admin Accessing higher education has become increasingly challenging, with soaring tuition fees presenting a major barrier for students across the United States. While student loans have become a fundamental part of bridging the gap, they have also created a burden for many young individuals seeking a college education. Nova Credit, a company that aims to open up worldwide credit opportunities spanning across borders, recognised the need for a solution. In collaboration with Earnest, a private loan provider specialising in student loans and loan refinancing, they have taken a crucial step towards providing financial assistance to international students pursuing education in the US.
More on the Partnership
The partnership between Nova Credit and Earnest involves the integration of the Credit Passport into Earnest’s loan application process. International borrowers can now share their credit information when applying for a private loan, allowing lenders to access their credit history and assess their creditworthiness. This innovative approach eliminates the need for a US-based cosigner, reducing the friction in financing education for eligible students.
Under this new system, students can borrow up to $100,000 with loan terms extending up to ten years, and a generous nine-month grace period. Currently, international student loans opportunities are only available to MBA, MS in engineering, or LLM/JD pursants at select schools. However, Earnest has pledged to expand this access in the coming days, potentially opening doors for more students from diverse educational backgrounds.
Misha Esipov, CEO of Nova Credit, highlights the importance of this partnership, emphasising that the current systems for financing higher education create unreasonable hurdles for immigrants and international students. The collaboration between Nova Credit and Earnest aims to break down these barriers and provide more opportunities for aspiring students.
Effects in the Long Run
As the demand for quality education remains high, it is essential to create a more accessible and equitable system for financing higher education. Nova Credit and Earnest’s strategic partnership marks a significant step towards realising this vision and fostering a more inclusive and globally connected education landscape. With the Credit Passport integration, international students can now have a fair chance at accessing loans to pursue their academic dreams in the United States.
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