4 Steps To Find Your Student Loan
- Find Student Loans. To compare loans, the first step is to use our comparison tool above. Select the college you will be attending and the amount of money you need to borrow. You can then see the loans that meet your criteria.
- Select Your Student Loan. Next, see what lenders are available at your school. Compare the terms and conditions and click apply to start the online application.
- Fill Out Your Application. Complete the loan application for the lender. If you are a non-US citizen or non-US permanent resident, you will need to have a cosigner complete the online application as well. US students are also encouraged to have a cosigner.
- Get Approval. Initial approval is often within days or weeks of your completed application. Funds from your loan will be disbursed by your school once it has been approved.
Examining Your Student Loan
When you are comparing private student loans, it’s important to consider any fees, rates, and repayment options to ensure that you are choosing the loan that works best for your needs. You should evaluate and compare the following:
- Monthly payments
- Total cost of the loan
- Annual percentage rate
- Repayment period
- Deferment option
Cosigners
All non-US citizens and permanent residents will be required to have a cosigner with good credit who has lived in the US for the past two years. International students will be required to include their cosigner on their application.
US citizens and permanent residents are not required to have a cosigner for their loan application, however a US cosigner can:
- Increase the likelihood of getting approved for their student loan
- Reduce the interest rate students are required to pay
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