Securing funding for education in the United States as an international student can be challenging due to limited access to federal student loans.
Fortunately, there are several private lenders and organizations offering loans tailored to international students.
In this article, we provide an overview of the best loan options available for international students in the U.S., helping you make an informed decision.
Best Loan for International Students
| Loan Provider | Loan Amount | Co-signer Requirement | Interest Rates | Loan Terms | Eligibility Requirements |
|---|---|---|---|---|---|
| 1. Federal Direct PLUS Loan | Up to the full cost of attendance | Yes | 7.54% (fixed) | 10 – 25 years | Requires U.S.-based co-signer (parent/guardian) |
| 2. Ascent Student Loans | Up to $200,000 | Optional | 4.36% – 13.08% | 5 – 20 years | No co-signer needed for qualified applicants |
| 3. MPower Financing | Up to $50,000 per year | No | 11.99% – 13.99% | 10 years | No co-signer required |
| 4. Prodigy Finance | Up to 100% of tuition | No | 7.5% – 12% (variable) | 7 – 20 years | No co-signer required, eligible programs only |
| 5. Sallie Mae | Up to 100% of cost of attendance | Yes | 4.25% – 13.62% | 5 – 20 years | Co-signer required for international students |
| 6. College Ave Student Loans | Up to $100,000 | Yes | 4.29% – 14.49% | 5 – 15 years | Co-signer required for international students |
| 7. Citizens Bank | $1,000 – $150,000 | Yes | 5.25% – 11.65% | 5 – 15 years | Requires U.S.-based co-signer |
| 8. Discover Student Loans | Up to 100% of cost of attendance | Yes | 4.24% – 12.99% | 15 – 20 years | Co-signer required for international students |
| 9. Earnest | Up to $75,000 | Yes | 3.24% – 12.78% | 5 – 20 years | Co-signer required for international students |
1. Federal Direct PLUS Loan
The Federal Direct PLUS Loan is available for international students with a U.S.-based co-signer, typically a parent or guardian.
This loan can cover up to the full cost of attendance and has a fixed interest rate of 7.54%.
Terms range from 10 to 25 years, offering flexibility with different repayment plans.
The Direct PLUS Loan also allows deferment while the student is enrolled at least half-time.
2. Ascent Student Loans
Ascent Student Loans offers loans up to $200,000 with interest rates from 4.36% to 13.08%, depending on credit and other factors.
Ascent offers loans with and without a co-signer, although international students typically require one.
Loan terms range from 5 to 20 years, and Ascent provides several repayment options, including deferred, interest-only, and flat-fee payments during school.
3. MPower Financing
MPower Financing is a popular choice for international students as it does not require a co-signer.
It offers fixed rates between 11.99% and 13.99% with a loan amount up to $50,000 per year.
The loan term is 10 years, with discounts available for setting up automatic payments.
MPower focuses on students’ academic potential rather than credit history, making it ideal for those without a co-signer.
4. Prodigy Finance
Prodigy Finance specializes in offering loans to international students, particularly those pursuing graduate programs.
Prodigy requires no co-signer, with variable interest rates from 7.5% to 12%, depending on the program and school.
Prodigy loans can cover up to 100% of tuition, with terms ranging from 7 to 20 years.
Eligibility is based on the student’s program and future earning potential, making it suitable for high-potential students.
5. Sallie Mae
Sallie Mae provides loans that cover up to the full cost of attendance.
Interest rates range from 4.25% to 13.62%, with loan terms between 5 and 20 years.
Sallie Mae requires a U.S.-based co-signer for international students.
The lender also offers flexible repayment options, including deferred, interest-only, and flat-fee payments, and a co-signer release option after a certain number of consecutive on-time payments.
6. College Ave Student Loans
College Ave Student Loans offers loans up to $100,000, with variable and fixed interest rates ranging from 4.29% to 14.49%.
This loan requires a co-signer for international students, with loan terms of 5 to 15 years.
College Ave provides various repayment options, such as immediate, deferred, and interest-only payments.
This lender is ideal for students seeking flexible terms with the help of a co-signer.
7. Citizens Bank
Citizens Bank offers loan amounts ranging from $1,000 to $150,000.
Interest rates range from 5.25% to 11.65%, with terms available from 5 to 15 years.
Citizens Bank requires a U.S.-based co-signer for international students and provides both fixed and variable interest rates.
The lender also offers discounts for setting up automatic payments, which can reduce the overall cost of the loan.
8. Discover Student Loans
Discover Student Loans offers up to 100% of the cost of attendance, with interest rates ranging from 4.24% to 12.99%.
Loan terms are available for 15 to 20 years, and a U.S.-based co-signer is required for international students.
Discover provides a six-month grace period after graduation and offers cash rewards for students who maintain good grades.
It’s an ideal choice for students with a reliable co-signer who need a flexible loan option.
9. Earnest
Earnest provides loans up to $75,000 for international students who have a U.S.-based co-signer.
Interest rates vary from 3.24% to 12.78%, with loan terms ranging from 5 to 20 years.
Earnest offers flexible repayment options and allows borrowers to skip one payment per year, making it a great option for students seeking flexibility in their repayment plan.
The lender also has no origination or prepayment fees, keeping costs lower.
Quick One: We have other useful loan articles here.
Frequently Asked Questions
Do international students need a co-signer to apply for a loan in the U.S.?
Most lenders require a U.S.-based co-signer for international students. However, options like MPower Financing and Prodigy Finance offer loans without the need for a co-signer.
What should I consider when choosing a loan provider as an international student?
Key factors include interest rates, repayment terms, co-signer requirements, and eligibility based on your program and school. Ensure the lender offers options that align with your financial situation and study needs.
Can I qualify for interest rate discounts on student loans?
Yes, some lenders offer discounts for setting up automatic payments. Additionally, some lenders, like Discover, offer rewards for good grades or other incentives that can reduce the loan’s overall cost.
Conclusion
While federal loans for international students are limited, several private lenders like MPower Financing, Prodigy Finance, and College Ave provide loans tailored to the needs of international students.
By carefully comparing interest rates, terms, and co-signer requirements, you can identify the loan provider that best aligns with your financial situation and educational goals in the U.S.
