Financing graduate studies in the U.S. can be a significant challenge for international students.
With limited access to federal financial aid, private loans are often the most viable option.
To help you navigate the process, here are the 7 best graduate school loan for international students, complete with detailed information on loan amounts, interest rates, co-signer requirements, and eligibility criteria.
Best Graduate School Loan for International Students
| Loan Provider | Loan Amount | Co-signer Requirement | Interest Rates | Loan Terms | Eligibility Requirements |
|---|---|---|---|---|---|
| 1. Prodigy Finance Loan | Up to $100,000 | No | 8.00% – 12.50% | Up to 20 years | Enrollment in eligible graduate programs. |
| 2. MPOWER Financing | Up to $100,000 | No | 7.49% – 14.98% | Up to 10 years | Enrollment in partner universities required. |
| 3. Discover Student Loans | Up to $200,000 | Yes | 5.49% – 12.39% | Up to 15 years | Co-signer required for international students. |
| 4. Sallie Mae Graduate Loan | Up to $200,000 | Optional | 4.62% – 13.83% | Up to 15 years | Enrollment in a U.S. institution required. |
| 5. Earnest Student Loan | Up to $250,000 | Yes | 4.45% – 12.78% | 5 to 20 years | Co-signer with valid SSN required. |
| 6. College Ave Graduate Loan | Up to $150,000 | Yes | 5.99% – 13.74% | 5 to 15 years | Requires a U.S.-based co-signer. |
| 7. Ascent Private Loan | Up to $200,000 | No (for select borrowers) | 4.48% – 13.01% | Up to 15 years | Enrollment in a graduate program required. |
1. Prodigy Finance Loan
Prodigy Finance specializes in providing loans for international graduate students pursuing advanced degrees.
Their loans are designed for students at partner institutions and do not require a co-signer.
- Loan Amount: Up to $100,000, covering tuition and living expenses.
- Interest Rates: 8.00% to 12.50%, depending on program and repayment plan.
- Loan Terms: Flexible repayment terms up to 20 years.
- Eligibility Requirements: Must be enrolled in an eligible graduate program at a partner institution.
2. MPOWER Financing
MPOWER Financing is an excellent option for international students who lack a U.S.-based co-signer. Their loans are available for students at partner universities and come with competitive rates.
- Loan Amount: Up to $100,000.
- Interest Rates: 7.49% to 14.98%, fixed rates only.
- Loan Terms: Up to 10 years.
- Eligibility Requirements: Enrollment in a partner university or college is required.
3. Discover Student Loans
Discover offers graduate loans with zero fees and flexible repayment plans, making them a popular choice for international students with a U.S.-based co-signer.
- Loan Amount: Up to $200,000, based on the cost of attendance.
- Interest Rates: 5.49% to 12.39%, determined by co-signer creditworthiness.
- Loan Terms: Up to 15 years.
- Eligibility Requirements: Requires a co-signer and enrollment in an accredited graduate program.
4. Sallie Mae Graduate Loan
Sallie Mae provides graduate loans tailored for a variety of professional degrees, offering flexible repayment plans.
- Loan Amount: Up to $200,000.
- Interest Rates: 4.62% to 13.83%, available as fixed or variable rates.
- Loan Terms: Up to 15 years.
- Eligibility Requirements: Optional co-signer; students must be enrolled in a U.S. graduate program.
5. Earnest Student Loan
Earnest offers customizable loan repayment terms and competitive rates, making them an excellent choice for graduate students with a qualified co-signer.
- Loan Amount: Up to $250,000.
- Interest Rates: 4.45% to 12.78%, with fixed and variable options.
- Loan Terms: 5 to 20 years, with repayment flexibility.
- Eligibility Requirements: Requires a co-signer with valid Social Security Number (SSN).
6. College Ave Graduate Loan
College Ave is a student-friendly lender that provides straightforward loan options for graduate students, along with competitive interest rates.
- Loan Amount: Up to $150,000.
- Interest Rates: 5.99% to 13.74%, based on creditworthiness.
- Loan Terms: 5 to 15 years.
- Eligibility Requirements: Requires a U.S.-based co-signer and proof of enrollment in a graduate program.
7. Ascent Private Loan
Ascent provides flexible loans for graduate students, offering options for students with or without a co-signer.
- Loan Amount: Up to $200,000.
- Interest Rates: 4.48% to 13.01%, available in fixed and variable options.
- Loan Terms: Up to 15 years.
- Eligibility Requirements: Enrollment in an accredited graduate program is required.
Quick One: We have other useful loan articles here.
Frequently Asked Questions
Do international students need a co-signer for graduate loans?
Not all lenders require a co-signer. For example, Prodigy Finance and MPOWER Financing offer loans specifically designed for international students without the need for a co-signer. However, loans from lenders like Discover and College Ave generally require a U.S.-based co-signer.
What are the typical interest rates for graduate loans for international students?
Interest rates vary depending on the lender, borrower’s creditworthiness, and loan terms. Rates generally range from 4.45% to 14.98%, with fixed and variable options available.
How can international students qualify for graduate loans?
To qualify for graduate loans, international students typically need to:
Be enrolled in an accredited graduate program.
Provide proof of a valid visa.
Secure a U.S.-based co-signer (if required by the lender).
Conclusion
Securing a loan for graduate school as an international student can seem daunting, but lenders like Prodigy Finance, MPOWER Financing, and College Ave provide excellent options tailored to your needs.
Each lender offers unique benefits, so it’s essential to compare interest rates, terms, and co-signer requirements to find the loan that best suits your circumstances.
With these 7 best graduate school loans for international students, you’re one step closer to achieving your academic and professional goals.
