If you want to study abroad, you may have to go for international student loans. Finding international student loans without cosigner may be difficult, though not impossible.
If you are thinking of studying abroad, then you need to take the cost factor into consideration. There are fees to be paid not only for tuition, but also for boarding and you require to spend money for living a decent life in a foreign country. There are a few loan options which you can look at, but most of them require a cosigner. This does not mean that there are no international student loans without cosigner. There are scholarships which you can avail of, but then finding a good scholarship which can pay for all your expenses is very rare. And as such international student loans become important.
Loans without Cosigner for International Students
If you are thinking of studying in the US, or you are a US student who wants to study abroad, then you may need an international student loan to fund your education. You can apply for international student loans, but you may need your loan to be signed by a co-signer who is a citizen of the United States or a resident of the country. However if that's not possible, then you can opt for loans from Global Student Loan Corporation (GSLC).
Most of the time international students find it difficult to fund their educational needs. If you are an international student, usually the process of being approved for a loan is very rigid. That is due to the fact that if banks provide loans to international students, there is a high risk of default. And if a student defaults, the bank is bound to lose a lot of money. This is where Global Student Loan Corporation can come to your rescue, as they don't require a cosigner in the host country. Moreover, they have a longer repayment period as compared to other loans. However, you will need a cosigner in your country of residence, and in such cases, any one of your parent can cosign the application. The loan is actually provided by a bank in your country of residence, and once you complete your studies, you can start repaying student loans of this type.
Another advantage of international student loans through GLSC is that you can opt for student loan wage garnishment. In such a case, once you get a job, a portion of your salary is automatically deducted by the bank, which pays for the loan which you have already taken. If you want to apply for international student loans through GLSC, you just need to complete an online application form, so as to determine whether you are eligible or not. Moreover, you are also provided all expenses during your period of study which includes cost of housing, travel, communication and insurance.
The repayment options are quite flexible, and if you want to delay your repayment period till the time you graduate, you can do that as well. And since you can delay repaying the loan, you have the time to search for a good job which pays well, so that you don't have the financial burden from the very beginning. Moreover, you can also get a certificate from GSLC, which you can show in school, if they want to see whether you can pay for your education in the school or not.
You can also look for other international student loans without cosigners, but they may have strict restrictions, like borrowing only up to a certain limit. Moreover, you may also need to pay a guarantee fee of 7.5%, when the loan is being disbursed and a 2% fee, when you first repay the loan.
So even though the options for international student loans without cosigners are limited, it's not that there aren't any. Without cosigners you may need to pay a higher rate of interest, so go through the options carefully and select the one that suits you best. Madhurjyia Bhhattacharyya
Wednesday, July 4, 2012
Wednesday, June 20, 2012
No Credit Check Student Loans
No credit check student loans are a boon for students, especially those who have less impressive credit or no credit at all. Both federal and private student loans that require no credit check are available today.
It is a common incidence that students have no credit at all or if they have, the credit score is usually less. At any point of time, no credit or less credit is far better than a bad credit. Nevertheless, in such situations, getting qualified for student loans is very difficult. Every private financial institution checks credit prior to sanctioning educational loans. In fact, many students end up taking loans with very high interest rates. The good news is that there are student loans with no credit check. Let's discuss the options for student loans with no credit check.
There are several types of student loans that do not require credit check. In most cases, no credit check student loans are federal loans. Going through federal routes for getting student loans is the best way, as they charge a very low-interest rate and are long-term. Some of the popular options for securing student loans with no credit check are as follows:
Federal Stafford Loan: Federal Stafford loan is one of the best options for these loans. With Stafford loans, you have the flexibility to repay the loan amount within a grace period of six months after you earn your graduate degree. For obtaining this loan, you need to fill up FAFSA (Free Application for Federal Student Aid) form. All undergraduate and graduate students can apply for this loan.
There are two types of Stafford loans, namely, subsidized and unsubsidized. The former is designed for financially needy students, whereas the latter can be applied for by students of any economical background. Subsidized Stafford loan charges no interest until the completion of the grace period, while in the unsubsidized type, the student has to pay the interest charges.
Federal Perkins Loan: Federal Perkins are given to students who are in great need for financial help. Apply for this loan by filling up the FAFSA form. Perkins loan is offered in collaboration with the government and college funding. It is provided on first come, first served basis. Hence, for securing Perkins loan, you are required to fill up the necessary form as soon as you secure an admission in the college.
Student Loans Requiring Cosigner: Another option for no credit check student loans is to take help from a trustful cosigner. It is a mandatory procedure for many of the institutions to have cosigners for securing student loans with no credit history or bad credit. The cosigner is taking the responsibility of repaying money, if the actual borrower or student fails to repay the loan. With such a condition, the student gets educational financing at a very low-interest rate.
Other Loans: Apart from the federal routes for getting educational financing, there are also private student loans with no credit check, either as secured loans or unsecured loans. However, make sure that you check the annual percentage rates (APR) and the loan facilities prior to signing for the particular loan. Do not fall prey to private lenders who provide loans with a higher interest rate or lesser features.
If you are unsure about the correct option for securing no credit check student loans, you can seek advice from an experienced financial advisor. He/she is the best person to explain to you, the various ways to achieve educational financing with low or no interest. You can also gather information about federal grants and scholarships.The good news is that if you qualify for federal grants and scholarships, you won't be required to repay the amount. Isn't that great? --- Ningthoujam sandhyarani
It is a common incidence that students have no credit at all or if they have, the credit score is usually less. At any point of time, no credit or less credit is far better than a bad credit. Nevertheless, in such situations, getting qualified for student loans is very difficult. Every private financial institution checks credit prior to sanctioning educational loans. In fact, many students end up taking loans with very high interest rates. The good news is that there are student loans with no credit check. Let's discuss the options for student loans with no credit check.
