Financing education as an international student can be challenging, especially when factoring in tuition fees, living expenses, and other costs.
Fortunately, there are financial loan providers catering specifically to the needs of international students.
This guide highlights the 9 best financial loan for international students, detailing their loan amounts, interest rates, co-signer requirements, and eligibility criteria.
Best Financial Loan for International Students
| Loan Provider | Loan Amount | Co-signer Requirement | Interest Rates | Loan Terms | Eligibility Requirements |
|---|---|---|---|---|---|
| 1. Prodigy Finance | Up to $100,000 | No | 8.00% – 12.00% (variable) | 7 to 20 years | Admission to eligible universities/programs |
| 2. MPOWER Financing | Up to $100,000 | No | 11.99% – 13.99% (fixed) | 10 years | Enrollment in partner universities, no co-signer |
| 3. Sallie Mae | Up to 100% of costs | Yes | 4.50% – 14.83% | 5 to 15 years | U.S.-based co-signer required |
| 4. Discover Student Loans | Up to 100% of costs | Yes | 4.49% – 13.99% | 15 years | U.S.-based co-signer required |
| 5. Earnest | $1,000 – $250,000 | Yes | 5.74% – 13.89% | 5 to 20 years | Co-signer required, U.S.-based |
| 6. College Ave Student Loans | Up to $200,000 | Yes | 5.99% – 13.74% | 5 to 15 years | Requires a U.S.-based co-signer |
| 7. Ascent Student Loans | Up to $200,000 | Optional | 9.43% – 14.75% | 5 to 15 years | No co-signer needed for specific programs |
| 8. Citizens Bank | Up to $150,000 | Yes | 4.59% – 12.04% | 5 to 15 years | Co-signer required, U.S.-based |
| 9. Lendwise | $10,000 – $200,000 | No | 6.50% – 9.75% | 5 to 15 years | Admission to eligible postgraduate programs |
1. Prodigy Finance
Prodigy Finance specializes in providing loans for international students without the need for a co-signer or collateral.
- Loan Amount: Up to $100,000.
- Interest Rates: 8.00% to 12.00% (variable).
- Loan Terms: Available in 7 to 20 years.
- Eligibility Requirements: Admission into an eligible university or program.
- Unique Benefits: Flexible repayment options and a focus on postgraduate students make Prodigy Finance an excellent choice for international borrowers.
2. MPOWER Financing
MPOWER Financing is tailored for international and DACA students, offering loans without requiring a co-signer or credit history.
- Loan Amount: Up to $100,000.
- Interest Rates: Fixed rates ranging from 11.99% to 13.99%.
- Loan Terms: Fixed repayment terms of 10 years.
- Eligibility Requirements: Enrollment in a partner university in the U.S. or Canada.
- Unique Benefits: No collateral, co-signer, or credit score needed, with added benefits such as free career support.
3. Sallie Mae
Sallie Mae is one of the largest private lenders in the U.S., offering flexible loans for international students with a co-signer.
- Loan Amount: Covers up to 100% of education costs.
- Interest Rates: 4.50% to 14.83%.
- Loan Terms: Available in 5 to 15 years.
- Eligibility Requirements: Requires a U.S.-based co-signer.
- Unique Benefits: Offers options for deferred payments, fixed or variable interest rates, and no origination fees.
4. Discover Student Loans
Discover Student Loans provides international students with funding to cover all educational expenses.
- Loan Amount: Covers up to 100% of education costs.
- Interest Rates: Fixed rates ranging from 4.49% to 13.99%.
- Loan Terms: Up to 15 years.
- Eligibility Requirements: A U.S.-based co-signer is required.
- Unique Benefits: No fees (origination, application, or late fees) and multiple repayment options available.
5. Earnest
Earnest provides private student loans for international students with flexible repayment terms.
- Loan Amount: From $1,000 to $250,000.
- Interest Rates: 5.74% to 13.89% (fixed).
- Loan Terms: Available in 5 to 20 years.
- Eligibility Requirements: Requires a U.S.-based co-signer.
- Unique Benefits: Earnest offers customized repayment plans and no hidden fees, making it ideal for those seeking flexible loan terms.
6. College Ave Student Loans
College Ave offers student loans tailored for both undergraduate and graduate international students.
- Loan Amount: Up to $200,000.
- Interest Rates: Fixed rates ranging from 5.99% to 13.74%.
- Loan Terms: Flexible terms of 5 to 15 years.
- Eligibility Requirements: Requires a U.S.-based co-signer with strong credit.
- Unique Benefits: Simplified application process and repayment flexibility, including interest-only payments during school.
7. Ascent Student Loans
Ascent provides loans for students who may not have a U.S.-based co-signer, though a co-signer can enhance terms.
- Loan Amount: Up to $200,000.
- Interest Rates: Fixed rates ranging from 9.43% to 14.75%.
- Loan Terms: Flexible terms of 5 to 15 years.
- Eligibility Requirements: No co-signer required for certain programs.
- Unique Benefits: Ascent offers cash-back rewards upon graduation and credit-building opportunities.
8. Citizens Bank
Citizens Bank is a reliable option for international students with a U.S.-based co-signer.
- Loan Amount: Up to $150,000.
- Interest Rates: Fixed rates ranging from 4.59% to 12.04%.
- Loan Terms: Available in 5 to 15 years.
- Eligibility Requirements: A U.S.-based co-signer is required.
- Unique Benefits: Offers multi-year approval, simplifying the application process for returning students.
9. Lendwise
Lendwise focuses on postgraduate loans for international students, particularly for MBA and other specialized programs.
- Loan Amount: From $10,000 to $200,000.
- Interest Rates: Fixed rates ranging from 6.50% to 9.75%.
- Loan Terms: Flexible terms of 5 to 15 years.
- Eligibility Requirements: Admission to an eligible postgraduate program.
- Unique Benefits: No co-signer required and personalized repayment options tailored to student needs.
Quick One: We have other useful loan articles here.
Frequently Asked Questions
Do international students need a co-signer for financial loans?
Not always. While many lenders, like Sallie Mae and Citizens Bank, require a U.S.-based co-signer, options like Prodigy Finance and MPOWER Financing do not.
What is the best loan for international students without a co-signer?
For students without a co-signer, MPOWER Financing and Prodigy Finance are excellent choices as they do not require a co-signer or credit history.
Can I get a financial loan for living expenses as an international student?
Yes, many lenders, such as Sallie Mae, Discover Student Loans, and College Ave, offer loans that cover both tuition and living expenses.
Conclusion
Securing a financial loan as an international student is possible with the right resources.
The 9 best financial loan for international students outlined in this guide provide options for those with or without a co-signer, offering flexible repayment terms and competitive interest rates.
Evaluate your needs and eligibility criteria to choose the best loan provider and confidently finance your education abroad.
