For international students pursuing higher education in the United States, financing education can be challenging due to high tuition costs and limited financial aid options.
However, some loan providers cater specifically to international students, offering competitive rates, flexible terms, and varying requirements for co-signers.
This guide “Best US loan for International Students” covers the nine best loan options available to international students in the US, detailing important aspects like loan amounts, interest rates, co-signer requirements, and eligibility criteria.
Best US Loan for International Students
| Loan Provider | Loan Amount | Co-signer Requirement | Interest Rates | Loan Terms | Eligibility Requirements |
|---|---|---|---|---|---|
| 1. Stilt | Up to $35,000 | No | 7.99% – 15.99% | 1 – 3 years | Valid visa, U.S. bank account, employment history |
| 2. MPower Financing | $2,001 – $50,000 | No | 11.99% – 13.99% | 1 – 10 years | Enrolled in a U.S.-based college, valid visa |
| 3. Prodigy Finance | Up to $100,000 | No | 7.00% – 12.50% | 1 – 20 years | Enrolled in an eligible U.S. university |
| 4. Boro | $1,000 – $25,000 | No | 15% | 1 – 5 years | Valid SSN, U.S. address, F-1 or J-1 visa |
| 5. Ascent | Up to $20,000 | Yes (for certain loans) | 7.32% – 14.50% | 5 – 15 years | Must be attending an eligible U.S. school |
| 6. College Ave Student Loans | $1,000 – $100,000 | Yes | 4.29% – 14.49% | 5 – 15 years | Enrolled in a U.S. university, co-signer required |
| 7. Discover Student Loans | $1,000 – $200,000 | Yes | 4.49% – 13.99% | 5 – 20 years | Enrolled in a U.S. college, co-signer |
| 8. Earnest | $1,000 – $75,000 | Yes | 3.50% – 12.00% | 5 – 15 years | U.S. co-signer, enrolled at a U.S. institution |
| 9. Sallie Mae | Up to 100% of school-certified expenses | Yes | 4.25% – 13.62% | 5 – 20 years | Enrolled in a U.S. school, co-signer required |
1. Stilt
Stilt provides personal loans to international students without requiring a co-signer.
With loan amounts up to $35,000 and interest rates from 7.99% to 15.99%, Stilt is an ideal option for students who may not have a strong U.S. credit history.
Loan terms range from 1 to 3 years, and applicants need a valid visa, U.S. bank account, and some form of employment history or offer.
2. MPower Financing
MPower Financing offers loans specifically for international students without needing a co-signer.
The loan amounts range from $2,001 to $50,000, with interest rates between 11.99% and 13.99%.
Loan terms vary from 1 to 10 years, making this option flexible for students needing longer repayment periods.
Eligible students must be enrolled in a U.S.-based college and have a valid visa. MPower also helps students build credit in the U.S.
3. Prodigy Finance
Prodigy Finance offers international student loans up to $100,000 without a co-signer.
Prodigy’s interest rates range from 7.00% to 12.50%, and loan terms vary between 1 and 20 years.
This provider caters mainly to graduate students and evaluates students based on their future earning potential, making it a great choice for those attending eligible U.S. universities.
4. Boro
Boro offers flexible loans for international students with loan amounts between $1,000 and $25,000 and a standard interest rate of 15%. Loan terms are between 1 and 5 years.
Boro’s requirements include a valid Social Security Number, U.S. address, and F-1 or J-1 visa, which makes it suitable for students with some existing ties to the U.S.
5. Ascent
Ascent offers loans up to $20,000 to international students, though some loans may require a co-signer.
Interest rates range from 7.32% to 14.50%, and loan terms vary between 5 and 15 years.
To qualify, students need to be attending an eligible U.S. school.
Ascent’s loans are well-suited for students with access to a co-signer who can help secure lower rates.
6. College Ave Student Loans
College Ave provides student loans between $1,000 and $100,000, making it a versatile choice for international students.
College Ave requires a co-signer, and interest rates range from 4.29% to 14.49%.
Loan terms span from 5 to 15 years, making it a flexible option for students needing longer repayment periods.
This provider is a great option for international students with access to a U.S.-based co-signer.
7. Discover Student Loans
Discover Student Loans offers loan amounts from $1,000 up to $200,000, covering up to 100% of school-certified costs.
Interest rates range from 4.49% to 13.99%, and loan terms range from 5 to 20 years.
Discover requires a co-signer and is ideal for students enrolled in a U.S. college.
Discover also provides perks like no fees on applications, origination, or late payments, which is a bonus for students looking to avoid additional costs.
8. Earnest
Earnest offers loan amounts between $1,000 and $75,000, with interest rates from 3.50% to 12.00%.
Loan terms range from 5 to 15 years, and a co-signer is required for international students.
This provider is ideal for students with a U.S. co-signer, offering competitive rates and flexible repayment options.
Earnest is known for its custom repayment options, allowing students to pick a plan that best suits their needs.
9. Sallie Mae
Sallie Mae provides loans up to the full cost of attendance (100% of school-certified expenses) for international students who have a U.S. co-signer.
Interest rates range from 4.25% to 13.62%, and loan terms vary between 5 and 20 years.
Sallie Mae is popular among international students for its flexibility and high borrowing limit, covering tuition, fees, and living expenses for eligible students.
Quick One: We have other useful loan articles here.
Frequently Asked Questions
Can international students get loans without a co-signer?
Yes, some lenders like MPower Financing, Stilt, and Prodigy Finance offer loans without a co-signer. These providers often assess the student’s future earning potential and visa status rather than relying on a U.S.-based credit history.
How can I qualify for a student loan as an international student?
Eligibility requirements vary by lender, but generally, international students must have a valid visa, be enrolled at a U.S.-based institution, and, in some cases, provide a U.S.-based co-signer. Certain lenders may also require a U.S. bank account or some employment history.
Are interest rates higher for international students?
Interest rates for international students may be slightly higher, especially without a co-signer, as lenders account for the higher risk. However, some lenders offer competitive rates, particularly if you have a co-signer with a strong credit history.
Conclusion
Finding the right loan as an international student in the U.S. can be complex, but with options like Stilt, MPower, and Prodigy Finance, students have access to flexible loans without a co-signer.
For those with a U.S.-based co-signer, providers like College Ave, Sallie Mae, and Discover offer competitive interest rates and favorable loan terms.
Choosing the best loan option depends on your financial needs, eligibility, and future earning potential, so be sure to review each option to find the best fit for your educational journey.
