Studying in the United States offers valuable opportunities for international students, but the high cost of education and living expenses can make financing difficult.
Fortunately, several lenders provide study loans specifically for international students.
These loans come with flexible terms, competitive interest rates, and some don’t even require a co-signer.
This article outlines the seven best study loan options for international students in the USA, providing details on loan amounts, interest rates, terms, and eligibility requirements to help you make an informed decision.
Best Study Loans for International Students in USA
| 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. 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 specifically designed for international students and immigrants.
They offer loan amounts up to $35,000 without requiring a co-signer. With interest rates between 7.99% and 15.99%, Stilt’s loans are a suitable choice for students with limited U.S. credit history.
The loan term ranges from 1 to 3 years, and students need a valid visa, U.S. bank account, and a history of employment or an offer in the U.S.
2. MPower Financing
MPower Financing is a popular choice for international students as it offers loans without requiring a co-signer.
Loan amounts vary from $2,001 to $50,000, and interest rates range from 11.99% to 13.99%.
MPower provides flexible loan terms between 1 and 10 years, and eligible students must be enrolled in a U.S.-based college with a valid visa.
In addition to loans, MPower offers services to help students build U.S. credit, which can be beneficial for future financing.
3. Prodigy Finance
Prodigy Finance provides loans tailored for international students enrolled in graduate programs.
They offer loan amounts up to $100,000, with interest rates ranging from 7.00% to 12.50%.
With terms spanning from 1 to 20 years, Prodigy assesses students based on future earning potential rather than U.S. credit history, making it accessible for students without a co-signer.
4. Boro
Boro offers flexible financing for international students with loan amounts between $1,000 and $25,000. Interest rates are set at 15%, and loan terms range from 1 to 5 years.
Boro doesn’t require a co-signer, but students need a valid Social Security Number (SSN), U.S. address, and a valid F-1 or J-1 visa.
Boro is ideal for students with short-term needs who want manageable loan amounts and straightforward eligibility requirements.
5. Ascent
Ascent offers study loans with or without a co-signer, making it versatile for international students.
Loan amounts are available up to $20,000, with interest rates between 7.32% and 14.50%.
Loan terms vary from 5 to 15 years, providing flexible repayment options. Students must be attending an eligible U.S. school, and co-signer requirements depend on the specific loan type chosen.
6. College Ave Student Loans
College Ave Student Loans provides loans specifically designed for international students who can secure a U.S.-based co-signer.
With loan amounts from $1,000 to $100,000, interest rates range from 4.29% to 14.49%, and loan terms are between 5 and 15 years.
Students need to be enrolled in a U.S. university and have a co-signer to qualify. College Ave also offers flexible repayment options that allow students to start paying down their loan while still in school.
7. Sallie Mae
Sallie Mae offers competitive student loans for international students who can secure a co-signer. Loans cover up to 100% of school-certified expenses, including tuition and living costs.
Interest rates range from 4.25% to 13.62%, and loan terms extend from 5 to 20 years. Students must be enrolled in an eligible U.S. school, and a co-signer is typically required.
Sallie Mae also provides several repayment options to ease the financial burden during school.
Quick One: We have other useful loan articles here.
Frequently Asked Questions
Do international students need a co-signer for study loans in the USA?
Not always. Some lenders, like MPower Financing and Prodigy Finance, do not require a co-signer, making them popular choices for international students. However, other lenders may require a U.S.-based co-signer for loan approval.
What documents are typically required for international student loans?
Documents commonly needed include proof of visa status, proof of enrollment, a valid passport, and sometimes employment history or a job offer. Specific requirements vary by lender.
How can international students improve their chances of loan approval?
Having a co-signer with a good credit history can improve loan approval odds. Choosing lenders that don’t require a U.S. credit history or co-signer, such as Stilt or MPower, is also beneficial.
Conclusion
Securing a study loan in the U.S. as an international student can seem overwhelming, but there are numerous options to fit different financial needs and eligibility criteria.
From co-signer-free loans by lenders like MPower and Stilt to competitive rates from College Ave and Sallie Mae, these seven providers cater specifically to international students.
Always compare loan amounts, terms, and requirements carefully to find the best loan option for your situation.
