Pursuing education in the United States as an international student comes with numerous opportunities but also financial challenges.
With limited access to federal aid, school loans tailored to international students become a lifeline.
Here, we present the 9 best school loan for international students, providing key details to help you make an informed decision.
Best School 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. Ascent Private Loan | Up to $200,000 | No (for select borrowers) | 4.48% – 13.01% | Up to 15 years | Enrollment in an accredited program. |
| 8. Wells Fargo Education Loan | Up to $120,000 | Yes | 6.00% – 13.00% | Up to 15 years | Requires co-signer and valid SSN. |
| 9. 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 specializes in providing loans to international students pursuing advanced degrees.
- Loan Amount: Up to $100,000.
- Interest Rates: 8.00% – 12.50%, with no co-signer required.
- Loan Terms: Flexible terms up to 20 years.
- Eligibility Requirements: Enrollment in an eligible graduate program at a partner institution.
2. MPOWER Financing
MPOWER Financing caters to international students who lack 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: Must be enrolled in a partner school or program.
3. Sallie Mae
Sallie Mae offers graduate and undergraduate loans for international students, with flexible co-signer requirements.
- Loan Amount: Up to $200,000.
- Interest Rates: 4.62% – 13.83%, available in fixed and variable formats.
- Loan Terms: Up to 15 years.
- Eligibility Requirements: Enrollment in a U.S. school is required.
4. Discover Student Loans
Discover Student Loans offers competitive rates for students with a strong co-signer.
- Loan Amount: Up to $200,000, depending on the cost of attendance.
- Interest Rates: 5.49% – 12.39%, fixed and variable rates available.
- Loan Terms: Up to 15 years.
- Eligibility Requirements: International students need a creditworthy co-signer.
5. Earnest Student Loan
Earnest provides customizable loans with various repayment options for students who have a U.S.-based co-signer.
- Loan Amount: Up to $250,000.
- Interest Rates: 4.45% – 12.78%, flexible fixed and variable rates.
- Loan Terms: 5 to 20 years.
- Eligibility Requirements: Co-signer required; borrowers must attend an accredited institution.
6. College Ave Student Loans
College Ave offers loans with simple repayment structures and competitive rates.
- Loan Amount: Up to $150,000.
- Interest Rates: 5.99% – 13.74%, with fixed and variable options.
- Loan Terms: 5 to 15 years.
- Eligibility Requirements: Requires a U.S.-based co-signer and proof of enrollment.
7. Ascent Private Loan
Ascent provides flexibility for international students, with and without co-signers, depending on their circumstances.
- Loan Amount: Up to $200,000.
- Interest Rates: 4.48% – 13.01%, based on credit history.
- Loan Terms: Up to 15 years.
- Eligibility Requirements: Enrollment in an accredited U.S. institution.
8. Wells Fargo Education Loan
Wells Fargo offers loans for undergraduate and graduate students with competitive rates.
- Loan Amount: Up to $120,000.
- Interest Rates: 6.00% – 13.00%, with options for fixed and variable rates.
- Loan Terms: Up to 15 years.
- Eligibility Requirements: Requires a co-signer with valid SSN and U.S. credit history.
9. Citizens Bank Student Loan
Citizens Bank provides student loans tailored for international students with a reliable co-signer.
- Loan Amount: Up to $150,000.
- Interest Rates: 4.72% – 12.59%, fixed and variable options.
- 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
Can international students get loans without a co-signer?
Yes, lenders like Prodigy Finance, MPOWER Financing, and sometimes Ascent Private Loans offer loans specifically designed for international students without requiring a co-signer.
What interest rates can I expect as an international student?
Interest rates vary depending on the lender, your credit profile, and the loan terms. Rates typically range from 4.45% to 14.98%, with both fixed and variable options available.
How do I qualify for a private school loan in the U.S.?
To qualify, international students usually need:
Enrollment in an accredited institution.
A valid visa.
A creditworthy co-signer (if required).
Conclusion
Securing the right school loan as an international student can help ease the financial burden of studying abroad.
Lenders such as Prodigy Finance and MPOWER Financing are great options for those without a co-signer, while others like Discover and College Ave provide competitive options for students with co-signers.
Use this guide to compare the 9 best school loan for international students and choose the one that aligns best with your needs and goals.
