Financing education abroad is a significant challenge for international students.
While scholarships and grants provide partial relief, many students turn to bank loans to cover tuition fees and living expenses.
Bank loans designed for international students offer competitive rates and flexible repayment terms, making them a popular choice for those studying overseas.
This article highlights the 9 best bank loan for international students, including details on eligibility, co-signer requirements, interest rates, and repayment terms.
Best Bank Loan for International Students
| Loan Provider | Loan Amount | Co-signer Requirement | Interest Rates | Loan Terms | Eligibility Requirements |
|---|---|---|---|---|---|
| Prodigy Finance | $10,000 – $100,000 | Not required | 7.99% – 12.99% (fixed) | 7 – 20 years | Admission to partner schools |
| MPower Financing | $2,001 – $100,000 | Not required | 13.99% (fixed) | 10 years | Admission to U.S. or Canadian partner schools |
| Citizens Bank | $1,000 – $150,000 | Required | 4.44% – 11.74% (variable) | 5 – 15 years | Enrollment at eligible schools |
| Wells Fargo | $3,000 – $120,000 | Required | 4.24% – 12.99% (variable) | 15 years | Valid visa and U.S.-based co-signer |
| Discover Student Loans | $1,000 – 100% of costs | Required | 4.49% – 13.99% (variable) | 15 years | U.S.-based co-signer and enrollment proof |
| College Ave Student Loans | $1,000 – $150,000 | Required | 5.29% – 13.95% (variable) | 5 – 15 years | U.S.-based co-signer and enrollment proof |
| Bank of America | $5,000 – $100,000 | Required | 6.5% – 11.75% (fixed) | 5 – 10 years | Valid visa and U.S.-based co-signer |
| Chase Bank | $5,000 – $200,000 | Required | 5.25% – 12.5% (variable) | 5 – 20 years | Proof of enrollment and valid visa |
| Sallie Mae | $1,000 – 100% of costs | Required | 5.49% – 14.83% (variable) | 5 – 20 years | U.S.-based co-signer and valid visa |
1. Prodigy Finance
- Loan Amount: $10,000 to $100,000
- Interest Rates: 7.99% to 12.99% (fixed)
- Loan Terms: 7 to 20 years
- Co-signer Requirement: Not required
- Eligibility: Admission to one of Prodigy Finance’s partner schools.
- Features: Specializes in funding international students with no need for a co-signer or credit history. Loans are approved based on future earning potential.
2. MPower Financing
- Loan Amount: $2,001 to $100,000
- Interest Rates: Fixed at 13.99%
- Loan Terms: 10 years
- Co-signer Requirement: Not required
- Eligibility: Enrollment in a U.S. or Canadian partner school.
- Features: Offers a grace period, interest rate discounts, and the option to build a U.S. credit history.
3. Citizens Bank
- Loan Amount: $1,000 to $150,000
- Interest Rates: 4.44% to 11.74% (variable)
- Loan Terms: 5 to 15 years
- Co-signer Requirement: Required
- Eligibility: Enrollment at eligible schools with a U.S.-based co-signer.
- Features: Provides loyalty discounts for account holders and flexible repayment options.
4. Wells Fargo
- Loan Amount: $3,000 to $120,000
- Interest Rates: 4.24% to 12.99% (variable)
- Loan Terms: Up to 15 years
- Co-signer Requirement: Required
- Eligibility: Must have a U.S.-based co-signer and valid visa.
- Features: Offers no origination fees, discounts for autopay, and a six-month grace period after graduation.
5. Discover Student Loans
- Loan Amount: $1,000 to 100% of school-certified costs
- Interest Rates: 4.49% to 13.99% (variable)
- Loan Terms: 15 years
- Co-signer Requirement: Required for international students
- Eligibility: Proof of enrollment and U.S.-based co-signer.
- Features: No late fees, cash rewards for good grades, and flexible repayment options.
6. College Ave Student Loans
- Loan Amount: $1,000 to $150,000
- Interest Rates: 5.29% to 13.95% (variable)
- Loan Terms: 5 to 15 years
- Co-signer Requirement: Required
- Eligibility: U.S.-based co-signer and proof of enrollment.
- Features: Flexible repayment plans with no prepayment penalties and fast application processing.
7. Bank of America
- Loan Amount: $5,000 to $100,000
- Interest Rates: 6.5% to 11.75% (fixed)
- Loan Terms: 5 to 10 years
- Co-signer Requirement: Required
- Eligibility: Valid visa, proof of enrollment, and U.S.-based co-signer.
- Features: Offers competitive fixed interest rates, an online application process, and discounts for auto-debit payments.
8. Chase Bank
- Loan Amount: $5,000 to $200,000
- Interest Rates: 5.25% to 12.5% (variable)
- Loan Terms: 5 to 20 years
- Co-signer Requirement: Required
- Eligibility: Valid visa and enrollment at a recognized institution.
- Features: Provides large loan amounts, flexible repayment plans, and a robust online banking platform.
9. Sallie Mae
- Loan Amount: $1,000 up to 100% of school-certified costs
- Interest Rates: 5.49% to 14.83% (variable)
- Loan Terms: 5 to 20 years
- Co-signer Requirement: Required
- Eligibility: Enrollment proof and U.S.-based co-signer.
- Features: Multiple repayment options, no origination fees, and financial literacy tools for students.
Quick One: We have other useful loan articles here.
Frequently Asked Questions
Do I need a co-signer to apply for bank loans as an international student?
Most bank loans require a U.S.-based co-signer. However, lenders like MPower Financing and Prodigy Finance do not have this requirement.
What is the interest rate range for international student loans?
Interest rates vary between 4.24% and 14.83%, depending on the lender and whether the rate is fixed or variable.
Are there any banks that do not require a credit history for international students?
Yes, Prodigy Finance and MPower Financing approve loans based on future earning potential and do not require credit history.
Conclusion
Bank loans provide a reliable solution for international students to finance their studies abroad.
From no co-signer loans by Prodigy Finance and MPower Financing to traditional bank loans like those offered by Wells Fargo and Chase Bank, students have numerous options to choose from.
It’s essential to evaluate each loan provider based on interest rates, repayment terms, and eligibility to find the best fit for your financial needs.
With proper planning, a student loan can help you achieve your academic dreams without financial stress.
