Pursuing your degree abroad can be quite expensive. Fortunately, international student loans are a great option to finance your education abroad.
Unlike just a few years ago, there are several lenders– including 8B Education Investments – providing international student loans to African students.
However, many African students don’t know the right time to apply for an international student loan.
Should it come before or after getting a university admission letter?
Should you enroll before applying for an education loan?
Read on to gain a keener understanding of the international student loan application timeline.
When Is the Right Time to Apply for an International Student Loan?
You should apply for an international student loan after you have been admitted to a university or program of study abroad. That’s because most lenders will require you to provide proof of enrollment before they consider your loan application.
Further, the loan amount that you are applying for will ultimately be determined by the tuition amount, room & board, and other fees for the particular school that you plan on attending.
Once you have been accepted into an eligible university program abroad, that’s the right time to start researching different loan options and comparing their terms and conditions.
Keep in mind that the application process for an international student loan can take time. To get your financing completed on time, start the application process as soon as possible after you’ve received your admission letter.
Doing so will give you ample time to complete the necessary paperwork and gather any required documentation, as well as ensure that the loan funds are available to you when you need them.
What Is the Ideal Time Before a Program Start Date to Apply for an International Student Loan?
The ideal time to apply for an international student loan is at least six months before your program starts. This timeline allows sufficient time for processing and disbursement of loan funds. It also gives you time to plan your finances and make any necessary adjustments to your budget.
Additionally, it’s a good idea to apply for an international student loan after exhausting other funding options, such as:
- Work-study programs
Once you’ve calculated the funding gap, you’ll be able to apply for a right-sized international student loan. Applying for the right loan amount can help minimize the debt you’ll need to take on to finance your education abroad.
Use Your School’s Tuition Deadline to Apply for an Education Loan
To figure out the best time to apply for an international student loan, it’s advisable to find out your school’s tuition deadline.
As the tuition deadline approaches, you don’t want to worry about funding.
Read: How to Get an International Student Loan: Step-by-Step Process
Frequently Asked Questions
When can I apply for an international student loan from the 8B Loan Marketplace?
You can apply for an international student loan on the 8B Loan Marketplace as soon as you have your college admission offer.
Do lenders have deadlines for international student loan application?
No. Typically, private lenders don’t have deadlines for international student loan application. You can apply for an education loan whenever you need it. Apply for your education loan as early as possible to ensure that you meet enrollment deadlines.
Where can African students get the best loans to pursue their education abroad?
African students can get the best loans to pursue their education abroad through the 8B Loan Marketplace. The platform allows you to compare education loans for African students from different lenders.
How are education loan funds disbursed after approval?
After approval, education loan funds are typically disbursed directly to your school. Your school will allocate the funds to costs such as tuition, room and board, and equipment. Remaining funds will be issued to you to cover other expenses not include in the school’s charges.
Which expenses are covered by my international student loan?
Typically, international student loans cover education-related expenses such as tuition fees, laptop, textbooks and supplies, room and board, and airfare and transportation.
Are you looking for international student loans to finance your education abroad? 8B offers no cosigner, collateral-free international student loans to eligible African students in global universities. Compare different loans on the 8B student loan marketplace.