Best International Student Loans

Last Updated on December 15, 2022

A college degree can open up a world of opportunities, but it’s not cheap.

In the United States, students are expected to contribute 20% of their income toward their education after they graduate. In other countries, this number can be as high as 40%. The good news is that international students have access to a wide range of financial aid options. Here are some of the best international student loans available today:

  1. The MyCAA Program

The MyCAA program is an excellent option for military spouses and veterans who want to go back to school after returning from active duty. It provides up to $4,000 annually in tuition assistance and other benefits like paid internships or work-study programs.

  1. The Fulbright U.S.-Uganda Scholar Program Scholarship

This scholarship offers full tuition and fees plus $1,250 per month for living expenses for Ugandan citizens who are accepted into a graduate program at an accredited U.S university.

  1. The Fulbright U.S.-Brazil Science Technology Engineering Mathematics (STEM) Teacher Exchange Program Scholarship

This scholarship offers funding for Brazilian citizens accepted into a graduate STEM program at an accredited U.S university along with paid teaching experiences in Brazil during

Best International Student Loans

Federal student loans offer a number of advantages when compared to private loans, but they are limited to U.S. citizens and eligible non-citizens.

 That means for many international students, a private student loan is the best way to pay for college.

International students have more options than ever to choose a loan that’s right for their unique needs. We’ve compiled the best international student loans to help you narrow down the choices. These loans don’t require borrowers to have a Social Security number (SSN), collateral, and two we like don’t even require a cosigner.

Can International Students Get Loans?

Before applying for a private student loan, non-U.S. citizens should check to see if they are eligible for certain types of federal financial aid. Certain groups of people are considered “eligible noncitizens” and may qualify for federal student loans:

  • U.S. nationals (including natives of American Samoa or Swains Island).
  • U.S. permanent residents with a permanent resident card, resident alien card, or alien registration receipt card, also known as a green card.
  • Anyone with an Arrival-Departure Record (I-94) from U.S. Citizen and Immigration Services (USCIS) showing that you’re a refugee, asylum seeker, Cuban-Haitian entrant, conditional entrant (before April 1, 1980), or parolee.
  • Anyone with a T nonimmigrant status (T-visa) or who has a parent with a T-visa.
  • Anyone considered a “battered immigrant-qualified alien.”

If you don’t fall into one of these categories you can check with your country’s embassy or consulate in the U.S., or with the appropriate government office in your country, to see if they offer any scholarship or aid opportunities.

You may also be eligible for financial aid from the state or college in which you’re studying. Only when you’ve exhausted those options should you look into private student loans.

Where Can You Get an International Student Loan?

Private student loans for international students are available from two types of lenders: banks and non-bank lending companies.

Student loans from banks offer international students the convenience of doing their banking and student loans all in one place. Additionally, banks like Citizens give 0.25% interest rate discounts to borrowers who bank with them. The downside is that you’ll need a cosigner to be eligible.

Non-bank lenders offer international students more flexibility. MPOWER and Prodigy Finance look at your career path and income potential to qualify you for a student loan without a cosigner or collateral. And because these companies operate completely online, they tend to have very user-friendly websites.

Who Qualifies for an International Student Loan?

International students must meet the eligibility requirements required by the lender. In most cases, this includes being enrolled at least half time at an eligible school and having a creditworthy cosigner.

DACA recipients with a Social Security number have more options than students without. Student loan companies like College Ave and Earnest offer competitive rates and terms, but they require international borrowers to have a cosigner and SSN.

A Recap of Our Picks for Best International Student Loans

There is no overall best international student loan. The loan that is right for you will depend on your program of study, access to a creditworthy cosigner, and your residency or visa status.

  • MPower Financing: Good for students without access to an eligible cosigner but only available at 350 schools, and you’ll pay higher-than-average interest rates.
  • Prodigy Finance: Good for students without access to an eligible cosigner enrolled in a STEM, healthcare, or public policy graduate program at more than 600 eligible U.S. schools. There’s no fixed-rate loan option, which means this loan could get expensive over time.
  • Citizens One: Competitive fixed and variable interest rates on top of a variety of professional degree loans make this a good option for graduate students with access to an eligible cosigner.
  • Ascent Student Loans: Competitive interest rates for international students with an eligible cosigner, but there’s a lack of options when it comes to choosing in-school repayments and terms.
  • Discover: One of the only student loan lenders to make multi-year approval available to international students who meet standard eligibility requirements. That’s good for DACA recipients looking to avoid annual hard credit inquiries to build their credit score.

How We Chose the Best International Student Loans

Research for this article encompassed more than fifteen private student loan lenders of undergraduate student loans (as well as companies that refinance student loans) narrowed down from national banks, credit unions, and lenders. The criteria for measuring each lender included all available APR ranges for these loans, fees charged, repayment plans and hardship options offered, and the inclusion of additional features such as cosigner release, the availability of a parent loan, and the ability to refinance.

Best International Student Loans

About the author

The Editorial Team at Infolearners.com is dedicated to providing the best information on learning. From attaining a certificate in marketing to earning an MBA, we have all you need. If you feel lost, reach out to an admission officer.
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