Companies That Provide Loans to International Students

Companies That Provide Loans to International Students

Top 10 Companies That Provide Loans to International Students

Introduction

International students pursuing education abroad, particularly in the United States, face significant financial challenges due to high tuition fees, living expenses, and limited access to federal aid. In 2025, over 1.4 million international students study in the U.S., with costs averaging $40,000–$70,000 annually. Private student loans from specialized lenders bridge this gap, offering funding for tuition, housing, books, and more. Unlike federal loans, most private lenders require a U.S. cosigner, though some, like MPOWER and Prodigy Finance, provide no-cosigner options. These loans, with APRs ranging from 3.72% to 17.10%, tenors of 5–20 years, and amounts up to $400,000, are critical for students from over 190 countries. This article details the top 10 companies providing loans to international students, their offerings, eligibility criteria, and application processes, based on insights from Investopedia, NerdWallet, and Forbes. It also explores market dynamics and tips for securing loans.

Top 10 Companies Providing Loans to International Students

1. MPOWER Financing (Fintech)

  • Overview: A leading lender offering no-cosigner, no-collateral loans for international students in the U.S. and Canada.
  • Loan Offerings: $2,001–$50,000 per academic period, up to $100,000 lifetime, fixed APR 9.99–11.16% (with 0.25% autopay discount), 10-year tenor, interest-only payments in school, 6-month grace period.
  • Eligibility: Students at 500+ U.S./Canadian schools, within 2 years of graduation, from 190+ countries, no cosigner or U.S. credit history required, proof of enrollment.
  • Application: Apply online at MPOWER Financing, submit ID, transcripts, visa, and proof of enrollment. Processing takes 4–5 days.
  • Contact:
    • Website: MPOWER Financing
    • Phone: +1-202-417-3800
    • Address: Washington, D.C., USA
  • Additional Notes: Offers visa support letters, scholarships, and career resources. Named NerdWallet’s 2024 Best Student Loan for International Students.

2. Prodigy Finance (Fintech)

  • Overview: Specializes in no-cosigner loans for graduate students at 850+ schools worldwide, including the U.S.
  • Loan Offerings: Up to $220,000, variable APR 8.35–11.24% (4% admin fee), 7–20-year tenor, 6-month grace period, no payments during school.
  • Eligibility: Graduate students from 120+ countries, enrolled at eligible schools, no cosigner for most, Indian students may need a cosigner, proof of admission.
  • Application: Apply via Prodigy Finance, submit ID, admission letter, and financial details. Processing takes 3–4 weeks.
  • Contact:
  • Additional Notes: Uses future earning potential for credit assessment, offers mobile app for payment tracking.

3. Ascent Funding (Private Lender)

  • Overview: Offers cosigned and non-cosigned loans for international undergraduate and graduate students in the U.S.
  • Loan Offerings: Up to $200,000 (undergraduate), $400,000 (graduate), fixed/variable APR 3.99–16.74%, 5–20-year tenor, 9-month grace period, multiple repayment options.
  • Eligibility: Students at eligible U.S. schools, U.S. citizen/permanent resident cosigner (for cosigned loans), 2+ years credit history for non-cosigned, proof of enrollment.
  • Application: Apply at Ascent Funding, submit cosigner details, ID, and school certification. Processing takes 1–2 weeks.
  • Contact:
  • Additional Notes: No fees, offers 1% cashback graduation reward, flexible repayment terms.

4. College Ave (Private Lender)

  • Overview: Provides loans for international students with a U.S. cosigner, known for a streamlined application process.
  • Loan Offerings: Up to $150,000 over 4 years, fixed/variable APR 3.72–16.74%, 5–15-year tenor, 6-month grace period, 4 repayment options.
  • Eligibility: Enrolled at least half-time at eligible U.S. schools, U.S. cosigner with mid-600s credit score, Social Security Number (SSN), proof of enrollment.
  • Application: Apply via College Ave, 3-minute online form, submit cosigner and school details. Processing takes 10 days.
  • Contact:
  • Additional Notes: Covers study abroad programs, no origination fees, part-time enrollment eligible.

