Pursuing higher education abroad can be financially challenging for international students.
While scholarships and grants are helpful, they often do not cover all expenses.
Private student loans tailored to international students provide a lifeline for financing tuition, living expenses, and other educational costs.
This article highlights the 7 best private student loan for international students, featuring flexible terms, competitive rates, and accessible application processes.
Best Private Student Loan for International Students
| Loan Provider | Loan Amount | Co-signer Requirement | Interest Rates | Loan Terms | Eligibility Requirements |
|---|---|---|---|---|---|
| Prodigy Finance | $10,000 – $100,000 | Not required | 7.99% – 12.99% (fixed) | 7 – 20 years | Admission to partner schools |
| MPower Financing | $2,001 – $100,000 | Not required | 13.99% (fixed) | 10 years | Admission to U.S. or Canadian partner schools |
| Citizens Bank | $1,000 – $150,000 | Required | 4.44% – 11.74% (variable) | 5 – 15 years | Enrollment at eligible schools |
| Sallie Mae | $1,000 – 100% of costs | Required | 5.49% – 14.83% (variable) | 5 – 20 years | U.S.-based co-signer and valid visa |
| Discover Student Loans | $1,000 – 100% of costs | Required | 4.49% – 13.99% (variable) | 15 years | U.S.-based co-signer and enrollment proof |
| College Ave Student Loans | $1,000 – $150,000 | Required | 5.29% – 13.95% (variable) | 5 – 15 years | U.S.-based co-signer and enrollment proof |
| Ascent Student Loans | $2,000 – $200,000 | Optional | 4.62% – 13.13% (variable) | 5 – 15 years | No co-signer required for creditworthy borrowers |
1. Prodigy Finance
- Loan Amount: $10,000 to $100,000.
- Interest Rates: 7.99% to 12.99% (fixed).
- Loan Terms: 7 to 20 years.
- Co-signer Requirement: Not required.
- Eligibility: Students must be admitted to one of Prodigy Finance’s partner institutions in the U.S., Canada, or Europe.
- Features: This loan provider specializes in funding international students and does not require a co-signer or collateral. Loans are tailored based on the applicant’s future earning potential.
2. MPower Financing
- Loan Amount: $2,001 to $100,000.
- Interest Rates: Fixed at 13.99%.
- Loan Terms: 10 years.
- Co-signer Requirement: Not required.
- Eligibility: Available to students studying in the U.S. or Canada at MPower’s partner institutions.
- Features: Offers loans without requiring a co-signer, credit history, or collateral. Grace periods and interest rate discounts are available for on-time payments.
3. Citizens Bank
- Loan Amount: $1,000 to $150,000 (undergraduate) or $295,000 (graduate).
- Interest Rates: 4.44% to 11.74% (variable).
- Loan Terms: 5 to 15 years.
- Co-signer Requirement: Required.
- Eligibility: Must have a U.S.-based co-signer and be enrolled at an eligible school.
- Features: Offers competitive interest rates and loyalty discounts for borrowers with a Citizens Bank account.
4. Sallie Mae
- Loan Amount: $1,000 up to 100% of school-certified costs.
- Interest Rates: 5.49% to 14.83% (variable).
- Loan Terms: 5 to 20 years.
- Co-signer Requirement: Required.
- Eligibility: Students must provide proof of enrollment at an eligible institution and have a U.S.-based co-signer.
- Features: Flexible repayment options, including interest-only and deferred payments. Borrowers also receive access to free financial planning tools.
5. Discover Student Loans
- Loan Amount: $1,000 up to 100% of certified costs.
- Interest Rates: 4.49% to 13.99% (variable).
- Loan Terms: 15 years.
- Co-signer Requirement: Required for international students.
- Eligibility: Requires a U.S.-based co-signer and proof of enrollment.
- Features: No application, origination, or late fees. Provides cash rewards for achieving a 3.0 GPA or higher.
6. College Ave Student Loans
- Loan Amount: $1,000 to $150,000.
- Interest Rates: 5.29% to 13.95% (variable).
- Loan Terms: 5 to 15 years.
- Co-signer Requirement: Required.
- Eligibility: Must have a U.S.-based co-signer and provide proof of enrollment.
- Features: Flexible repayment options, including interest-only and full deferral. Loan disbursement is quick, and there are no prepayment penalties.
7. Ascent Student Loans
- Loan Amount: $2,000 to $200,000.
- Interest Rates: 4.62% to 13.13% (variable).
- Loan Terms: 5 to 15 years.
- Co-signer Requirement: Optional.
- Eligibility: Students must demonstrate creditworthiness or provide a co-signer.
- Features: Offers loans with or without a co-signer. Provides a 9-month grace period and financial wellness rewards.
Quick One: We have other useful loan articles here.
Frequently Asked Questions
Do private student loans require a co-signer for international students?
Most private student loans require a U.S.-based co-signer. However, lenders like Prodigy Finance and MPower Financing offer loans without co-signer requirements.
What is the typical interest rate for private student loans?
Interest rates range from 4.49% to 14.83%, depending on the lender, loan type, and borrower’s credit profile.
Can international students apply for private student loans without a credit history?
Yes, some lenders, such as MPower Financing and Prodigy Finance, do not require credit history or collateral for international students.
Conclusion
Securing a private student loan is a viable option for international students who need to finance their education.
While providers like MPower Financing and Prodigy Finance cater specifically to international students without co-signers, others like Citizens Bank and Sallie Mae offer competitive rates for those with a co-signer.
Carefully compare the terms, interest rates, and eligibility requirements to find the loan that best meets your financial needs. With the right loan, you can focus on your studies without financial stress.
