If you are looking for the Best Student loan for international students in USA that offers low interest rates and disburses on time, this is for you.
Studying in the United States is a dream for many international students, offering world-class education and diverse cultural experiences.
However, funding this education can be a challenge, especially when most international students may not have access to traditional funding sources.
Fortunately, several lenders provide student loans tailored for international students, helping them finance their education without the requirement of a U.S. co-signer.
In this article, we will explore the 7 best student loans for international students in the USA, providing essential details to help you make informed financial decisions.
Best Student loan for international students in USA
| 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. or Canada |
| Sallie Mae | Up to $50,000 | Yes | 1.00% – 12.60% | 5 – 15 years | Requires U.S. co-signer |
| Discover Student Loans | Up to $40,000 | Yes | 4.99% – 12.99% | 15 years | Requires U.S. co-signer |
| Citizens Bank | Up to $50,000 | Yes | 5.99% – 11.99% | 5 – 15 years | Requires U.S. co-signer |
| College Ave Student Loans | Up to $50,000 | Yes | 3.34% – 12.99% | 5 – 15 years | Requires U.S. co-signer |
| Future Finance | Up to $35,000 | No | 9.00% – 12.00% | 5 – 10 years | Students enrolled in UK institutions |
1. Prodigy Finance
Prodigy Finance specializes in loans for international students pursuing graduate studies without requiring a U.S. co-signer.
They offer loans up to $35,000, with interest rates ranging from 7.00% to 12.99%.
Loan terms are flexible, allowing repayment over 10 to 20 years.
This provider is particularly popular among students attending selected universities, so applicants should confirm their school’s eligibility for Prodigy Finance loans.
2. MPOWER Financing
MPOWER Financing is dedicated to supporting international students and provides loans without requiring a co-signer or collateral.
With loan amounts up to $50,000, interest rates range from 10.49% to 12.99%.
The loan terms are set at 10 years, making it an attractive option for those studying at eligible U.S. or Canadian institutions.
MPOWER evaluates applicants based on future earning potential, which can be beneficial for students in various fields.
3. Sallie Mae
Sallie Mae is a prominent name in the student loan industry and offers loans to international students with a U.S. co-signer.
They provide loans of up to $50,000, with interest rates ranging from 1.00% to 12.60%. Loan terms are flexible, lasting between 5 to 15 years.
While Sallie Mae has a wide range of loan options, the co-signer requirement may limit access for some international students.
4. Discover Student Loans
Discover offers private student loans specifically for international students, but applicants must have a U.S. co-signer.
The maximum loan amount available is $40,000, with interest rates between 4.99% and 12.99%.
The loan terms extend up to 15 years, and Discover provides flexible repayment options, including deferment while students are in school, which can ease financial stress during studies.
5. Citizens Bank – Best Student Loan for International Students in the USA
Citizens Bank provides private student loans for international students with a U.S. co-signer.
They offer loan amounts up to $50,000, with competitive interest rates ranging from 5.99% to 11.99%.
The loan terms can vary from 5 to 15 years, allowing students to choose a repayment schedule that fits their financial needs.
Citizens Bank also offers multi-year approval options, which can simplify the funding process for students pursuing extended degrees.
6. College Ave Student Loans
College Ave specializes in loans for international students, though they require a U.S. co-signer.
Loan amounts can reach 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, and they offer flexible repayment options, such as interest-only payments while in school, which is beneficial for managing finances during studies.
7. Future Finance
Future Finance caters specifically to international students enrolled in UK institutions but is noteworthy for offering loans without a co-signer requirement.
The maximum loan amount is $35,000, with interest rates ranging from 9.00% to 12.00%.
Loan terms typically last between 5 to 10 years, making it an appealing option for students needing straightforward financing without traditional funding barriers.
Quick One: We have other useful loan articles here.
Frequently Asked Questions
What is the maximum loan amount that international students can borrow in the USA?
The maximum loan amount varies by lender. Some providers, like MPOWER Financing and Citizens Bank, offer loans up to $50,000, while others, such as Prodigy Finance and Future Finance, provide loans up to $35,000. It is essential to review the specific terms of each lender to determine the amount you can borrow.
Do international students need a co-signer to qualify for a loan in the USA?
It depends on the loan provider. Some lenders, like Prodigy Finance and MPOWER Financing, do not require a co-signer, making it easier for international students to secure funding. However, other lenders, such as Sallie Mae and Discover Student Loans, require a U.S. co-signer. Prospective borrowers should check the specific requirements of each lender before applying.
What are the interest rates typically offered to international students in the USA?
Interest rates for student loans can vary significantly based on the lender and the borrower’s profile. Generally, rates can range from approximately 1.00% to 12.99%, depending on factors such as creditworthiness, the presence of a co-signer, and the loan provider. It’s important to compare rates from multiple lenders to find the most favorable terms for your financial situation.
Conclusion
Navigating the world of student loans as an international student in the USA can be complex, but options like Prodigy Finance, MPOWER Financing, and others provide essential support.
Each loan provider has different eligibility requirements, loan amounts, and interest rates, making it crucial for students to research thoroughly.
By understanding these options, international students can find the best financial solution for their educational pursuits and focus on their studies without the burden of financial stress.
