Studying abroad presents an incredible opportunity for international students, but financing education can be daunting, especially when many lenders require a co-signer to secure loans.
Co-signers, often U.S. residents or citizens, can help international students access funds with better interest rates and terms.
This article will explore the 9 best student loan for international student with a co-signer, detailing their features, loan amounts, interest rates, and eligibility requirements.
Best Student Loan for International Students With Cosigner
| 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 |
| 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 |
| LendKey | Varies | Yes | 3.00% – 12.00% | 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 |
| MPOWER Financing | Up to $50,000 | Yes | 10.49% – 12.99% | 10 years | Students attending eligible universities in the U.S. |
| Prodigy Finance | Up to $35,000 | Yes | 7.00% – 12.99% | 10 – 20 years | Graduate students at selected universities |
| Naiku | Up to $25,000 | Yes | 7.00% – 10.50% | 10 years | International students in selected programs |
1. Sallie Mae
Sallie Mae is a well-known lender in the student loan industry, providing various loan options for international students who have a co-signer.
They offer loans up to $50,000, with interest rates ranging from 1.00% to 12.60%.
Loan terms can vary from 5 to 15 years, allowing students to choose a repayment plan that best suits their financial needs.
Sallie Mae also provides various benefits for responsible borrowers, such as interest rate reductions for automatic payments.
2. Discover Student Loans
Discover offers private student loans tailored for international students with a U.S. co-signer.
The maximum loan amount available 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 offer deferment during the student’s time in school, which can significantly ease the financial burden.
3. Citizens Bank
Citizens Bank provides student 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.
4. College Ave Student Loans
College Ave specializes in providing loans for students, typically requiring 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 be customized from 5 to 15 years, providing flexibility in repayment.
College Ave also offers options like interest-only payments while in school, helping students manage their finances effectively.
5. LendKey
LendKey connects borrowers with local and national credit unions and banks.
They generally require a co-signer, but some programs may allow international students to apply without one.
Loan amounts vary, but they typically offer loans up to $50,000. Interest rates range from 3.00% to 12.00%, and loan terms can be set from 5 to 15 years.
LendKey’s community lending focus often results in competitive rates and favorable terms.
6. Ascent Funding
Ascent Funding offers loans to international students with the requirement of a U.S. co-signer.
They provide loans of 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.
7. MPOWER Financing
MPOWER Financing provides loans specifically designed for international students and generally requires a co-signer.
They offer loans up to $50,000, with interest rates ranging from 10.49% to 12.99%.
The repayment term is fixed at 10 years, making it easier for students to budget their monthly payments.
MPOWER evaluates applicants based on their future earning potential and academic performance.
8. Prodigy Finance
Prodigy Finance specializes in loans for international students pursuing graduate studies.
They offer loans of up to $35,000, with interest rates ranging from 7.00% to 12.99%.
A major advantage of Prodigy Finance is that it typically requires a co-signer, making it accessible for students with U.S. contacts.
Borrowers can select flexible repayment terms of 10 to 20 years, allowing for manageable payments based on their financial situation.
9. Naiku
Naiku offers loans to international students with the requirement of a co-signer.
They provide loans up to $25,000, with interest rates between 7.00% and 10.50%.
The repayment term is typically 10 years, allowing for predictable monthly payments.
Naiku primarily targets international students in specific programs, making it essential to check eligibility.
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 Citizens Bank 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 when a co-signer is required.
However, options like Sallie Mae, Discover Student Loans, and College Ave 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.
