International Student Loans for Students from the United Kingdom UK

February 27, 2024

Students from the UK

US universities are drawing students from all over the world, and applications from Europe are increasing. The amount of UK students who are interested in a graduate level in the US continues to grow, as do undergraduate courses, which are just behind. This article will explain the basics of student loans to international students from the UK who are planning to study in the US.

A Whole New World

Although the UK has numerous world-renowned universities, the variety of courses available in the US is unparalleled. In this regard, the number of British students enrolled in a program in the US has grown by nearly one-third since 2010 and continues to grow (according to research conducted by the Institute of International Education). 

There are more than 4000 US institutions, many of them offering specializations that most of us haven’t heard of. Students can discover the right degree for them and add something different to their resume.

One of the biggest barriers to studying in the US is the cost of tuition. While tuition costs are subsidized in the UK, tuition costs and living expenses in the US are rising. Many students are now looking for loans to help pay their educational expenses.

Locating International Student Loans to students from the UK

The most efficient way to qualify to receive a US student loan is by locating a co-signer who is an American citizen. A person with a high credit score is a great candidate to co-sign your loan, which makes the process of applying much simpler. Many lenders will grant loans to students who have co-signers who have proof of income since they are able to serve as guarantors of the loan.

Cosigner Requirements:

The cosigner must be a United States citizen or permanent resident who has been in the US for the last two years and has a good credit score.

Your cosigner should be in an established job with a steady source of income and an established credit record. Lenders might be interested in knowing the length of time your cosigner has resided at their current address as well as how long they’ve worked at their current position.

The cosigner has the responsibility of repaying your loan in the event that you’re unable to; therefore, it is essential that the cosigner is able to pay these expenses. International student loans, as well as lenders for study abroad loans, will consider the income total of your cosigner as well as the total amount of debt they have (mortgage, car payments, credit card debt, along with any student loans they might be able to pay independently) when evaluating the loan application.

In the United States, the cosigner’s credit history is assessed by the credit score, which is determined by the amount of outstanding debts as well as their history of payment. Lenders evaluate the cosigner’s previous and current loans to determine if they were paid on time.

Cosigner Not Required?

But this is only an option for some. If you don’t have a cosigner and are seeking international student loans for students in the UK, some lenders offer this service. Lenders like MPower Financing understand how difficult it can be to get funds. They assist students with the application for a college visa and process, as well as providing funds to alleviate the anxiety over costs. 

To compare the top student loans available to British students who want to pursue their studies in the US, take a look at our tool for comparison.

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