Financing education in the U.S. as an international student often comes with unique challenges, especially given limited access to federal student aid.
However, several loan providers cater specifically to international students, helping them cover educational expenses and achieve their academic goals.
In this guide, we’ve compiled the seven best loan providers, each with their own features, benefits, and requirements.
Best Future Finance Loan for International Students
| Loan Provider | Loan Amount | Co-signer Requirement | Interest Rates | Loan Terms | Eligibility Requirements |
|---|---|---|---|---|---|
| 1. Future Finance | Up to $40,000 per year | Yes, typically required | Variable (approx. 8% – 14%) | 5 – 10 years | Must be a full-time student |
| 2. MPower Financing | Up to $50,000 per year | No | 11.99% – 13.99% | 10 years | No co-signer required |
| 3. Prodigy Finance | Up to 100% of tuition | No | 7.5% – 12% (variable) | 7 – 20 years | No co-signer required, eligible programs only |
| 4. Sallie Mae | Up to 100% of cost of attendance | Yes | 4.25% – 13.62% | 5 – 20 years | Co-signer required for international students |
| 5. Earnest | Up to $75,000 | Yes | 3.24% – 12.78% | 5 – 20 years | Co-signer required for international students |
| 6. College Ave Student Loans | Up to $100,000 | Yes | 4.29% – 14.49% | 5 – 15 years | Co-signer required for international students |
| 7. Citizens Bank | $1,000 – $150,000 | Yes | 5.25% – 11.65% | 5 – 15 years | Requires U.S.-based co-signer |
1. Future Finance
Future Finance is a UK-based loan provider that extends its loan services to international students, including those studying in the U.S.
Loan amounts are capped at $40,000 per academic year, with interest rates ranging from approximately 8% to 14%.
The loan typically requires a co-signer and has flexible repayment terms of 5 to 10 years.
Students must be enrolled in a full-time program, and loans are disbursed directly to the student’s educational institution.
2. MPower Financing
MPower Financing offers loans specifically for international and DACA students, without requiring a co-signer.
The loan covers up to $50,000 per year, with interest rates between 11.99% and 13.99%, making it accessible to students without U.S. credit history.
MPower’s loan term is generally 10 years, with interest-only payments allowed while the student is in school.
MPower’s eligibility requirements focus more on academic potential than credit history, making it ideal for students with limited or no credit.
3. Prodigy Finance
Prodigy Finance specializes in loans for international students attending specific graduate programs.
With variable rates ranging from 7.5% to 12%, Prodigy offers loans without the need for a co-signer.
The loan covers up to 100% of tuition and has terms between 7 and 20 years.
Prodigy’s eligibility is based on the student’s future earning potential and program of study, making it an excellent option for students in fields like business, engineering, and law.
4. Sallie Mae
Sallie Mae is one of the largest private student loan providers in the U.S. and offers loans that cover up to the full cost of attendance.
Interest rates range from 4.25% to 13.62%, and loan terms are available from 5 to 20 years.
Sallie Mae requires a U.S.-based co-signer for international students, with repayment options that include deferred, interest-only, and flat-fee payments while in school.
Sallie Mae also offers a co-signer release option after a certain number of consecutive on-time payments.
5. Earnest
Earnest offers student loans for international students with a U.S.-based co-signer.
Loan amounts are up to $75,000, with interest rates between 3.24% and 12.78%.
Loan terms range from 5 to 20 years, with flexible repayment options that include the ability to skip one payment per year.
Earnest also has no origination or prepayment fees, making it a more affordable option for students with reliable co-signers.
6. College Ave Student Loans
College Ave Student Loans provides loans for international students up to $100,000, with interest rates from 4.29% to 14.49%.
A co-signer is required, and loan terms range from 5 to 15 years.
College Ave offers flexible repayment options, such as deferred, interest-only, and flat-fee payments.
Their simple application process and co-signer release options make it a great choice for international students with a dependable co-signer.
7. Citizens Bank
Citizens Bank offers private student loans for international students with loan amounts ranging from $1,000 to $150,000.
Interest rates vary between 5.25% and 11.65%, with loan terms available for 5, 10, or 15 years.
A U.S.-based co-signer is required, and Citizens Bank offers both fixed and variable rate options.
Additionally, students can qualify for an interest rate discount when they set up automatic payments.
Quick One: We have other useful loan articles here.
Frequently Asked Questions
Can international students apply for loans without a co-signer?
Yes, certain providers like MPower Financing and Prodigy Finance do not require a co-signer, making them accessible for students without U.S.-based credit or guarantors.
How do interest rates for international student loans vary?
Interest rates can vary widely based on factors like credit history, co-signer eligibility, and whether the rate is fixed or variable. Rates generally range from 3% to 14%.
What is the repayment period for international student loans?
Repayment periods differ by provider but typically range from 5 to 20 years, with some lenders offering grace periods or in-school deferment options.
Conclusion
While federal loan options are limited, international students have several private lenders to choose from that offer loans with flexible terms and competitive rates.
By considering co-signer requirements, interest rates, and loan terms, students can select the option that best supports their academic goals.
