If you’re a U.S. citizen or an eligible non-U.S. citizen and want take out a student loan for your studies abroad, you have two main options: take out a federal student loan, or take out a loan from a private lender.  

What will you need for an international student loan? Here are the general requirements to be eligible for a federal student loan or a private student loan:

General Requirements for a Federal Student Loan

For a federal student loan, you must be enrolled for a least a half-time course load in your program. To compute for your financial need, you need to complete the FAFSA, or the Free Application for Federal Student Aid.

If you’re a male aged 18 and 25 years old, you must also be registered with Selective Service to be eligible to apply for a federal student loan.

Other general requirements for a federal student loan are listed below:

Your financial need is determined by getting the difference between your family’s contribution and the estimated cost of your studies.

General Requirements for a Private Loan for Students

With international student loans from private lending institutions, the eligibility requirements vary per institution. Not all private student loan lenders have the same set of requirements.

Generally, the following are the requirements to be eligible to apply for a private student loan:

Student loans can be a life-changing decision that may cause gaps in your future finances. Don’t make rushed decisions about an international student loan until you’ve done extensive research. Check out our articles here at MSM Unify for more information on the process of taking out a student loan and how to pay it post-graduation.

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