Can You Get a Lender to Refinance Your Loan as an International Student?
The age-old question for every foreign student in the United States; is it possible for you to refinance your student loan?
There are two sides to the coin. If you had borrowed a private student loan after making the eligibility cut, then the answer is yes!
Remember though, that’s the short tail answer to this puzzling question.
The long tail answer to this question is a little more complex. Nevertheless, there are few subtle things you need to know to determine whether you are eligible for student loan refinancing.
Can It Be Possible for International Students to Refinance Their Student Loans?
For many of the traditional lenders familiar in the country, they only provide this option to U.S. citizens.
That being said, there are a few lenders out there who will opt to provide the refinancing path for international students depending on their background.
For example, Laurel Road can be a viable refinancing method especially if you have a credible I-551 form, which awards you the legal status if you happen to be a resident alien in the United States or a green card holder.
Keeping this in mind, here is a list of the top-rated lenders that provide total assistance to residents.
That being said, you should be cautious who fine print to attempt to dupe you.
For example, lenders like SoFi say you are eligible for refinancing if you have more than 2 years of stay in your residency before it expires.
Additionally, you can also make eligibility if you’ve forwarded an application of extension through the Department of Homeland Security.
That being said, as a borrower, it is vital that you meet all the requirements of the lender, regardless of whether the cosigner you’ve selected in the refinance application is an American citizen or not.
Indeed, you’ll have to face the reality that in some situations, lenders might not just be interested in the status of your residency, but where you reside as well.
For example, lenders such as Earnest require an applicant to be a 10-year, non-conditional permanent resident and is living in one of 45 States that are eligible.
What About Refinancing When You’re Not a Resident?
If you are neither a permanent citizen nor a resident, you can still refinance your loan by accessing the services of international student refinancing lenders.
Perhaps you recently graduated from college and yet to transition from the student visa status that made you come to the country in the first place.
In that case, you can have a look at SoFi in the event that you hold a TN, O-1, E-2, H-1B, J-1 visa that won’t require a renewal in the next 2 years. Additionally, another lender you can have a look at is Prodigy Finance that gives a green light to any kind of visa.
In fact, you can even get approval by Prodigy if you reside in the United Kingdom, with the only condition being that you hold a master’s degree in 285 of the universities that the Prodigy considers eligible all over the world.
How Should One Apply for Refinancing If They Are a Non-Citizen?
That being said, your residency status is just one cog in a very complex system that an international student has to undergo before having an eligible student loan refinance application.
Indeed, a large number of lenders further require that you have a great credit score, as well as be a college graduate.
Indeed, credit history can be one factor that might be lacking in quite a number of ways. For instance, the fact that you are an international student means that your credit history doesn’t translate to what is in your home country
Indeed, one way to avert such a situation is to bring in a noteworthy co-signer with good credit.
Once you are confident of your eligibility to refinancing, making the application tends to be a much easier process. That being said, ensure you also have your legal documents on standby to prove the legality of your stay within the country.
Conclusively, the fact that you hold a visa might make it necessary for you to provide additional paperwork such as:
More in Refinance
Former Uber CEO Travis Kalanick Just Spent $43 Million for the Bellagio Estate
A report published by the Wall Street Journal has revealed that Uber co-founder and former CEO Travis Kalanick has purchased a Bel-Air...May 19, 2020
Bruce Willis and Emma Heming Sold Their Caribbean Paradise for a Record-Breaking Price
Earlier this year Bruce Willis and his wife Emma Heming listed their Turks and Caicos property for $33 million, which almost broke the...May 14, 2020
4 Tactics That Could Help You Pay Off Your Debt Once and For All
A lot of people aim to spend less and save more. However, you may not be able to do that easily...May 14, 2020
Jodie Foster Sells Calabasas Home She Purchased with Her Late Mom
American actress, producer, and director Jodie Foster recently placed her Calabasas home on the market for $2.85 million. The currently-unoccupied home,...May 11, 2020
Ellen DeGeneres and Portia de Rossi Show Off Their House-Flipping Skills Yet Again with This English Tudor Home
American comedian-TV host Ellen DeGeneres and Australian-American model-philanthropist Portia de Rossi are known for their mad skills in buying and selling...May 8, 2020
Eva Longoria Bids Adieu to this French-style Villa She Bought from Tom Cruise
After five years of owning it, American actress, producer, and businesswoman Eva Longoria has said “adieu” to this sprawling Hollywood Hills...May 4, 2020
Lessons From Financial Advisors For Small Businesses Regarding PPP Loans
As emergency federal loans became in-demand among small businesses, financial advisors not just aided clients but also applied for support to...April 30, 2020
Scott Disick Relists Farmhouse-Style L.A. Home at a Cheaper Price
Most people probably know Scott Disick for his on-off relationship with Kourtney Kardashian and his stints in their reality show,...April 29, 2020
Check Out How Dr. Oz And His Wife Lisa Built Their Mansion From Scratch
It’s been 20 years since Dr. Mehmet Oz, along with his wife Lisa, started their hunt for the perfect house where they...April 28, 2020