Studying in the USA offers unparalleled opportunities for academic growth and career advancement.
However, for international students, financing higher education can be daunting due to high tuition fees and living costs.
Fortunately, several loan providers offer tailored study loans for international students to ease this financial burden.
This article highlights the 7 best study loan for international students in USA, detailing their loan amounts, requirements, and features to help you make an informed decision.
Best Study Loan for International Students in USA
| 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% (variable) | 15 – 20 years | U.S.-based co-signer required |
| Citizens Bank | $1,000 – $150,000 | Required | 5.37% – 12.99% (variable) | 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% (variable) | 5 – 15 years | Strong credit or U.S. co-signer |
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.
- Co-signer Requirement: U.S.-based co-signer required.
- Features: Offers multiple repayment options, including deferred, fixed, and interest-only repayment. Students can access a six-month grace period post-graduation.
2. Prodigy Finance
- Loan Amount: $15,000 to $100,000.
- Interest Rates: Variable rates from 9.05% to 13.99%.
- Loan Terms: 7 to 20 years.
- Co-signer Requirement: Not required.
- Features: Tailored for international students with loans based on future earning potential. No prepayment penalties, and additional resources like career support are provided.
3. MPower Financing
- Loan Amount: Up to $100,000.
- Interest Rates: Fixed rate of 13.99%.
- Loan Terms: 10 years.
- Co-signer Requirement: Not required.
- Features: Open to students from over 190 countries. Includes visa support, career counseling, and no co-signer requirement. Offers interest rate discounts for automatic payments or graduating from a STEM program.
4. Discover Student Loans
- Loan Amount: Covers up to 100% of certified school costs.
- Interest Rates: Variable rates range from 5.49% to 14.99%.
- Loan Terms: 15 to 20 years.
- Co-signer Requirement: U.S.-based co-signer required.
- Features: No fees for application, origination, or early repayment. Cashback rewards are offered for students maintaining a high GPA.
5. Citizens Bank
- Loan Amount: $1,000 to $150,000 (varies by degree type).
- Interest Rates: Variable rates from 5.37% to 12.99%.
- Loan Terms: 5 to 15 years.
- Co-signer Requirement: U.S.-based co-signer with strong credit required.
- Features: Offers interest rate discounts for automatic payments. Allows co-signer release after 36 consecutive on-time payments.
6. College Ave Student Loans
- Loan Amount: Covers up to 100% of the cost of attendance.
- Interest Rates: Variable rates from 5.49% to 14.99%.
- Loan Terms: 5 to 20 years.
- Co-signer Requirement: U.S.-based co-signer required.
- Features: Flexible repayment options, including deferred, flat payment, or interest-only repayment during school. Simple online application with fast approval.
7. Earnest
- Loan Amount: $5,000 to $250,000.
- Interest Rates: Variable rates start at 4.42%.
- Loan Terms: 5 to 15 years.
- Co-signer Requirement: Required if no strong credit history.
- Features: No fees for origination, late payments, or prepayments. Offers customizable repayment options and a smooth refinancing process.
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 offer loans without requiring a co-signer. These loans are typically based on the student’s future earning potential.
What is the best way to compare student loans?
Compare interest rates (fixed vs. variable), repayment terms, co-signer requirements, and any additional benefits like no-fee policies or discounts for automatic payments.
Do all loans require repayment while studying?
No, many providers, including Sallie Mae and College Ave, offer deferred repayment options, allowing students to start repaying after graduation.
Conclusion
Finding the right student loan is crucial for managing your educational expenses in the USA.
Whether you prefer a loan without a co-signer like MPower Financing or need a co-signer for better interest rates with providers like Sallie Mae or College Ave, there are plenty of options available.
Carefully compare their terms, conditions, and interest rates to select the loan that aligns best with your financial needs and academic goals.
