With the rising number of international students opting for higher education, there has been an increase in demand for student loans to finance their academic pursuits. However, securing a student loan as an international student can be a challenging task due to strict eligibility criteria and limited options available.
Are you an international student looking for the best student loans? Look no further! This article will provide you with a comprehensive guide on the most effective loan options available for students like you.
Here are the best student loans for international students
Earnest Student Loans
This is a private student loan provider that offers loan options to international students. It does not require a social security number or a cosigner for international students, but there are specific eligibility requirements that must be met. To be eligible for a student loan,
- You need to be enrolled in an eligible degree program at a participating school for at least half of its time.
- Additionally, you must have a creditworthy cosigner who is a US citizen or permanent resident, demonstrate financial need, and have a solid credit history.
- You must also have a valid US visa and be able to provide proof of your immigration status.
- Furthermore, you need to have a US bank account in your name and be able to provide proof of income or assets.
Earnest provides loans with competitive interest rates and flexible repayment terms. There are no origination fees or prepayment penalties, making it a great option for international students. It’s important to note that Earnest’s loan program may have different eligibility requirements and interest rates for international students, compared to the program offered to domestic students. Therefore, it is recommended to consult with the financial aid office at your school for specific guidance on which loan program is best suited for your needs.
Sallie Mae International Student Loan
This company is a private student loan program that is tailored for international students who are studying in the US but do not have a creditworthy cosigner. The loan offers competitive interest rates, and flexible repayment terms, and does not have any origination fees or prepayment penalties. Additionally, Sallie Mae provides a one per cent interest rate reduction to those borrowers who opt for automatic payments.
MPOWER Financing
MPOWER Financing is a top financial technology company that specializes in providing student loans to international students and professionals who are pursuing graduate studies in the US and Europe. The company offers flexible repayment terms, and competitive interest rates, and does not require any collateral or co-signer. Additionally, MPOWER Financing loans are available to students enrolled in over four hundred partner schools across the US.
Related Post: Financial aid for international students
Juno Student Loans
Juno does not provide student loans directly to students. Instead, it brings together a large group of potential borrowers and invites private student loan companies to compete for their business. This strategy can help you obtain a lower interest rate than if you were to secure a loan on your own. Sign up for free as an international student or DACA recipient. No cost, commitment, or credit check is required.
To be eligible for the loan, you must have been, currently be, or plan to be a student at a Title IV accredited not-for-profit university located in the United States. The loans are open for application in all fifty states and the District of Columbia. The specific requirements for borrowers and co-signers may vary depending on the partner lender.
Prodigy Finance Loan
This is a platform for social lending that provides student loans to international students who are pursuing MBA and other graduate programs at top-ranked business schools across the US and around the world. The company offers loans with competitive interest rates, flexible repayment terms, and no requirement for collateral or co-signer requirements. Prodigy Finance loans are available to students enrolled in over fifty partner schools across the US. The criteria for this loan are that you must be admitted to a school and programme that they support, you must be looking to study abroad and you must reside in one of the countries that they support.
Credible Student Loan
Credible is a well-known service provider that doesn’t charge any fees for its services. Its partner also doesn’t charge origination fees or prepayment penalties, but they may impose late fees. Additionally, they may offer different interest rate discounts that you may want to consider exploring.
If you’re an international student looking to apply for a loan, you must meet the following requirements:
– Have a qualifying credit score or a cosigner with one.
– Have a qualifying income and debt-to-income ratio.
– Be enrolled in an eligible education program.
– Be a US citizen or legal resident with a Social Security number.
– Be at least 18 years old and hold a high school diploma or equivalent, or have a cosigner who meets these criteria.
– Use the loan funds for education-related expenses only.
Discover Student Loans
Discover Student Loans provides private loans to international students who are studying in the United States and have a credit-worthy cosigner. The loan includes competitive interest rates, and flexible repayment options, and has no origination fees or penalties for early repayment. It’s important to note that Discover Student Loans also offer a 0.5% cashback bonus to borrowers who make on-time payments for three years in a row.
International students can apply for loans without a Social Security number, but they require a creditworthy cosigner who is a US citizen or permanent resident. Loan eligibility varies based on the loan type.
