Studying in the USA is a dream for many international students, offering access to world-class education and global career opportunities.
However, the cost of tuition, accommodation, and other expenses can be significant. Education loans provide a practical solution for funding higher education.
This article highlights the 7 best education loan for international students in USA, focusing on loan amounts, co-signer requirements, interest rates, loan terms, and eligibility.
Best Education Loan for International Students in USA
| Loan Provider | Loan Amount | Co-signer Requirement | Interest Rates | Loan Terms | Eligibility Requirements |
|---|---|---|---|---|---|
| Sallie Mae | Up to 100% of cost | Required | 4.50% – 14.83% (variable) | 5 – 15 years | Enrolled in eligible U.S. school |
| Prodigy Finance | $15,000 – $100,000 | Not required | 9.05% – 13.99% | 7 – 20 years | Enrollment at participating universities |
| MPower Financing | Up to $100,000 | Not required | 13.99% (fixed) | 10 years | Enrollment at eligible institutions |
| Discover Student Loans | Up to 100% of cost | Required | 5.49% – 14.99% | 15 – 20 years | U.S.-based co-signer required |
| Citizens Bank | $1,000 – $150,000 | Required | 5.37% – 12.99% | 5 – 15 years | U.S. co-signer with strong credit |
| College Ave Student Loans | Up to 100% of cost | Required | 5.49% – 14.99% | 5 – 20 years | Enrollment at an eligible institution |
| Earnest | $5,000 – $250,000 | Required | 4.42% – 13.98% | 5 – 15 years | Strong credit or U.S. co-signer |
1. Sallie Mae
- Loan Amount: Covers up to 100% of the cost of attendance (tuition, fees, and living expenses).
- Interest Rates: Variable rates from 4.50% to 14.83%.
- Loan Terms: 5 to 15 years.
- Eligibility: Requires a U.S.-based co-signer. Available to students attending eligible schools in the U.S. Offers a six-month grace period and repayment flexibility.
2. Prodigy Finance
- Loan Amount: $15,000 to $100,000.
- Interest Rates: Variable rates from 9.05% to 13.99%.
- Loan Terms: 7 to 20 years.
- Eligibility: No co-signer required. Available to students enrolled in participating universities. Loans are assessed based on future earning potential.
3. MPower Financing
- Loan Amount: Up to $100,000.
- Interest Rates: Fixed rate of 13.99%.
- Loan Terms: 10 years.
- Eligibility: No co-signer or U.S. credit history required. Open to students from over 190 countries studying at eligible U.S. institutions. Provides free visa support and career coaching.
4. Discover Student Loans
- Loan Amount: Covers up to 100% of the cost of attendance.
- Interest Rates: Variable rates from 5.49% to 14.99%.
- Loan Terms: 15 to 20 years.
- Eligibility: Requires a U.S.-based co-signer. Offers zero fees and cashback rewards for good grades.
5. Citizens Bank
- Loan Amount: $1,000 to $150,000 (varies by degree).
- Interest Rates: Variable rates from 5.37% to 12.99%.
- Loan Terms: 5 to 15 years.
- Eligibility: Requires a U.S. co-signer. Borrowers must be attending at least half-time at an eligible institution. Discounts available for auto-pay.
6. College Ave Student Loans
- Loan Amount: Covers up to 100% of the cost of attendance.
- Interest Rates: Variable rates from 5.49% to 14.99%.
- Loan Terms: 5 to 20 years.
- Eligibility: Requires a co-signer with strong credit. Offers prequalification with no impact on credit score, flexible repayment options, and lower interest rates for shorter terms.
7. Earnest
- Loan Amount: $5,000 to $250,000.
- Interest Rates: Variable rates from 4.42% to 13.98%.
- Loan Terms: 5 to 15 years.
- Eligibility: Requires a U.S. co-signer or a strong credit history. Flexible repayment options and no fees. Offers refinancing for international students post-graduation.
Quick One: We have other useful loan articles here.
Frequently Asked Questions
Can international students get education loans without a co-signer in the USA?
Yes, providers like Prodigy Finance and MPower Financing offer loans without requiring a co-signer, relying instead on the borrower’s academic profile and future earning potential.
What documents are needed to apply for an education loan as an international student?
Typically, you’ll need proof of enrollment, passport and visa details, proof of income or financial support, and co-signer information (if required).
How can I improve my chances of getting approved for a loan?
Having a co-signer with strong credit, demonstrating financial stability, and choosing lenders that cater specifically to international students can enhance your approval chances.
Conclusion
Financing education as an international student in the USA is made easier with a variety of tailored loan options.
Providers like Sallie Mae and College Ave are ideal for those with co-signers, while Prodigy Finance and MPower Financing cater to students without U.S. credit history or co-signers.
By comparing interest rates, loan terms, and eligibility requirements, you can choose the best option to support your educational journey.
