For international students, financing education abroad can be challenging due to higher tuition fees and living costs.
Fortunately, many lenders provide tailored money loan options to help students achieve their educational dreams.
In this article, we’ll explore the 9 best money loan for international students, including their unique features, interest rates, and eligibility requirements.
Best Money Loan for International Students
| Loan Provider | Loan Amount | Co-signer Requirement | Interest Rates | Loan Terms | Eligibility Requirements |
|---|---|---|---|---|---|
| 1. Prodigy Finance | Up to $100,000 | No | 8.00% – 12.00% (variable) | 7 to 20 years | Admission to eligible postgraduate programs |
| 2. MPOWER Financing | Up to $100,000 | No | 11.99% – 13.99% (fixed) | 10 years | Enrolled in eligible U.S. or Canadian institutions |
| 3. Ascent Student Loans | Up to $200,000 | Optional | 4.62% – 15.76% | 5 to 20 years | Enrollment in U.S.-based institutions |
| 4. Citizens Bank | Up to $150,000 | Yes | 5.99% – 12.04% (fixed/variable) | 5 to 15 years | Requires a U.S.-based co-signer |
| 5. Discover Student Loans | Up to $200,000 | Yes | 4.99% – 14.99% | 15 to 20 years | Requires a U.S.-based co-signer |
| 6. College Ave Student Loans | Up to $200,000 | Yes | 5.99% – 13.74% | 5 to 15 years | U.S.-based co-signer required |
| 7. Sallie Mae Student Loans | Up to 100% of cost | Yes | 4.50% – 14.83% | 5 to 20 years | Admission to eligible U.S. schools |
| 8. Lendwise | £5,000 – £100,000 | No | 7.95% (fixed) | 10 to 15 years | Enrollment in eligible institutions in Europe |
| 9. Credila (HDFC Bank) | ₹20 lakh – ₹1.5 crore | Yes | 9.75% – 13.50% | Up to 15 years | Indian students studying abroad |
1. Prodigy Finance
Prodigy Finance is a trusted name for international postgraduate students seeking education loans without the need for a co-signer.
- Loan Amount: Up to $100,000.
- Interest Rates: Variable rates from 8.00% to 12.00%.
- Loan Terms: Repayment period of 7 to 20 years.
- Eligibility Requirements: Admission to eligible universities and programs globally.
- Unique Benefits: No collateral or co-signer required, with a flexible repayment structure designed for international students.
2. MPOWER Financing
MPOWER Financing offers loans tailored specifically to international and DACA students in the U.S. and Canada.
- Loan Amount: Up to $100,000.
- Interest Rates: Fixed rates from 11.99% to 13.99%.
- Loan Terms: Maximum of 10 years.
- Eligibility Requirements: Enrollment in an eligible U.S. or Canadian institution.
- Unique Benefits: No co-signer or collateral required, and interest discounts are offered for automatic payments.
3. Ascent Student Loans
Ascent provides options for both co-signed and non-co-signed loans, making it versatile for international students.
- Loan Amount: Up to $200,000.
- Interest Rates: 4.62% to 15.76%, depending on creditworthiness and repayment option.
- Loan Terms: Flexible repayment terms ranging from 5 to 20 years.
- Eligibility Requirements: Must be enrolled at an accredited U.S. institution.
- Unique Benefits: Grace period options and repayment flexibility.
4. Citizens Bank
Citizens Bank offers competitive rates for students with a U.S.-based co-signer.
- Loan Amount: Up to $150,000.
- Interest Rates: 5.99% to 12.04%, fixed or variable.
- Loan Terms: 5 to 15 years repayment options.
- Eligibility Requirements: Requires a co-signer who is a U.S. citizen or permanent resident.
- Unique Benefits: Multi-year approval for loans across your degree program.
5. Discover Student Loans
Discover provides comprehensive coverage of tuition, fees, and other education-related expenses.
- Loan Amount: Up to $200,000.
- Interest Rates: Fixed rates from 4.99% to 14.99%.
- Loan Terms: 15 to 20 years.
- Eligibility Requirements: A U.S.-based co-signer is mandatory.
- Unique Benefits: No application or origination fees, with cash rewards for good academic performance.
6. College Ave Student Loans
College Ave Student Loans is a popular choice for its simplified process and flexible repayment options.
- Loan Amount: Up to $200,000.
- Interest Rates: Fixed rates between 5.99% and 13.74%.
- Loan Terms: Ranges from 5 to 15 years.
- Eligibility Requirements: Requires a U.S.-based co-signer.
- Unique Benefits: Quick online approval and the ability to customize repayment plans.
7. Sallie Mae Student Loans
Sallie Mae offers loans covering up to 100% of the cost of education, making it an ideal choice for international students.
- Loan Amount: Up to 100% of the school-certified cost.
- Interest Rates: 4.50% to 14.83%, fixed or variable.
- Loan Terms: Ranges from 5 to 20 years.
- Eligibility Requirements: Admission to an eligible U.S. institution.
- Unique Benefits: Offers a deferred payment option and no prepayment penalties.
8. Lendwise
Lendwise focuses on international students pursuing higher education in Europe.
- Loan Amount: Between £5,000 and £100,000.
- Interest Rates: Fixed rate of 7.95%.
- Loan Terms: 10 to 15 years repayment period.
- Eligibility Requirements: Enrollment in eligible institutions in Europe.
- Unique Benefits: Loans are tailored for postgraduate programs with no co-signer required.
9. Credila (HDFC Bank)
Credila, an HDFC Bank subsidiary, specializes in education loans for Indian students studying abroad.
- Loan Amount: Between ₹20 lakh and ₹1.5 crore.
- Interest Rates: Floating rates from 9.75% to 13.50%.
- Loan Terms: Up to 15 years.
- Eligibility Requirements: Indian citizenship and admission to a recognized institution abroad.
- Unique Benefits: Flexible repayment schedules and tax benefits under Section 80E of the Income Tax Act.
Quick One: We have other useful loan articles here.
Frequently Asked Questions
Can international students get loans without a co-signer?
Yes, some providers, such as Prodigy Finance, MPOWER Financing, and Lendwise, offer loans without requiring a co-signer or collateral.
What is the typical interest rate for international student loans?
Interest rates vary depending on the provider and loan type. They generally range from 4.50% to 14.99% for fixed rates and 8.00% to 12.00% for variable rates.
Are there loans available for undergraduate and postgraduate students?
Yes, most loan providers offer options for both undergraduate and postgraduate students. Prodigy Finance, for instance, specializes in postgraduate loans, while Sallie Mae and College Ave provide loans for all education levels.
Conclusion
Navigating the financial landscape as an international student can be challenging, but the 9 best money loan for international students outlined above provide comprehensive options to ease the process.
From no co-signer loans to those with flexible repayment terms, these providers cater to various financial needs and educational goals.
Carefully compare the terms and interest rates to choose the loan that best fits your situation, ensuring a smooth journey toward achieving your academic aspirations.
