Studying in the UK is an excellent opportunity, but the costs associated with tuition, living, and other expenses can be overwhelming for international students.
To help ease the financial burden, several loan providers offer study loans tailored specifically to international students.
This article outlines the 7 best study loan for international students in the UK, providing key information about loan amounts, interest rates, co-signer requirements, and repayment terms to help you make an informed decision.
Best Study Loan for International Students in the UK
| Loan Provider | Loan Amount | Co-signer Requirement | Interest Rates | Loan Terms | Eligibility Requirements |
|---|---|---|---|---|---|
| Prodigy Finance | Up to £100,000 | No | 7.99% – 13.99% | 5 – 15 years | Postgraduate students from eligible countries |
| Future Finance | £2,000 – £40,000 | No | 4.9% – 12% | 5 – 10 years | International students at UK universities |
| MPOWER Financing | $2,001 – $50,000 | No | 9.99% – 13.99% | 10 years | Students from select countries enrolled in UK institutions |
| Lendwise | Up to £40,000 | No | 6.0% – 8.0% | 5 – 10 years | Postgraduate students in UK universities |
| Bank of Ireland International Loan | Up to £25,000 | Yes | 6.0% – 9.0% | 5 – 10 years | UK-based co-signer required |
| College Ave Student Loans | $5,000 – $80,000 | No | 5.99% – 12.99% | 5 – 15 years | Enrolled in eligible UK institutions |
| Barclays International Loan | Up to £35,000 | Yes | 6.1% – 7.5% | 5 – 10 years | UK co-signer required for international students |
1. Prodigy Finance
- Loan Amount: Up to £100,000
- Interest Rates: 7.99% – 13.99%
- Loan Terms: 5 – 15 years
Prodigy Finance offers loans to international students studying in the UK.
With loan amounts of up to £100,000, students can finance their education with flexible repayment terms between 5 and 15 years.
Interest rates range from 7.99% to 13.99%, depending on the loan amount and the student’s financial situation. No co-signer is required for international students.
2. Future Finance
- Loan Amount: £2,000 – £40,000
- Interest Rates: 4.9% – 12%
- Loan Terms: 5 – 10 years
Future Finance offers flexible loans to international students at UK universities.
Loan amounts can range from £2,000 to £40,000, and interest rates range from 4.9% to 12%.
The loan can be repaid over a period of 5 to 10 years with no co-signer requirement. This loan is available to undergraduate and postgraduate students.
3. MPOWER Financing
- Loan Amount: $2,001 – $50,000
- Interest Rates: 9.99% – 13.99%
- Loan Terms: 10 years
MPOWER Financing provides loans to international students enrolled in eligible UK universities.
Loan amounts range from $2,001 to $50,000, and the interest rates range from 9.99% to 13.99%. The loan is repaid over 10 years, and no co-signer is required.
MPOWER Financing is an excellent option for students from select countries who are pursuing degrees in fields like STEM, business, and other highly skilled professions.
4. Lendwise
- Loan Amount: Up to £40,000
- Interest Rates: 6.0% – 8.0%
- Loan Terms: 5 – 10 years
Lendwise is a popular loan provider for international students who are pursuing postgraduate studies in the UK.
Loan amounts can go up to £40,000, with interest rates ranging from 6.0% to 8.0%. The loan term is flexible, ranging from 5 to 10 years, and no co-signer is required.
5. Bank of Ireland International Loan
- Loan Amount: Up to £25,000
- Interest Rates: 6.0% – 9.0%
- Loan Terms: 5 – 10 years
The Bank of Ireland offers international students the opportunity to borrow up to £25,000.
Interest rates range from 6.0% to 9.0%, with loan terms of 5 to 10 years. However, a UK-based co-signer is required for international students.
6. College Ave Student Loans
- Loan Amount: $5,000 – $80,000
- Interest Rates: 5.99% – 12.99%
- Loan Terms: 5 – 15 years
College Ave Student Loans offers a variety of loan amounts ranging from $5,000 to $80,000, with interest rates between 5.99% and 12.99%.
The loan terms can vary from 5 to 15 years. International students enrolled in eligible UK institutions can apply, and no co-signer is required for most loan options.
7. Barclays International Loan
- Loan Amount: Up to £35,000
- Interest Rates: 6.1% – 7.5%
- Loan Terms: 5 – 10 years
Barclays offers international students the option to borrow up to £35,000.
Interest rates range from 6.1% to 7.5%, and the loan term spans from 5 to 10 years.
However, a UK-based co-signer is required for international students. This loan is ideal for students who have a UK-based guarantor.
Quick One: We have other useful loan articles here.
Frequently Asked Questions
Do international students need a co-signer for study loans in the UK?
It depends on the loan provider. Loans such as those offered by Prodigy Finance, Future Finance, and MPOWER Financing do not require a co-signer, whereas others like Bank of Ireland and Barclays require a UK-based co-signer.
What are the interest rates on study loans for international students in the UK?
Interest rates on study loans for international students typically range from 4.9% to 13.99%, depending on the loan provider, loan amount, and the student’s creditworthiness.
Can I use these loans for both tuition and living expenses?
Yes, many loan providers, including Future Finance, Prodigy Finance, and MPOWER Financing, allow international students to use the loan funds for both tuition and living expenses during their studies in the UK.
Conclusion
There are various loan options available for international students in the UK, and choosing the right loan provider can greatly impact your educational journey.
By considering the loan amounts, interest rates, repayment terms, and eligibility requirements, international students can find the most suitable study loan option.
Whether you need a loan with a flexible repayment term or one that does not require a co-signer, the 7 best study loans for international students in the UK provide the support necessary to make your dream of studying in the UK a reality.
