Studying in the UK is a dream for many international students, but the cost of education can be daunting.
Fortunately, there are several loan options available to help international students finance their education.
In this article, we’ll look at the 9 best UK education loans for international students, providing you with detailed information about loan amounts, interest rates, repayment terms, and eligibility criteria.
Best UK Education Loan for International Students
| Loan Provider | Loan Amount | Co-signer Requirement | Interest Rates | Loan Terms | Eligibility Requirements |
|---|---|---|---|---|---|
| UK Government Postgraduate Loan | Up to £10,000 | No | 6.3% | Up to 25 years | Postgraduate students at UK universities |
| Prodigy Finance | Up to £100,000 | No | 7.99% – 13.99% | Up to 15 years | Postgraduate students in eligible programs |
| 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 | Enrolled in eligible UK institutions |
| Lendwise | Up to £40,000 | No | 6.0% – 8.0% | 5 – 10 years | International students in UK universities |
| College Ave Student Loans | $5,000 – $80,000 | No | 5.99% – 12.99% | 5 – 15 years | Enrolled in eligible UK institutions |
| HSBC International Loan | Up to £30,000 | Yes | 7.00% – 8.00% | 5 – 10 years | International students with UK-based co-signer |
| Bank of Ireland International Loan | Up to £25,000 | Yes | 6.0% – 9.0% | 5 – 10 years | Students with UK-based co-signer |
| Barclays International Loan | Up to £35,000 | Yes | 6.1% – 7.5% | 5 – 10 years | UK co-signer required for international students |
1. UK Government Postgraduate Loan
- Loan Amount: Up to £10,000
- Interest Rates: 6.3%
- Loan Terms: Up to 25 years
The UK government offers loans for postgraduate students. The loan amount can go up to £10,000, with an interest rate of 6.3%.
Repayment can span up to 25 years, and no co-signer is required. The loan is available to international students from the EU and certain other countries.
2. Prodigy Finance
- Loan Amount: Up to £100,000
- Interest Rates: 7.99% – 13.99%
- Loan Terms: Up to 15 years
Prodigy Finance offers loans to international students enrolled in postgraduate programs at eligible universities.
Loan amounts can be as high as £100,000, and the interest rates range from 7.99% to 13.99%. The loan term is flexible, with repayment options of up to 15 years, and no co-signer is needed.
3. Future Finance
- Loan Amount: £2,000 – £40,000
- Interest Rates: 4.9% – 12%
- Loan Terms: 5 – 10 years
Future Finance provides education loans to international students at UK universities.
The loan amount ranges from £2,000 to £40,000, and interest rates range from 4.9% to 12%. Repayment terms are flexible, ranging from 5 to 10 years, and no co-signer is required.
4. MPOWER Financing
- Loan Amount: $2,001 – $50,000
- Interest Rates: 9.99% – 13.99%
- Loan Terms: 10 years
MPOWER Financing offers loans for international students attending eligible UK universities.
Loan amounts range from $2,001 to $50,000, and interest rates range from 9.99% to 13.99%. The loan term is set at 10 years, and no co-signer is required.
5. Lendwise
- Loan Amount: Up to £40,000
- Interest Rates: 6.0% – 8.0%
- Loan Terms: 5 – 10 years
Lendwise offers loans for international students pursuing postgraduate programs at UK universities.
Loan amounts can go up to £40,000, and interest rates range from 6.0% to 8.0%. The loan can be repaid over 5 to 10 years, and no co-signer is required.
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 loans for international students enrolled in eligible UK institutions.
Loan amounts range from $5,000 to $80,000, and interest rates range from 5.99% to 12.99%.
Repayment terms are flexible, ranging from 5 to 15 years.
7. HSBC International Loan
- Loan Amount: Up to £30,000
- Interest Rates: 7.00% – 8.00%
- Loan Terms: 5 – 10 years
HSBC offers loans for international students, provided they have a co-signer based in the UK.
Loan amounts can go up to £30,000, and interest rates range from 7.00% to 8.00%. The loan can be repaid over 5 to 10 years.
8. Bank of Ireland International Loan
- Loan Amount: Up to £25,000
- Interest Rates: 6.0% – 9.0%
- Loan Terms: 5 – 10 years
Bank of Ireland offers loans to international students attending UK universities, with a UK-based co-signer required.
Loan amounts can go up to £25,000, and interest rates range from 6.0% to 9.0%. The loan repayment term is flexible, ranging from 5 to 10 years.
9. Barclays International Loan
- Loan Amount: Up to £35,000
- Interest Rates: 6.1% – 7.5%
- Loan Terms: 5 – 10 years
Barclays provides loans for international students attending UK universities, with a UK-based co-signer required.
Loan amounts can go up to £35,000, and interest rates range from 6.1% to 7.5%. The loan term is flexible, ranging from 5 to 10 years.
Quick One: We have other useful loan articles here.
Frequently Asked Questions
Do international students in the UK need a co-signer for education loans?
It depends on the loan provider. Some loans, such as those offered by Prodigy Finance and MPOWER Financing, do not require a co-signer, while others, such as HSBC, Bank of Ireland, and Barclays, do.
What is the typical interest rate on education loans for international students in the UK?
Interest rates typically range from 4.9% to 13.99% depending on the loan provider and the student’s financial profile.
Can international students use these loans for both tuition and living expenses?
Yes, many of the loan providers, such as Future Finance, Prodigy Finance, and MPOWER Financing, allow international students to use the loan for both tuition fees and living expenses.
Conclusion
Securing funding for your studies in the UK as an international student is essential for your educational success.
The 9 best UK education loans for international students offer a variety of loan amounts, interest rates, and repayment terms to suit different financial needs.
By considering factors such as the loan amount, interest rate, co-signer requirements, and eligibility criteria, you can choose the best loan option to finance your education in the UK.
