Studying in the UK as an international student can be an exciting experience, but it comes with the challenge of managing tuition fees and living expenses.
For many, securing a study loan is an essential part of financing their education.
While UK government loans are generally unavailable to international students, there are several private loan providers offering competitive financing options.
This article will explore the 7 best UK study loan for international students, including details on loan amounts, interest rates, terms, and eligibility.
Best UK Study Loan for International Students
| Loan Provider | Loan Amount | Co-signer Requirement | Interest Rates | Loan Terms | Eligibility Requirements |
|---|---|---|---|---|---|
| Prodigy Finance | Up to £100,000 | No | 7.99% – 13.99% | 5 – 15 years | Postgraduate students from eligible countries |
| Future Finance | £2,000 – £40,000 | No | 4.9% – 12% | 5 – 10 years | International students at UK universities |
| MPOWER Financing | $2,001 – $50,000 | No | 9.99% – 13.99% | 10 years | Students from select countries enrolled in UK institutions |
| Lendwise | Up to £40,000 | No | 6.0% – 8.0% | 5 – 10 years | Postgraduate students in UK universities |
| Bank of Ireland International Loan | Up to £25,000 | Yes | 6.0% – 9.0% | 5 – 10 years | UK-based co-signer required |
| College Ave Student Loans | $5,000 – $80,000 | No | 5.99% – 12.99% | 5 – 15 years | Enrolled in eligible UK institutions |
| Barclays International Loan | Up to £35,000 | Yes | 6.1% – 7.5% | 5 – 10 years | UK co-signer required for international students |
1. Prodigy Finance
- Loan Amount: Up to £100,000
- Interest Rates: 7.99% – 13.99%
- Loan Terms: 5 – 15 years
Prodigy Finance offers loans up to £100,000 for international postgraduate students at UK universities.
The interest rates range from 7.99% to 13.99%, and the loan term can extend from 5 to 15 years.
This loan does not require a co-signer, making it an ideal option for international students without access to a UK-based guarantor.
It is available to students from eligible countries, typically those attending accredited institutions.
2. Future Finance
- Loan Amount: £2,000 – £40,000
- Interest Rates: 4.9% – 12%
- Loan Terms: 5 – 10 years
Future Finance provides loans between £2,000 and £40,000, with interest rates ranging from 4.9% to 12%.
Loan terms vary between 5 and 10 years, and no co-signer is required.
Future Finance is accessible to international students enrolled at UK universities, offering flexible loan amounts to cover tuition fees and living expenses.
3. MPOWER Financing
- Loan Amount: $2,001 – $50,000
- Interest Rates: 9.99% – 13.99%
- Loan Terms: 10 years
MPOWER Financing offers loans from $2,001 to $50,000 for international students at UK universities.
The interest rates range between 9.99% and 13.99%, and the repayment term is fixed at 10 years.
This loan does not require a co-signer, which is a major benefit for international students who do not have access to a UK-based guarantor.
MPOWER Financing is available to students from select countries.
4. Lendwise
- Loan Amount: Up to £40,000
- Interest Rates: 6.0% – 8.0%
- Loan Terms: 5 – 10 years
Lendwise provides loans up to £40,000 with interest rates between 6.0% and 8.0%.
Loan terms range from 5 to 10 years.
Lendwise does not require a co-signer, making it a great choice for international students at UK institutions who are unable to provide a UK-based guarantor.
5. Bank of Ireland International Loan
- Loan Amount: Up to £25,000
- Interest Rates: 6.0% – 9.0%
- Loan Terms: 5 – 10 years
The Bank of Ireland offers loans up to £25,000 with interest rates ranging from 6.0% to 9.0%. Loan terms can be extended up to 10 years.
However, this loan requires a UK-based co-signer, which could limit access for international students without a UK guarantor.
6. College Ave Student Loans
- Loan Amount: $5,000 – $80,000
- Interest Rates: 5.99% – 12.99%
- Loan Terms: 5 – 15 years
College Ave offers loans ranging from $5,000 to $80,000 with interest rates between 5.99% and 12.99%.
The loan term can vary from 5 to 15 years. No co-signer is required, which makes it accessible for international students studying at eligible UK institutions.
This loan is ideal for students looking for flexible terms and competitive rates.
7. Barclays International Loan
- Loan Amount: Up to £35,000
- Interest Rates: 6.1% – 7.5%
- Loan Terms: 5 – 10 years
Barclays offers loans of up to £35,000 with interest rates ranging from 6.1% to 7.5%. Loan terms range from 5 to 10 years.
However, a UK-based co-signer is required for international students to qualify, which may be a challenge for some.
Quick One: We have other useful loan articles here.
Frequently Asked Questions
Can international students in the UK apply for study loans?
Yes, international students can apply for study loans from private loan providers like Prodigy Finance, Future Finance, and College Ave Student Loans, which offer competitive terms and no co-signer requirements in most cases.
Do I need a co-signer for a UK study loan as an international student?
It depends on the loan provider. Some loans, like those from Prodigy Finance and MPOWER Financing, do not require a co-signer. However, others like Bank of Ireland and Barclays require a UK-based co-signer for international students.
What is the maximum amount I can borrow for my studies in the UK?
Loan amounts vary by provider. For example, Prodigy Finance offers up to £100,000, while College Ave offers up to $80,000. It is important to check with each lender for specific loan offerings that meet your needs.
Conclusion
Finding the right study loan for international students in the UK is crucial for managing your tuition and living expenses.
With options like Prodigy Finance, Future Finance, and College Ave Student Loans, you can secure the funding you need without the burden of excessive interest rates or co-signer requirements.
Take the time to compare interest rates, loan terms, and eligibility criteria to choose the loan that best fits your educational journey in the UK.
