Student Loans for Green Card Holders

The U.S. has a lot of possibilities for people all over the world who want to study at prestigious colleges and work towards their dream job. But the costs are often what keep people away, even if we’re talking about permanent residents with a green card. Can you get a permanent resident student loan to help you afford your studies, though? In the following lines, we’ll show you how a permanent resident can get funding for their studies.

Can Green Card Holders Get Student Loans?

If you’ve never really tried any type of financial aid before, you may be confused and have no idea whether you can get any student loan as a green card holder. You might be wondering if you’re eligible, or if the green card status is limiting you.

Luckily, you can get student loans as a green card holder too. Permanent residents with Forms I-151, I-551 and I-551C can get multiple types of loans so they can afford their college tuition. Basically, you can get either federal student loans or private ones, depending on how much money you need.

Financial Aid for Permanent Residents

Financial aid can come in the form of federal loans for students. However, not everyone might have access to it, and it’s important to know your options. But as long as you are a permanent resident or a U.S. citizen, you won’t have any problems getting financial aid.

FAFSA for Green Card Holders

FAFSA is an application that must be completed if you want to get a federal loan as a student. This application can be found on the official FAFSA website. It can be submitted throughout the whole academic year, and usually, there is a deadline for it too. The general deadline is June 30th, although each state may have its own deadlines. New York, for example, has May 1 as the deadline for state funding.

FAFSA will give students access to up to $20,500 in funds per academic year. The application has to be submitted every year if you want to get this type of aid from the federal government. Sometimes, additional documentation may be required aside from the actual application.

As a green card holder, you will be asked for your Alien Registration Number when completing the FAFSA.

Can Permanent Residents Apply for FAFSA?

Thankfully, permanent residents can indeed apply for FAFSA. Basically, the green card gives you the “eligible noncitizen” status, meaning you can submit the Free Application for Federal Student Aid with no issue.

In some cases, your green card may expire. But this doesn’t stop you from being able to get financial aid as long as you are a permanent resident. If your permanent residency has expired, though, you will not be able to apply for FAFSA and thus gain access to financial aid. If it’s just your green card that expired, you can always renew it.

Federal Unsubsidized Loans for Permanent Residents

Unsubsidized loans are loans that aren’t offered based on financial hardship. They are very common for students considering all students have eligibility for them. With an unsubsidized loan, you are the one having to take responsibility for all the interest you have to pay.

Whether you are an undergraduate or a graduate student, you will have access to this loan. You can borrow anywhere between $5,500 and $12,500. You should also know that there are some limits to the amount that you can borrow. If you’re a medical student, for instance, you have the highest limits with these loans. Up to $40,500 can be borrowed each year, and a total of $224,000 can be borrowed over all the years.

Conversely, graduate students have an annual limit of $20,500.

Federal Subsidized Loans for Permanent Residents

Unlike unsubsidized loans, subsidized ones are based on financial need. If you don’t have the best financial situation and really need some cash for your studies, then you may be lucky enough to get a subsidized loan. The great thing about this is that you won’t have to make payments until after you graduate. The government is the one paying your interest for you.

If your family has an income of less than $50,000, then you may be eligible for this kind of financial aid. If you haven’t graduated, you can borrow up to $5,500 in your freshman year. Sophomores can borrow up to $6,500 in loan and $4,500 in subsidized, and third-year students can get $5,500 in subsidized and the full loan amount is $7,500.

PLUS Loans for Permanent Residents

You can also get PLUS loans, which can be offered not only to graduate students but also to parents of dependent undergraduate ones. These loans are meant to cover any education costs that other financial aid doesn’t cover, and it has no maximum amounts. Usually, the interest rate for parents and graduates is 7.08%, while for Direct PLUS Loans it is 6.08%.

Direct Consolidation Loans for Permanent Residents

Some students gather multiple loans – and having to pay as much as 10 student loans every month can be too much to handle. This is why Direct Consolidation Loans exist. They can help you gather all of the loans into a single one. Thus, you only have to deal with a single payment monthly, and not with multiple ones.

