Typically, college going students in the U.S. look to the federal government for college loans. The federal government administers loans for college students through the federal Stafford loan program. If all of a students financial need is not met by federal loans, students can apply for a private student loan. A private student loan is a signature loan that is administered through a lending institution. International students do not qualify for federal Stafford loans, but will usually qualify for most private students loans. For a private student loan, students will need a co-signer that is an U.S. citizen or a permanent resident. Apart from the residency requirement, the co-signer will also need to have a good credit score.

If you do decide to get a private student loan, there are a few things that you should keep in mind.

• Get a fixed rate loan - a variable interest rate may spiral out of control, thus forcing you to default on your loan. Get a fixed interest rate private student loan, so you’ll always be in control and will know exactly how much money you’ll need each month to make your payments.
• Don’t borrow more than what you need - plan well and borrow what you need. It might be tempting to borrow a little more, but keep in mind that you’ll be paying interest on those loans, so the less you borrow, the better off you are.
• Make payments on time - Always make your payments on time. This is key to developing and maintaining a good credit score. If there is a chance that you might default on your private student loan, consolidating private student loans might be an option to consider.
• Read the details of your loan agreement - I can’t stress this enough. Read the fine print of your private student loan agreement. Understand the terms and conditions of the loan and your obligations as the debtor.

Below are a few institutions that provide private student loans. International students would most likely be approved by most of these institutions, given they have a credible co-signer.

1. Citiassist by Citibank
2. The Education Resources Institute (TERI)
3. Global Student Loan Corporation
4. International Education Finance Corporation
5. Leo S. Rowe Pan American Fund
6. Massachusetts Educational Financing Authority
7. Signature Student Loan by SallieMae
8. Zero-Fee Wachovia Education Loan

Further resources:

• Credit Cards for International Students - 5 tips to keep you from drowning in debt
• 5 Money Saving Tips for International Students