6 Best International Student Loan Lenders

Studying in a foreign country can be an exciting and life-changing experience. Access to top-notch education, global networking opportunities, and cultural immersion are just a few of the rewards of studying abroad. However, financing your education can be a significant hurdle. Unfortunately, foreign students are not eligible for federal loans in the United States, but there are several private lenders that offer international student loans to help ease this burden. Here, we’ve compiled a list of the six best international student loan lenders for students interested in studying in the U.S. or abroad.

Overview of International Student Loans

Before diving into our list of lenders, it’s important to understand the basics of international student loans. These loans are designed for non-U.S. citizens studying in the United States or for U.S. citizens studying abroad. International student loans generally require a U.S. co-signer, which can include a family member or a friend with a good credit history in the United States. Understanding the terms, interest rates, repayment plans, and eligibility requirements is essential for making informed borrowing decisions.

Table: Key Details of Each Lender

Lender	Loan Amount	Interest Rate	Repayment Period	Co-Signer Requirement	Application Link
Prodigy Finance	Up to $250,000	7% to 12% (variable)	7 to 20 years	No	Apply Here
MPOWER Financing	Up to $50,000	10% to 18% (fixed)	10 years	No	Apply Here
Stilt	$1,000 to $35,000	10% to 15% (fixed)	6 to 24 months	Yes	Apply Here
University of New Hampshire	Up to $50,000	10% to 14% (fixed)	10 years	Yes	Apply Here
Sallie Mae	$1,000 to the cost of attendance	4.8% to 12% (variable)	15 years	Yes	Apply Here
Citizens Bank	$1,000 to $100,000	1% to 12% (variable)	5 to 20 years	Yes	Apply Here

1. Prodigy Finance

Prodigy Finance specializes in loans for international students attending graduate programs in the U.S. and other countries. They are unique in that they assess students’ future earning potential, rather than relying solely on credit scores or U.S. co-signers.

Features:

• Loan Amounts: Up to $250,000
• Interest Rates: 7% to 12% (variable)
• Repayment Period: 7 to 20 years
• Co-signer Requirement: None

Prodigy Finance provides an easy online application process, and they often deliver loan decisions within a matter of days. Their model allows them to cater specifically to the unique needs of international students.

Apply for Prodigy Finance Loan

2. MPOWER Financing

MPOWER Financing is an excellent choice for international students wanting to study in the U.S. or Canada. MPOWER does not require U.S. co-signers and offers loans based on future potential earnings rather than credit history.

Features:

• Loan Amounts: Up to $50,000
• Interest Rates: 10% to 18% (fixed)
• Repayment Period: 10 years
• Co-signer Requirement: None

MPOWER Financing also provides free resources to help students improve their financial literacy, making it a supportive choice for international students.

Apply for MPOWER Financing Loan

3. Stilt

Stilt is a lender that focuses on providing loans to immigrants and international students in the U.S. Their loans cater to a diverse range of students and allow individuals to build their credit history.

Features:

• Loan Amounts: $1,000 to $35,000
• Interest Rates: 10% to 15% (fixed)
• Repayment Period: 6 to 24 months
• Co-signer Requirement: Yes

Stilt provides a straightforward application process and usually disperses loans quickly, which can be crucial for international students needing immediate funding.

Apply for Stilt Loan

4. University of New Hampshire

The University of New Hampshire offers international student loans specifically for students attending their institution. They collaborate with various lenders to ensure students have access to competitive loan options.

Features:

• Loan Amounts: Up to $50,000
• Interest Rates: 10% to 14% (fixed)
• Repayment Period: 10 years
• Co-signer Requirement: Yes

This option is ideal for students who have already decided on their academic institution and want to explore loan options associated with their specific university.

Apply for University of New Hampshire Loan

5. Sallie Mae

Sallie Mae is a well-known lender in the student loan industry and offers a variety of loan products to cover educational expenses. They provide loans to both U.S. and international students.

Features:

• Loan Amounts: $1,000 to the cost of attendance
• Interest Rates: 4.8% to 12% (variable)
• Repayment Period: Up to 15 years
• Co-signer Requirement: Yes

Sallie Mae’s competitive rates and range of loan options make it a strong candidate for many students looking to finance their education abroad.

Apply for Sallie Mae Loan

6. Citizens Bank

Citizens Bank offers student loans that cater to international students studying in the U.S. They provide flexible borrowing options and can help students with varying financial needs.

Features:

• Loan Amounts: $1,000 to $100,000
• Interest Rates: 1% to 12% (variable)
• Repayment Period: 5 to 20 years
• Co-signer Requirement: Yes

Citizens Bank is recognized for its customer service and offers various repayment plans to help ease the burden on international students.

Apply for Citizens Bank Loan

Conclusion

Choosing the right lender for your international student loan is crucial for financing your education abroad successfully. Each lender has its own set of features, interest rates, and requirements, so it’s essential to thoroughly review these details in light of your personal circumstances.

Make sure to assess your financial needs, potential future earnings, and whether you have a U.S. co-signer before making a decision. If you’re ready to begin your international academic journey, consider one of the lenders listed here for your financial needs.

Final Tips for International Students:

1. Research Grants and Scholarships: Before taking out loans, explore scholarships and grants that could help reduce your financial burden.
2. Create a Budget: Keep track of your expenses and income while studying; this will help manage your debt effectively.
3. Understand Repayment Terms: Before signing a loan agreement, make sure you understand the repayment terms to avoid future confusion.
4. Consider Currency Fluctuations: If taking out a loan in a different currency, be aware of exchange rates and potential fluctuations.

By following these tips and choosing the right lender, you can set yourself up for a successful and enriching educational experience abroad.

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