Studying in the UK as an international student can be an exciting and life-changing experience.
However, the high tuition fees and living costs can make it difficult to finance your education.
To ease the financial burden, several loan providers offer student loans specifically designed for international students in the UK.
In this article, we will explore the 7 best loans for international students in the UK, including details such as loan amounts, interest rates, repayment terms, and eligibility requirements.
Best Loan for International Students in the UK
| Loan Provider | Loan Amount | Co-signer Requirement | Interest Rates | Loan Terms | Eligibility Requirements |
|---|---|---|---|---|---|
| UK Government Postgraduate Loan | Up to £10,000 | No | 6.3% | Up to 25 years | Postgraduate students at UK universities |
| Prodigy Finance | Up to £100,000 | No | 7.99% – 13.99% | Up to 15 years | Postgraduate students in eligible programs |
| Future Finance | £2,000 – £40,000 | No | 4.9% – 12% | 5 – 10 years | International students at UK universities |
| MPOWER Financing | $2,001 – $50,000 | No | 9.99% – 13.99% | 10 years | Enrolled in eligible UK institutions |
| Lendwise | Up to £40,000 | No | 6.0% – 8.0% | 5 – 10 years | International students in UK universities |
| College Ave Student Loans | $5,000 – $80,000 | No | 5.99% – 12.99% | 5 – 15 years | Enrolled in eligible UK institutions |
| HSBC International Loan | Up to £30,000 | Yes | 7.00% – 8.00% | 5 – 10 years | International students with UK-based co-signer |
1. UK Government Postgraduate Loan
- Loan Amount: Up to £10,000
- Interest Rates: 6.3%
- Loan Terms: Up to 25 years
The UK government offers postgraduate loans to international students studying at UK universities.
Although primarily for UK students, international students from the EU or certain other countries can also qualify.
The loan amount is up to £10,000, and the interest rate is 6.3%. The repayment term is flexible, with a duration of up to 25 years.
2. Prodigy Finance
- Loan Amount: Up to £100,000
- Interest Rates: 7.99% – 13.99%
- Loan Terms: Up to 15 years
Prodigy Finance offers loans to international students in postgraduate programs at eligible universities.
Loan amounts can go up to £100,000, and interest rates range from 7.99% to 13.99%, depending on the applicant’s profile and future earning potential.
The loan is repaid over up to 15 years, and no co-signer is required.
3. Future Finance
- Loan Amount: £2,000 – £40,000
- Interest Rates: 4.9% – 12%
- Loan Terms: 5 – 10 years
Future Finance provides loans to international students studying at UK universities, with amounts ranging from £2,000 to £40,000.
The interest rates vary from 4.9% to 12%, based on the student’s financial profile.
Loan terms are flexible, ranging from 5 to 10 years, and the loan can be used to cover tuition fees and living expenses.
4. MPOWER Financing
- Loan Amount: $2,001 – $50,000
- Interest Rates: 9.99% – 13.99%
- Loan Terms: 10 years
MPOWER Financing provides loans for international students attending eligible UK universities.
Loan amounts range from $2,001 to $50,000, and interest rates vary between 9.99% and 13.99%. The repayment term is set at 10 years, and no co-signer is required.
MPOWER Financing also offers flexible repayment options based on the student’s future earnings.
5. Lendwise
- Loan Amount: Up to £40,000
- Interest Rates: 6.0% – 8.0%
- Loan Terms: 5 – 10 years
Lendwise offers competitive interest rates for international students pursuing postgraduate programs at UK universities.
Loan amounts can go up to £40,000, and interest rates range from 6.0% to 8.0%.
The loan can be used for both tuition fees and living expenses, with repayment terms between 5 to 10 years. No co-signer is required for this loan.
6. College Ave Student Loans
- Loan Amount: $5,000 – $80,000
- Interest Rates: 5.99% – 12.99%
- Loan Terms: 5 – 15 years
College Ave Student Loans offers loans for international students attending eligible UK universities.
Loan amounts range from $5,000 to $80,000, and the interest rates are between 5.99% and 12.99%, based on creditworthiness.
Repayment terms are flexible, ranging from 5 to 15 years, and the loan can be used to cover tuition fees, accommodation, and living expenses.
7. HSBC International Loan
- Loan Amount: Up to £30,000
- Interest Rates: 7.00% – 8.00%
- Loan Terms: 5 – 10 years
HSBC offers loans for international students who have a UK-based co-signer. Loan amounts can be up to £30,000, and interest rates are typically between 7.00% and 8.00%.
The repayment term is flexible, with options from 5 to 10 years. The loan can be used for tuition fees, living expenses, and more.
Quick One: We have other useful loan articles here.
Frequently Asked Questions
Can international students in the UK get loans without a co-signer?
Yes, several loan providers, such as Prodigy Finance, Future Finance, and MPOWER Financing, offer loans to international students without the need for a co-signer.
What are the typical interest rates for student loans in the UK for international students?
Interest rates for international student loans in the UK typically range from 4.9% to 13.99%, depending on the lender and the student’s financial profile.
Can I use a student loan to cover both tuition and living expenses?
Yes, many loan providers, including Future Finance, Prodigy Finance, and College Ave Student Loans, allow international students to use their loans for both tuition fees and living expenses.
Conclusion
Securing a loan as an international student in the UK is an essential step toward financing your education.
The 7 loan providers listed above offer flexible repayment options, competitive interest rates, and various eligibility criteria to ensure that international students have access to the funds needed for tuition, living expenses, and other costs.
When choosing a loan, consider the loan amount, interest rates, repayment terms, and whether a co-signer is required to ensure you find the best option for your needs.
