How to Get Student Loans as an International Student

The United States is a popular college destination for students all over the world. However, paying for college in the United States can feel like a daunting task if you’re not a U.S. citizen.

It’s still possible to find international student loans if you’re not from the U.S., but it can be a little more challenging. Below, we’ll walk you through the reasons why, and the types of financial aid, including private student loans, you can get toward a degree program in the United States.

Why student loans for international students can be challenging

Getting international student loans can be challenging due to how the financial aid program is set up in the U.S. Here’s why.

Most international students aren’t eligible for federal loans

U.S. citizens can fill out the Free Application for Federal Student Aid (FAFSA) and access federal student loans without the need for a cosigner. Nearly everyone qualifies.

However, as a non-U.S. citizen on a student visa, you likely don’t qualify for federal student aid. DACA recipients also don’t qualify for federal aid in most cases. Although there are exceptions for eligible noncitizens, there’s a good chance you won’t be able to use federal aid to cover your total cost of attendance.

You might need a U.S. cosigner

If you don’t have a U.S. credit score, you might not be eligible for a private student loan program unless you can find a creditworthy cosigner in the U.S. They can be a permanent resident who has lived in the U.S. for a while and has a credit history, or they can be a U.S. citizen.

However, because a cosigner takes on responsibility for your debt if you don’t make your monthly payments, you might have a hard time finding someone willing to perform this role for you. Some private lenders offer cosigner release, which can make it easier.

It’s also possible to find lenders that don’t require cosigners for international student loans. Look around carefully for programs that fit your needs.

International students pose a risk of leaving the U.S.

Private lenders know that, even with a cosigned loan, an international student might be more likely to leave the U.S. permanently. They might have a temporary or student visa, or some other issue might arise. As a result, some loan options might be limited for international students.

When looking for loans, whether as an undergraduate or graduate student, look for a private loan that fits your needs. You’ll need to indicate that you plan on remaining in the U.S. and fulfilling your loan obligation before returning to your home country.

4 lenders that offer student loans for international students

Even though it can be challenging to get international student loans, some lenders offer them. Here are a few loan products aimed at international students — some of which require no cosigner.

Ascent

Based in San Deigo, Ascent offers private student loans to international students and DACA recipients. Below is an overview of their loan option.

Ascent student loans for international students
Loan amounts	$2,001 to $200,000
Loan terms	Five to 15 years
Repayment terms	Immediate repayment, deferred (with grace period), interest-only
Interest rate type	Fixed-rate and variable-rate loans
Autopay discount	0.25%

You need a U.S. cosigner with good credit to qualify, but Ascent allows a cosigner release after 24 on-time payments. The caveat to cosigner release is that you must have permanent resident status.

MPOWER

With MPOWER financing, all international students are eligible. Eligibility factors include attending an eligible school, maintaining academic performance and securing internship opportunities.

MPOWER student loans for international students
Loan amounts	$2,001 to $100,000
Loan terms	10 years
Repayment terms	Immediate repayment, deferred (with grace period), interest-only
Interest rate type	Fixed-rate loans
Autopay discount	0.25% (there are also additional discounts for making on-time payments and reporting graduation and employment)

A big benefit with MPOWER is that it doesn’t require a cosigner. The application process also includes ongoing monitoring to ensure that borrowing too much debt isn’t part of the equation.

Prodigy Finance

With Prodigy Finance, getting a student loan as an international student with no cosigner and without collateral is possible.

Prodigy Finance student loans for international students
Loan amounts	Not disclosed
Loan terms	7 to 20 years
Repayment terms	Grace period of six months
Interest rate type	Fixed-rate loans
Autopay discount	Not disclosed

You’ll need to live in a state where Prodigy lends and attend an eligible school before funds are disbursed.

Sallie Mae

If you have a cosigner, Sallie Mae might be a good choice. The lender offers private loans to DACA recipients and others. However, your cosigner needs to have good credit.

Sallie Mae student loans for international students
Loan amounts	Up to the cost of attendance certified by an eligible school
Loan terms	5 to 15 years
Repayment terms	Immediate repayment, deferred (with grace period), interest-only
Interest rate type	Fixed-rate loans
Autopay discount	0.25%

Additionally, if you achieve permanent resident status, establish good credit and make 12 on-time payments, you can be eligible for cosigner release.

Tips to get approved for student loans as an international student

If you’re hoping to get approved for international student loans, here are a few things you can do:

• Get a US cosigner. Ideally, this person should have strong credit if you want to increase your chances of getting approved for a loan.
• Find flexible eligibility requirements. Look for lenders with requirements that don’t heavily rely on good credit.
• Keep your visa current. Check your visa’s expiration date to make sure it won’t expire soon so that you don’t end up having to leave the country.
• Check your credit score (if applicable). You can also work to establish a good credit history to continue to receive financing.

Your next steps

Compare different private lenders to determine whether you can get an international student loan. If you already have student loans, consider refinancing your international student loans to a lower rate to save money and pay off your debt faster.