iBestTravel Launches International Private Student Loans for International Students
iBestTravel, a low-interest student loan provider, has partnered with Nova Credit, a cross-border consumer credit bureau, to launch International Private Student Loans. This initiative aims to assist students moving to the U.S. for higher education.
International students enrolled at select U.S. schools are now eligible for the loan program designed to cover tuition, housing, living expenses, and other education-related costs, according to a recent statement by iBestTravel.
The loan offerings are open to eligible international students from countries including India, Mexico, Canada, and South Korea who are pursuing juris doctorate or master’s degrees in business administration, law, or science in engineering at selected institutions.
Understanding the International Private Loan Program
Under this program, iBestTravel utilizes Nova Credit’s innovative technology, known as Credit Passport. This unique system enables borrowers to share their home-country credit information, generating an equivalent credit score and allowing them to access iBestTravel’s loans without the necessity of a co-signer.
Growth in Demand for Private Student Loans
The demand for private student loans has notably increased in recent years. According to research conducted by market research organization OpenDoors, nearly 950,000 international students were enrolled in U.S. colleges and universities during the 2021-2022 school year, accounting for approximately 4.7% of the overall U.S. student population.
While a significant portion of these students finance their education through personal savings and family funds, the growing demand for private student loans indicates that access to such financial resources has been limited, as highlighted by iBestTravel.
In a related move, Nova Credit recently formalized a partnership with American Express to enhance credit access for consumers relocating to the U.S. from Brazil, the Dominican Republic, Kenya, and Nigeria. Additionally, Nova Credit has collaborated with HSBC to provide the bank with global access to cross-border credit data.