There’s no fee for these loans, and while it can lower monthly payments, it may also end up increasing the amount of time to repay the loan. In addition, you can only consolidate your loans one time only.

Having your loan extended could mean having to pay more in interest over time too. However, you won’t have to try to remember various different dates for all the lenders you got money from.

Student Loans for Permanent Residents

It isn’t always that federal loans are enough to help you pay for your entire tuition, especially if the amount you have to offer is bigger. So, you will still have to pay out of your pocket in these cases. Or, you can seek a personal loan and have an additional funding source.

This permanent resident student loan will have some eligibility criteria you need to meet, and if everything is alright, then you will be granted access to more cash.

5 Best Personal Loans for Green Card Holders in School

Navigating the cost of college education in the U.S. can be a significant challenge, especially for Green Card holders who might not qualify for all types of federal student aid. Personal loans emerge as a practical solution to bridge this gap. Different lenders offer varied loan options catering to diverse credit profiles, ensuring that Green Card holders can access the necessary funds for their education. Here’s an overview of lenders who cater to a range of credit situations.

AmOne (Best for Okay to Good Credit)

AmOne is an excellent option for Green Card holders with okay to good credit looking for a personal loan to fund their college education. They connect borrowers with a variety of lenders, increasing the likelihood of finding a loan with favorable terms. AmOne’s platform can be particularly beneficial for those needing to cover additional educational expenses that aren’t met by other financial aid forms.

Check rate on website

on website

AmOne Personal Loans

4.5

Stilt’s lender ratings reflect the findings and opinions of our editorial staff. Our scoring methodologies consider a wide array of factors and data points for every lender, offering, and financial solution.

Min. credit score

600

Fixed APR

3.99%-35.99%

Variable APR

N/A

View details

Overview

• Minimum credit score: 600.
• Fixed APR: 3.99%-35.99%.
• Loan amounts: $1,000 to $50,000.
• Repayment: 1 to 7 years.

Qualifications

• Must be at least 18 years old.
• Must be a U.S. citizen or permanent resident.
• While there’s no specific income requirement, a consistent source of income is essential for the applicant.

Pros

• Suitable for individuals with lower credit scores.
• No cost for the matching service.
• Attractive loan rates.

Cons

• Acts as an intermediary, not a direct lender.
• Risk of multiple contacts from prospective lenders.
• Lack of clarity on lender details.

Spring Loans (Best for Bad Credit and No Credit)

Spring Loans offers solutions for Green Card holders who either have a limited credit history or face credit challenges. By focusing on a broader set of financial indicators beyond credit scores, they provide loan options for educational funding. This inclusive approach can be crucial for those who are unable to secure traditional student loans due to their credit history.

Check rate on website

on website

Spring Loans Personal Loans

4.2

Stilt’s lender ratings reflect the findings and opinions of our editorial staff. Our scoring methodologies consider a wide array of factors and data points for every lender, offering, and financial solution.

Min. credit score

None

Fixed APR

27.00%

Variable APR

N/A

View details

Overview

• Minimum credit score: None.
• Fixed APR: 27.00%
• Loan amounts: $3,000.
• Repayment: 48 months.

Qualifications

• Demonstrate a recurrent income.
• Minimum age prerequisite: 18 years.
• Validate U.S. citizenship status with an SSN.
• Provide a legitimate U.S. driver’s license or a state identity card.
• Establish a functional bank account for incoming deposits.
• Adhere to any specific demands by the loan provider.

Pros

• Open to applicants with any credit background.
• Four-year loan period aids in structured financial management.
• The $3,000 offer addresses several short-term financial challenges.
• Wide-reaching eligibility criteria invite a broad spectrum of applicants.
• The focus on dependable income over job title benefits varied income sources.