5. Earnest (Fintech)

  • Overview: Offers loans for international graduate students with or without a cosigner, focusing on competitive APRs.
  • Loan Offerings: Up to cost of attendance, fixed/variable APR 3.47–17.10%, 10–20-year tenor, 9-month grace period, skip-a-payment feature after 6 on-time payments.
  • Eligibility: MBA, MS in engineering, JD/LLM students at approved U.S. schools, legal-age citizens of India, Canada, South Korea, or Mexico, government ID, cosigner optional.
  • Application: Apply at Earnest, submit ID, enrollment proof, and cosigner details (if applicable). Processing takes 1–2 weeks.
  • Contact:
    • Website: Earnest
    • Address: Oakland, CA, USA
  • Additional Notes: No fees, includes DACA and asylee students, offers 180 repayment term options.

6. Sallie Mae (Private Lender)

  • Overview: A well-known lender offering loans to international students with a U.S. cosigner.
  • Loan Offerings: Up to cost of attendance, fixed/variable APR 3.72–16.74%, 10–20-year tenor, 6-month grace period, 3 repayment plans.
  • Eligibility: Enrolled at least half-time at eligible U.S. schools, U.S. cosigner with good credit, SSN, proof of enrollment.
  • Application: Apply via Sallie Mae, submit cosigner details, ID, and school certification. Processing takes 1–2 weeks.
  • Contact:
  • Additional Notes: No origination fees, part-time and career training programs eligible, criticized for predatory practices on X.
  • Caution: Some X users warn against Sallie Mae due to high interest rates and rigid terms; compare alternatives carefully.

7. SoFi (Fintech)

  • Overview: Offers loans for international students with a cosigner, emphasizing member benefits.
  • Loan Offerings: Up to cost of attendance, fixed/variable APR 3.72–16.74%, 5–15-year tenor, 6-month grace period, unemployment protection.
  • Eligibility: Enrolled at eligible U.S. schools, U.S. cosigner with good credit, SSN, proof of enrollment.
  • Application: Apply at SoFi, submit cosigner details and school certification. Processing takes 1–2 weeks.
  • Contact:
    • Website: SoFi
    • Address: San Francisco, CA, USA
  • Additional Notes: No fees, offers rewards points via app, not available for international students without cosigners.

8. Citizens Bank (Banking)

  • Overview: Provides loans for international students with a U.S. cosigner, known for large borrowing limits.
  • Loan Offerings: Up to $150,000, fixed/variable APR 5.88–16.74%, 5–15-year tenor, 6-month grace period, 0.50% autopay discount.
  • Eligibility: Enrolled at least half-time at eligible U.S. schools, U.S. cosigner with good credit, proof of enrollment.
  • Application: Apply via Citizens Bank, submit cosigner details and school certification. Processing takes 1–2 weeks.
  • Contact:
  • Additional Notes: Fast approval, not available for international students without cosigners.

9. Discover Student Loans (Banking)

  • Overview: Offers loans for international students with a U.S. cosigner, covering up to 100% of costs.
  • Loan Offerings: Up to cost of attendance, fixed/variable APR 5.24–16.74%, 10–20-year tenor, no in-school payments required, 6-month grace period.
  • Eligibility: Enrolled at eligible U.S. schools, U.S. cosigner with good credit, SSN, proof of enrollment.
  • Application: Apply at Discover Student Loans, submit cosigner and school details. Processing takes 1–2 weeks.
  • Contact:
  • Additional Notes: No fees, covers full cost of attendance, requires cosigner.

