International Student Loans for Mexican Students in the U.S. and Canada

Every year over 1 million international students study in the U.S. Of those, more than 10,000 are from Mexico – placing it the top 10 countries with the largest number of foreign students in the U.S.

International Student Loan recognizes that many students need additional funding to study at a US college or university, and provides information on international student loans for Mexican students to help fund their education in the U.S. or Canada.

Education Loans In the U.S. and Canada for Mexican Students

Attending college in the U.S. and Canada can be an expensive endeavor, some students may need to take out loans alongside any scholarships they receive to pay for their education. Domestic students are more likely to be eligible for student loans than international students from Mexico.

Although many Mexican students will apply for a loan from their own country, it isn't always easy to get approved doing this either. Education loans from providers in Mexico are not very common for those planning to study abroad. So, what are the options for students studying in the U.S. or Canada?

The cost of studying in the U.S. is an issue for any international student. For private colleges, it can be as high at US$75,000 a year and for public schools it's around US$50,000 annually. Federal loans are popular among U.S. based students but they aren't available to foreign citizens - instead they can apply for an International Student Loan.

Studying in Canada is often more affordable, but for many, it is still beyond their reach.

Students from Mexico may not have an easy time getting a student loan in America or Canada, but we are here to help. Choosing the right lender and understanding their terms can be hard. That is why we have resources to explain everything.

Loan Programs in the U.S. for Mexican Students:

Mexican students may be able to take out a loan to help pay for higher education. You can apply for this loan after being accepted into an eligible school in the United States. There are couple of educational loan providers available in the U.S. The rates applied to your loan depend on the lender and your own personal circumstances.

Here are three things Mexican students should know about international student loans in the United States:

• Co-signer:

  Sometimes a co-signer is needed in order to obtain or apply for private student loans. The co-signer will be responsible for repaying the loan taken out by a student if they can’t repay it. The co-signer for the loan should be a U.S. citizen who has lived in the country for at least 2 years.

  However, it is typically challenging for Mexican students to find a co-signer in the U.S., as most of them do not have any family or friends living here. They should look for a lender who doesn't require one.

  International Student Loans without a Co-signer

• How much can you borrow?

  The maximum loan amount Mexican students can apply for is their entire cost of tuition and education-related expenses.

  Tuition fees, books, health insurance, and other necessary expenses are all considered when determining the student’s total cost of attendance. The exact amount that you can apply for will depend on the specific details of your school and lender.

• Repayment:

  The monthly payment for a student loan depends on the specifics of the repayment plan agreed to between the student and lender. Often there will be a period during your studies when you are not required to make any payments, or if you're an undergraduate student, there may be a short time after graduation that you can pay reduced monthly payments.

Education Loan Programs in Canada for Mexican Students:

Students from Mexico studying at eligible Canadian universities may be able to apply for loans. A co-signer is not usually required when applying for international student loans in Canada.

Like all private education loans, students in Canada can use the funds to cover part of or their entire tuition fee, you may also be able to use them to cover accommodation and other educational expenses such as books and equipment depending on the terms set by your school and / or the lender..

How to apply:

Applying for a student loan for studying in the U.S. or Canada is surprisingly easy.

1. Check your eligibility:

   Using the loan comparison tool on this page - this takes 10 seconds and will show you if any companies are able to lend to a student in your position.

2. Application:

   If you are matched with a lender you can then proceed with your application. The application process doesn't take long even if you are a non-U.S. citizen. You will need to submit the necessary documents and paperwork to the loan company and they will decide whether you are approved or not.

3. Documentation

   These are the most common documents you will need to provide your lender. You may be asked to provide other documents if needed.

   • Identification proof
   • Proof of residence
   • Academic records
   • Valid passport & Visa
   • Proof of admission to your university
   • Extra-curricular certificates if appropriate

4. Approval:

   Once your application is conditionally approved, you will be notified of the interest rates (fixed or variable rate) and repayment terms. Once you agree with the terms, your loan application will be approved and funds disbursed. This usually takes around 6 weeks.

   You should go through the terms and conditions multiple times before making any decisions. It can be very confusing to understand. If you have any doubts, consult an expert before signing to accept your funds.