Cons

• The set 27% APR is higher than many alternatives.
• Restriction to a $3,000 loan might not cover all financial outlays.
• Possessing specific IDs is mandatory, sidelining some applicants.
• A prerequisite for an ongoing bank account may limit certain users.

First Premier Lending (Best for Bad Credit)

For Green Card holders with bad credit, securing funds for college can seem daunting. First Premier Lending specializes in offering personalized loan options for such individuals. Their comprehensive evaluation of borrowers’ financial situations means that even those with less-than-ideal credit histories have a chance at obtaining the necessary funding for their education.

Check rate on website

on website

First Premier Lending Personal Loan

4.2

Stilt’s lender ratings reflect the findings and opinions of our editorial staff. Our scoring methodologies consider a wide array of factors and data points for every lender, offering, and financial solution.

Min. credit score

None

Fixed APR

27.00%

Variable APR

N/A

View details

Overview

• Minimum credit score: None.
• Fixed APR: 27.00%.
• Loan amounts: $3,000.
• Repayment: 48 months.

Qualifications

• Maintain a consistent source of income.
• Must be at least 18 years of age.
• Possess valid U.S. citizenship and a legitimate social security number.
• Hold a current U.S. driver’s license or state-issued ID.
• Keep an active bank account for direct deposit.
• Satisfy any lender-specific criteria, such as credit rating, borrowing history, or place of residence.

Pros

• No minimum credit score requirement allows accessibility for those with varied credit histories.
• 48-month term provides clarity and allows for long-term financial planning.
• Specific loan amount of $3,000 can meet many short-term financial needs.
• Broad set of qualifications make the loan accessible to a wide range of people.
• Emphasis on consistent income, not necessarily employment type, allows flexibility for borrowers.

Cons

• A fixed APR of 27% is relatively high.
• Loan amount is capped at $3,000, which might not cater to larger financial requirements.
• Requirement of a U.S. driver’s license or state-issued ID could exclude some individuals.
• Mandatory active bank account could be limiting for those who are unbanked.

Upgrade (Best for Good to Great Credit)

Upgrade is a great choice for Green Card holders who have established good to great credit. Known for their competitive rates and clear terms, Upgrade provides loan options that can help cover college costs effectively. Their transparent and efficient process ensures that borrowers can access funds quickly to meet educational expenses.

Check rate on website

on website

Upgrade Personal Loan

5.0

Stilt’s lender ratings reflect the findings and opinions of our editorial staff. Our scoring methodologies consider a wide array of factors and data points for every lender, offering, and financial solution.

Min. credit score

560

Fixed APR

8.49% - 35.99%

Variable APR

N/A

View details

Overview

• Minimum credit score: 560
• Fixed APR: 8.49% – 35.99%
• Loan amounts: $1,000 to $50,000
• Repayment: 3 to 5 years (7 years on some larger loans)

Qualifications

• Possess an active bank account.
• Able to provide a legitimate email address.
• Minimum age requirement: 18 years (19 for Alabama residents).
• Credit score of 600 or higher.
• Annual income of $25,000 or more.

Pros

• Willing to accommodate borrowers with a credit score as low as 560.
• Offers flexibility with a range of loan amounts from $1,000 to $50,000. This can be suitable for both small and large financial needs.
• Provides options for repayment, allowing borrowers to choose a timeline that best suits their financial situation.
• Once approved, borrowers can access funds in just one day, which is useful for urgent financial needs.

Cons

• Origination fees can go as high as 9.99%, which might add a significant cost to the loan.
• Apart from the origination fee, there are fees for late payments and failed payments, which can add up if one is not careful.
• While there is an option to extend repayment for larger loans up to 7 years, it’s not standard for all loan amounts.

BestEgg (Best for Good Credit)

BestEgg caters to Green Card holders with good credit, offering efficient and quick access to personal loans for educational purposes. Their competitive interest rates and user-friendly loan process make them an appealing choice for those looking to cover college expenses promptly. BestEgg’s reputation for fast approvals and customer-friendly service positions them as a reliable lender for education-related funding.

