It might be challenging for international students in the US to get a student loan. Few lenders give loans to international students. And paying for school in general is hard. Best International Student Loan
The first thing to know is that the U.S. Department of Education doesn’t give loans to students from other countries. Also, it can be harder to get a job when you’re studying abroad.
If you want to go to school in the US, you might have to get private student loans to pay for your education. DACA recipients may also need to use these kinds of loans to pay for their education.
Below, we compare the finest lenders that give loans to overseas students.
Student Loans For International Students And Visa Holders
|
Company |
US Cosigner Required |
Loan Terms |
Loan Amounts |
In-School Deferment Options |
|---|---|---|---|---|
|
Prodigy Finance |
No |
7-20 years |
$15,000-$350,000 |
Full deferment |
|
MPower Financing |
No |
10 Years |
$2,001-$50,000 ($100,000 lifetime) |
Interest-only Payments |
|
Ascent |
Yes |
5-20 years |
$2,001-$200,000 |
Interest-only payments $25 fixed payments Full deferment |
|
Earnest |
No |
10 years |
Up to $100,000 |
9 Month Grace Period |
|
Citizens Bank |
Yes |
5, 10, and 15 years |
$1,000-$350,000 |
Interest-only payments Full deferment |
Prodigy Finance
Prodigy Finance international student loans are designed for foreign masters students coming from emerging markets (which includes the Indian subcontinent, China, much of South America, much of Central America, all of Africa, and parts of Eastern Europe). Best International Student Loan
Students do not pay on the loans during school, and the repayment periods after graduation range from 7 to 20 years. Prodigy Finance does charge a maximum administration fee of 5% which is added to your loan total and paid back through your monthly payments. Best International Student Loan
MPower Financing
MPower Financing is a company dedicated to helping international students, asylum seekers, and DACA recipients fund their educational aspirations. The company offers fixed-rate, 10-year international student loans with available interest rate discounts of up to 1.50%.
MPower loans support all majors and degrees and don’t require a cosigner, credit history, or collateral. During school, you will make interest-only payments. Your required repayment period starts 6 months after you graduate, and there are no penalties if you pay off your loan early.
Ascent
Ascent offers loans for international students with a creditworthy cosigner who is a U.S. citizen or permanent resident. Students with Deferred Action for Childhood Arrival (DACA) status may apply as solo borrowers or with a qualified cosigner. Best International Student Loan
Borrowers have various repayment options, including deferring all payments for up to 9 months after graduation. Repayment terms are typically 5 to 15 years. However, medical and dental students who choose a variable-rate loan can extend their term for as long as 20 years.
It’s important to note that Ascent’s loans can be either fixed or variable interest rate. Students can enjoy a 0.25% discount for enrolling in automatic payments and can earn 1.00% cash back at graduation. Best International Student Loan
Earnest
Earnest offers private student loans and student loan refinancing. They also just launched international student loans for those looking to fund educational opportunities in the United States.
You must be a student who is a citizen of India, Canada, South Korea, or Mexico, attending school in the USA. You must also be a grad student pursuing an MBA, LLM/JD, or MS in engineering.
You can currently borrow up to $100,000 over a 10-year term. Qualified applicants are not required to have a cosigner. Best International Student Loan
Citizens Bank
If you have a US based co-signer, Citizens bank offers very low-cost loans for international students. Students can also receive multi-year approval, which means avoiding new challenging credit inquiries each academic year.
Borrowers of student loans from Citizens Bank can defer payment for up to 8 years during school. That could make this lender an excellent choice for people pursuing medical or engineering PhD programs.
How To Reduce Your Need For International Student Loans
Studying in the United States can be an expensive college option, especially if you qualify for free or low-cost schooling in your home country. However, many students find that the international exposure and the high quality of education are worth living abroad for several years.
If you’re a foreign student, you may be able to reduce the number of international student loans you take out during college by applying for scholarships and grants. Or you could try taking on roles such as a teaching or research assistant. Depending on your program, research assistant roles may pay for all your educational costs and provide you with a living stipend, too. Best International Student Loan
Why Should You Trust Us
I am America’s Student Loan Debt Expert™ and have been actively writing about and covering student loans since 2009. I and the team here at The College Investor have been actively tracking student loan providers since 2015 and have reviewed, tested, and followed almost every provider and lender in the space.
Furthermore, our compliance team reviews the rates and terms on these listings every weekday to ensure they are accurate. That way you can be sure you’re looking at an accurate and up-to-date rate when you’re comparison shopping. Best International Student Loan
Final Thoughts
Whenever possible, try to avoid taking on debt to pay for educational costs. But if you do need to take out international student loans, be sure to compare rates from multiple lenders. Best International Student Loan
Finally, if you do take out international student loans, you may want to consider refinancing them within a few years of graduating. This could allow you to dramatically reduce the interest you pay over the life of your loans.
If you continue living in the United States after graduating, you could use a service like Credible to compare loan options. Or check out our list of the top student loan refinancing companies. Best International Student Loan