Pursuing an education in the United States is a dream for many international students, offering opportunities for academic excellence and cultural exposure.
However, financing this education can be challenging, especially for those who may not have access to a U.S. co-signer.
Fortunately, several lenders offer student loans specifically designed for international students that do not require a co-signer.
In this article, we will explore the 9 best student loans for international students in the USA without a co-signer, detailing their key features to help you make informed financial decisions.
Best Student Loan for International Students in the USA Without Co-signer
| 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. |
| Ascent Funding | Up to $20,000 | No | 8.00% – 12.00% | 5 – 10 years | Students at eligible institutions |
| Future Finance | Up to $35,000 | No | 9.00% – 12.00% | 5 – 10 years | Students enrolled in UK institutions |
| Naiku | Up to $25,000 | No | 7.00% – 10.50% | 10 years | International students in selected programs |
| LendKey | Varies | Yes | 3.00% – 12.00% | 5 – 15 years | Requires U.S. co-signer; no specific eligibility |
| College Ave Student Loans | Up to $50,000 | Yes | 3.34% – 12.99% | 5 – 15 years | Requires U.S. co-signer |
| 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 |
1. Prodigy Finance
Prodigy Finance offers loans specifically for international students, particularly graduate students, without requiring a co-signer.
They provide loans up to $35,000, with interest rates ranging from 7.00% to 12.99%.
Borrowers can choose flexible repayment terms of 10 to 20 years. Eligibility is primarily for graduate students at selected universities, so it’s important to check if your institution qualifies.
2. MPOWER Financing
MPOWER Financing is an excellent option for international students, offering loans without requiring a co-signer or collateral.
They provide loans up to $50,000, with interest rates between 10.49% and 12.99%.
The repayment term is fixed at 10 years, making it easier for students to budget their monthly payments.
MPOWER evaluates applicants based on their future earning potential and academic performance, making it a viable choice for students in various disciplines.
3. Ascent Funding
Ascent Funding offers loans to international students without requiring a 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 students with the flexibility to choose a repayment schedule that fits their needs.
Ascent is particularly focused on students attending eligible institutions, so verifying eligibility is crucial.
4. Future Finance
Future Finance caters to international students and offers loans without requiring a co-signer.
They provide loans up to $35,000, with interest rates ranging from 9.00% to 12.00%.
Loan terms typically range from 5 to 10 years, making it a straightforward option for students needing accessible funding.
Future Finance is particularly focused on students enrolled in UK institutions, so confirm eligibility if you are studying in the U.S.
5. Naiku
Naiku is another lender that provides loans to international students without a co-signer requirement.
They offer loans up to $25,000, with interest rates between 7.00% and 10.50%.
The repayment term is fixed at 10 years, allowing for predictable monthly payments.
Naiku primarily targets international students in specific programs, so it’s essential to check eligibility.
6. LendKey
LendKey connects borrowers with local and national credit unions and banks.
While they typically require a co-signer, some programs may allow for international students to apply without one.
Loan amounts vary, with interest rates ranging from 3.00% to 12.00%. Loan terms can be set from 5 to 15 years, making LendKey a flexible option for students looking for competitive rates.
7. College Ave Student Loans
College Ave specializes in providing loans for students, but they 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 be beneficial for managing finances.
8. Sallie Mae
Sallie Mae is a prominent lender in the student loan market, providing loans to international students who have 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, lasting from 5 to 15 years, allowing students to choose a repayment plan that suits their financial needs.
9. Discover Student Loans
Discover provides private student loans tailored for international students, but applicants need 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 offer flexible repayment options, including deferment while the student is in school, significantly easing the financial burden.
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 without a co-signer?
The maximum loan amount varies by lender. Prodigy Finance and MPOWER Financing offer loans up to $50,000, while Ascent Funding typically provides loans up to $20,000. It’s essential to review each lender’s specific terms to determine your borrowing capacity.
Do international students need a co-signer to qualify for loans in the USA?
Several lenders, such as Prodigy Finance and MPOWER Financing, do not require a co-signer, making it easier for international students to secure funding. However, many traditional lenders, such as Sallie Mae and Discover Student Loans, do require a U.S. co-signer. Always 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 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 in the USA can be challenging, especially without a co-signer.
However, options like Prodigy Finance, MPOWER Financing, and Ascent Funding provide essential support for those in need.
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 in the USA, turning their academic aspirations into reality.
