Studying in the USA can be a life-changing experience for international students, offering access to world-class education and diverse cultural experiences.
However, financing this journey often requires a student loan, and many international students may need a co-signer to secure funding.
Fortunately, several lenders cater specifically to international students and provide loans with co-signer options.
This article explores the 9 best student loan for international students in the USA with a co-signer, detailing their features, loan amounts, interest rates, and eligibility requirements.
Best Student Loan for International Students in the USA with Co-signer
| Loan Provider | Loan Amount | Co-signer Requirement | Interest Rates | Loan Terms | Eligibility Requirements |
|---|---|---|---|---|---|
| Prodigy Finance | Up to $35,000 | Yes | 7.00% – 12.99% | 10 – 20 years | Graduate students at selected universities |
| MPOWER Financing | Up to $50,000 | Yes | 10.49% – 12.99% | 10 years | Students attending eligible universities in the U.S. |
| 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 |
| LendKey | Varies | Yes | 3.00% – 12.00% | 5 – 15 years | Requires U.S. co-signer |
| Ascent Funding | Up to $20,000 | Yes | 8.00% – 12.00% | 5 – 10 years | Students at eligible institutions |
| Naiku | Up to $25,000 | Yes | 7.00% – 10.50% | 10 years | International students in selected programs |
1. Prodigy Finance
Prodigy Finance specializes in providing 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 key benefit of Prodigy Finance is that it does not require a co-signer, making it accessible for students without U.S. contacts.
Borrowers can choose flexible repayment terms ranging from 10 to 20 years, allowing for manageable payments based on their financial situation.
Eligibility is primarily for graduate students at selected universities, so confirming if your institution qualifies is essential.
2. MPOWER Financing
MPOWER Financing provides loans specifically designed for international students, allowing them to borrow up to $50,000 with a co-signer.
Interest rates range from 10.49% to 12.99%, and the repayment term is fixed at 10 years.
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. Sallie Mae
Sallie Mae is a well-known name in the student loan market, providing loans to international students with a U.S. co-signer.
They offer a maximum loan amount of $50,000, with interest rates ranging from 1.00% to 12.60%.
Loan terms are flexible, ranging from 5 to 15 years, giving students the option to select a repayment plan that suits their financial needs.
Sallie Mae also offers various repayment options and benefits for responsible borrowers.
4. Discover Student Loans
Discover offers private student loans tailored for international students who have a U.S. co-signer.
The maximum loan amount available is $40,000, with interest rates ranging from 4.99% to 12.99%.
Discover’s loan terms can extend up to 15 years, and they provide flexible repayment options, including deferment during the student’s time in school, which can significantly ease the financial burden.
5. Citizens Bank
Citizens Bank provides student loans for international students, requiring a U.S. co-signer.
Students can borrow up to $50,000, with competitive interest rates that range from 5.99% to 11.99%.
Loan terms can vary from 5 to 15 years, allowing students to choose a repayment plan that best fits their circumstances.
Citizens Bank also offers multi-year approval options, which can streamline the funding process for students pursuing long-term degrees.
6. College Ave Student Loans
College Ave specializes in providing loans for students, and they typically require a U.S. co-signer.
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, which can help students manage their finances during their studies.
7. LendKey
LendKey connects borrowers with local and national credit unions and banks.
While they usually require a co-signer, some programs may allow international students to apply with a co-signer.
Loan amounts vary, but they generally 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.
8. Ascent Funding
Ascent Funding offers loans to international students with the requirement of a U.S. co-signer.
They provide loans 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 attending eligible institutions, so confirming eligibility is crucial.
9. Naiku
Naiku offers loans to international students with the requirement of a U.S. co-signer.
They provide loans up to $25,000, with interest rates ranging from 7.00% to 10.50%.
The repayment term is typically 10 years, allowing for predictable monthly payments.
Naiku primarily targets international students in specific programs, making it essential to check eligibility.
Quick One: We have other useful loan articles here.
Frequently Asked Questions
What is the maximum loan amount that international students can borrow with a co-signer?
The maximum loan amount varies by lender. For example, MPOWER Financing offers loans up to $50,000, while Sallie Mae and Discover Student Loans typically provide loans up to $50,000 as well. 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 typically require a U.S. 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 student loans as an international student can be challenging, especially when co-signers are often required.
However, options like Prodigy Finance, MPOWER Financing, and Sallie Mae 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.