There are several types of student loans that do not require credit check. In most cases, no credit check student loans are federal loans. Going through federal routes for getting student loans is the best way, as they charge a very low-interest rate and are long-term. Some of the popular options for securing student loans with no credit check are as follows:
Federal Stafford Loan: Federal Stafford loan is one of the best options for these loans. With Stafford loans, you have the flexibility to repay the loan amount within a grace period of six months after you earn your graduate degree. For obtaining this loan, you need to fill up FAFSA (Free Application for Federal Student Aid) form. All undergraduate and graduate students can apply for this loan.
There are two types of Stafford loans, namely, subsidized and unsubsidized. The former is designed for financially needy students, whereas the latter can be applied for by students of any economical background. Subsidized Stafford loan charges no interest until the completion of the grace period, while in the unsubsidized type, the student has to pay the interest charges.
Federal Perkins Loan: Federal Perkins are given to students who are in great need for financial help. Apply for this loan by filling up the FAFSA form. Perkins loan is offered in collaboration with the government and college funding. It is provided on first come, first served basis. Hence, for securing Perkins loan, you are required to fill up the necessary form as soon as you secure an admission in the college.
Student Loans Requiring Cosigner: Another option for no credit check student loans is to take help from a trustful cosigner. It is a mandatory procedure for many of the institutions to have cosigners for securing student loans with no credit history or bad credit. The cosigner is taking the responsibility of repaying money, if the actual borrower or student fails to repay the loan. With such a condition, the student gets educational financing at a very low-interest rate.
Other Loans: Apart from the federal routes for getting educational financing, there are also private student loans with no credit check, either as secured loans or unsecured loans. However, make sure that you check the annual percentage rates (APR) and the loan facilities prior to signing for the particular loan. Do not fall prey to private lenders who provide loans with a higher interest rate or lesser features.
If you are unsure about the correct option for securing no credit check student loans, you can seek advice from an experienced financial advisor. He/she is the best person to explain to you, the various ways to achieve educational financing with low or no interest. You can also gather information about federal grants and scholarships.The good news is that if you qualify for federal grants and scholarships, you won't be required to repay the amount. Isn't that great? --- Ningthoujam sandhyarani
Student Loan Consolidation Rates and Comparison
Consolidating loans may seem like an obvious choice for any student stuck up in the pile of debt. These loans have a cap of interest rate of 8.25%, meaning you won't have to pay interest rate any more than that. Since, one direct consolidating loan can take care of multiple smaller loans, your credit report gets a boost as it records a paid status for numerous loans, in spite of the same impending debt amount. Best rates for student loan consolidation can be obtained on federal student loans such as Direct and FFEL Stafford Loans, PLUS Loans, Federal Perkins Loans and others. Since, these loans may have a interest rate more than 8.25%, you will end up paying much less on a consolidating loan as it cannot have an interest rate beyond 8.25%. However, there are certain limitations on the benefits you can avail from this loan. Firstly, consolidating student loan provides maximum benefits on federal student loans only. Private loans may already have interest rates less than 8.25%, in which case you will end up paying roughly the same amount after consolidating your loans.
Student Loan Consolidation Rates
Student Aid on the Web defines the student loan consolidation interest rates as weighted average of the interest rates on the loans being consolidated, rounded up to the nearest one-eighth of 1%, to a maximum of 8.25%. Following example will give you a clear understanding of private and federal loan consolidation rates.
Mark, a student has loan A of amount $10,000, loan B of amount $5,000 and loan C of amount $3,000. Mark is paying 6.25% interest on loan A with a monthly payment of $625, 8.5% on loan B with a monthly payment of $425 and 8.75% on loan C with a monthly payment of $262.5. Mark's total impending debt can be consolidated into a single loan of amount $18,000 ($10,000 + $5,000 + $3,000). The interest rate on a consolidated loan can be found out as,
$625 + $425 + $262.5 = $1312.5
Divide the above amount with consolidated loan amount of $18,000 to arrive at a figure of 0.0729. Converting it to a percentage you get an interest rate of about 7.29%. The last step is to round the interest rate to one eighth of 1%, which is 7.25%.
This was all about the estimate for student loan consolidation rates. Evaluate your options wisely before going for a consolidating loan. ---Ashvani kulkari sule
Student Loan Consolidation Rates
Student Aid on the Web defines the student loan consolidation interest rates as weighted average of the interest rates on the loans being consolidated, rounded up to the nearest one-eighth of 1%, to a maximum of 8.25%. Following example will give you a clear understanding of private and federal loan consolidation rates.
Mark, a student has loan A of amount $10,000, loan B of amount $5,000 and loan C of amount $3,000. Mark is paying 6.25% interest on loan A with a monthly payment of $625, 8.5% on loan B with a monthly payment of $425 and 8.75% on loan C with a monthly payment of $262.5. Mark's total impending debt can be consolidated into a single loan of amount $18,000 ($10,000 + $5,000 + $3,000). The interest rate on a consolidated loan can be found out as,
$625 + $425 + $262.5 = $1312.5
Divide the above amount with consolidated loan amount of $18,000 to arrive at a figure of 0.0729. Converting it to a percentage you get an interest rate of about 7.29%. The last step is to round the interest rate to one eighth of 1%, which is 7.25%.
This was all about the estimate for student loan consolidation rates. Evaluate your options wisely before going for a consolidating loan. ---Ashvani kulkari sule
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