What are Student Loans?Depending on your situation, a student loan may be your best option to help pay for your education. A student loan is money you borrow that you are legally obligated to repay later, usually with interest. A loan enables you to invest in your future by helping you finance a degree that will likely lead to a higher earning potential, which will enable you to pay back the loan.
What Types of Loans Am I Eligible For?
As an international student you are not eligible for U.S. federal loans or work study. However, you do have several other options.
Loans From Your Home Country
Find out if you are eligible to take out a loan in your home country. Contact your federal government or education advisor in your country to learn your options.
Always carefully consider the terms and potential consequences of a loan before you borrow. Before signing a loan, look into other funding sources, such as scholarships and fellowships. Never borrow money you do not believe you can pay back.
Consider taking out a private loan in the United States. You will most likely be eligible to borrow from some lenders; however you will most likely need to find a co-signer who is a U.S. citizen.
What is a Private Loan?
A private loan is a student loan from a private lender to support your education. These are granted by non-IUPUI affiliated lending institutions. Before you apply for a private loan, consider if you are eligible for a loan in your home country.
How Does a Private Loan Work?
You will borrow a private loan in your name, but because a loan approval depends on a credit check, you will probably need to find a U.S. citizen or permanent resident to co-sign the loan with you.
Do your research! The terms, conditions, and eligibility requirements vary widely for private loans, so it is important for you to carefully consider the full financial implications before you borrow.
How Do I Find a Private Lender?
You have the right to select the private lender of your choice. Neither IUPUI nor the Office of International Affairs is liable for the services provided by the lender you select. The Office of Student Financial Services on campus has created a resource for students seeking Private Loan options. Learn more»