Studying in the USA is a dream for many international students. However, the cost of education can be a major obstacle for students from other countries. Thankfully, there are a variety of international student loans available to help finance education in the USA.

International student loans are designed specifically for students who are not US citizens or permanent residents. These loans offer flexible repayment terms and competitive interest rates, making it easier for international students to finance their education.

In this article, we will take a closer look at the 10 best international student loans available in the USA. We will discuss each lender’s eligibility requirements, interest rates, and repayment terms. We will also provide tips for managing finances as an international student and highlight additional resources for financing education.

Criteria for Selection

Choosing the best international student loans can be a daunting task as there are many lenders offering different loan products. To help simplify the selection process, we have evaluated lenders based on several key criteria:

1. Eligibility requirements

The best international student loans should have reasonable eligibility requirements that students can meet without much difficulty. For example, some lenders may require a certain minimum credit score or a cosigner. We have looked for lenders with flexible eligibility requirements, making it easier for international students to obtain financing for their education.

2. Interest rates

Interest rates are one of the most important factors to consider when choosing a loan. High-interest rates can make repayment more challenging, increasing the total cost of the loan. Therefore, we have chosen lenders with competitive interest rates that are in line with or lower than the market average.

3. Repayment terms

Repayment terms play a crucial role in determining how much an international student will pay back over the life of the loan. The best international student loans should offer flexible repayment terms, such as deferred payment options or lower monthly payments after graduation. We have looked for lenders that offer repayment terms that are easy to manage and accommodate the varying financial situations of international students.

4. Customer service

Good customer service is essential when it comes to borrowing money. We have evaluated lenders based on their customer service quality, such as response time, availability of customer support, and assistance provided to borrowers throughout the loan process.

5. Additional benefits

Some lenders may offer additional benefits such as interest rate reductions for automatic payments, scholarships, or other perks. We have looked for lenders that offer additional benefits that can help international students save money or provide additional financial support.

10 Best International Student Loans

1. Prodigy Finance

Prodigy Finance is a UK-based company that offers international student loans to students studying in the USA. Prodigy Finance loans are designed to help students cover the cost of tuition, living expenses, and other related costs. The loans are available to students from over 150 countries, including the USA, and do not require a co-signer. Prodigy Finance offers flexible repayment terms and competitive interest rates.

2. MPOWER Financing

MPOWER Financing is a US-based company that offers international student loans to students studying in the USA. MPOWER Financing loans are available to students from over 200 countries, including the USA, and do not require a co-signer. The loans offer flexible repayment terms, including interest-only payments, and competitive interest rates. MPOWER Financing also offers career support to its borrowers, including help with internships and job placements.

3. Stilt

Stilt is a US-based company that offers international student loans to students studying in the USA. Stilt loans are available to students from over 150 countries, including the USA, and do not require a co-signer. The loans offer flexible repayment terms, including deferred repayment, and competitive interest rates. Stilt also offers other financial products, including personal loans and credit cards, to its borrowers.

4. Global Student Loan Corporation

Global Student Loan Corporation is a US-based company that offers international student loans to students studying in the USA. The loans are available to students from over 180 countries, including the USA, and do not require a co-signer. The loans offer flexible repayment terms, including interest-only payments, and competitive interest rates. Global Student Loan Corporation also offers other financial products, including loan consolidation and refinancing options, to its borrowers.

5. Citizens Bank

Citizens Bank is a US-based bank that offers international student loans to students studying in the USA. The loans are available to students from over 100 countries, including the USA, and require a co-signer. The loans offer flexible repayment terms, including deferred repayment, and competitive interest rates. Citizens Bank also offers other financial products, including checking and savings accounts, to its borrowers.

6. Discover Student Loans

Discover Student Loans is a US-based lender that offers international student loans to students studying in the USA. The
loans are available to students from over 200 countries, including the USA, and require a co-signer. The loans offer flexible repayment terms, including deferred repayment, and competitive interest rates. Discover Student Loans also offers other financial products, including credit cards and personal loans, to its borrowers.

7. Wells Fargo

Wells Fargo is a US-based bank that offers international student loans to students studying in the USA. The loans are available to students from over 180 countries, including the USA, and require a co-signer. The loans offer flexible repayment terms, including deferred repayment, and competitive interest rates. Wells Fargo also offers other financial products, including checking and savings accounts, to its borrowers.

8. Sallie Mae

Sallie Mae is a US-based lender that offers international student loans to students studying in the USA. The loans are available to students from over 100 countries, including the USA, and require a co-signer. The loans offer flexible repayment terms, including deferred repayment, and competitive interest rates. Sallie Mae also offers other financial products, including college savings plans and personal loans, to its borrowers.

9. SunTrust

SunTrust is a US-based bank that offers international student loans to students studying in the USA. The loans are available to students from over 180 countries, including the USA, and require a co-signer. The loans offer flexible repayment terms, including deferred repayment, and competitive interest rates. SunTrust also offers other financial products, including checking and savings accounts, to its borrowers.

10. Funding Circle

Funding Circle is a UK-based lender that offers international student loans to students studying in the USA. The loans are available to students from over 25 countries, including the USA, and do not require a co-signer. The loans offer flexible repayment terms and competitive interest rates. Funding Circle also offers other financial products, including small business loans and investments, to its borrowers.

Tips for Budgeting and Managing Finances as an International Student

Managing finances as an international student can be challenging. Here are some tips to help international students budget and manage their finances while studying in the USA:

Create a budget

Create a budget that includes all of your expenses, including tuition, housing, food, transportation, and other expenses. Stick to your budget as much as possible.

Use student discounts

Take advantage of student discounts for transportation, entertainment, and other expenses.

Open a bank account

Open a bank account in the USA to make it easier to manage your finances. Many banks offer special accounts for international students.

Save money on textbooks

Consider buying used textbooks or renting textbooks to save money.

Find a part-time job

Consider finding a part-time job on campus or off-campus to help cover your expenses.

Conclusion

In conclusion, obtaining an education in the USA as an international student can be an expensive endeavor, but it is worth it in the long run. International student loans are a great way to finance your education, and there are many lenders available that offer flexible repayment terms and competitive interest rates.

It is important to do your research and compare different loan options before making a decision. Consider factors such as interest rates, repayment terms, and eligibility requirements. Also, make sure to take advantage of other financial aid opportunities, such as scholarships and grants.

Managing finances as an international student can be challenging, but it is important to create a budget, use student discounts, open a bank account, save money on textbooks, and find a part-time job to help cover expenses.

Overall, international student loans and other financial aid options can help make your dream of studying in the USA a reality. With proper financial planning and management, you can obtain a quality education and achieve your career goals.