Studying in the UK is a dream for many international students, but tuition fees and living expenses can make financing your education a challenge.
Fortunately, there are several loan options available to help ease the financial burden.
This article will explore 7 of the best student loans for international students in the UK, including detailed information on the loan amounts, co-signer requirements, interest rates, and eligibility criteria.
Best UK Student Loan for International Students
| Loan Provider | Loan Amount | Co-signer Requirement | Interest Rates | Loan Terms | Eligibility Requirements |
|---|---|---|---|---|---|
| UK Government Loans (Postgraduate) | Up to £10,000 | No | 6.3% | Up to 25 years | UK-based institutions, postgraduate students |
| Prodigy Finance | Up to £100,000 | No | 7.99% – 13.99% | Up to 15 years | Enrolled in partnered programs |
| Future Finance | £2,000 – £40,000 | No | 4.9% – 12% | 5 – 10 years | International students in the UK |
| MPOWER Financing | $2,001 – $50,000 | No | 9.99% – 13.99% | 10 years | Enrolled in eligible UK universities |
| 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 Study Loan | Up to £30,000 | Yes | 7.00% – 8.00% | 5 – 10 years | International students with a UK-based cosigner |
1. UK Government Loans (Postgraduate)
- Loan Amount: Up to £10,000
- Interest Rates: 6.3%
- Loan Terms: Up to 25 years
The UK government offers postgraduate loans for international students studying at UK universities.
While these loans are primarily for UK nationals, some international students may qualify.
The loan amount can be up to £10,000, and repayment begins once the student is employed post-graduation. Interest rates are fixed at 6.3%.
2. Prodigy Finance
- Loan Amount: Up to £100,000
- Interest Rates: 7.99% – 13.99%
- Loan Terms: Up to 15 years
Prodigy Finance specializes in loans for international students pursuing postgraduate degrees.
The loan can cover both tuition fees and living expenses.
No co-signer is required, and the loan is based on the student’s future earning potential.
Interest rates are slightly higher, but the loan terms are flexible, with repayment starting after graduation.
3. Future Finance
- Loan Amount: £2,000 – £40,000
- Interest Rates: 4.9% – 12%
- Loan Terms: 5 – 10 years
Future Finance offers loans to international students studying at UK universities.
The loan amounts can range from £2,000 to £40,000, and the interest rates vary between 4.9% and 12%, depending on the student’s financial situation.
No co-signer is required. Students can use the loan for tuition fees, accommodation, and living costs.
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 with no co-signer requirement.
The loan is available for tuition fees, accommodation, and living expenses.
The interest rates range from 9.99% to 13.99%, and repayment is due within 10 years after graduation.
MPOWER Financing is available for students attending participating UK universities.
5. Lendwise
- Loan Amount: Up to £40,000
- Interest Rates: 6.0% – 8.0%
- Loan Terms: 5 – 10 years
Lendwise provides loans to international students enrolled in postgraduate programs at UK universities.
Loans range from £5,000 to £40,000, with interest rates ranging from 6.0% to 8.0%.
The loan term can extend up to 10 years, and students don’t need a co-signer. This loan is ideal for those pursuing advanced degrees in the UK.
6. College Ave Student Loans
- Loan Amount: $5,000 – $80,000
- Interest Rates: 5.99% – 12.99%
- Loan Terms: 5 – 15 years
College Ave offers flexible student loans for international students studying in the UK.
The loan can be used for tuition fees and living expenses, and it does not require a co-signer.
With competitive interest rates ranging from 5.99% to 12.99%, students can choose a repayment term that best suits their financial needs.
7. HSBC Study Loan
- Loan Amount: Up to £30,000
- Interest Rates: 7.00% – 8.00%
- Loan Terms: 5 – 10 years
HSBC offers education loans to international students studying in the UK, but a UK-based co-signer is required.
The loan amount can go up to £30,000, and the repayment period ranges from 5 to 10 years.
The interest rate varies between 7.00% and 8.00%, making it a suitable option for international students with a co-signer.
Quick One: We have other useful loan articles here.
Frequently Asked Questions
Can international students in the UK get loans without a co-signer?
Yes, several loan providers, including Prodigy Finance, Future Finance, and MPOWER Financing, offer loans to international students without requiring a co-signer.
What is the typical interest rate for student loans in the UK?
Interest rates for student loans in the UK can range from 4.9% to 13.99% depending on the lender and loan type. Government loans have lower interest rates, while private loans may have higher rates.
Are there any specific loan options for postgraduate students in the UK?
Yes, several loan providers such as the UK Government Postgraduate Loans and Lendwise offer funding specifically for postgraduate students. These loans typically cover tuition fees and living costs, with flexible repayment terms.
Conclusion
Choosing the right loan is crucial for international students pursuing their education in the UK.
The loan options outlined above provide various benefits, from low-interest government loans to flexible private financing.
By carefully evaluating the loan amounts, interest rates, and eligibility requirements, students can find the best option to finance their education in the UK.
Whether you’re pursuing an undergraduate or postgraduate degree, these loans can help make studying in the UK more affordable and accessible.
