Studying abroad can be a transformative experience for international students, offering access to high-quality education and new cultural perspectives.
However, financing this education can often be a challenge, particularly when students require loans that accommodate their unique situations.
Sallie Mae is a well-known lender in the student loan market, and they offer various loan products that can help international students meet their financial needs.
This article will explore the 7 best Sallie Mae loans for international students, detailing their features, loan amounts, interest rates, and eligibility requirements.
Best Sallie Mae Loan for International Students
| Loan Provider | Loan Amount | Co-signer Requirement | Interest Rates | Loan Terms | Eligibility Requirements |
|---|---|---|---|---|---|
| Sallie Mae | Up to $50,000 | Yes | 1.00% – 12.60% | 5 – 15 years | Requires U.S. co-signer |
| 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. |
| 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 |
| Ascent Funding | Up to $20,000 | Yes | 8.00% – 12.00% | 5 – 10 years | Students at eligible institutions |
1. Sallie Mae
Sallie Mae is a leading provider of student loans in the United States, offering a range of options for international students who have a U.S. co-signer.
They provide loans of up to $50,000, with interest rates ranging from 1.00% to 12.60%.
The repayment terms vary between 5 to 15 years, allowing students to select a plan that best fits their financial needs.
Sallie Mae offers various repayment options and benefits for responsible borrowers, including interest rate reductions for automatic payments.
2. Prodigy Finance
Prodigy Finance focuses on providing loans to international students pursuing graduate studies.
They offer loans of up to $35,000, with interest rates ranging from 7.00% to 12.99%.
One significant advantage of Prodigy Finance is that it does not require a co-signer, making it accessible for students without U.S. contacts.
Borrowers can choose flexible repayment terms of 10 to 20 years, which can help manage payments more effectively.
Eligibility is primarily for graduate students at selected universities, so it’s essential to verify your institution’s eligibility.
3. MPOWER Financing
MPOWER Financing is an excellent choice for international students, providing loans up to $50,000 without requiring a co-signer.
Interest rates vary between 10.49% and 12.99%, and the repayment term is fixed at 10 years.
MPOWER evaluates applicants based on their future earning potential and academic performance, making it an appealing option for students from diverse fields attending eligible universities.
4. Discover Student Loans
Discover offers private student loans tailored for international students who have a U.S. co-signer.
The maximum loan amount is $40,000, with interest rates ranging from 4.99% to 12.99%.
Discover’s loan terms can extend up to 15 years, providing flexible repayment options.
They also allow deferment during the student’s time in school, which can significantly ease the financial burden.
5. Citizens Bank
Citizens Bank provides loans for international students, requiring a U.S. co-signer.
Students can borrow up to $50,000, with competitive interest rates ranging from 5.99% to 11.99%.
Loan terms can vary from 5 to 15 years, allowing for flexibility in repayment.
Citizens Bank also offers multi-year approval options, which can streamline the funding process for students pursuing long-term degrees.
6. College Ave Student Loans
College Ave specializes in providing loans for students and typically requires a U.S. co-signer; however, they also have options for international students.
They offer loans up to $50,000, with interest rates ranging from 3.34% to 12.99%.
The loan terms can be customized from 5 to 15 years, providing flexibility in repayment.
College Ave also offers options like interest-only payments while in school, which can help students manage their finances effectively.
7. Ascent Funding
Ascent Funding provides loans to international students with the requirement of a U.S. co-signer.
They offer loans up to $20,000, with interest rates ranging from 8.00% to 12.00%.
The loan terms can be set between 5 to 10 years, providing flexibility in repayment options.
Ascent primarily focuses on students attending eligible institutions, so confirming eligibility is crucial.
Quick One: We have other useful loan articles here.
Frequently Asked Questions
What is the maximum loan amount that international students can borrow with a co-signer?
The maximum loan amount varies by lender. For example, MPOWER Financing offers loans up to $50,000, while Sallie Mae and Discover Student Loans typically provide loans up to $50,000 and $40,000, respectively. It’s essential to check each lender’s specific terms to determine your borrowing capacity.
Do international students need a co-signer to qualify for loans in the U.S.?
Many lenders, such as Prodigy Finance and MPOWER Financing, do not require a co-signer, making it easier for international students to secure funding. However, traditional lenders like Sallie Mae and Discover Student Loans usually require a U.S. co-signer. Always review 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 range from approximately 1.00% to 12.99%, depending on factors such as creditworthiness and the presence of a co-signer. It’s crucial to compare rates from multiple lenders to find the most favorable terms for your financial situation.
Conclusion
Navigating the world of student loans as an international student can be challenging, especially with the requirement of co-signers.
However, options like Sallie Mae, Prodigy Finance, and MPOWER Financing provide essential support for students who need financial assistance.
Each lender has different eligibility requirements, loan amounts, and interest rates, making it vital for students to conduct thorough research to find the best fit for their needs.
By understanding these options, international students can secure the necessary financial support to pursue their education and achieve their academic goals.
