Best International Student Loans of April 2024

5 Best International Student Loans of 2024

Best for Students Without a Cosigner

MPOWER Financing

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Vault Verified

Variable APR

N/A

Fixed APR

As low as 13.98%

Loan Term

10 years

Loan Amount

$2,001 minimum; $100,000 total lifetime MPOWER borrowing limit

Why We Chose It

MPOWER Financing offers up to $100,000 in fixed-rate loans to international students attending one of over 400 U.S. and Canadian schools—and without the need for a creditworthy cosigner or collateral.

Pros

• No cosigner or collateral required
• Loans range from $2,001 to $100,000
• Available to undergraduate and graduate students

Cons

• Only available to students attending select schools in the U.S. and Canada
• No variable rate option
• Must be within two years of graduation or about to begin a one or two-year program

Best for Students With a Cosigner

Ascent Private Student Loan

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on Credible’s website

Variable APR

6.17% – 15.23%

Fixed APR

4.13% – 14.74%

Loan Term

5, 7, 10, 12 or 15 years

Loan Amount

$2,001 up to total cost of attendance; total maximum of $200,000 for undergraduate loans and $400,000 for graduate loans

Why We Chose It

For international students who have a willing cosigner, Ascent Funding can offer the cash necessary to fund your undergraduate, graduate or professional degree programs, with repayment terms as long as 20 years in some cases.

Pros

• Available to undergraduate, graduate and professional program students
• Only half-time enrollment is required
• “1% Cash Back Graduation Reward” and autopay APR discounts (up to 1.00%) offered

Cons

• Creditworthy cosigner who lives in the U.S. is required
• Only available to foreign students attending school in the U.S.
• Students must have temporary resident status in the U.S. or Temporary Protected Status

Best for U.S. Graduate Programs

Earnest Private Student Loan

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Vault Verified

Variable APR

5.87% to 18.51% (with autopay discount)

Fixed APR

4.67% to 16.15% (with autopay discount)

Loan Term

Select the exact number of months you’d like to repay your loan, based on your desired monthly payment

Loan Amount

$1,000 to a $250,000 lifetime maximum

Why We Chose It

If you’re an international student planning to pursue an MBA, JD/LLM or MS Engineering degree at select U.S. colleges and universities, an Earnest international student loan can give you access to as much as $250,000 in maximum lifetime funding. No cosigner is required for qualified students.

Pros

• No cosigner required
• Borrow up to $250,000 in maximum lifetime funding
• Nine-month grace period after graduation

Cons

• Only select schools and graduate degree programs allowed

Best for International Graduate Students

Prodigy Finance

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Vault Verified

Variable APR

14.997%

Fixed APR

N/A

Loan Term

7 – 20 years

Loan Amount

$15,000 up to 100% of your school’s total attendance costs, depending on the institution

Why We Chose It

With a Prodigy Finance loan, international graduate students can get repayment terms between seven and 20 years (plus up to a six-month grace period after graduation). There are eligible schools in 18 countries around the world, and no co-signer is required in order to secure a loan.

Pros

• Available to students studying at an eligible school in 19 different countries
• No cosigner or collateral required
• Repayment terms as long as 20 years

Cons

• No fixed-rate APR
• Only available to masters degree students
• Shorter grace period for part-time students

Best for Refinancing Your International Student Loans

Juno

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Vault Verified

Variable APR

6.24% – 9.99% (including autopay discount)

Fixed APR

5.24% – 9.99% (including autopay discount)

Loan Term

Negotiated

Loan Amount

Minimum $5,000; Negotiated

Why We Chose It

If you’re not a U.S. citizen, you may find it difficult to refinance your international student loans, which can have higher-than-average interest rates compared to domestic student loans. Juno’s collective bargaining power allows you to refinance those loans with a partner lender at a potentially lower rate and consolidate multiple balances into one, easy-to-manage account.

Pros

• Juno shops refinance deals on your behalf and finds the best possible rates for your situation
• Reduced interest rates, autopay discounts and cash bonuses available
• No cosigner necessary

Cons

• Only offered to international borrowers employed in the U.S., with an offer of employment in the U.S. or with other sufficient income
• If you didn’t graduate with an associates degree or higher from a Title IV school, you can’t refinance your educational debt
• Not available for bar loans or residency loans

What Are International Student Loans?

International student loans are borrowed funds that can be used to pay for educational expenses such as tuition, fees, room and board, books, supplies and other necessary costs. These loans may be offered to students enrolled in undergraduate, graduate and professional degree programs. 

Providing loans to non-citizens can be risky for lenders, which is why not all student loan companies offer funds to international students. Select lenders provide student loans to international students as long as they are able to meet certain criteria, such as attending an approved school, providing collateral or adding a qualified cosigner to the loan.

Who Qualifies as an International Student?

An international student is someone who is attending school outside of their home country. This may be an American student studying abroad or a foreign student from another country who is choosing to attend school in the United States. These students generally don’t have citizenship in the country where the school is located and may not be able to meet certain standard loan requirements. In the U.S., this might include having a Social Security number or established credit history. 

How To Get an International Student Loan

The process for getting an international student loan will vary depending on whether you’re an American student looking to study abroad or a foreign student planning to study in the United States. Since most of the lenders mentioned here are U.S.-based and offer loans to international students, here are the steps you’ll need to take if you’re a foreign student who plans to attend school in the U.S.

1. Apply to a degree program. Before you can get approved to take out a loan for school, you’ll need to first get accepted into an eligible institution. This means that you’ll need to at least apply for the specific school and program before moving forward with funding options.
2. Determine how much you need to borrow. Your educational costs will depend on the school you attend and whether or not you also want to include living expenses in your loan, such as room and board, meal plans, etc. Some lenders will have a set dollar amount limit but others may allow you to borrow up to 100% of your educational expenses. 
3. Ensure that you have any necessary student visas, etc. Before you’re approved for an international student loan, most lenders will want to verify that you have a valid student visa, green card or eligible documentation in place. You may also be asked to provide certain proof of identity, often in the form of a valid passport, so be sure to have that ready.
4. Apply for an international student loan. Once you have everything in order, it’s time to formally apply for your student loan. You’ll be asked a number of questions regarding your identity, degree plans, contact information and more. Many lenders offer online preapproval in just a few minutes, while others may need to verify certain information before you’ll be given a loan answer.
5. Sign your promissory note. After you’re approved for a loan and the lender has verified the information with your school, you’ll be asked to sign a promissory note. This signature indicates that you agree to the loan terms and will repay the debt as scheduled.
6. Get funded: Your loan is approved, signed and complete. Now, the funds will be sent to your school and applied to your tuition and fees. If you also borrowed enough to cover living expenses, books, supplies, etc., your school will give you any overage via cash or check. 
7. Repay your loan as promised: Once you’ve graduated, dropped below half-time enrollment or reached whatever threshold your lender has for repayment, it’s time to start paying down your loan. Most lenders offer a grace period after graduation (often six months) before payment is required. After that, you’ll need to start making monthly payments according to the terms you chose when you took out the loan.