But not all international students receive a considerable aid package: to meet the requirement, some schools, such as St. Olaf College in Minnesota, offer loans.
“We have a small amount that allows international students to borrow,” says Carly Eichhorst, director of financial aid at the university. “We do not allow them to borrow more than that.”
St. Olaf’s international university students can borrow up to $ 4000 a year. The current interest rate is set at 5% and the repayment period is five years. A co-signer is not necessary, says Eichhorst. A co-signer is someone who agrees to take over the debt if the borrower does not return it.
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