Finding financing options as an international student can be challenging, as many lenders require a U.S.-based co-signer or have stringent eligibility criteria.
Fortunately, several lenders cater specifically to the needs of international students.
In this guide, we’ve compiled the nine best loan providers for international students, focusing on SoFi and similar competitive options to help fund educational expenses.
Best Sofi student loan for international Students
| Loan Provider | Loan Amount | Co-signer Requirement | Interest Rates | Loan Terms | Eligibility Requirements |
|---|---|---|---|---|---|
| 1. SoFi | Up to 100% of cost of attendance | Yes, typically required | 4.23% – 11.68% | 5 – 20 years | Must be enrolled half-time or more |
| 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 | Limited to specific graduate programs |
| 4. Sallie Mae | Up to 100% of cost of attendance | Yes | 4.25% – 13.62% | 5 – 20 years | Requires a U.S.-based co-signer |
| 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. Future Finance | Up to $40,000 per year | Yes, typically required | Variable (approx. 8% – 14%) | 5 – 10 years | Must be a full-time student |
| 8. Discover Student Loans | Up to 100% of education costs | Yes | 4.49% – 12.99% | 15 years | Requires U.S.-based co-signer |
| 9. Citizens Bank | $1,000 – $150,000 | Yes | 5.25% – 11.65% | 5 – 15 years | Requires a U.S.-based co-signer |
1. SoFi
SoFi offers loans specifically designed for international students with a qualified U.S.-based co-signer.
Loan amounts cover up to 100% of the cost of attendance, with interest rates ranging from 4.23% to 11.68%, based on creditworthiness.
SoFi’s loan terms are available between 5 and 20 years. SoFi is well-regarded for its flexible repayment options and lack of origination fees.
Making it a solid choice for international students who have access to a co-signer.
2. MPower Financing
MPower Financing provides loans tailored to international and DACA students without requiring a co-signer, a unique advantage.
MPower loans cover up to $50,000 per academic year, with fixed interest rates between 11.99% and 13.99%.
Loan terms are typically 10 years, and MPower allows students to make interest-only payments while they are enrolled.
This option is ideal for students who do not have access to a U.S.-based co-signer.
3. Prodigy Finance
Prodigy Finance specializes in loans for international graduate students, covering up to 100% of tuition at select institutions.
Prodigy does not require a co-signer, making it a popular choice for students who lack credit history or co-signers.
Interest rates range from 7.5% to 12%, and loan terms vary between 7 and 20 years.
Prodigy evaluates eligibility based on future earning potential and program type, benefiting students pursuing high-demand graduate fields.
4. Sallie Mae
Sallie Mae offers private student loans covering up to the full cost of attendance, with interest rates from 4.25% to 13.62%.
A U.S.-based co-signer is required for international students, and loan terms range from 5 to 20 years.
Sallie Mae provides flexible repayment options, including deferred payments, fixed monthly payments, and interest-only payments.
It also offers a co-signer release after a specified number of on-time payments.
5. Earnest
Earnest provides private student loans with loan amounts of up to $75,000 and interest rates between 3.24% and 12.78%.
The loan terms range from 5 to 20 years, with a U.S.-based co-signer required for international students.
Earnest offers a unique flexibility, allowing borrowers to adjust their monthly payment amounts.
Additionally, Earnest charges no origination or prepayment fees, making it a strong choice for students who value repayment flexibility.
6. College Ave Student Loans
College Ave Student Loans offers loan amounts of up to $100,000 for international students with a co-signer, with interest rates between 4.29% and 14.49%.
Loan terms range from 5 to 15 years, and College Ave allows for various in-school repayment options, such as deferred, interest-only, or fixed monthly payments.
College Ave also has a co-signer release option, making it an appealing option for students who anticipate steady income after graduation.
7. Future Finance
Future Finance is a UK-based lender that offers up to $40,000 per year to international students enrolled full-time in the U.S.
Loan interest rates are variable, generally ranging from 8% to 14%, and repayment terms range from 5 to 10 years. A co-signer is typically required.
Future Finance disburses funds directly to the institution, and eligible students can apply online and receive funding relatively quickly.
8. Discover Student Loans
Discover Student Loans provides loans up to the full cost of attendance, with rates ranging from 4.49% to 12.99%.
A U.S.-based co-signer is required for international students, and loan terms extend to 15 years.
Discover offers multiple in-school repayment options, such as deferred, fixed monthly, and interest-only payments.
It also offers a cash reward for students who achieve a high GPA, adding an extra incentive for academic success.
9. Citizens Bank
Citizens Bank offers private loans for international students, with amounts ranging from $1,000 to $150,000.
Interest rates range from 5.25% to 11.65%, with loan terms available for 5, 10, or 15 years. A U.S.-based co-signer is required.
Citizens Bank also provides an interest rate discount for borrowers who set up automatic payments, helping students manage their finances more affordably.
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Frequently Asked Questions
Can international students get a SoFi loan without a co-signer?
No, SoFi typically requires international students to have a U.S.-based co-signer due to credit history and eligibility requirements.
How do interest rates vary for these loans?
Interest rates depend on the lender, the borrower’s credit profile, and whether a co-signer is involved. Rates generally range from around 3% to 14%, with fixed and variable options available.
Are there any loan options without a co-signer requirement?
Yes, MPower Financing and Prodigy Finance offer loans specifically for international students without requiring a U.S.-based co-signer.
Conclusion
Securing a loan as an international student can be challenging, but with options like SoFi and other specialized lenders, students have several choices for funding their studies.
Each lender provides unique benefits and requirements, so students should evaluate loan amounts.
Interest rates, terms, and co-signer needs to find the best option for their financial and academic situation.
