Pursuing higher education in the United States can be financially challenging, especially for international students who lack access to federal loans and financial aid.
Fortunately, education loans from private lenders like Bank of America and others can bridge this gap.
This guide explores the 7 best Bank of America education loan for international students, providing key details to help you make an informed decision.
Best Bank of America Education Loan for International Students
| Loan Provider | Loan Amount | Co-signer Requirement | Interest Rates | Loan Terms | Eligibility Requirements |
|---|---|---|---|---|---|
| 1. Bank of America (Partner Loans) | Varies | Yes | Competitive rates, varies by partner school | Up to 20 years | Enrollment in eligible partner schools required. |
| 2. MPOWER Financing | Up to $100,000 | No | 7.49% – 14.98% | Up to 10 years | Enrollment in partner universities required. |
| 3. Prodigy Finance | Up to $100,000 | No | 8.00% – 12.50% | Up to 20 years | Enrollment in eligible master’s programs. |
| 4. Sallie Mae | Up to $200,000 | Optional | 4.62% – 13.83% | Up to 15 years | Enrollment in a U.S. institution. |
| 5. Discover Student Loans | Up to $200,000 | Yes | 5.49% – 12.39% | Up to 15 years | Co-signer required for international students. |
| 6. College Ave Student Loans | Up to $150,000 | Yes | 5.99% – 13.74% | 5 to 15 years | Requires a U.S.-based co-signer. |
| 7. Earnest Student Loans | Up to $250,000 | Yes | 4.45% – 12.78% | 5 to 20 years | Requires a U.S.-based co-signer. |
1. Bank of America Education Loans (Partner Programs)
While Bank of America does not directly offer education loans.
It collaborates with schools and third-party lenders to provide loans tailored for international students.
- Loan Amount: Varies depending on the partner institution.
- Interest Rates: Competitive and vary by school agreements.
- Loan Terms: Up to 20 years.
- Eligibility Requirements: Must be enrolled in an eligible program at a partner school and have a U.S.-based co-signer.
- Unique Benefits: Customizable repayment options and competitive rates negotiated through partner schools.
2. MPOWER Financing
MPOWER Financing specializes in loans for international students without requiring a co-signer.
- Loan Amount: Up to $100,000.
- Interest Rates: Fixed rates ranging from 7.49% to 14.98%.
- Loan Terms: Up to 10 years.
- Eligibility Requirements: Must be enrolled in one of MPOWER’s partner universities.
- Unique Benefits: Borrowers gain access to career resources, visa support, and no requirement for a co-signer or credit history.
3. Prodigy Finance
Prodigy Finance is an excellent choice for international graduate students pursuing master’s degrees in specific fields.
- Loan Amount: Up to $100,000.
- Interest Rates: 8.00% to 12.50%, depending on the program and institution.
- Loan Terms: Flexible terms up to 20 years.
- Eligibility Requirements: Enrollment in eligible master’s programs at partner universities.
- Unique Benefits: Loans are tailored specifically for international students, with no co-signer required.
4. Sallie Mae Student Loans
Sallie Mae provides flexible education loans for both undergraduate and graduate students.
- Loan Amount: Up to $200,000.
- Interest Rates: Fixed: 4.62% to 13.83%; Variable: 5.00% to 13.41%.
- Loan Terms: Up to 15 years.
- Eligibility Requirements: Enrollment in a U.S. college or university.
- Unique Benefits: Optional co-signer release after making on-time payments for a set period.
5. Discover Student Loans
Discover offers a comprehensive range of student loans, including options for international students with a co-signer.
- Loan Amount: Up to $200,000.
- Interest Rates: Fixed: 5.49% to 12.39%; Variable: 4.49% to 11.99%.
- Loan Terms: Up to 15 years.
- Eligibility Requirements: A creditworthy co-signer is required for international students.
- Unique Benefits: No application, origination, or late fees.
6. College Ave Student Loans
College Ave is a popular option for private student loans with competitive rates and flexible repayment options.
- Loan Amount: Up to $150,000.
- Interest Rates: Fixed: 5.99% to 13.74%; Variable: 5.59% to 13.44%.
- Loan Terms: Flexible repayment terms ranging from 5 to 15 years.
- Eligibility Requirements: Requires a U.S.-based co-signer for international students.
- Unique Benefits: Quick approval process and customizable loan terms.
7. Earnest Student Loans
Earnest provides loans with flexible repayment terms and no fees.
- Loan Amount: Up to $250,000.
- Interest Rates: Fixed: 4.45% to 12.78%; Variable: 4.07% to 11.99%.
- Loan Terms: 5 to 20 years.
- Eligibility Requirements: Requires a U.S.-based co-signer and enrollment in an accredited program.
- Unique Benefits: Skip a payment once per year without penalty.
Quick One: We have other useful loan articles here.
Frequently Asked Questions
Does Bank of America directly offer student loans for international students?
No, Bank of America does not directly provide student loans. However, it collaborates with schools and third-party lenders to facilitate education loans tailored for international students.
Do I need a co-signer for these loans?
Most loans, including those from Discover, Sallie Mae, and College Ave, require a U.S.-based co-signer. However, lenders like MPOWER Financing and Prodigy Finance do not require a co-signer.
What are the typical interest rates for education loans for international students?
Interest rates vary depending on the lender and loan type. Rates can range from 4.45% to 14.98%, depending on whether the loan has a fixed or variable rate.
Conclusion
Financing education in the U.S. as an international student is achievable with private education loans.
Bank of America provides loan options through its partnerships, while other lenders like MPOWER Financing, Prodigy Finance, and College Ave offer tailored solutions for international students.
Review the 7 best Bank of America education loans for international students discussed in this guide to select the best option for your academic and financial needs.
