Finding the right loan for foreign students is by no means an easy task. But we’ve collected the best student loan offers for international students. These loan choices offers provide competitive interest rates and flexible repayment options, so your study overseas will be a reality.
Top Student Loan Offers For International Students
- MPOWER Financing
- Discover Student Loans
- Prodigy Finance
- Ascent Student Loans
- Sallie Mae
1. MPOWER Financing
MPOWER Financing is one of the largest international student loan providers, and it provides loans to students who have promising futures but lack sufficient financial means, as well as those going on to study abroad. MPOWER is dedicated to providing education opportunities in STEM-related areas and business degrees.
Eligibility Criteria: An undergraduate or graduate student who will graduate in two years or is about to enter a 1-year training program.
An international student, a DACA recipient or U.S. citizen, a refugee, or an asylum seeker.
Admitted to or attending one of the 400+ approved schools in the U.S. and Canada
Terms
Interest Rate Before Discount
– Graduate
12.99% (13.98% APR)
– Undergraduate
13.99% (15.01% APR)
Interest Rate Discount
0.25% for signing up for autopay
Interest Rate After Discount
– Graduate
12.74% (13.72% APR)
– Undergraduate
13.74% (14.75% APR)
Term
10-year repayment
In-school Payment: Interest-only payments while in school and for six months after graduation.
2. Discover Student Loans
Discover Student Loans provides private student loans for international students pursuing a course of study at an eligible US college or university. The applicant must have a US citizen or permanent resident cosigner with good credit.
Eligibility Criteria:
International Students: They are also eligible international students pursuing undergraduate or graduate degrees in U.S. institutions of higher learning.
Credit history and co-signers: Qualification for a loan may require international students to have a co-signer with credit in the U.S., preferably someone who is either an American or a permanent resident.
Repayment Options:
In-schoolDeferment: Undergraduate: Fixed rate: 9.99%. Graduate: Fixed rate: 8.99%
Deferred Payment
($0 monthly)
Key Features:
If you make at least a 3.0 GPA (or equivalent) anywhere from college up through graduate school, then on each new Discover student loan that qualifies for the one-time cash reward in effect when it is opened.
You will be eligible to receive this award once as long as your Discover card account remains open and not delinquent or dormant during any of these
Within six months of the end of an academic term covered by a loan or within six months from any final disbursement, whichever is later.
Please note: If the loan spans more than one academic term, you may only redeem your reward at the end of every last such term.
3. Prodigy Finance
Prodigy Finance is one of the top student loan offers for international students. It’s known for its innovative approach. Prodigy Finance offers loans without the need for a cosigner or collateral, easing the financial burden for international students.
Eligibility Criteria:
Nationality: Prodigy Finance is open to applications from over 150 countries around the world, so it doesn’t matter where you fit in.
Academic Institution: To be eligible, students must currently attend one of the approved schools or programs underwritten by Prodigy Finance.
Programs Covered: Prodigy Finance mainly loans graduate programs of all kinds, from business to engineering and law to public policy and health sciences.
Credit History: Prodigy Finance bases its assessment of eligibility on the applicant‘s future earning potential rather than simply relying on past credit history. Other factors taken into account include academic performance and the chosen career path.
Terms and conditions
Prodigy Finance’s representative APR for student loans is 14.997% APR variable.
Borrowers must meet Prodigy Finance eligibility and underwriting criteria to qualify.
The flexible repayment terms are between 7 and 20 years.
Distinctive Features:
No Co-signer Requirement: One of the key features that sets Prodigy Finance apart in international student loans is its policy not to require a co-signer or collateral at all.
This makes it much easier for students who lack suitable co-signers, which cuts across various demographic lines and can be problematic even among established families.
Global Coverage: Prodigy Finance’s solid coverage of nationalities and institutions means that students from a wide array of backgrounds can now get funding for their education.
4. Ascent Student Loans
Ascent Funding offers international cosigned student loan options to help international students pay for schools abroad.
Eligibility Criteria:
The wide-ranging criteria for Ascent Student Loans reflect the diversity of international students ‘needs.
You’re eligible for an international student loan with Ascent if:
But you are not a citizen of the U.S.
And you are not a U.S. permanent resident.
You’re not a Deferred Action for Childhood Arrival (DACA).
You have qualified resident status.
You have a guarantor who is creditworthy and resides in the U.S.
Repayment Options:
Flexible and comprehensive repayment options enable borrowers to effectively manage their loans.
Undergraduate Cosigned
Credit-Based Loans
For undergraduate students in good academic standing
Fixed APR: 4.53–15.36% Variable APR: 6.16–15.59%.
General Graduate School Cosigned
Credit-Based Loans
For international students who want to take graduate loans for allied health, nursing, and pharmacy degree programs as well as Ph.D.l They also offer co-signed graduate loans.
Variable* APR:
7.18%–15.34%
Fixed* APR:
5.53%–15.11%
In-School Deferment: Borrowers may delay their payments while they are in school, at least up to and including three years.
Grace Period: While going to school, only pay accrued interest. You’ll pay full installments at the end of your nine-month grace period after graduation.
Cosigner Release Option: Ascent offers borrowers that originally had a cosigner an opportunity to release the cosigner from their obligations after meeting specific criteria, like making X number of consecutive on-time payments.
5. Sallie Mae
Sallie Mae has long been known as a major source of student loans in the United States. In recent years, the company has extended its services to international students, providing financial solutions that bridge the gulf between aspiration and education.
Eligibility Criteria:
International students seeking an education in the United States are one of Sallie Mae’s targets. The eligibility criteria for Sallie Mae international student loans typically include:
U.S. Citizens and Permanent Residents:
- Sallie Mae, one of America’s leading student loan providers, does not require a co-signer for American citizens and permanent residents to apply.
- International Students:
- International students studying at U.S. institutions of higher learning are also eligible.
- Sallie Mae provides international student loans without co-signers, but the odds of approval and getting good terms can be enhanced by having a creditworthy person stand as surety.
Repayment Options:
Sallie Mae understands the need for flexible student loans. They offer various repayment options to accommodate the diverse financial situations of borrowers:
In-School Deferment:
Sallie Mae offers in-school deferments, through which students can put off paying principal and interest until after they have graduated.
Fixed and Deferred Repayment Plans:
Opt for a fixed APR between 4.50% and 15.49% or a variable APR ranging from 6.37% to 16.70%.
What makes Sallie Mae stand out?
A grace period of six months post-graduation before repaying your student loans.
Features– no origination fees, ensuring a smooth borrowing experience without hidden costs. Sallie Mae offer multiple repayment terms. This allows prospective borrowers to choose between a 10-year plan or an extended plan with monthly payments.
Conclusion
User reviews vouch for these top-notch student loan offers for international students, praising their standout features and benefits. More than just financial support, these loans consider the specific needs of international students, offering perks like grace periods and co-signer release options.
In essence, these loan offers pave the way for international students to pursue their education seamlessly, eliminating obstacles along the journey.
