Studying in the USA can be a dream for many international students, but it often comes with significant financial challenges.
Many education loans require a co-signer, especially for international students who may lack a credit history in the U.S.
A co-signer provides an additional layer of assurance to lenders, making it easier to access competitive interest rates and favorable loan terms.
Below, we outline the 7 best education loan for international students in USA with cosigner, providing details on loan amounts, interest rates, and eligibility requirements.
Best Education Loans for International Students in USA with Cosigner
| Loan Provider | Loan Amount | Co-signer Requirement | Interest Rates | Loan Terms | Eligibility Requirements |
|---|---|---|---|---|---|
| Sallie Mae | Up to 100% of school-certified expenses | Required | 4.50% – 14.83% (variable); 5.25% – 13.72% (fixed) | 5 – 15 years | Enrollment at an eligible U.S. institution |
| Discover Student Loans | Up to 100% of school-certified expenses | Required | 4.49% – 13.99% (variable); 5.49% – 13.99% (fixed) | 15 – 20 years | International students with a U.S. co-signer |
| Prodigy Finance | $15,000 – $50,000 | Optional (for better rates) | 9.44% – 12.99% | 7 – 15 years | Limited to specific universities and programs |
| MPower Financing | $2,001 – $50,000 | Not required (but improves terms) | 13.99% – 16.99% | 10 years | Accepted to an eligible U.S. university |
| Citizens Bank | Up to $150,000 | Required | 5.72% – 11.80% (variable); 5.99% – 12.04% (fixed) | 5 – 15 years | Full-time enrollment with a U.S. co-signer |
| College Ave Student Loans | $2,000 – $100,000 | Required | 4.49% – 12.99% (variable); 5.29% – 13.99% (fixed) | 5 – 15 years | Enrollment at an eligible U.S. institution |
| Earnest | $1,000 – $250,000 | Required | 4.99% – 13.89% (variable); 5.74% – 14.24% (fixed) | 5 – 15 years | Requires a U.S. co-signer with good credit |
1. Sallie Mae
- Loan Amount: Covers up to 100% of school-certified expenses, including tuition, fees, housing, and books.
- Interest Rates: Variable rates range from 4.50% to 14.83%; fixed rates range from 5.25% to 13.72%.
- Loan Terms: 5, 10, or 15 years.
- Eligibility: Requires a U.S. co-signer. Offers flexibility in repayment, including interest-only payments while in school or deferred repayment until after graduation.
2. Discover Student Loans
- Loan Amount: Up to 100% of school-certified expenses.
- Interest Rates: Variable rates from 4.49% to 13.99%; fixed rates from 5.49% to 13.99%.
- Loan Terms: 15 or 20 years.
- Eligibility: Requires a U.S.-based co-signer. Borrowers benefit from no application, origination, or late fees, and a cash reward for maintaining a high GPA.
3. Prodigy Finance
- Loan Amount: $15,000 to $50,000.
- Interest Rates: 9.44% to 12.99%.
- Loan Terms: 7 to 15 years.
- Eligibility: No co-signer is required but having one can improve terms. Loans are limited to specific programs and universities in the USA.
4. MPower Financing
- Loan Amount: $2,001 to $50,000.
- Interest Rates: Fixed rates between 13.99% and 16.99%.
- Loan Terms: Up to 10 years.
- Eligibility: While a co-signer is not required, adding one can lead to better loan terms. Borrowers must attend an eligible U.S. university. The loan also includes free visa support and career guidance services.
5. Citizens Bank
- Loan Amount: Covers up to $150,000.
- Interest Rates: Variable rates range from 5.72% to 11.80%; fixed rates range from 5.99% to 12.04%.
- Loan Terms: 5, 10, or 15 years.
- Eligibility: Requires a U.S. co-signer. Citizens Bank offers a multi-year approval process, allowing you to apply once for multiple years of study.
6. College Ave Student Loans
- Loan Amount: $2,000 to $100,000.
- Interest Rates: Variable rates range from 4.49% to 12.99%; fixed rates range from 5.29% to 13.99%.
- Loan Terms: 5 to 15 years.
- Eligibility: A U.S.-based co-signer is required for international students. College Ave offers flexible repayment plans, including deferred, interest-only, or flat-rate payments during school.
7. Earnest
- Loan Amount: $1,000 to $250,000.
- Interest Rates: Variable rates range from 4.99% to 13.89%; fixed rates range from 5.74% to 14.24%.
- Loan Terms: 5 to 15 years.
- Eligibility: Requires a creditworthy U.S. co-signer. Earnest offers customization in repayment schedules, allowing borrowers to tailor plans to their financial situation.
Quick One: We have other useful loan articles here.
Frequently Asked Questions
Why do international students need a co-signer for loans in the USA?
A co-signer provides assurance to lenders, especially for international students who often lack a U.S. credit history. The co-signer agrees to take on repayment responsibility if the borrower cannot pay.
Can I get an education loan without a co-signer in the USA?
While most lenders require a co-signer, some options like MPower Financing and Prodigy Finance offer loans without a co-signer, though these loans may have higher interest rates or limited loan amounts.
What happens if my co-signer does not meet the requirements?
If your co-signer does not meet the lender’s credit or income requirements, the loan application may be denied. In such cases, you may need to find a different co-signer or explore lenders with more flexible criteria.
Conclusion
Finding the right education loan as an international student in the USA often depends on your financial needs and the availability of a co-signer.
Providers like Sallie Mae and College Ave offer flexibility and competitive rates, while options like MPower Financing cater to those without a co-signer.
Carefully review the terms, interest rates, and repayment plans before making a decision to ensure the loan aligns with your academic and financial goals.
With the right loan, you can focus on achieving success in your studies without undue financial stress.
