U.S. Bank Loans for International Students
| Overview & FAQ | Tuition & Financial Aid — Undergraduates |
| Visa Interview Guidance | Tuition & Financial Aid — Graduates |
Loans from U.S. banks require all international students to have a loan co-signer. No exceptions are permitted.
The co-signer must be a U.S. permanent resident or citizen who will accept responsibility for the loan in event of default. The co-signer can be a relative or any other person who has an acceptable credit record in the U.S.
You can apply for the bank loan after you have received acceptance to your academic program. Lenders can normally finalize loans within a few days of receiving the loan application and co-signer information.
Important Note:
When applying for your student visa, you are not permitted to use your U.S. Bank Loan (even if it is approved in advance) as evidence that you or your sponsor can pay the initial amount due upon your arrival at the University. You must provide evidence that either you or a sponsor is able to pay this amount without the U.S. Bank Loan. The U.S. immigration office does not recognize the loan as payment of your expenses until the funds are actually secured after registration.
Therefore you or your sponsor must (a) sign a sponsor's affidavit of support, and (b) provide a bank statement showing that you or the sponsor can pay the amount due upon your arrival at the University.
How can I get a U.S. bank loan without a co-signer?
There are no exceptions to the policy that requires international students to have a co-signer for U.S. bank loans.
Can the co-signer be a person in my home country or someone in the U.S. who is not a permanent resident or citizen?
No. U.S. bank loans require the co-signer to be a U.S. permanent resident or citizen.
When do I need to begin making monthly payments on the loan?
You can begin making loan payments 6 months after you stop attending. Interest will accrue from the time the loan is issued.
Can I have a repayment term of less than 20 years?
Yes, you can a specify a shorter term at the time of taking out the loan, or change it to a shorter term later.
When can I apply for a U.S. bank loan?
You can apply after you have been accepted to your academic program.
For more information about financial aid, please write to finaid@mum.edu or call (641) 472-1156.