International student loans: full guide (2022)

Federal student loans may not be an option for you if you’re looking for an international student education loan. However, if you’re coming to the US to study there are private student loan options available, including specialist student loans for international students without a cosigner.

This guide covers all you need to know if you’re wondering: can an international student apply for a student loan? We’ll also cover some of the best student loans for international students to help you choose the right one for you.

📑 Table of Contents
Can an international student apply for a student loan? What types of student loans are there? How do you pay for your student loan from abroad? What are the best student loans for international students? Ascent Citizens Bank Discover MPower Financing Sallie Mae

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payments with Wise

Can an international student apply for a student loan?

International students in the US can apply for certain student loans — however, it’s important to know the difference between Federal student loans and private student loans.

Federal student loans are available to US citizens and eligible non-citizens — usually Green Card holders¹. However, if you’re an international student coming to the US to study, you’ll probably not be able to access any Federal aid.

Instead, you’ll want to look at private student loan options through regular banks or specialist providers — some ideas to kickstart your research are coming up a little later.

Who qualifies for an international student loan?

Different private student loan companies will set their own criteria to decide who is eligible to apply.

These may include
Attending an eligible institution or taking an eligible course or major Having a US based cosigner with a good credit score Having a good credit score yourself Fulfilling residency requirement while studying Being within a certain period of graduating

Different providers have different eligibility requirements, so it’s worth shopping around to find the right one for you.

What types of student loans are there?

You’ll come across a few different types of student loans aimed at international students, which can include US citizens studying abroad, or international students headed to the US for study.

Here are the most common international student loan types
Student loans for US citizens going abroad for their entire course of study Student loans for US citizens foreign enrolled for a short term Student loans for international students in the US (with a cosigner) Student loans for international students in the US (with no cosigner)

Can you get an international student loan without a cosigner?

Some specialist companies offer international student loans without a US cosigner. That’s helpful if you’re coming to study and don’t have a local relative or trusted friend who may be able to support your loan application.

International loans offered with no cosigner may have different eligibility requirements and APR options compared to other international student loans. We’ll cover a few options to check out in just a moment.

How do you pay for your student loan from abroad?

If you’re an international student making loan repayments from another country or currency, you could save with Wise’s low cost international payments.

Create a Wise account for free online, to arrange safe and speedy one off or recurring payments in over 50 currencies. You’ll get the real mid-market exchange rate every time, with low, transparent fees which can mean you save up to 6x against sending money with your regular bank.

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What are the best student loans for international students?

Looking for the best student loans for international students in the US? Here are some top providers to check out to help you get a great deal.

Ascent

Ascent offers private student loans for undergraduates, graduates and PHD students, with specialist products aimed at medical, dental and law students at eligible institutions.

There are also bootcamp loans for people looking to take short study courses to improve their career prospects. Here’s an introduction to the key facts, based on an undergraduate applying for an Ascent loan product²:

Minimum credit score	Both the student and the cosigner will need to fulfil credit eligibility requirements including holding an acceptable credit score
Cosigner requirement	Required for non-US citizens
APR	APR may depend on the details of the loan. At the time of research, undergraduates can choose a fixed APR at 3.28% - 11.26%; or a variable APR at 1.47% - 9.05% Discounts may be applied
Repayment options	5 — 15 year repayment terms with no penalty for early repayment Interest only payments available while in school, with a 9 month deferral after graduation for eligible customers
Loan amount	2,001 USD — 200,000 USD

Ascent’s mission is to allow underserved students to access the funds they need to improve their own lives and those of their families. Flexible loan products are available for both local and international students in the US, including those with DACA status.

However, if you’re a non-US citizen in the US the chances are that you’ll only be able to access a loan if you have a cosigner with an acceptable credit score. Not sure if Ascent is right for you? Here are another few advantages and disadvantages to consider.

Pros	Cons
Broad range of products including specialist services for some majors Flexible repayment options Choose either a fixed or variable APR depending on your personal preference Loans of up to 200,000 USD available	Non-US citizens are likely to need a cosigner to access a loan Credit score requirements apply for both the student and the cosigner Depending on your situation, the APR may not be the best available

Citizens Bank

Citizens bank is the 13th largest retail bank in the US, serving over 5 million customers with a broad range of products including private student loans.

International students in the US can apply for multi-year approval of a Citizens Bank student loan with a fixed APR based on their situation and the loan details. Here are some of the headlines about Citizens Bank international student loans³:

Minimum credit score	A reasonably strong credit score is required from the applicant and/or the cosigner⁴
Cosigner requirement	Required for non-US citizens
APR	3.23% - 10.83% fixed APR
Repayment options	Repayment terms are typically 5 — 15 years
Loan amount	1,000 USD — 150,000 USD

If you’ve got a US based cosigner with a strong credit score you may be able to access a Citizens Bank international student loan with a relatively strong APR.

As APRs are fixed you’ll also know that the amount you pay won’t go up over the course of the loan, and you can even get multi-year approvals for peace of mind that your loans will be available for the duration of your course.

Pros	Cons
International students can apply with a cosigner Flexible loans available from 1,000 USD to 150,000 USD Multi-year approvals so you’ll know you can get funding for your entire course Financial planning resources available on the Citizens Bank website	US based cosigner required — they’ll need a reasonable strong credit score to be able to support your application Interest rate is set depending on loan details and may not be the best available

Discover

Discover private student loans are available for undergraduate, graduate and postgraduate students. Specific loans are also available for healthcare professionals, MBA students and people taking law and law related courses at eligible institutions.

