Studying in the UK is an exciting opportunity for international students, but financing education can be a challenge.
Education loans provide a way for students to cover tuition fees, living costs, and other expenses.
In this article, we’ll review the 7 best education loans for international students in the UK, outlining loan providers, loan amounts, interest rates, terms, and eligibility requirements.
Best Education Loan for International Students in the UK
| Loan Provider | Loan Amount | Co-signer Requirement | Interest Rates | Loan Terms | Eligibility Requirements |
|---|---|---|---|---|---|
| Prodigy Finance | Up to £100,000 | No | 7.99% – 13.99% | 5 – 15 years | Postgraduate students from eligible countries |
| Future Finance | £2,000 – £40,000 | No | 4.9% – 12% | 5 – 10 years | International students at UK universities |
| MPOWER Financing | $2,001 – $50,000 | No | 9.99% – 13.99% | 10 years | Students from select countries enrolled in UK institutions |
| Lendwise | Up to £40,000 | No | 6.0% – 8.0% | 5 – 10 years | Postgraduate students in UK universities |
| Bank of Ireland International Loan | Up to £25,000 | Yes | 6.0% – 9.0% | 5 – 10 years | UK-based co-signer required |
| College Ave Student Loans | $5,000 – $80,000 | No | 5.99% – 12.99% | 5 – 15 years | Enrolled in eligible UK institutions |
| Barclays International Loan | Up to £35,000 | Yes | 6.1% – 7.5% | 5 – 10 years | UK co-signer required for international students |
1. Prodigy Finance
- Loan Amount: Up to £100,000
- Interest Rates: 7.99% – 13.99%
- Loan Terms: 5 – 15 years
Prodigy Finance is one of the top choices for international students looking for educational loans in the UK.
It offers loans up to £100,000, with interest rates ranging from 7.99% to 13.99%.
Loan terms can range from 5 to 15 years. Importantly, Prodigy Finance does not require a co-signer, which makes it especially appealing to international students who do not have a UK-based guarantor.
2. Future Finance
- Loan Amount: £2,000 – £40,000
- Interest Rates: 4.9% – 12%
- Loan Terms: 5 – 10 years
Future Finance offers education loans with amounts ranging from £2,000 to £40,000, and competitive interest rates between 4.9% and 12%.
Loan terms can extend from 5 to 10 years, and no co-signer is required, making it a great option for international students who do not have access to a UK co-signer.
3. MPOWER Financing
- Loan Amount: $2,001 – $50,000
- Interest Rates: 9.99% – 13.99%
- Loan Terms: 10 years
MPOWER Financing provides loans ranging from $2,001 to $50,000.
With interest rates between 9.99% and 13.99%, this loan option offers terms of 10 years.
MPOWER Financing is ideal for students from select countries studying in the UK, and it does not require a co-signer, making it an easy option for international students.
4. Lendwise
- Loan Amount: Up to £40,000
- Interest Rates: 6.0% – 8.0%
- Loan Terms: 5 – 10 years
Lendwise offers loans for international students in the UK, with amounts up to £40,000.
Interest rates range from 6.0% to 8.0%, and loan terms can range from 5 to 10 years.
No co-signer is required for this loan, making it an ideal option for students who do not have a UK-based guarantor.
5. Bank of Ireland International Loan
Loan Amount: Up to £25,000
- Interest Rates: 6.0% – 9.0%
- Loan Terms: 5 – 10 years
The Bank of Ireland offers loans for international students with amounts up to £25,000.
The interest rates range from 6.0% to 9.0%, and loan terms are generally 5 to 10 years.
However, a UK-based co-signer is required for this loan, which may not be ideal for students without a co-signer.
6. College Ave Student Loans
- Loan Amount: $5,000 – $80,000
- Interest Rates: 5.99% – 12.99%
- Loan Terms: 5 – 15 years
College Ave offers loans for international students studying in the UK, with loan amounts ranging from $5,000 to $80,000.
Interest rates range from 5.99% to 12.99%, and repayment terms can vary from 5 to 15 years.
No co-signer is required for College Ave student loans, which makes it a viable option for students who are self-funded.
7. Barclays International Loan
- Loan Amount: Up to £35,000
- Interest Rates: 6.1% – 7.5%
- Loan Terms: 5 – 10 years
Barclays offers international loans of up to £35,000 with interest rates ranging from 6.1% to 7.5%. Loan terms generally range from 5 to 10 years.
However, a UK co-signer is required, which could be a limitation for students who don’t have a UK-based guarantor.
Quick One: We have other useful loan articles here.
Frequently Asked Questions
Do I need a co-signer for an education loan in the UK as an international student?
Not all loan providers require a co-signer. For instance, Prodigy Finance, Future Finance, and MPOWER Financing offer loans without the need for a UK-based co-signer. However, some lenders like Bank of Ireland and Barclays do require a co-signer.
What is the maximum loan amount I can borrow as an international student in the UK?
Loan amounts vary by provider. For instance, Prodigy Finance offers the highest loan amount of up to £100,000, while others like Future Finance and College Ave offer loans up to £40,000 or £80,000, respectively.
What are the interest rates on education loans for international students in the UK?
Interest rates for international student loans in the UK range from 4.9% to 13.99%, depending on the loan provider, loan amount, and terms. It’s essential to compare interest rates and terms to find the most affordable option for your needs.
Conclusion
Securing an education loan as an international student in the UK can be a critical step towards achieving your academic and professional goals.
The 7 best education loans for international students in the UK offer a variety of options, whether you need a co-signer or not.
By comparing loan amounts, interest rates, and terms, you can choose the loan that best suits your needs and make your education in the UK a reality.
Be sure to explore all available options to find the best fit for your financial situation.
