The Best Student Loans for International Students Coming to America
Federal student loans are generally considered better options than private loans but are only available to U.S. Citizens. International students will need to stick to private student loans. There are plenty of options to choose from, so we always recommend shopping around for the best option for your individual needs.
To make the process a little easier, we decided to list out the best private student loans available to international students. In order to make the cut, international student loans allow for eligibility without needing to provide your Social Security Number (SSN), or even a co-signer, to get decent rates. These loans come from banks, credit unions, and online lenders.
MPOWER Financing
MPOWER Financing is one of only a couple of lenders that offer private student loans without requiring a U.S.-based co-signer. This private student loan option is open to international, undergrad, and grad students that are within two years of getting their degree or will soon enroll at one of the 350 approved schools in North America. As a lender focused on the international student market, MPOWER offers borrowers free visa support letters, immigration resources, and scholarship opportunities.
Important Details
Fixed APR (7.52-14.98%)
Loan amounts from $2,001 to $100,000
Loan terms up to 10 years
Interest rate discounts for enrolling in an autopay
Ascent Student Loans
Ascent offers co-signed and non-cosigned loans to give international students more borrowing opportunities. Unlike most other private student loans, Ascent allows for various payment reduction and postponement options. For example, borrowers are allowed to pause payments if they face a temporary financial hardship that lasts anywhere from one to three months at a time. As an added resource, Ascent provides customers with a free interactive financial education course that’s required prior to financing a loan.
Important Details
Fixed APR (3.24-11.33%)
Loan terms of 5,7,10,12, or 15 years
Loan amounts from $2,001 to $200,000
Borrowers without U.S. credit need a co-signer
Discover Student Loans
The online bank Discover offers private loans to international students enrolled in an eligible U.S. college university. Unfortunately, with Discover student loans, you’ll need a co-signer who has decent credit and is a U.S. citizen or permanent resident. With that said, their loans are free of annoying fees and come with a variety of repayment options. Discover is a viable option for non-citizens as they’re one of the few lenders offering approval to students with a valid SSN.
Important Details
Fixed APR (3.99-12.99%)
Loan amounts from $1,000 up to the total cost of attendance.
Loan terms up to 15 years
No late fees
Sallie Mae Student Loans
Sallie Mae offers loans available to international students and they’re a great option if you’re looking for a variety of payment reduction options. Unlike most of the other loans on this list, you can qualify for a Sallie Mae student loan even if you’re a part-time student. Interest rates are on the higher end with this lender, but a U.S.-based co-signer may help you secure better terms.
Important Details
Fixed APR (3.50-12.60%)
Loan terms of 5 to 15 years
Co-signer release available after 12 months of on-time payments
Loan amounts from $1,000 up to the total cost of attendance.
Prodigy Finance
Prodigy Finance is another company offering loans to international students without requiring a co-signer. The caveat is that their student loans are only available to those pursuing a graduate degree in business, science, technology, engineering, math, law, public policy, or healthcare. Students are given three repayment term plans, but payments are already deferred while you’re in school. This is a great option for those looking for an international student loan without hefty fees.
Important Details
Variable APR starting at 6.7%
Repayment terms of 7,10, 15, or 20 years
Loan amounts are offered at $15,000 and up
No-cosigner needed, but must be seeking a graduate degree
