Studying in the United States is a dream for many international students, but the financial requirements can be a major hurdle.
Several loan providers in the USA have created specialized loan options designed specifically for international students, with flexible terms and, in some cases, no need for a co-signer.
This guide explores nine of the best loan options available to international students in the USA, detailing essential information like loan amounts, interest rates, terms, and eligibility requirements.
Best Loan for International Students in USA
| Loan Provider | Loan Amount | Co-signer Requirement | Interest Rates | Loan Terms | Eligibility Requirements |
|---|---|---|---|---|---|
| 1. Stilt | Up to $35,000 | No | 7.99% – 15.99% | 1 – 3 years | Valid visa, U.S. bank account, employment history |
| 2. MPower Financing | $2,001 – $50,000 | No | 11.99% – 13.99% | 1 – 10 years | Enrolled in a U.S.-based college, valid visa |
| 3. Prodigy Finance | Up to $100,000 | No | 7.00% – 12.50% | 1 – 20 years | Enrolled in an eligible U.S. university |
| 4. Boro | $1,000 – $25,000 | No | 15% | 1 – 5 years | Valid SSN, U.S. address, F-1 or J-1 visa |
| 5. Ascent | Up to $20,000 | Yes (for certain loans) | 7.32% – 14.50% | 5 – 15 years | Must be attending an eligible U.S. school |
| 6. College Ave Student Loans | $1,000 – $100,000 | Yes | 4.29% – 14.49% | 5 – 15 years | Enrolled in a U.S. university, co-signer required |
| 7. Discover Student Loans | $1,000 – $200,000 | Yes | 4.49% – 13.99% | 5 – 20 years | Enrolled in a U.S. college, co-signer |
| 8. Earnest | $1,000 – $75,000 | Yes | 3.50% – 12.00% | 5 – 15 years | U.S. co-signer, enrolled at a U.S. institution |
| 9. Sallie Mae | Up to 100% of school-certified expenses | Yes | 4.25% – 13.62% | 5 – 20 years | Enrolled in a U.S. school, co-signer required |
1. Stilt
Stilt is a popular option for international students, providing loans up to $35,000 without requiring a co-signer.
Stilt’s interest rates range from 7.99% to 15.99%, and loan terms vary from 1 to 3 years.
This provider caters to international students with a valid visa, a U.S. bank account, and either employment history or a job offer in the U.S.
Stilt also offers a straightforward application process, making it ideal for students seeking flexible financing without extensive U.S. credit history.
2. MPower Financing
MPower Financing offers loans from $2,001 to $50,000 with no co-signer required.
With interest rates from 11.99% to 13.99% and loan terms between 1 and 10 years, MPower is well-suited to international students who are enrolled in a U.S.-based college and hold a valid visa.
MPower’s services also include helping international students build a U.S. credit history, which can be advantageous for future financial needs.
3. Prodigy Finance
Prodigy Finance offers loan amounts up to $100,000, with interest rates ranging from 7.00% to 12.50%.
Loan terms range from 1 to 20 years, and Prodigy does not require a co-signer.
This loan is ideal for graduate students, particularly those in STEM fields, who are attending eligible U.S. universities.
Prodigy evaluates applications based on future earning potential rather than credit history, making it a unique option for students without a strong U.S. credit record.
4. Boro
Boro offers loans to international students with amounts ranging from $1,000 to $25,000.
With a flat 15% interest rate and loan terms from 1 to 5 years, Boro does not require a co-signer but does require a valid Social Security Number (SSN) and U.S. address.
This loan provider serves international students on F-1 or J-1 visas who need smaller amounts to help cover living expenses or educational needs.
5. Ascent
Ascent provides loans up to $20,000 for international students, with interest rates ranging from 7.32% to 14.50%.
Loan terms are available for up to 15 years, and while a co-signer is required for some loans, Ascent offers a co-signer release option after 24 months of consecutive on-time payments.
Students must be enrolled in an eligible U.S. school to qualify, and this option is best for students looking for a long-term loan solution with flexible terms.
6. College Ave Student Loans
College Ave Student Loans offers loans from $1,000 to $100,000, with interest rates between 4.29% and 14.49%.
Loan terms range from 5 to 15 years, and a co-signer is required for international students.
College Ave provides various options tailored for undergraduate, graduate, and professional students.
Their application process is quick, and students receive an instant credit decision.
7. Discover Student Loans
Discover Student Loans provides international students with loans up to $200,000, with competitive interest rates from 4.49% to 13.99%.
Loan terms range from 5 to 20 years, and a co-signer is required for international applicants.
Discover’s student loans cover up to 100% of certified school expenses, and their flexible repayment plans make it an ideal choice for students seeking comprehensive financial support throughout their education.
8. Earnest
Earnest offers loans ranging from $1,000 to $75,000, with interest rates between 3.50% and 12.00%.
Earnest requires a U.S. co-signer, but offers flexible terms between 5 and 15 years, allowing students to tailor their repayment schedule to suit their financial situation.
Eligible students must be enrolled at a U.S. institution, and Earnest provides a range of options to help students manage repayment effectively.
9. Sallie Mae
Sallie Mae covers up to 100% of school-certified expenses for international students, with interest rates from 4.25% to 13.62%. Loan terms range from 5 to 20 years, and a co-signer is required.
Sallie Mae offers flexible repayment plans and in-school deferment options, making it a popular choice for students who need extensive financial coverage throughout their studies.
Quick One: We have other useful loan articles here.
Frequently Asked Questions
Do international students need a co-signer for loans in the USA?
Some lenders require a U.S.-based co-signer for international student loans, but options like Stilt, MPower Financing, and Prodigy Finance offer loans without requiring a co-signer.
How can I build credit in the USA as an international student?
Several loan providers, such as MPower Financing, allow international students to start building a U.S. credit history through timely loan repayments. Some lenders also report to U.S. credit bureaus, which can help students establish their credit profile.
What are the repayment options for international student loans?
Repayment options vary by lender but may include deferment until after graduation, interest-only payments during school, and flexible repayment terms based on financial need.
Conclusion
Finding the right loan as an international student in the USA can ease the financial burden and help you focus on your studies.
Each of the nine loan providers listed offers unique benefits, whether through competitive interest rates, co-signer options, or flexible terms.
Carefully review each provider’s offerings and choose the one that best aligns with your financial needs and eligibility requirements to support your academic journey in the United States.
