A student loan is money you borrow that you are legally obligated to pay back later, usually with interest. This type of loan may be your best option for financing your education, depending on your situation.
Student loan options
What types of loans am I eligible for?
As an international student, you are not eligible for U.S. federal loans. However, you have several options for borrowing money for school.
Loans from your home country
Find out if you are eligible to take out a loan in your home country. Contact your federal government or an educational advisor in your country to learn your options.
Private loans
You may be able to secure student loans from a private lender to support your education. Private loans are granted by non-IU affiliated lending institutions.
Before you investigate private loan funding in the United States, consider whether you are eligible for loans in your home country.
How does a private loan work?
You will borrow a private loan in your name, but because loan approval depends on a credit check, you will probably need to find a U.S. citizen or permanent resident to co-sign the loan with you.
Do your research. The terms, conditions, and eligibility requirements vary widely for private loans, so it is important to carefully consider the full financial implications before you borrow.
How do I find a private lender?
You have the right to select the private lender of your choice. Neither IU nor the Office of International Services (OIS) is liable for the services provided by the lender you choose.
There are many online resources that provide information about private loans. Here are a few:
- At IU, Student Central on Union can help you identify private loan sources.
- International Student Loan Center provides access to loans to international students with a co-signer who is a U.S. citizen or permanent resident.
- Global Student Loan Corporation and the HSBC Bank of India have designed an international student loan program to provide funding to students from India to attend U.S. colleges and universities. A U.S. citizen or permanent resident co-signer is not required, but you must find a co-signer in India.
Always carefully consider the terms of a loan before you borrow, and investigate other funding sources, such as scholarships and fellowships. Never borrow money that you cannot pay back.
IU Miller Loan
The IU Miller Loan is available to all IU students in the last year of their degree program. The loan amount is determined by the OIS Scholarship Committee. The maximum available is $5,000 per semester, not to exceed $10,000.
The Miller Loan has the following terms:
- Interest rate is 5%
- Repayment begins 9 months after ending studies
- Repayment period will not exceed 10 years
- Repayment will be in U.S. dollars
To be eligible for the Miller Loan, a student must:
- Be an undergraduate, graduate or professional student
- Be in the final year of their degree program
- Have a cumulative program GPA of at least 2.75
- Be fully enrolled
- Have an unmet need
- Have exhausted all other possible funding options
This is an open application. As long as all the criteria are met, you may apply at any time.
Complete a “Need-based Assistance” application form through Atlas (under “Insurance and Finances”) and select “yes” to the question “Would you accept a loan?”
Complete all sections of the form.
Please allow up to three weeks from the date you submit all information for the loan to be fully processed.
Short-term loans
If you have an emergency or unexpected expense and need to borrow money for a short time, you can apply for a short-term loan of up to $400 through IU.
To qualify, you must be enrolled at IU and not have a past due balance with the Office of the Bursar.
To apply, visit the OIS office and fill out an application.