Check rate on website

on website

BestEgg Personal Loan

4.5

Stilt’s lender ratings reflect the findings and opinions of our editorial staff. Our scoring methodologies consider a wide array of factors and data points for every lender, offering, and financial solution.

Min. credit score

600

Fixed APR

8.99-35.99%

Variable APR

N/A

View details

Overview

• Minimum credit score: 600.
• Fixed APR: 8.99-35.99%.
• Loan amounts: $2,000-$50,000.
• Repayment: 3 to 5 years.

Qualifications

• Targets borrowers with good to excellent credit; fair credit may qualify.
• Minimum credit score of 600.
• At least two years of credit history.
• Minimum annual income: $3,500 from various sources like employment, alimony, and more.
• Debt-to-income ratio: 40%, or 65% when including a mortgage.
• Must be a U.S. citizen.

Pros

• Soft credit check available for pre-qualification.
• Offers a diverse spectrum of loan amounts.
• Provides options for secured loans.
• Direct payments can be made to creditors for debt consolidation.
• Late fees are not charged.

Cons

• Charges an origination fee.
• Doesn’t offer rate discounts.
• Initial payment date isn’t customizable.
• Lacks a dedicated mobile app for loan management.

H2 Scholarships for Permanent Residents

If you need funding but don’t want to get a permanent resident student loan, you can try getting a scholarship. Scholarships can be offered on financial need, and they can also be given to a student based on academic achievement. In general, scholarships are one-time checks, but there are some schools that renew them each semester.

The good thing about scholarships, when compared to a loan, is that you don’t have to pay it back. You get it, use it, and that’s all. Therefore, you will get cash and won’t have to deal with monthly payments. Before you take out a loan, it’s recommended to check your options for scholarships.

Final Thoughts

A permanent resident student loan is possible, as having a green card makes you an eligible noncitizen. You can either get a scholarship, or submit a FAFSA and gain access to federal aid. If none of these is enough to pay your whole tuition, you can also try out a personal loan.

Stilt can help you if you want to know more and get funding, so don’t refrain from checking out our website.

Frequently Asked Questions (FAQ)

Are Green Card Holders Eligible for Student Loans in the U.S.?

Yes, green card holders (permanent residents) are eligible for student loans in the U.S. They have access to both federal and private student loans, similar to U.S. citizens.

What Types of Student Loans Can Green Card Holders Apply For?

Green card holders can apply for federal student loans, which often have favorable interest rates and repayment terms, as well as private student loans from various lenders.

Do Green Card Holders Qualify for Federal Student Aid (FAFSA)?

Yes, green card holders are eligible to fill out the Free Application for Federal Student Aid (FAFSA) to apply for federal student loans, grants, and work-study programs.

Are There Any Restrictions on Student Loans for Green Card Holders?

There are generally no additional restrictions on student loans for green card holders compared to U.S. citizens. They are subject to the same terms and conditions.

How Can Green Card Holders Apply for Federal Student Loans?

Green card holders can apply for federal student loans by completing the FAFSA form online. They will need to provide their Alien Registration Number and financial information.

What Factors Affect Loan Eligibility for Green Card Holders?

Loan eligibility for green card holders depends on factors such as financial need, academic performance, and enrollment in an eligible educational program.

Can Green Card Holders Get Private Student Loans Without a Cosigner?

Green card holders can often get private student loans without a cosigner. However, a cosigner might help secure better interest rates and terms.

Are Interest Rates Different for Green Card Holders?

Interest rates for green card holders are generally the same as those for U.S. citizens, both for federal and private student loans.

Can Green Card Holders Apply for Student Loans for International Study?

Green card holders can apply for student loans for international study, though options might be limited compared to domestic programs. Private lenders might offer specific loans for this purpose.

What Should Green Card Holders Consider When Applying for Student Loans?

Green card holders should consider the type of loan, interest rates, repayment terms, total cost of the loan, and their future ability to repay the loan before applying.