Loans for International Students

Some banks in the US will issue student loans to non-US citizens provided it is co-signed by a credit worthy US Green Card holder or Citizen. Some banks in addition to that, may be particular as to the type of visa held by the international student (F1 or J1). Other than the loans discussed here, the certain foreign students may qualify for the Federal Stafford and PLUS loans.

Canadian Higher Education Loan Program (canHELP)

This is a loan program for Canadian students wishing to study in the US and a few other approved schools world-wide. The loans are offered by the IEFC (International Education Finance Corporation) in conjunction with The Bank of America, Citizens Bank, TERI (The Education Resources Institute), and the Fleet Boston.

It allows for students to borrow up to the whole cost education i.e. Tuition, accommodation, fees etc. Graduate students can either borrow the whole cost of education with a co-signer or, up to a maximum of $15,000 per annum without a co-signer. A repayment period of 20 years is allowed to service the loan completely.

For more information, call 1-617-328-1565 or fax 1-617-328-0615, write to InternationalStudentLoan.com, 15 Cottage Avenue, Fifth Floor, Quincy, MA 02169, or send email to service@internationalStudentLoan.com.

Global Student Loan Corporation (GSLC)

This offers loans to international students which do not require to be co-signed by permanent residents or US citizens. However a co-signer (usually a parent or guardian) in the student's home country may be required. GSLC works with the banks and financial institutions in the international student's home country to offer loans to their students.

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).

SALP is a loan program that allows US citizens to study abroad, while the ISLP is a loan program for foreign university and college students to study at approved US institutions. The loans are funded by PNC bank and guaranteed by TERI. The loans are accessible through www.InternationalStudentLoan.com

Students may take up to the total cost of education i.e. fees, tuition, accommodation and are required to pay within 25 years.

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)

MEFA grants loans to international students wishing to attend one of more than 80 of the participating colleges and universities in Massachusetts. A US co-signer is mandatory for foreign students excluding the privileged Canadians. Repayment is 15 years and students are awarded up to full cost of education. MEFA offers low interest rates since they are a non-profit organization and are not taxed.

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 medical and business students are able to apply for these loans.

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)

The TERI Professional Education Plan (PEP) is for graduate and professional study for international students who can borrow $20,000 per annum with a creditworthy co-signer (US citizen).

Lenders include:

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)

Nellie Mae (1-800-634-9308; 50 Braintree Hill Park, Braintree, MA 02184)

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.

**Please evaluate a loan program carefully as they may have different interest rates with 'hidden costs'.