Table of Contents
- What are no cosigner education loan options?
- Who is eligible for no cosigner education loan options?
- Documents required
- How to apply?
- Frequently Asked Questions
Education loan options without collateral or cosigner help you cover the study abroad expenses on your own, depending on none. If you are thinking of applying for such options, it is crucial to submit the documents asked by the lender. Doing so will ensure mutual trust between you and your no-cosigner education loan option lender.
What are no cosigner education loan options?
No cosigner education loan options are those that offer funding without the guarantee of collateral or a financial cosigner. They cover up to 100% of the total cost of attendance and are available at affordable interest rates. The absence of a cosigner does not add to your repayment burden, as the repayment tenure for no-cosigner loan options can be as long as a cosigned or collateral-pledged education loan option.
| No Cosigner Education Loan Options | |
| Maximum Amount | Up to 100% of the cost of attendance |
| Loan Option Coverage | Tuition feesLiving costsHousing costs |
| Interest Rates | 11.10% APR onwards Disclaimer: The interest rates can be fixed or variable, are subject to market conditions and can change from case to case. |
| Interest Rate Discount | 0.25% |
| Additional Fees | 5% of the loan amount, charged when you start the repayment |
| Repayment Period | 5 – 20 years |
| Repayment Options | Immediate: Pay the full amount + interest in one go Interest only: Pay SI/PSI interest every month Fixed pay: Pay a fixed amount every month Deferred: No payment while studying |
Who is eligible for no cosigner education loan options?
The eligibility criteria for no-cosigner education loan options are simpler than education loan options with collateral or cosigner. An eligible borrower of a no-cosigner education loan option will be
- Be a student
- Be a citizen of a country listed by the lender
- Get admission to a country where your lender offers funding
- Secure admission to a university or college listed by the lender
- Choose a course eligible for the lender’s funding
Have you yet to choose your lender, course, or country? Make informed study-abroad decisions with expert assistance from Nomad Credit without any charges.
Documents required for no cosigner education loan options
No cosigner education loan options require minimal documents. Mainly, the following documents are asked from international students:
- Passport copy or any ID proof
- Offer letter from your university
- Credit report
- Home country address
- Proof of savings (If required)
The aim of documentation is to collect financially valuable information from the borrower. The information asked by the lender can be categorized into the following:
| Personal Information | Academic Information |
| Full name as it appears on your passport or ID Residential addresses for the past 3 years Passport or a valid ID proof Evidence that you reside at the address you have indicated on your application, such as a utility bill or rental agreement. | Name of school and the course you’re planning to attend Year in which you hope to complete the course A letter from the school verifying your acceptance into the desired course for which you are seeking funding. |
Financial information from salaried applicants
- Budget on how you plan to split the cost of your course
- Current annual gross income (if you are earning)
- The sum of your existing liabilities and liquid assets.
- Verify with your school regarding any scholarships granted to you, if applicable.
- Provide bank statements indicating the savings you intend to utilize during the initial study period.
Thus, no information regarding your parents, cosigner, or collateral is relevant for no cosigner education loan options. They help you study abroad truly by your own responsibility, letting you be financially independent and responsible.
No cosigner education loan options: How to apply?
Are you excited to fund your study abroad by yourself? Explore your minimal-interest, no-cosigner education loan options with tailored guidance from Nomad Credit. Our counselor will evaluate your profile for personalized options and assist you with application, documentation, and disbursement.
Give a try without any worries. Nomad Credit’s guidance is absolutely of no cost. Get in touch with us now for your successful academic journey abroad.
Frequently Asked Questions
What documents are required for no cosigner education loan options?
Your personal and academic documents are primarily required for no cosigner education loan options. Read the blog for detailed information on the requirements for no cosigner education loan options documents.
How to send documents for no cosigner education loan options from another country?
You can send your documents online by uploading them to a portal as instructed by the lender. Connect with Nomad Credit’s counselor for detailed guidance on your documentation process.
Are no cosigner education loan options easily documented?
Compared to other loan options, no cosigner education loan options are easily documented. You may simply gather the required documents and send them to the lender online, which would take minimal time from your end.
What happens if I don’t have all the documents for no cosigner education loan options?
It is important to have all the documents asked by the lender for no cosigner education loan options. The absence of the documents will be an issue in processing your no-cosigner loan option application.
How to connect with no-cosigner education loan options lenders?
Once you gather the documents, you can connect with the lender online and manage your loan process. Get in touch with Nomad Credit’s counselor to find your personalized lender choices.
