US Cosigner Loan Option Process and Benefits

US cosigner loan options help you study in the US with the guarantee of a cosigner residing in the US. Since the lending partners operate in the US, they cover more institutions and courses than lending partners outside the US. Learn more about the US cosigner loan option process and the benefits of funding your dream study in the US.

Understanding US cosigner loan option

US cosigner education loan options are offered by lending institutions in the US for students. You can begin the application process for these loan options once you secure admission to an academic institution in the US. They will fund up to 100% of your studies at moderate interest rates. 

US Cosigner Loan Options
Maximum AmountUp to 100% of the cost of attendance
Loan Option CoverageTuition fees, Living costs, Housing costs, Food, and Books 
Interest RatesFixed Rates: 4.49% – 15.90% *APR
Variable Rates (with autopay discount): 5.62% – 16.51% APR 
Additional Fees0 (no application process, penalty, or origination fee levied at the time of going through the application process)
Repayment Period5, 7, 10, 12, & 15 years
Repayment OptionsImmediate: Pay the full amount + interest in one go
Interest only: Pay SI/PSI interest every month
Fixed pay: Pay 25 USD every month
Deferred: No payment while studying

US cosigner loan option process

  • Secure admission to a US institution: The primary eligibility requirement to start the application process for US cosigner loan options is getting admission to an institution in the US. Once you receive the offer letter or Form I-20, you can start the application process. 
  • Find your cosigner: Finding a cosigner who meets the nationality and financial criteria in the US is the crucial part of your loan option application process. The cosigner can be a US citizen or a permanent resident who has been in the US for at least 10 years. 
  • Start the application process online: Start the online application process and submit the required documents. The lending partners will verify them and get back to you soon with an acceptance offer. 
  • Get an education loan option offer letter: Once the document verification is complete, the lending partners will send you an education loan option offer letter detailing the loan option amount, interest rate, admission details, and repayment conditions. You need to accept the offer and revert to the lending partners to give consent for disbursement. 
  • Wait for the loan option disbursement: The last stage of your US cosigner education loan option process is disbursement. The loan option amount will be disbursed in frequent intervals to your or your institution’s account.  

Benefits of US cosigner loan option

  • Sponsor your studies in the US: With a US cosigner loan option, you can sponsor your academic and living expenses without relying on your parents. It will help you be financially mature before you start to earn money. 
  • No need to pledge collateral: US cosigner loan options are available without pledging collateral, helping students without collateral to pledge. 
  • Easy documentation: Only a few documents are asked for US cosigner loan option sanctions, which makes the process faster. Your admission documents and the cosigner’s financial documents will be enough in most cases. 
  • Loan options available for more US institutions: Since the lending partners are from the US, the number of institutions supported will be greater than those of lending partners not based in the US. It helps students who secure admission to popular and less popular institutions alike to get financial support in studying. 
  • Least FOREX conversion charges: US cosigner education loan options are saved from FOREX conversion charges. Students can save more as there is no requirement to convert the currency, which is already disbursed in USD.   
  • Maximum expenses covered: You can get 100% coverage of your expenses in most US cosigner loan options, letting you rely on a single source for expenses. 
  • Flexible repayment options: Your US cosigner loan option repayment can be a single payment, fixed monthly installments, interest-only payments, or no interest payment while studying, an option convenient to you. The flexibility allows you to plan the repayment better. 

How to begin the application process for a US cosigner loan option? 

Starting the application process for the top US cosigner loan options based on your profile enhances your chances of success. Connect with Nomad Credit now and get zero-cost personalized guidance in the application process. Our expert counselor will make the process a hassle-free experience for you. 

  • No-cost profile evaluation
  • Assistance in documentation
  • Personalized negotiations with the lending partner 
  • Explore minimal-interest loan options
  • Coordinating with your cosigner for documentation

Why wait? Explore your opportunity for a US cosigner loan option with Nomad Credit, your trusted study abroad partner. Get in touch now and kickstart your US study dreams at zero cost.

Fund Your US Dreams with a Loan Option. Get Holistic Support at Zero Cost with Nomad Credit

Frequently Asked Questions 

How many days are required for the US cosigner loan option process? 

Usually, 2 – 5 business days are required for the US cosigner loan option approval process. It depends on your lending partner, the documents submitted, and the cosigner’s profile to determine a fast or moderate loan process. 

How is the US cosigner loan option processed? 

First, you start the application process online and submit the documents. The lending partner evaluates the documents and gets back to you with an offer letter if the loan option successfully goes through the acceptance process. Upon your consent, the process is completed with a disbursement. 

What is the processing fee for US cosigner loan options? 

Typically, no processing fee is charged for US cosigner loan options during the application process. 

What is the success rate of the acceptance process for US cosigner loan options? 

US cosigner loan options typically enjoy a better success rate. They successfully go through the acceptance process if the student’s and cosigner’s profiles match with guidelines proposed by the lending partner. 

Is a cosigner with a loan option debt accepted for US cosigner loan options? 

A cosigner with existing loan option debt can be accepted for a US cosigner loan if the person’s regular income is sufficient enough to cover both debts. 

How can Nomad Credit assist me with the US cosigner loan option process? 

Nomad Credit evaluates your profile and guides you through the application process for minimal-interest US cosigner loan options without charging a penny. Explore your personalized options and receive help in the application and documentation process. Connect with Nomad Credit now.