Studying abroad offers international students a unique opportunity to gain a world-class education, but financing this journey can often be a challenge.
Many international students require private loans to cover tuition and living expenses, especially when traditional loans may have stringent requirements.
Fortunately, several lenders offer private loans specifically designed for international students.
This article explores the 7 best private loan for international students, detailing their features, loan amounts, interest rates, and eligibility requirements.
Best Private Loan for International Students
| Loan Provider | Loan Amount | Co-signer Requirement | Interest Rates | Loan Terms | Eligibility Requirements |
|---|---|---|---|---|---|
| Prodigy Finance | Up to $35,000 | No | 7.00% – 12.99% | 10 – 20 years | Graduate students at selected universities |
| MPOWER Financing | Up to $50,000 | No | 10.49% – 12.99% | 10 years | Students attending eligible universities in the U.S. |
| Ascent Funding | Up to $20,000 | No | 8.00% – 12.00% | 5 – 10 years | Students at eligible institutions |
| Future Finance | Up to $35,000 | No | 9.00% – 12.00% | 5 – 10 years | Students enrolled in UK institutions |
| Naiku | Up to $25,000 | No | 7.00% – 10.50% | 10 years | International students in selected programs |
| College Ave Student Loans | Up to $50,000 | Yes | 3.34% – 12.99% | 5 – 15 years | Requires U.S. co-signer |
| LendKey | Varies | Yes | 3.00% – 12.00% | 5 – 15 years | Requires U.S. co-signer |
1. Prodigy Finance
Prodigy Finance specializes in loans for international students pursuing graduate studies.
They offer loans of up to $35,000, with interest rates ranging from 7.00% to 12.99%.
A major advantage of Prodigy Finance is that it does not require a co-signer, making it accessible for students without U.S. contacts.
Borrowers can select flexible repayment terms of 10 to 20 years, allowing for manageable payments based on their financial situation.
Eligibility primarily focuses on graduate students at selected universities, so it’s essential to verify if your institution qualifies.
2. MPOWER Financing
MPOWER Financing provides loans designed specifically for international students without the need for a co-signer.
They offer loans up to $50,000, with interest rates between 10.49% and 12.99%.
The repayment term is fixed at 10 years, which helps students manage their budgets effectively.
MPOWER evaluates applicants based on future earning potential and academic performance, making it an attractive option for students from various disciplines attending eligible universities in the U.S.
3. Ascent Funding
Ascent Funding offers loans to international students without requiring a co-signer.
They provide loans of up to $20,000, with interest rates ranging from 8.00% to 12.00%.
The loan terms can be set between 5 to 10 years, providing flexibility in repayment options. Ascent primarily focuses on students at eligible institutions, so confirming eligibility is crucial.
They also assess future income potential, allowing students to qualify based on their academic paths.
4. Future Finance
Future Finance caters specifically to international students and offers loans without requiring a co-signer.
They provide loans up to $35,000, with interest rates ranging from 9.00% to 12.00%.
Loan terms typically last between 5 to 10 years, making it straightforward for students to understand their repayment obligations.
Future Finance is particularly beneficial for students enrolled in UK institutions but can also accommodate those studying in the U.S.
5. Naiku
Naiku offers loans to international students without requiring a co-signer.
They provide loans up to $25,000, with interest rates between 7.00% and 10.50%.
The repayment term is fixed at 10 years, allowing for predictable monthly payments.
Naiku primarily targets international students in specific programs, making it essential to check eligibility.
This lender emphasizes flexibility and accessibility, helping students secure funding for their educational journeys.
6. College Ave Student Loans
College Ave specializes in providing loans for students and typically requires a co-signer; however, they also have options for international students.
They offer loans up to $50,000, with interest rates ranging from 3.34% to 12.99%.
The loan terms can be customized from 5 to 15 years, providing flexibility in repayment.
College Ave also offers options like interest-only payments while in school, helping students manage their finances effectively.
7. LendKey
LendKey connects borrowers with local and national credit unions and banks.
They generally require a co-signer, but some programs may allow international students to apply without one.
Loan amounts vary, but they typically offer loans up to $50,000.
Interest rates range from 3.00% to 12.00%, and loan terms can be set from 5 to 15 years.
LendKey’s community lending focus often results in competitive rates and favorable terms.
Quick One: We have other useful loan articles here.
Frequently Asked Questions
What is the maximum loan amount that international students can borrow without a co-signer?
The maximum loan amount varies by lender. For example, MPOWER Financing offers loans up to $50,000, while Prodigy Finance typically provides loans up to $35,000. Ascent Funding generally offers loans up to $20,000. It’s essential to check each lender’s specific terms to determine your borrowing capacity.
Do international students need a co-signer to qualify for loans in the U.S.?
Many lenders, such as Prodigy Finance and MPOWER Financing, do not require a co-signer, making it easier for international students to secure funding. However, traditional lenders like Sallie Mae and Discover Student Loans usually require a co-signer. Always review the specific requirements of each lender before applying.
What are the interest rates typically offered to international students?
Interest rates for student loans can vary significantly based on the lender and the borrower’s profile. Generally, rates range from approximately 1.00% to 12.99%, depending on factors such as creditworthiness and the presence of a co-signer. It’s crucial to compare rates from multiple lenders to find the most favorable terms for your financial situation.
Conclusion
Navigating the world of private loans as an international student can be challenging, especially when co-signers are often required.
However, options like MPOWER Financing, Prodigy Finance, and Ascent Funding provide essential support for students who need financial assistance.
Each lender has different eligibility requirements, loan amounts, and interest rates, making it vital for students to conduct thorough research to find the best fit for their needs.
By understanding these options, international students can secure the necessary financial support to pursue their education and achieve their academic goals.
