Table of Contents
Studying abroad is an opportunity for a lifetime. Unknown land, fresh encounters with a different culture, and a novel education system greet you with offerings and challenges. Before you start the real battle, financing your education is a mandatory requirement for the student visa. The hefty cost of attendance abroad can be a challenge for many students.
Luckily, education loan options help students support their study abroad. Among the diverse education loan types available, let’s compare no-cosigner and US cosigner options to choose your funding source right.
No cosigner education loan options help you study abroad without collateral or cosigner guarantee. Eligible students must secure admission to an institution listed by the lenders. In most cases, the student’s CIBIL score comes into the picture.
US cosigner loan options are provided on the guarantee of a cosigner residing in the US. International students can apply for these options once they secure admission to a US university. Unlike no-cosigner loan options, the student’s CIBIL scores do not determine the loan eligibility, but the cosigner’s CIBIL scores do.
No-cosigner loan options and US cosigner loan options help international students study abroad. They offer up to 100% of the cost of attendance for many cases. The major difference between them is the involvement of a cosigner in getting an education loan.
Parameters | No-cosigner Loans | US Cosigner Loans |
Lended by | International Lenders | US Banks |
Maximum Loan Amount | Up to 100% of the expenses | Up to 100% of the expenses |
Interest Rates | 10.5% – 14% APR, fixed & variable rates | 4.11% – 16.2% APR, fixed & variable options |
Repayment Tenure | 5 – 20 years | 7 – 15 years |
Moratorium Period | Course years + 6 – 9 months | Course years + 6 – 12 months |
The interest rates for no-cosigner and US cosigner education loans are calculated in APR (Annual Percentage Rate), which includes interest plus the processing fee. Calculated in US dollars, the rate of interest accumulates over time and gets reduced as the student makes proper repayments.
Picking between no-cosigner and US cosigner loans depends on your situation. Both have advantages, but the best choice hinges on your eligibility.
What’s the final verdict? Well, it is up to you. Consider your situation, understand both loan types in detail, and make your decision. What we can do is to help you make a better choice. Connect with us, and our counselor will evaluate your profile and offer tailored guidance further. Choose, apply, and receive your funding with us.
The best part? Nomad Credit’s guidance comes at a zero-cost price tag. Achieve your dreams abroad. Join our team today.
Yes. If you get admission for a course and to a school listed by the lender, you can get an education loan without a cosigner. To check your eligibility and more details, connect with Nomad Credit today.
The cosigner for a US cosigner loan must be either a US citizen or a permanent resident. No other person can cosign for a US cosigner loan.
It is not mandatory for a US cosigner to have a relationship with the student. The cosigner can be your relative, friend, professor, or anyone who is ready to take accountability for your education loan.
Your country of study must be supported by the lender. Mostly, the lender keeps a list of countries to which an education loan is provided.
No-cosigner loan lenders offer education loans to students from diverse nationalities. They keep a list of eligible nationalities to provide an education loan.
Get Free Consultation for Study Abroad Loan & Admissions.
We provide keep one to one counselling to
Study Abroad Aspirants