Financing your education as an international student in the United States can be challenging, especially without access to traditional funding sources.
Fortunately, several banks and financial institutions offer loans specifically tailored to international students, enabling them to cover tuition fees, living expenses, and other educational costs.
This article highlights the 7 best bank loan for international students in the USA, comparing their features, terms, and eligibility criteria.
Bank Loan for International Students in USA
| Loan Provider | Loan Amount | Co-signer Requirement | Interest Rates | Loan Terms | Eligibility Requirements |
|---|---|---|---|---|---|
| Discover Student Loans | Up to $200,000 | Required | 4.49% – 12.99% (variable) | 15 – 20 years | U.S.-based co-signer required |
| Sallie Mae | Up to 100% of school-certified cost | Required | 4.50% – 13.72% (variable) | 10 – 15 years | Enrollment in an eligible U.S. school |
| Citizens Bank | $1,000 – $150,000 | Required | 4.25% – 11.62% (variable) | 5 – 15 years | Co-signer with strong credit profile |
| Ascent | $2,000 – $200,000 | Not always required | 4.48% – 14.47% (variable) | 5 – 15 years | Based on credit or future income potential |
| Earnest | $1,000 – $250,000 | Required | 3.99% – 12.99% (variable) | 5 – 20 years | Valid visa and co-signer required |
| 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 |
| Wells Fargo Student Loans | $1,000 – $120,000 | Required | 4.75% – 12.49% (variable) | 5 – 15 years | Valid visa, SSN, and co-signer |
1. Discover Student Loans
- Loan Amount: Up to $200,000, covering tuition, housing, and other education-related expenses.
- Interest Rates: 4.49% – 12.99% (variable).
- Loan Terms: 15 to 20 years.
- Co-signer Requirement: A U.S.-based co-signer is mandatory for international students.
- Features: Offers multiple repayment options and rewards for good grades, making it ideal for students needing a long-term repayment solution.
2. Sallie Mae
- Loan Amount: Covers 100% of school-certified costs, including tuition, living expenses, and books.
- Interest Rates: 4.50% – 13.72% (variable).
- Loan Terms: 10 to 15 years.
- Co-signer Requirement: Required for international students.
- Features: Flexible repayment options, including interest-only payments while in school. Available to students pursuing undergraduate, graduate, or professional degrees.
3. Citizens Bank
- Loan Amount: $1,000 to $150,000.
- Interest Rates: 4.25% – 11.62% (variable).
- Loan Terms: 5 to 15 years.
- Co-signer Requirement: Required, with a strong credit profile.
- Features: Offers multi-year approval, which simplifies borrowing for subsequent years of study. Discounts are available for autopay enrollment.
4. Ascent
- Loan Amount: $2,000 to $200,000.
- Interest Rates: 4.48% – 14.47% (variable).
- Loan Terms: 5 to 15 years.
- Co-signer Requirement: Not always required; students may qualify based on their future earning potential.
- Features: Ascent is ideal for students without a co-signer, providing options based on merit and creditworthiness.
5. Earnest
- Loan Amount: $1,000 to $250,000.
- Interest Rates: 3.99% – 12.99% (variable).
- Loan Terms: 5 to 20 years.
- Co-signer Requirement: Required for international students.
- Features: Earnest provides custom repayment terms and no fees for origination, late payments, or prepayments.
6. College Ave Student Loans
- Loan Amount: $1,000 to $150,000.
- Interest Rates: 5.29% – 13.95% (variable).
- Loan Terms: 5 to 15 years.
- Co-signer Requirement: Required.
- Features: College Ave offers simple applications, quick approvals, and co-signer release options after consistent payments.
7. Wells Fargo Student Loans
- Loan Amount: $1,000 to $120,000.
- Interest Rates: 4.75% – 12.49% (variable).
- Loan Terms: 5 to 15 years.
- Co-signer Requirement: Required.
- Features: Offers interest rate discounts for existing customers and flexible repayment terms tailored to student needs.
Quick One: We have other useful loan articles here.
Frequently Asked Questions
Can international students get a bank loan in the USA without a co-signer?
Yes, lenders like Ascent offer merit-based loans that do not require a co-signer, though eligibility may depend on your future earning potential.
What are the typical eligibility requirements for international students seeking bank loans?
Eligibility often includes enrollment in an eligible U.S. school, a valid visa, and a U.S.-based co-signer with a strong credit profile.
Can international students refinance their student loans in the USA?
Yes, several lenders allow international students to refinance their loans, provided they meet specific income and credit requirements or have a co-signer.
Conclusion
Finding the right education loan as an international student in the USA can be daunting, but there are numerous options tailored to your needs.
Whether you prefer co-signer options like Discover Student Loans or no co-signer loans like Ascent, it’s essential to compare interest rates, terms, and eligibility requirements.
With this comprehensive guide, you’re one step closer to financing your education and achieving your academic goals in the USA.
