Attending a U.S. university can be an enriching experience for international students, but it often comes with a high price tag.
Fortunately, several loan providers in the United States offer specialized student loans designed to help international students fund their education.
These loans vary by loan amount, interest rates, terms, and eligibility requirements, with some lenders requiring a co-signer.
In this guide “Best USA student Loan for International Students“, we cover the seven best student loan options for international students in the USA, helping you make an informed decision.
Best USA Student Loan for International Students
| Loan Provider | Loan Amount | Co-signer Requirement | Interest Rates | Loan Terms | Eligibility Requirements |
|---|---|---|---|---|---|
| 1. Stilt | Up to $35,000 | No | 7.99% – 15.99% | 1 – 3 years | Valid visa, U.S. bank account, employment history |
| 2. MPower Financing | $2,001 – $50,000 | No | 11.99% – 13.99% | 1 – 10 years | Enrolled in a U.S.-based college, valid visa |
| 3. Prodigy Finance | Up to $100,000 | No | 7.00% – 12.50% | 1 – 20 years | Enrolled in an eligible U.S. university |
| 4. Boro | $1,000 – $25,000 | No | 15% | 1 – 5 years | Valid SSN, U.S. address, F-1 or J-1 visa |
| 5. Ascent | Up to $20,000 | Yes (for certain loans) | 7.32% – 14.50% | 5 – 15 years | Must be attending an eligible U.S. school |
| 6. College Ave Student Loans | $1,000 – $100,000 | Yes | 4.29% – 14.49% | 5 – 15 years | Enrolled in a U.S. university, co-signer required |
| 7. Sallie Mae | Up to 100% of school-certified expenses | Yes | 4.25% – 13.62% | 5 – 20 years | Enrolled in a U.S. school, co-signer |
1. Stilt
Stilt provides personal and student loans to international students, with loan amounts up to $35,000 and no requirement for a co-signer.
With interest rates ranging from 7.99% to 15.99%, Stilt is known for its flexibility and accessibility, requiring only a valid visa, a U.S. bank account, and some employment history in the U.S.
Loan terms typically vary from 1 to 3 years, making it a viable option for students seeking shorter-term financing solutions.
2. MPower Financing
MPower Financing is a popular choice for international students, offering loan amounts from $2,001 to $50,000.
MPower does not require a co-signer, and interest rates range between 11.99% and 13.99%.
The loan terms vary from 1 to 10 years, and students must be enrolled in a U.S.-based college with a valid visa.
MPower also assists international students in building credit in the U.S. through its loan repayment process.
3. Prodigy Finance
Prodigy Finance provides international students with loan amounts up to $100,000, with interest rates between 7.00% and 12.50%.
Loan terms range from 1 to 20 years, and Prodigy does not require a co-signer, making it easier for students without U.S. credit history or a local sponsor.
Prodigy is especially well-suited for students attending graduate programs at eligible U.S. universities.
4. Boro
Boro offers international students flexible financing with loan amounts ranging from $1,000 to $25,000 and a flat interest rate of 15%.
With loan terms ranging from 1 to 5 years, Boro is an accessible option for students with a valid Social Security Number (SSN), U.S. address, and F-1 or J-1 visa.
No co-signer is required, which is beneficial for students who lack a U.S.-based guarantor.
5. Ascent
Ascent provides student loans with amounts up to $20,000, available with and without a co-signer depending on the student’s eligibility.
Interest rates range from 7.32% to 14.50%, and loan terms extend from 5 to 15 years.
Ascent requires students to be enrolled in an eligible U.S. school, and it offers a wide range of repayment options, including deferment during school and interest-only payments.
6. College Ave Student Loans
College Ave Student Loans offers international students loan amounts ranging from $1,000 to $100,000 with interest rates between 4.29% and 14.49%.
Loan terms vary from 5 to 15 years, making College Ave a flexible choice for financing large or small amounts.
A co-signer is required, as most international students lack an established U.S. credit history.
Students must be enrolled at an accredited U.S. institution and meet the lender’s eligibility requirements.
7. Sallie Mae
Sallie Mae offers student loans that cover up to 100% of school-certified expenses, with interest rates ranging from 4.25% to 13.62%.
Loan terms extend from 5 to 20 years, making Sallie Mae suitable for students with long-term repayment needs.
Sallie Mae requires a co-signer, and international students must be enrolled in a U.S.-based school to qualify.
Quick One: We have other useful loan articles here.
Frequently Asked Questions
Do all student loans for international students require a co-signer?
No, some lenders, such as MPower Financing, Prodigy Finance, Stilt, and Boro, offer loans that do not require a co-signer. However, other lenders, like Sallie Mae and College Ave, typically require a U.S.-based co-signer.
Can international students without a credit history get student loans in the USA?
Yes, several loan providers, like MPower Financing, Stilt, and Prodigy Finance, do not require a credit history from international students, as they understand the unique needs of students studying on a visa.
How do interest rates differ between co-signed and non-co-signed loans?
Interest rates for non-co-signed loans are often slightly higher due to the increased risk to the lender, as they rely solely on the student’s future earning potential. Co-signed loans may offer lower interest rates as the co-signer provides additional security for the loan.
Conclusion
Finding the right student loan as an international student can be challenging, but there are several lenders in the U.S. that offer tailored solutions.
Each loan provider on this list has its own unique set of benefits, interest rates, and eligibility requirements, allowing you to choose an option that aligns with your financial situation and educational goals.
Remember to consider factors like co-signer requirements, interest rates, and loan terms as you compare options. With the right loan, funding your education in the USA can be a manageable and successful experience.
