For international students looking to study in the U.S., the high costs of tuition and living expenses can be daunting.
Thankfully, there are various educational loans specifically designed for international students, which can make it easier to finance studies without extensive credit history or a U.S.-based co-signer.
This article “Best Educational Loan for International Students” will guide you through the top nine educational loan providers.
Providing essential details on loan amounts, interest rates, terms, and eligibility requirements to help you make an informed decision.
Best Educational Loans for International Students
| Loan Provider | Loan Amount | Co-signer Requirement | Interest Rates | Loan Terms | Eligibility Requirements |
|---|---|---|---|---|---|
| 1. Prodigy Finance | Up to 100% of tuition | No | 7.5% – 12% (variable) | 7 – 20 years | Enrolled in an eligible program |
| 2. MPower Financing | Up to $50,000 per year | No | 11.99% – 13.99% | 10 years | Enrolled in a U.S.-based program, valid visa |
| 3. Ascent | Up to $20,000 | Yes (for certain loans) | 7.32% – 14.50% | 5 – 15 years | Must be attending an eligible U.S. school |
| 4. Citizens Bank | $1,000 – $150,000 | Yes | 5.25% – 11.65% | 5 – 15 years | Requires a U.S.-based co-signer |
| 5. Discover Student Loans | Up to 100% of school-certified costs | Yes | 4.12% – 13.49% | 15 – 20 years | Co-signer required for international students |
| 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 cost of attendance | Yes | 4.25% – 13.62% | 5 – 20 years | Co-signer required for international students |
| 8. Wells Fargo | $1,000 – $120,000 | Yes | 5.79% – 11.99% | 5 – 15 years | Requires a U.S.-based co-signer |
| 9. Earnest | Up to $75,000 | Yes | 4.24% – 13.44% | 5 – 15 years | Requires U.S.-based co-signer, eligible schools only |
1. Prodigy Finance
Prodigy Finance offers loans tailored for international students, especially those pursuing graduate degrees.
They provide up to 100% of tuition with variable interest rates between 7.5% and 12%.
Prodigy does not require a co-signer, which is a huge benefit for students without a U.S.-based contact.
Loan terms vary from 7 to 20 years, and the loan is available for eligible programs only. The amount and rate depend on factors like school and program.
2. MPower Financing
MPower Financing provides loans to international students without needing a co-signer.
They offer up to $50,000 per year with fixed interest rates ranging from 11.99% to 13.99%.
The loan term is 10 years, and borrowers need to be enrolled in a U.S.-based program with a valid visa.
MPower considers your academic and professional potential, not just credit history, making it ideal for students with limited credit.
3. Ascent
Ascent offers loan options with and without co-signers, giving international students more flexibility.
Loan amounts go up to $20,000 with interest rates between 7.32% and 14.50%, depending on the loan type.
Loan terms range from 5 to 15 years. Ascent also provides financial education resources to support borrowers and offers loans primarily to students with U.S.-based co-signers for lower rates.
4. Citizens Bank
Citizens Bank offers a variety of loan options, including educational loans for international students who have a U.S.-based co-signer.
Loan amounts range from $1,000 to $150,000 with interest rates from 5.25% to 11.65%.
Terms are available between 5 and 15 years.
Citizens Bank is suitable for students who can secure a reliable co-signer and need larger loan amounts to cover full program costs.
5. Discover Student Loans
Discover Student Loans provides educational loans that cover up to 100% of school-certified costs.
Interest rates range from 4.12% to 13.49%, and loan terms vary from 15 to 20 years.
They require a U.S.-based co-signer for international students.
Discover’s loans are a great choice for students needing high loan amounts with the support of a co-signer, as they come with no origination fees and flexible repayment options.
6. College Ave Student Loans
College Ave Student Loans offers loans up to $100,000 with rates between 4.29% and 14.49%, depending on the borrower’s and co-signer’s credit profile.
Loan terms range from 5 to 15 years. College Ave requires a co-signer for international students and is well-suited for students who are enrolled in a U.S. school and looking for flexible repayment options.
They also offer perks like no origination fees and interest rate reductions for automatic payments.
7. Sallie Mae
Sallie Mae provides educational loans covering up to 100% of the cost of attendance, which includes tuition, housing, and other expenses.
Interest rates are between 4.25% and 13.62%, with terms ranging from 5 to 20 years.
International students need a U.S.-based co-signer. Sallie Mae offers various repayment plans, making it ideal for students who need full-cost coverage and flexibility in repayment options.
8. Wells Fargo
Wells Fargo offers student loans up to $120,000 with interest rates from 5.79% to 11.99%.
They require a U.S.-based co-signer and provide terms from 5 to 15 years.
Wells Fargo offers benefits like interest rate reductions for automatic payments and loyalty discounts for existing customers.
International students who can secure a co-signer and need comprehensive loan options may find Wells Fargo beneficial.
9. Earnest
Earnest provides student loans with amounts up to $75,000 and interest rates from 4.24% to 13.44%.
They require a U.S.-based co-signer and offer flexible terms from 5 to 15 years.
Earnest loans are ideal for international students who meet the school eligibility requirements and have a U.S.-based co-signer.
Earnest’s transparent terms and fast approval process make it an excellent choice for students who want to quickly secure funding.
Quick One: We have other useful loan articles here.
Frequently Asked Questions
Can international students get educational loans without a co-signer?
Yes, some lenders like Prodigy Finance and MPower Financing offer loans specifically for international students without requiring a U.S.-based co-signer. These lenders focus on the student’s academic and career potential.
Are there any lenders with lower interest rates for educational loans for international students?
Yes, lenders like Discover, Sallie Mae, and College Ave offer competitive interest rates, particularly for borrowers with a strong co-signer. These lenders often provide additional discounts for automatic payments, which can further reduce the interest rate.
What is the advantage of a fixed interest rate on a student loan?
A fixed interest rate provides consistency in monthly payments, as the rate will not fluctuate over the term of the loan. This can make budgeting easier and protects students from rising rates, which is beneficial for long-term loans.
Conclusion
Securing an educational loan as an international student can be challenging, but there are options tailored to suit various financial situations.
Lenders like Prodigy Finance and MPower Financing offer non-co-signer options, while Discover and Sallie Mae provide competitive rates for students with reliable co-signers.
By comparing these top nine providers, international students can find the best loan that fits their financial needs and educational goals.
