been seeking for as a US non-citizen or foreign student and you have been granted the loan you seek for, remember the loan you apply for have a limited time for the repayments. So no one should expect you to fold your hand and be doing nothing in order to repay the loan. But don't worry about how you will do the repayments, follow this guidelines below to learn the easy way out:
- Create a budget. You should consider creating your personal budget as a US non-citizen or foreign student, Because, A budget can help you both save for monthly payments and remind you not to overspend.
- Enroll for automatic payments. With auto-pay, recurring payments are deducted from your bank account and electronically sent to your lender. It's the easiest way for you to pay off your loan while avoiding late fees.
- Avoid skipping even one payment. If you think you won't be able to make your monthly repayment, contact your lender as soon as possible. Your lender may be willing to explore ways to help.
Whether you've decided to make it your new home or a place to further your studies, the US has a lot to offer to US non-citizen or foreign student, nonresidents - including loans to finance your new home, car, tuition or extra cash to ease your transition.
Getting a loan as a US non-citizen or foreign student, nonresident involves paperwork, documentation and time. But once you've followed the process and received your loan, it will be worth it. Stay on top of your monthly payments, and you'll save both money and your credit history.
Drop your comment below. Thanks!!