International students often face unique challenges in financing their education, from tuition fees to living expenses.
Discover Loans is a prominent lender for students, offering competitive rates and flexible repayment plans.
However, many other loan providers also cater to international students, making it essential to explore your options.
This article highlights the 7 best Discover Loan alternatives for international students, their terms, and the benefits they provide.
Best Discover Loan for International Students
| Loan Provider | Loan Amount | Co-signer Requirement | Interest Rates | Loan Terms | Eligibility Requirements |
|---|---|---|---|---|---|
| 1. Discover Student Loans | Up to 100% of COA | Yes | 5.49% – 14.99% | 15 years | U.S.-based co-signer required |
| 2. MPOWER Financing | Up to $100,000 | No | 11.99% (fixed) | 10 years | Enrolled in eligible U.S. or Canadian schools |
| 3. Prodigy Finance | Up to 80% of COA | No | 8.20% – 12.20% (variable) | 7 to 20 years | Graduate programs at supported institutions |
| 4. Sallie Mae | Up to 100% of COA | Yes | 5.37% – 14.45% | 15 years | U.S.-based co-signer required |
| 5. Ascent | Up to $200,000 | Optional | 9.78% – 15.67% | 10 to 15 years | U.S. study programs |
| 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. Lendwise | Up to $100,000 | No | 9.00% – 12.00% | 10 to 15 years | Graduate and postgraduate programs only |
1. Discover Student Loans
Discover Student Loans is known for its straightforward and student-friendly approach.
- Loan Amount: Up to 100% of COA, including tuition, housing, and books.
- Interest Rates: Fixed rates from 5.49% to 14.99%.
- Loan Terms: Up to 15 years.
- Eligibility Requirements: Requires a U.S.-based co-signer.
- Unique Benefits: Offers a 1% cash reward for students with a GPA of 3.0 or higher and multiple repayment options, including in-school deferment.
2. MPOWER Financing
MPOWER Financing is a great choice for students who lack a co-signer or collateral.
- Loan Amount: Up to $100,000 for tuition and living expenses.
- Interest Rates: Fixed at 11.99%.
- Loan Terms: Up to 10 years.
- Eligibility Requirements: Enrollment in eligible U.S. or Canadian schools.
- Unique Benefits: Provides interest rate discounts for auto-pay and career-building resources for international students.
3. Prodigy Finance
Prodigy Finance specializes in loans for graduate students attending prestigious universities.
- Loan Amount: Covers up to 80% of the cost of attendance.
- Interest Rates: Variable rates from 8.20% to 12.20%.
- Loan Terms: Ranges from 7 to 20 years.
- Eligibility Requirements: Must be enrolled in a graduate program at a Prodigy-approved institution.
- Unique Benefits: No co-signer or collateral required. Loan eligibility is based on your earning potential after graduation.
4. Sallie Mae
Sallie Mae offers flexible loans for international students with a co-signer.
- Loan Amount: Up to 100% of COA, covering tuition, books, and housing.
- Interest Rates: Fixed rates from 5.37% to 14.45%.
- Loan Terms: 15 years.
- Eligibility Requirements: Requires a U.S.-based co-signer.
- Unique Benefits: Multiple repayment options and forbearance flexibility for financial hardships.
5. Ascent
Ascent provides international student loans with and without co-signer options.
- Loan Amount: Up to $200,000.
- Interest Rates: Fixed rates between 9.78% and 15.67%.
- Loan Terms: 10 to 15 years.
- Eligibility Requirements: Enrollment in a U.S. institution.
- Unique Benefits: Offers non-co-signed loans for qualifying students and in-school repayment options.
6. College Ave Student Loans
College Ave provides tailored loans for international students with competitive rates.
- Loan Amount: Up to $200,000.
- Interest Rates: Fixed rates between 5.99% and 13.74%.
- Loan Terms: Repayment options of 5 to 15 years.
- Eligibility Requirements: Requires a U.S.-based co-signer.
- Unique Benefits: Flexible repayment options, including deferred, interest-only, or full repayment during school.
7. Lendwise
Lendwise is a UK-based lender that offers loans to international students pursuing postgraduate education.
- Loan Amount: Up to $100,000.
- Interest Rates: Fixed rates between 9.00% and 12.00%.
- Loan Terms: Repayment periods range from 10 to 15 years.
- Eligibility Requirements: Must be pursuing graduate or postgraduate programs.
- Unique Benefits: Offers personalized loan terms and tailored support for international students.
Quick One: We have other useful loan articles here.
Frequently Asked Questions
Can international students qualify for a Discover Loan?
Yes, international students can qualify for a Discover Loan, but they require a U.S.-based co-signer who has a strong credit history.
Are there any loan options for international students without a co-signer?
Yes, lenders such as MPOWER Financing, Prodigy Finance, and Lendwise offer loans without the need for a co-signer.
How do I choose the best loan provider as an international student?
When choosing a loan provider, consider factors such as interest rates, loan terms, co-signer requirements, and eligibility. Opt for a provider that matches your financial needs and repayment ability.
Conclusion
Finding the right loan provider is crucial for international students aiming to achieve their academic goals.
While Discover Student Loans offers excellent benefits for students with a co-signer, alternatives like MPOWER Financing and Prodigy Finance cater to students without one.
Assess your options carefully and choose a lender that aligns with your financial requirements and long-term repayment goals.