International students in the US can apply if they have a credit-worthy cosigner who can support their application. Here’s what you’ll need to know about Discover international student loans⁵:

Minimum credit score	Credit score is based on the loan type; cosigner will usually need a reasonably strong credit score
Cosigner requirement	Required for non-US citizens
APR	APR may depend on the details of the loan. At the time of research, undergraduates can choose a fixed APR at 3.99% - 11.59%; or a variable APR at 1.29% - 10.59%⁶ Discounts may apply
Repayment options	Select your preferred repayment option when you apply
Loan amount	Minimum loan 1,000 USD — maximum loan varies based on the circumstance, and is based on the school certified cost of attendance

Discover is a household name, serving many US citizens. If you have a family member or trusted friend who can cosign on your international student loan you may find you can get a good APR and a flexible loan package through Discover, to cover the full costs of your studies.

Before you decide whether or not to use Discover for your international student loan, have a look at these pros and cons.

Pros	Cons
Established and well known company International students eligible to apply with a cosigner Apply for a loan to cover the full cost of your course	Credit requirements are in place for cosigners APR is based on the specifics of the loan and may not be the very best available You’ll need to be attending an eligible US institution, and must reside in the US during your studies

MPower Financing

MPower Financing was set up by a group of global citizens — often former international students themselves — to serve promising international and DACA students who may not be able to get loans from traditional lenders. Flexible loan options are available, covering students attending some 350 institutions across the US and Canada. Here are the key stats⁷:

Minimum credit score	No credit score required
Cosigner requirement	No cosigner required
APR	Typically a fixed APR, which depends on applicant eligibility, with up to 1.5% discount applied At the time of writing the maximum rates range from 8.89 APR to 14.97 APR, with discounts available to eligible applicants⁸
Repayment options	Interest only repayments while in school, 6 month post graduation grace period
Loan amount	2,001 USD — 100,000 USD

MPower Financing interest rates will vary based on the loan type and your eligibility, but you may be able to get up to a 1.5% discount on the rate if you fulfil certain criteria. These do vary according to the details of the loan but can include meeting requirements like⁹:

• Automating your repayments
• Making consecutive on-time repayments
• Providing proof of graduation and employment

Not sure if MPower Finance is for you? Here are a few more pros and cons to consider.

Pros	Cons
No credit history, collateral or cosigner required Repay in any currency Discounted variable interest rates Supports all majors and degrees at eligible institutions	You must reside in the US or Canada during your studies You must be within 2 years of completing your program¹⁰ Loans available for students at eligible schools and colleges only

Sallie Mae

Sallie Mae private student loans cover undergraduates and graduates, with specific products for students in healthcare and law. International students can apply if they have the support of a cosigner who must be a US citizen or permanent resident.

Repayment terms are flexible, which means you can choose to either defer repayments until after graduation, or pay throughout your course to reduce the overall cost.

If you pay a minimum repayment on a regular basis you may even qualify for a lower APR which brings down the price you’ll pay further. Here are some key points about Sallie Mae private student loans for undergraduates — the product terms and conditions may vary if you’re applying for a specialist loan¹¹:

Minimum credit score	Credit score is based on the loan type; cosigner will usually need a reasonably strong credit score
Cosigner requirement	Required for non-US citizens
APR	APR may depend on the details of the loan. At the time of research, undergraduates can choose a fixed APR at 3.50% - 12.60%; or a variable APR at 1.13% - 11.23% Discounts may apply
Repayment options	Defer repayment until after graduation, pay a small amount for a discounted APR, or make repayments throughout your studies to clear your loan even faster
Loan amount	Minimum loan 1,000 USD — maximum loan varies based on the circumstance, and is based on the cost of attendance

While having a US based cosigner isn’t possible for every international student in the US, it can mean you’re more likely to get a competitive APR.

With Sallie Mae it may also mean you’re more likely to get approval — in fact, you’re 4x more likely to get a Sallie Mae private student loan with a cosigner.

Here are a few pros and cons to think about when you’re choosing between Sallie Mae and any of our other top providers for your international student loan.

Pros	Cons
Cover the full cost of your studies Flexible repayment options including deferred until graduation Choose a fixed or variable APR depending on your personal preference	International students need a creditworthy cosigner who must be a US citizen or Green Card holder APR offered will vary depending on your situation and the loan details

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Hopefully that covers all you need to know about how to get a student loan for international students including some options for students with a US based cosigner, and our top pick for a student loan for international students without a cosigner.

Getting an international education can be a fantastic opportunity to build your skills, explore a new culture and improve your long term career prospects. And where better than the US to spread your wings and study abroad. Use our guide to the best student loan for international students to help you pick the right match for your needs — and good luck!

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Sources:

1. Student Aid - Eligibility
2. Ascent Funding - International student loans
3. Citizens Bank - Student loans
4. Citizens Bank - Student loans FAQ
5. Discover - Student loans international
6. Discover - Undergraduate
7. MPower Financing
8. MPower Financing - What will my interest rate be?
9. MPower Financing - Repayment examples
10. MPower Financing - General eligibility information
11. Sallie Mae - Student loan

Sources checked on 01.10.2022