10. Juno (Fintech)

  • Overview: A student-first initiative using group bargaining to negotiate lower rates for international students.
  • Loan Offerings: Up to cost of attendance, APR varies (negotiated rates), 5–15-year tenor, 6-month grace period, terms depend on partnered lenders.
  • Eligibility: Enrolled at eligible U.S. schools, U.S. cosigner with good credit, proof of enrollment, Juno membership (free).
  • Application: Join at Juno, apply through partnered lenders, submit cosigner and school details. Processing varies.
  • Contact:
    • Website: Juno
    • Address: Boston, MA, USA
  • Additional Notes: Saved members $15,000 per loan on average, offers health insurance deals.

Market Dynamics

  • Demand and Trends: Over 73% of international students rely on external funding (family, home country, or loans), per the Institute of International Education. Private loans are critical as federal aid is limited to U.S. citizens and eligible noncitizens. No-cosigner options (MPOWER, Prodigy) are growing, with fintechs dominating due to flexibility.
  • Loan Types:
    • Cosigned Loans: Require a U.S. citizen/permanent resident cosigner with good credit (e.g., Sallie Mae, College Ave).
    • No-Cosigner Loans: Assess future earning potential, no U.S. credit history needed (e.g., MPOWER, Prodigy).
    • Variable vs. Fixed Rates: Variable rates (5.24–17.10%) fluctuate with SOFR; fixed rates (3.72–16.74%) remain stable.
  • Applications:
    • Tuition and Living Costs: Cover tuition, room, board, books, travel, and health insurance (e.g., Discover, MPOWER).
    • Visa Requirements: Provide proof of funds for visa applications (e.g., MPOWER’s visa support letters).
    • Graduate vs. Undergraduate: Graduate loans (Prodigy, Earnest) often have higher limits and better terms.
  • Challenges: High APRs (up to 17.10%), cosigner requirements for most lenders, and limited work opportunities in the U.S. restrict repayment ability. Predatory practices (e.g., Sallie Mae) and fraud risks are concerns.
  • Opportunities: Fintechs like MPOWER and Juno offer innovative solutions, including no-cosigner loans and group rate negotiations. Scholarships and institutional aid reduce loan reliance.

How to Secure Loans

  • Research Lenders: Compare APRs, fees, and repayment terms using tools like International Student Loan. Prioritize no-cosigner options if no U.S. contacts.
  • Check Eligibility: Verify school eligibility (e.g., MPOWER’s 500+ schools list) and gather documents (ID, visa, admission letter, SSN if applicable).
  • Apply Early: Start 3–6 months before funds are needed, as processing takes 1–4 weeks. Use online applications for speed (e.g., College Ave’s 3-minute form).
  • Secure a Cosigner: For cosigned loans, find a U.S. citizen/permanent resident with good credit (mid-600s+), living in the U.S. for 2+ years.
  • Avoid Scams: Use verified lenders listed on school websites (e.g., NYU Stern) or regulated by the Financial Conduct Authority (Prodigy). Avoid providers requesting upfront fees without clear terms.
  • Explore Alternatives: Apply for scholarships via Interstride or institutional aid to reduce loan amounts. Budget expenses to borrow only what’s needed.

Conclusion

The top 10 companies providing loans to international students—MPOWER Financing, Prodigy Finance, Ascent Funding, College Ave, Earnest, Sallie Mae, SoFi, Citizens Bank, Discover Student Loans, and Juno—offer diverse solutions for funding U.S. education. With loan amounts up to $400,000, APRs from 3.72% to 17.10%, and tenors of 5–20 years, these lenders cater to undergraduate and graduate students from over 190 countries. MPOWER and Prodigy stand out for no-cosigner options, while others require U.S. cosigners for lower rates. High costs and cosigner barriers persist, but fintech innovations and scholarship opportunities enhance access. To secure the best loan, research lenders, apply early, and verify legitimacy. Visit listed websites or contact providers for tailored financing in 2025, ensuring a confident study abroad journey.

bornbyai

0 responses to “Companies That Provide Loans to International Students”