Education is a powerful tool that can open doors to numerous opportunities, especially for international students seeking to study abroad.
However, financing this education can be a challenge due to limited access to traditional loans and the requirements of having a co-signer.
Fortunately, there are several education loan options specifically designed for international students.
This article explores the 7 best education loans for international students, highlighting their key features, loan amounts, interest rates, and eligibility requirements.
Best Education Loans for International Students
| Loan Provider | Loan Amount | Co-signer Requirement | Interest Rates | Loan Terms | Eligibility Requirements |
|---|---|---|---|---|---|
| Prodigy Finance | Up to $35,000 | No | 7.00% – 12.99% | 10 – 20 years | Graduate students at selected universities |
| MPOWER Financing | Up to $50,000 | No | 10.49% – 12.99% | 10 years | Students attending eligible universities in the U.S. |
| Ascent Funding | Up to $20,000 | No | 8.00% – 12.00% | 5 – 10 years | Students at eligible institutions |
| Future Finance | Up to $35,000 | No | 9.00% – 12.00% | 5 – 10 years | Students enrolled in UK institutions |
| Naiku | Up to $25,000 | No | 7.00% – 10.50% | 10 years | International students in selected programs |
| LendKey | Varies | Yes | 3.00% – 12.00% | 5 – 15 years | Requires U.S. co-signer; no specific eligibility |
| College Ave Student Loans | Up to $50,000 | Yes | 3.34% – 12.99% | 5 – 15 years | Requires U.S. co-signer |
1. Prodigy Finance
Prodigy Finance is a leader in providing loans to international students pursuing graduate studies.
They offer loans of up to $35,000, with interest rates ranging from 7.00% to 12.99%.
One of the main benefits is that Prodigy Finance does not require a co-signer, making it accessible for those without U.S. contacts.
The repayment terms are flexible, ranging from 10 to 20 years, allowing borrowers to manage their finances effectively.
Eligibility is typically focused on graduate students at selected universities, so confirming if your institution qualifies is crucial.
2. MPOWER Financing
MPOWER Financing offers loans specifically designed for international students, allowing them to borrow up to $50,000 without needing a co-signer.
Interest rates range from 10.49% to 12.99%, and the repayment term is set at 10 years.
MPOWER evaluates applicants based on future earning potential and academic performance, making it an attractive option for students from various disciplines attending eligible universities in the U.S.
3. Ascent Funding
Ascent Funding provides loans to international students without requiring a co-signer.
They offer loans of up to $20,000, with interest rates ranging from 8.00% to 12.00%.
The loan terms can be set between 5 to 10 years, providing flexibility in repayment options.
Ascent is focused on students at eligible institutions, so it’s essential to check your eligibility before applying.
4. Future Finance
Future Finance caters specifically to international students and offers loans without a co-signer requirement.
They provide loans up to $35,000, with interest rates ranging from 9.00% to 12.00%.
Loan terms typically last between 5 to 10 years, making it a straightforward option for students needing accessible funding.
Future Finance is especially beneficial for students enrolled in UK institutions.
5. Naiku
Naiku offers loans to international students without requiring a co-signer.
They provide loans up to $25,000, with interest rates between 7.00% and 10.50%.
The repayment term is fixed at 10 years, which helps borrowers plan their monthly payments effectively.
Naiku primarily focuses on international students in specific programs, so checking eligibility is essential.
6. LendKey
LendKey connects borrowers with local and national credit unions and banks.
While they typically require a co-signer, some programs may allow international students to apply without one. Loan amounts vary, but they generally offer loans up to $50,000.
Interest rates range from 3.00% to 12.00%, and loan terms can be set from 5 to 15 years. LendKey’s community lending focus often results in competitive rates.
7. College Ave Student Loans
College Ave provides loans specifically for students, but they usually require a U.S. co-signer.
They offer loans up to $50,000, with interest rates ranging from 3.34% to 12.99%. The loan terms can be customized from 5 to 15 years, providing flexibility in repayment.
College Ave also offers options like interest-only payments while in school, helping students manage their finances during their studies.
Quick One: We have other useful loan articles here.
Frequently Asked Questions
What is the maximum loan amount that international students can borrow without a co-signer?
The maximum loan amount varies by lender. For instance, MPOWER Financing offers loans up to $50,000, while Prodigy Finance typically provides loans up to $35,000. Ascent Funding usually offers loans up to $20,000. It’s essential to check each lender’s specific terms to determine your borrowing capacity.
Do international students need a co-signer to qualify for loans in the U.S.?
Many lenders, such as Prodigy Finance and MPOWER Financing, do not require a co-signer, making it easier for international students to secure funding. However, traditional lenders like Sallie Mae and Discover Student Loans often require a U.S. co-signer. Always review the specific requirements of each lender before applying.
What are the interest rates typically offered to international students?
Interest rates for student loans can vary significantly based on the lender and the borrower’s profile. Generally, rates range from approximately 1.00% to 12.99%, depending on factors such as creditworthiness and the presence of a co-signer. It’s crucial to compare rates from multiple lenders to find the most favorable terms for your financial situation.
Conclusion
Navigating the world of education loans as an international student can be challenging, especially without a co-signer.
However, options like Prodigy Finance, MPOWER Financing, and Ascent Funding provide essential support for those in need.
Each lender has different eligibility requirements, loan amounts, and interest rates, making it vital for students to conduct thorough research to find the best fit for their needs.
By understanding these options, international students can secure the necessary financial support to pursue their education, turning their academic dreams into reality.
