Many international students come to the United States to get a higher education. The downside of that, however, is that receiving a higher education in the United States can be very expensive. Thankfully are options available, such as international student loans that can help an international student fund their education in the United States. For a better understanding of international student loans as whole, please follow this link. One aspect of international student loans that may difficult to understand is if one loan is enough, or if you may need multiple loans. Below, we will help give a general understanding of multiple international student loans.
How Will I Know How Many Loans I Need?
As with a lot of the different aspects of international student loans, the number of loans that you may need depends on your lender and the loan that you have applied for. For example, one lender and loan may give you enough money for the entire cost of attendance for the duration of your program.
However, more likely with United States lenders, is that you may most likely receive one loan per each year of attendance. So, if your program lasts for three years, you would receive three international student loans from your lender. With this route, you would need to re-apply for the loan each year because the cost of attendance may change year-to-year. However, this varies by lender and loan, so please communicate with your lender to see what exactly your loan covers and if you will need to re-apply in the future.
Depending on the lender that you use, you may be able to apply for and receive loans from other lenders as well. This option allows you to receive more funding in case the loan that you are approved for has a limit or does not cover your full cost of attendance. Essentially, this option allows you to mix and match loans and lenders so that you may receive enough funding for your education. For example, some loans will only go up to a certain amount. As an example, let’s say that the loan you have been approved for has a maximum borrowing amount of $20,000.00 per year. For a 3-year program, that would add up to $60,000.00. However, the total cost of attendance for those three years is $90,000.00. You still may need funding for that additional $30,000.00.
Not every loan will fully cover your cost of attendance. Some loans may have a maximum limit (like the example provided above), or only cover a certain percentage of attendance. It all depends on the loan and the lender. If you have been approved for a loan that does not fully cover your financial needs, please check with your lender before signing if you are able to pursue an additional loan from another lender. It may be against the conditions of your original loan to do so.
Another mix and match option that may be available to you is mixing loans from a United States lender(s) and from a lender(s) from your home country. For example, you may be able to get a full year of funding from an Indian lender, while a United States lender may only be willing to fund your studies for a certain time period.
Please keep in mind that the number of international student loans that you may need varies by lender and loan. You may not even need a number of loans. It all depends on your lender. Make sure that if you do need multiple loans that it is allowed by the terms of your lender and loan.
Understanding the nuances of education loans can be confusing.Nomad Credit is happy to help you navigate the difficult process and help you find the loan that you need.
Nomad Credit can help you find your funding options. Please visit us at www.nomadcredit.com to search for your student loan (also known as education loan) options. Please don’t hesitate to email us at help@nomadcredit.com if you have any questions.
