7 Best Student Loan Opportunities for International Students and How to Apply

Introduction

For international students pursuing higher education, securing financial aid is crucial to cover academic expenses. While federal loans may be limited to citizens, there are reputable private financial institutions that extend loans to international students. In this blog post, we’ll explore the top seven student loan opportunities available to international students and provide a step-by-step guide on how to apply.

Requirements for International Students to Apply for a Student Loan

Before delving into the available options, it’s essential to understand the typical requirements for international students seeking a student loan:

• Proof of enrollment at a university, training program, or college (includes a completed registration form and acceptance letter).
• Biographical information (name, address, social security number, etc.).
• Valid, unexpired foreign passport.
• Driver’s license or official identification card.
• Employment and income information.
• Recent tax documents (if applicable).
• Requested loan amount.
• Personal contacts of co-signers (number may vary by financial institution).
• Statement of bank account and asset information.
• Details of payment obligations.

Now, let’s explore the top seven financial institutions that offer loans to international students:

MPOWER Private Student Loan

MPOWER Financing is a public-benefit company dedicated to helping international students, U.S. citizens, and DACA students pursue higher education. They have assisted students from over 190 countries, offering loans for academic expenses. With an impressive Path 2 Success Career Support program, MPOWER goes beyond financial assistance by providing career-building resources.

Loan Amount: Up to $100,000

Repayment Terms: Interest payments while in school and 6 months post-graduation, followed by a 10-year loan term.

Application Process: Online application, document submission, review, and acceptance.

Prodigy Private Student Loan

Prodigy Finance specializes in offering loans to graduate students from 150+ countries. With a streamlined application process and no requirement for collateral or co-signers, Prodigy Finance helps finance education in various fields across 850 universities worldwide.

Loan Amount: $15,000 to $220,000

Repayment Options: Flexible, determined by credit history or future earning potential.

Application Process: Online application, credit report, background check, document upload, and final acceptance.

Sallie Mae Private Student Loan

Sallie Mae extends private student loans to students pursuing part-time or full-time degrees across diverse fields. With flexible payment options, students can borrow funds to cover a wide range of academic expenses. Co-signers may be required for students without established credit history.

Loan Amount: Minimum of $1,000

Repayment Options: Customizable, including in-school or post-graduation.

Application Process: Online application, document submission, review, acceptance, and school verification.

Ascent Funding Student Loan

Ascent Funding caters to undergraduate and postgraduate international students studying in the U.S. They offer loans ranging from $2,001 to $400,000, covering tuition, room, board, books, and academic expenses. Co-signers must meet specific criteria to be eligible.

Loan Amount: $2,001 to $400,000

Repayment Options: Flexible, chosen by the student.

Application Process: Online application, document submission, co-signer eligibility check, and acceptance.

Citizens Bank Private Student Loan

Citizens Bank offers loans to international students with a creditworthy U.S. citizen or permanent resident co-signer. Students must be enrolled at an accredited U.S. university, either full-time or part-time. Loan amounts range from $1,000 to $150,000.

Loan Amount: $1,000 to $150,000

Repayment Options: Flexible, tailored to the student’s needs.

Application Process: Online application, document submission, co-signer eligibility check, acceptance, and school disbursement.

Sofi Private Student Loan

Sofi provides low-interest loans to international students pursuing undergraduate or graduate degrees across multiple countries. Co-signers must be U.S. citizens or permanent residents. Loan amounts start at $1,000.

Loan Amount: Minimum of $1,000

Repayment Options: In-school or post-study, based on student preference.

Application Process: Online application, document submission, co-signer eligibility check, and acceptance.

College Ave Private Student Loan

College Ave offers low-interest loans to international students pursuing degrees in various countries. Co-signers must be creditworthy U.S. citizens or permanent residents. Loan amounts start at $1,000.

Loan Amount: Minimum of $1,000

Repayment Options: In-school or post-study, as preferred by the student.

Application Process: Online application, document submission, co-signer eligibility check, and acceptance.

Conclusion

For international students, accessing student loans is a valuable resource to fund their higher education. By understanding the requirements and exploring reputable financial institutions, students can make informed decisions about their financial future. Remember, responsible financial planning and early repayment can help students manage their loans effectively.

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