Studying in the United States is a coveted opportunity for many international students.
However, tuition fees, accommodation, and other living expenses can add up quickly.
Fortunately, several financial institutions offer student loans tailored to international students.
This article provides a comprehensive overview of the 9 best student loan for international students in USA, helping you make an informed decision.
Best Student Loans for International Students
| Loan Provider | Loan Amount | Co-signer Requirement | Interest Rates | Loan Terms | Eligibility Requirements |
|---|---|---|---|---|---|
| Sallie Mae | Up to 100% of cost | Required | 4.50% – 14.83% (variable) | 5 – 15 years | Enrolled in eligible U.S. school |
| Prodigy Finance | $15,000 – $100,000 | Not required | 9.05% – 13.99% | 7 – 20 years | Enrollment at participating universities |
| MPower Financing | Up to $100,000 | Not required | 13.99% (fixed) | 10 years | Enrollment at eligible institutions |
| Discover Student Loans | Up to 100% of cost | Required | 5.49% – 14.99% | 15 – 20 years | U.S.-based co-signer required |
| Citizens Bank | $1,000 – $150,000 | Required | 5.37% – 12.99% | 5 – 15 years | U.S. co-signer with strong credit |
| College Ave Student Loans | Up to 100% of cost | Required | 5.49% – 14.99% | 5 – 20 years | Enrollment at an eligible institution |
| Earnest | $5,000 – $250,000 | Required | 4.42% – 13.98% | 5 – 15 years | Strong credit or U.S. co-signer |
| SoFi | Up to $250,000 | Required | 4.99% – 11.58% | 5 – 20 years | Enrollment at eligible universities |
| Ascent | $2,000 – $200,000 | Optional | 9.38% (fixed) | 10 – 20 years | Enrollment at eligible institutions |
1. Sallie Mae
- Loan Amount: Covers up to 100% of the cost of attendance.
- Interest Rates: Variable rates range from 4.50% to 14.83%.
- Loan Terms: 5 to 15 years.
- Eligibility: Requires a U.S.-based co-signer. Offers flexible repayment plans and a six-month grace period post-graduation.
2. Prodigy Finance
- Loan Amount: $15,000 to $100,000.
- Interest Rates: Variable rates range from 9.05% to 13.99%.
- Loan Terms: 7 to 20 years.
- Eligibility: No co-signer required. Focuses on students’ future earning potential. Available for students at participating universities.
3. MPower Financing
- Loan Amount: Up to $100,000.
- Interest Rates: Fixed rate of 13.99%.
- Loan Terms: 10 years.
- Eligibility: No co-signer required. Open to students from 190+ countries studying at eligible U.S. institutions. Includes additional services like visa support.
4. Discover Student Loans
- Loan Amount: Covers up to 100% of certified school costs.
- Interest Rates: 5.49% to 14.99% (variable).
- Loan Terms: 15 to 20 years.
- Eligibility: Requires a U.S.-based co-signer. Offers no fees and cashback rewards for maintaining good grades.
5. Citizens Bank
- Loan Amount: $1,000 to $150,000 (varies by degree).
- Interest Rates: Variable rates from 5.37% to 12.99%.
- Loan Terms: 5 to 15 years.
- Eligibility: Requires a U.S.-based co-signer with strong credit. Offers interest rate discounts for autopay enrollment.
6. College Ave Student Loans
- Loan Amount: Covers up to 100% of attendance costs.
- Interest Rates: Variable rates from 5.49% to 14.99%.
- Loan Terms: 5 to 20 years.
- Eligibility: Requires a co-signer. Offers flexible repayment options, including deferred and interest-only repayment plans.
7. Earnest
- Loan Amount: $5,000 to $250,000.
- Interest Rates: 4.42% to 13.98% (variable).
- Loan Terms: 5 to 15 years.
- Eligibility: Requires a U.S. co-signer or a strong personal credit history. Features no fees and highly customizable repayment plans.
8. SoFi
- Loan Amount: Up to $250,000.
- Interest Rates: 4.99% to 11.58% (variable).
- Loan Terms: 5 to 20 years.
- Eligibility: Requires enrollment at an eligible U.S. university and a creditworthy co-signer. Offers career coaching and financial planning resources.
9. Ascent
- Loan Amount: $2,000 to $200,000.
- Interest Rates: Fixed rates start at 9.38%.
- Loan Terms: 10 to 20 years.
- Eligibility: Co-signer is optional but can help secure better rates. Offers loans for international students attending eligible U.S. institutions.
Quick One: We have other useful loan articles here.
Frequently Asked Questions
Can international students get loans without a co-signer in the USA?
Yes, lenders like Prodigy Finance and MPower Financing provide loans without requiring a co-signer, focusing on the applicant’s potential earnings post-graduation.
What factors should international students consider before applying for a loan?
Consider interest rates, repayment terms, co-signer requirements, and whether the loan covers the full cost of attendance. Research lenders that specialize in loans for international students.
Can international students refinance student loans in the USA?
Yes, some lenders like Earnest and SoFi offer refinancing options for international students, provided certain eligibility criteria are met.
Conclusion
Financing higher education in the USA as an international student can be challenging, but there are numerous loan providers tailored to meet your needs.
Options like Sallie Mae and College Ave are great for students with co-signers, while Prodigy Finance and MPower Financing cater to those without co-signers.
Compare loan terms, interest rates, and eligibility criteria to choose the best fit for your educational journey.
