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CONTACT THE GRADUATE ADMISSIONS & FINANCIAL AID OFFICE
Apply for Private Credit-Based Loans
A credit-based loan is a loan that’s based on a student’s (or co-borrower’s) credit score and history. Lenders use one’s credit score to determine their interest rate, credit limit, and the term of the loan. Our office urges students to compare credit-based loan information and terms carefully to determine the best fit for your particular circumstances, and we suggest using Credible.com to do so.
Credible is a free online loan selection tool that allows you to compare prequalified rates*, terms, and eligibility rules side-be-side in just a few minutes.
- You can filter your search to sort on key factors most important to you.
- With your approval, Credible will pull a soft credit inquiry, which will not affect your credit score but will enable you to compare interest rates you qualify for at multiple lenders. Requesting pre qualified rates on Credible is free and doesn’t affect your credit score.
- Applying for or closing a loan will involve a hard credit pull that impacts your credit score and closing a loan will result in costs to you.
- Credible assures users that it is secured with 256-bit encryption technology.
- The Credible privacy policy can be found here.
- You are not required to borrow from any of the lenders listed in the Credible marketplace. Only you and your family can decide which loan program is best for you. You are not required to borrow from any of the lenders suggested by Credible and there is no penalty for selecting a different lender, if you prefer
More information can be found on our Private Educational Loans page.
*Prequalified Rates
Prequalified rates are based on the information you provide and a soft credit inquiry. Receiving prequalified rates does not guarantee that the Lender will extend you an offer of credit. You are not yet approved for a loan or a specific rate. All credit decisions, including loan approval, if any, are determined by Lenders, in their sole discretion. Rates and terms are subject to change without notice. Rates from Lenders may differ from prequalified rates due to factors which may include, but are not limited to:
- changes in your personal credit circumstances
- additional information in your hard credit pull and/or additional information you provide (or are unable to provide) to the Lender during the underwriting process
- changes in APRs (e.g., an increase in the rate index between the time of prequalification and the time of application or loan closing. (Or, if the loan option is a variable rate loan, then the interest rate index used to set the APR is subject to increases or decreases at any time). Lenders reserve the right to change or withdraw the prequalified rates at any time.
International Student Aid
As an International Student, you can look at our Private Credit Based loans options:
All students are encouraged to seek lenders offering loans with the most favorable terms. Here are the steps you should take in investigating your loan options:
Disclaimer: You are not required to borrow from any lender listed here, elsewhere on our website, or in other University materials. You may choose to borrow from any lender without penalty. We urge you to compare credit-based loan information and terms carefully to determine the best fit for your particular circumstances.
Consider the FAFSA
If you qualify as a citizen, permanent resident of the U.S., or eligible non-citizen, and are able to access U.S. Federal Student Loans, which offer very favorable terms, you should consider them first. Start by completing the FAFSA (Free Application for Federal Student Aid).
Home-Country Loans
If you do not qualify for U.S. Federal Student Aid, we advise that you check with your home country to see if loans to study in the U.S. are available.
Having a Co-Borrower
Many U.S. lenders offer credit-based educational loans to international students if they apply with a credit-worthy U.S. citizen, permanent resident, or eligible non-citizen co-borrower. If you are able to secure a qualified co-borrower, we urge you to do so and consider loans of this type, because approval and more favorable terms will be more likely. We urge you to compare credit-based loan information and terms carefully to determine the best fit for your particular circumstances and we suggest using Credible.com to do so.
Utilizing Credible
- Credible is a free online loan selection tool that allows you to compare pre qualified rates*, terms, and eligibility rules side-by-side in just a few minutes.
- You can filter your search to sort on key factors most important to you.
- With your approval, Credible will pull a soft credit inquiry, which will not affect your credit score but will enable you to compare interest rates you qualify for at multiple lenders. Requesting pre qualified rates on Credible is free and doesn’t affect your credit score.
- Applying for or closing a loan will involve a hard credit pull that impacts your credit score and closing a loan will result in costs to you.
- Credible assures users that it is secured with 256-bit encryption technology.
- The Credible privacy policy can be found here.
You are not required to borrow from any of the lenders listed in the Credible marketplace. Only you and your family can decide which loan program is best for you. You are not required to borrow from any of the lenders suggested by Credible and there is no penalty for selecting a different lender, if you prefer.
Borrowing Without a Co-Borrower
If you are an international student seeking to borrow without a co-borrower, you will find fewer lenders from which to choose. The two lenders listed below do not require a U. S. citizen, permanent resident, or eligible non-citizen co-borrower, however their interest rates and other terms may be less favorable. Certain restrictions apply as noted.
- MPower Financing – Offers loans to eligible international students, undergraduate and graduate, who are enrolled in a degree program and are within two years of graduation.
- Prodigy Finance – Offers loans to eligible international students enrolled in law, graduate business, or postgraduate engineering, law, business, public policy and health science degree programs.
How to Apply for a Credit-Based Loan
Research Your Student Loan Options
Before applying for a credit-based student loan, it’s important to do your research on the private student loan landscape and explore all of the options available to you. Visit Credible to compare lenders.
Understand How to Apply
Once you select a lender, you will need to complete an application. Most private student loan applications can be submitted online and take an average of 15 minutes to complete.
Get an Approval Decision
After reviewing the disclosure and submitting your application, the approval process begins. Some lenders use a manual review process that could take a few days while others produce an instant decision. During the approval process, the lender evaluates your credit history, among other criteria, to determine whether to approve you for the loan.
Accept and Sign Your Loan Terms
Once approved, the next step is to review and accept the terms of the loan. After you finalize the terms of your loan, you receive a second required disclosure, this time with specific information regarding rates, fees, and other terms of the loan. This disclosure shows you all of the information about your specific loan and how much it will cost. After you accept the terms of the loan, you’ll sign the remaining loan documents to continue. Most lenders will let you sign your loan documents electronically so you can skip printing and mailing.
Wait for School Certification
During certification, the lender will send your loan details to BU to confirm several things including your enrollment status (half-time or full-time), your anticipated graduation date, and your requested loan amount. The loan cannot exceed the cost of attendance.
BU can certify the loan as is, certify the loan with changes, or not certify the loan at all. When certifying a loan with changes, BU can lower the amount of the loan if it exceeds the maximum cost of attendance (minus other aid), or could adjust things like your expected graduation date.
If BU makes changes to the loan, your lender will often need to generate new disclosures to make sure you have the latest information. You may need to accept the new disclosure, so keep an eye out for communications from your lender.
Disbursement of Funds
Once your loan is certified by BU, your loan will be scheduled for disbursement. Student loan disbursement is how BU gets the funds you applied for to your student account. Credit-based student loans are typically sent straight to BU; they are not sent directly to you (the student).
In terms of how long it takes to get your student loan, BU sets the disbursement date, which is typically on the first day of class each semester. It’s best not to wait too long to apply to avoid any unexpected delays.
Typically, your private student loan lender will inform you when your private student loan is disbursed, and will be sent to your school in 2 disbursements if you applied to cover more than one term.
