Pursuing a master’s degree in the United States offers international students a pathway to advanced education and global career opportunities.
However, funding such programs can be challenging without access to federal student aid.
Private lenders and specialized loan providers step in to offer solutions for financing graduate education.
Below are the 7 best masters loan for international students, designed to cater to diverse financial needs.
Best Masters 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% – 12.50% | Up to 20 years | Enrollment in eligible programs. |
| 2. MPOWER Financing | Up to $100,000 | No | 7.49% – 14.98% | Up to 10 years | Enrollment in partner universities required. |
| 3. Sallie Mae | Up to $200,000 | Optional | 4.62% – 13.83% | Up to 15 years | Enrollment in a U.S. institution. |
| 4. Discover Student Loans | Up to $200,000 | Yes | 5.49% – 12.39% | Up to 15 years | Co-signer required for international students. |
| 5. Earnest Student Loan | Up to $250,000 | Yes | 4.45% – 12.78% | 5 to 20 years | Requires a U.S.-based co-signer. |
| 6. College Ave Student Loans | Up to $150,000 | Yes | 5.99% – 13.74% | 5 to 15 years | Requires a U.S.-based co-signer. |
| 7. Citizens Bank Student Loan | Up to $150,000 | Yes | 4.72% – 12.59% | Up to 15 years | U.S. co-signer required for international students. |
1. Prodigy Finance
Prodigy Finance is a well-known lender for international students pursuing master’s degrees in fields like business, engineering, and public policy.
- Loan Amount: Up to $100,000.
- Interest Rates: 8.00% – 12.50%, no co-signer required.
- Loan Terms: Flexible repayment terms up to 20 years.
- Eligibility Requirements: Students must be enrolled in an eligible graduate program at a partner university.
2. MPOWER Financing
MPOWER Financing is ideal for international students who do not have a U.S.-based co-signer.
- Loan Amount: Up to $100,000.
- Interest Rates: 7.49% – 14.98%, fixed rates only.
- Loan Terms: Up to 10 years.
- Eligibility Requirements: Students must be enrolled in an MPOWER partner university or program.
3. Sallie Mae
Sallie Mae offers loans tailored to graduate and professional students, including international students.
- Loan Amount: Up to $200,000, depending on the cost of attendance.
- Interest Rates: 4.62% – 13.83%, available in both fixed and variable formats.
- Loan Terms: Up to 15 years.
- Eligibility Requirements: Enrollment in an accredited U.S. institution. Co-signers may not always be necessary.
4. Discover Student Loans
Discover Student Loans is a trusted lender offering competitive interest rates for graduate studies.
- Loan Amount: Up to $200,000, subject to the program’s cost of attendance.
- Interest Rates: 5.49% – 12.39%, with fixed and variable options.
- Loan Terms: Up to 15 years.
- Eligibility Requirements: A creditworthy co-signer is mandatory for international students.
5. Earnest Student Loan
Earnest provides customized student loan options with flexible repayment terms.
- Loan Amount: Up to $250,000.
- Interest Rates: 4.45% – 12.78%, with options for fixed and variable rates.
- Loan Terms: 5 to 20 years.
- Eligibility Requirements: A U.S.-based co-signer is required, and students must be enrolled in an accredited graduate program.
6. College Ave Student Loans
College Ave is a reliable lender offering loans with a simple application process.
- Loan Amount: Up to $150,000.
- Interest Rates: 5.99% – 13.74%, available in both fixed and variable formats.
- Loan Terms: 5 to 15 years.
- Eligibility Requirements: Requires a U.S.-based co-signer and proof of enrollment in a graduate program.
7. Citizens Bank Student Loan
Citizens Bank offers private student loans with competitive interest rates and repayment terms.
- Loan Amount: Up to $150,000.
- Interest Rates: 4.72% – 12.59%, available in fixed and variable rates.
- Loan Terms: Up to 15 years.
- Eligibility Requirements: A U.S.-based co-signer is required for international students.
Quick One: We have other useful loan articles here.
Frequently Asked Questions
Do international students need a co-signer for master’s loans?
Not always. Lenders like Prodigy Finance and MPOWER Financing do not require a co-signer, while others like Discover and Citizens Bank typically do.
What are the interest rates for master’s loans?
Interest rates vary by lender and loan type. Rates typically range from 4.45% to 14.98%, with options for fixed or variable rates.
Can I apply for a loan without a Social Security Number (SSN)?
Yes, lenders like Prodigy Finance and MPOWER Financing accept applications from international students without an SSN.
Conclusion
Choosing the right loan is crucial for funding your master’s education as an international student.
Providers like Prodigy Finance and MPOWER Financing are excellent for students without co-signers, while College Ave and Citizens Bank offer competitive options for those with a co-signer.
Use this guide to evaluate the 7 best masters loan for international students and pick the one that fits your academic and financial goals.
