Studying abroad is an exciting opportunity, but it often comes with significant financial challenges.
For many international students, securing funding can be especially daunting, particularly since many lenders require a co-signer or collateral.
Fortunately, several loan options are available specifically for international students, helping to bridge the financial gap.
In this article, we will explore the seven best student loan providers that offer support for international students, with details on loan amounts, interest rates, and eligibility requirements.
Best Student Loans for International Students
| Loan Provider | Loan Amount | Co-signer Requirement | Interest Rates | Loan Terms | Eligibility Requirements |
|---|---|---|---|---|---|
| Prodigy Finance | Up to $35,000 | No | 7.00% – 12.99% | 10 – 20 years | Graduate students at selected universities |
| MPOWER Financing | Up to $50,000 | No | 10.49% – 12.99% | 10 years | Students attending eligible universities in the U.S. or Canada |
| Sallie Mae | Up to $50,000 | Yes | 1.00% – 12.60% | 5 – 15 years | Requires U.S. co-signer |
| Discover Student Loans | Up to $40,000 | Yes | 4.99% – 12.99% | 15 years | Requires U.S. co-signer |
| Citizens Bank | Up to $50,000 | Yes | 5.99% – 11.99% | 5 – 15 years | Requires U.S. co-signer |
| College Ave Student Loans | Up to $50,000 | Yes | 3.34% – 12.99% | 5 – 15 years | Requires U.S. co-signer |
| Future Finance | Up to $35,000 | No | 9.00% – 12.00% | 5 – 10 years | Students enrolled in UK institutions |
1. Prodigy Finance
Prodigy Finance is a leading provider of loans tailored for international students, particularly those pursuing graduate studies.
They offer loans of up to $35,000 without the need for a co-signer, making it an attractive option for students without U.S. contacts.
The interest rates range from 7.00% to 12.99%, depending on various factors, including the school and program.
Prodigy Finance provides flexible repayment terms, allowing students to choose between 10 to 20 years for repayment.
Eligibility is primarily focused on graduate students enrolled in selected universities, making it essential for applicants to confirm their school’s participation in the Prodigy Finance program.
2. MPOWER Financing
MPOWER Financing stands out for its commitment to supporting international students without requiring a co-signer or collateral.
They provide loans up to $50,000, with interest rates ranging from 10.49% to 12.99%.
The loan terms are set at 10 years, which allows for manageable repayment schedules.
MPOWER evaluates applicants based on their academic performance and future earning potential, ensuring that students at participating U.S. and Canadian institutions have access to the funding they need to succeed.
3. Sallie Mae
Sallie Mae is a well-established name in the student loan industry, offering various financing options for international students who have a U.S. co-signer.
With loan amounts up to $50,000, Sallie Mae provides flexible interest rates ranging from 1.00% to 12.60%.
The loan terms are between 5 to 15 years, allowing students to select a repayment schedule that fits their financial situation.
While Sallie Mae offers comprehensive loan options, the requirement for a co-signer can limit accessibility for some international students.
4. Discover Student Loans
Discover offers private student loans specifically for international students, but applicants must have a U.S. co-signer for approval.
The maximum loan amount available is $40,000, with interest rates ranging from 4.99% to 12.99%.
Discover’s loan terms extend up to 15 years, and they provide flexible repayment options, including a grace period for students while they are in school.
This flexibility can significantly ease the financial burden on students as they transition from school to the workforce.
5. Citizens Bank
Citizens Bank is another reputable lender that provides private student loans to international students, requiring a U.S. co-signer.
They offer loan amounts up to $50,000, with competitive interest rates ranging from 5.99% to 11.99%.
The loan terms range from 5 to 15 years, giving students the option to choose a repayment plan that best fits their financial needs.
Citizens Bank also offers multi-year approval, which can simplify the funding process for students pursuing degrees over multiple years.
6. College Ave Student Loans
College Ave specializes in providing loans for international students, but applicants must have a U.S. co-signer.
They offer loans up to $50,000, with interest rates ranging from 3.34% to 12.99%. The loan terms can vary from 5 to 15 years, and College Ave provides flexible repayment options, including interest-only payments while in school.
This adaptability makes College Ave an attractive choice for international students looking to manage their financial responsibilities during their studies.
7. Future Finance
Future Finance offers a unique opportunity for international students enrolled in UK institutions, providing loans without the need for a co-signer.
The maximum loan amount is $35,000, with interest rates between 9.00% and 12.00%. Loan terms are typically set between 5 to 10 years, making it straightforward for students to plan their repayment strategy.
Future Finance is particularly beneficial for students who may not have access to traditional funding sources, providing clear and accessible financial support for their educational endeavors.
Quick One: We have other useful loan articles here.
Frequently Asked Questions
What is the maximum loan amount that international students can borrow?
The maximum loan amount varies by lender. Some providers, like MPOWER Financing and Citizens Bank, offer loans up to $50,000, while others, such as Prodigy Finance and Future Finance, provide loans up to $35,000. It’s essential to review the specific terms of each lender to determine the amount you can borrow.
Do international students need a co-signer to qualify for a loan?
It depends on the loan provider. Some lenders, like Prodigy Finance and MPOWER Financing, do not require a co-signer, making it easier for international students to secure funding. However, other lenders, such as Sallie Mae and Discover Student Loans, do require a U.S. co-signer. Prospective borrowers should check the specific requirements of each lender before applying.
What are the interest rates typically offered to international students?
Interest rates for student loans can vary significantly based on the lender and the borrower’s profile. Generally, rates can range from approximately 1.00% to 12.99%, depending on factors such as creditworthiness, the presence of a co-signer, and the loan provider. It’s important to compare rates from multiple lenders to find the most favorable terms for your financial situation.
Conclusion
Navigating the landscape of student loans as an international student can be challenging, but options like Prodigy Finance, MPOWER Financing, and others provide essential support.
Each provider has distinct eligibility requirements and loan terms, so it’s vital to conduct thorough research to find the best fit for your financial situation and educational goals.
With the right funding, international students can focus on their studies and make the most of their educational experiences abroad.
By understanding the available options and their specifics, students can confidently pursue their dreams of studying in a new country.
