Finding the right loan as an international student can be challenging, but organizations like KfW (Kreditanstalt für Wiederaufbau) and other loan providers make financing education abroad much easier.
KfW is a German government-owned development bank that offers student loans to international students in specific cases.
In this article, we’ll discuss the 7 best KfW student loan for international students and alternatives to consider.
Best KFW Student Loan for International Students
The table below provides a quick comparison of the best KfW loans and other top providers available to international students:
| Loan Provider | Loan Amount | Co-signer Requirement | Interest Rates | Loan Terms | Eligibility Requirements |
|---|---|---|---|---|---|
| 1. KfW Student Loan | Up to €650/month | No | 4.36% | 4 – 10 years | Must be under 44 years old and enrolled in a German institution. |
| 2. Prodigy Finance | Up to $100,000 | No | 7.5% – 11% | 7 – 20 years | Admission to partner universities. |
| 3. Deutsche Bank Student Loan | Up to €75,000 | Yes | 3.5% – 7% | 5 – 15 years | Enrollment in a German university. |
| 4. Auxmoney Private Loan | Up to €50,000 | No | 4% – 12% | 2 – 10 years | Strong credit profile required. |
| 5. Santander Bank Student Loan | Up to €60,000 | Yes | 3% – 6% | 5 – 10 years | Valid student visa and enrollment in Europe. |
| 6. College Ave Student Loans | Up to $150,000 | Yes | 4.44% – 14.49% | 5 – 20 years | Must be enrolled in a U.S. university. |
| 7. Discover Student Loans | Up to $100,000 | No | 5.99% – 12.49% | 10 – 20 years | Enrollment in an accredited institution. |
1. KfW Student Loan
KfW offers loans specifically designed for students enrolled in German universities.
This loan is ideal for international students who meet certain requirements.
- Loan Amount: Up to €650 per month (maximum of €39,000 total).
- Interest Rates: Fixed at 4.36%.
- Loan Terms: 4 to 10 years, with a flexible repayment schedule.
- Eligibility: Open to students under 44 years old enrolled in a German university. No co-signer required.
2. Prodigy Finance
Prodigy Finance specializes in providing loans without requiring a co-signer.
- Loan Amount: Up to $100,000.
- Interest Rates: Variable, ranging from 7.5% to 11%.
- Loan Terms: 7 to 20 years.
- Eligibility: Only for students admitted to Prodigy’s partner universities worldwide.
3. Deutsche Bank Student Loan
Deutsche Bank is a popular choice for international students in Germany, particularly for those requiring a blocked account.
- Loan Amount: Up to €75,000.
- Interest Rates: 3.5% to 7%.
- Loan Terms: 5 to 15 years.
- Eligibility: Students must have enrollment in a German university and may require a co-signer.
4. Auxmoney Private Loan
Auxmoney provides flexible loans for international students in Germany, focusing on individuals with strong credit profiles.
- Loan Amount: Up to €50,000.
- Interest Rates: 4% to 12%.
- Loan Terms: 2 to 10 years.
- Eligibility: Requires proof of income or strong credit history.
5. Santander Bank Student Loan
Santander Bank offers student loans to international students pursuing studies in Europe.
- Loan Amount: Up to €60,000.
- Interest Rates: 3% to 6%.
- Loan Terms: 5 to 10 years.
- Eligibility: Applicants must have a valid student visa and be enrolled in a European university.
6. College Ave Student Loans
For international students pursuing education in the U.S., College Ave is an excellent choice.
- Loan Amount: Up to $150,000.
- Interest Rates: 4.44% to 14.49%.
- Loan Terms: 5 to 20 years.
- Eligibility: Enrollment in a U.S. institution is required. A co-signer is usually necessary.
7. Discover Student Loans
Discover provides student loans with no fees for international students.
- Loan Amount: Up to $100,000.
- Interest Rates: 5.99% to 12.49%.
- Loan Terms: 10 to 20 years.
- Eligibility: Must be enrolled in an accredited institution. No co-signer is required.
Quick One: We have other useful loan articles here.
Frequently Asked Questions
Can international students apply for KfW loans without a co-signer?
Yes, KfW loans do not require a co-signer, making them an excellent option for international students studying in Germany.
Are KfW loans available to students from all countries?
KfW loans are generally available to EU and EEA students. Non-EU students may qualify under specific conditions, such as enrollment in a German university.
How does the repayment process work for KfW loans?
Repayment typically begins 6 to 18 months after graduation. Students can choose flexible repayment terms ranging from 4 to 10 years.
Conclusion
KfW loans provide a reliable and accessible option for international students in Germany.
Combined with alternatives like Prodigy Finance, Deutsche Bank, and College Ave, students have various choices to fund their education.
Be sure to compare interest rates, loan terms, and eligibility requirements to select the best loan for your academic needs.
