I might need some extra cash for tuition + room&board once I transfer to the university.
I have a relative who is a U.S. citizen to be my co-signer, but I just need to know if the interest rate is higher or if the process is harder for international students to apply. I might need somewhere around 50k for the better public schools.
Am I also eligible for interest-free subsidized loan? Or is it only available for U.S. citizens?
Only US citizens and “eligible non-citizens” (e.g. permanent residents, refugees) are eligible for federal financial aid, which includes subsidized loans. (I am not aware of the existence of interest-free loans for anyone.)
As an international student, your interest rates will hinge on the credit-worthiness of your cosigner. Fixed-rate interest rates for private student loans seem to hover in the range of 6-12%.
And yes, I do expect the loan application process to be a bit trickier for international students. For example, some lenders are not comfortable lending to international students at all, even with a cosigner.
The only free interest free loan that I know comes from the Rowe fund program (If you are a citizen from any country of the OAS, you can get it) up to 15k USD can be taken.