Federal student loans offer a number of advantages when compared to private loans, but they are limited to U.S. citizens and eligible non-citizens. So, for many international students, a private student loan is the best way to pay for college.
International students have more options than ever to choose a loan that’s right for their unique needs. We’ve compiled the best international student loans to help you narrow down your list of choices. These loans don’t require borrowers to have a Social Security number (SSN) or collateral, and a couple we like don’t even require a co-signer.
Best International Student Loans of June 2023
1.Earnest
Earnest offers a wide variety of student loans, including some specialized graduate loans and refinance loans. International students can apply if they have an SSN or an individual taxpayer identification number (ITIN), a physical address in the U.S., and a co-signer who’s a U.S. citizen or permanent resident.
The lender’s interest rates are competitive, and you’ll be able to borrow up to the cost of attendance. When it comes to repayment, there’s a lot of flexibility, as Earnest allows you to adjust your term down to the month. You’ll also get a nine-month grace period after you graduate rather than the standard six-month period.
If you struggle to keep up with your payments, you can get up to 12 months of forbearance or a modified plan that may involve a lower interest rate, interest-only payments, or an extended term.
Earnest doesn’t charge any fees, aside from interest, and it offers a 0.25% discount on your interest rate if you set up automatic payments.
Eligibility Requirements
- Available in all states and the District of Columbia (excluding Nevada).
- Your co-signer must be a U.S. citizen or permanent resident.
- You must have a physical address in the U.S.
- You must have an SSN or ITIN.
- Your co-signer must have a credit score of 650 or above and a credit history of three years or longer.
- Your co-signer must have an annual income of at least $35,000.
- If you’re an undergraduate student, you must be enrolled at least half-time.
- The school you’re attending must be a Title IV-qualified, not-for-profit, four-year institution.
2.Juno
Juno doesn’t offer student loans on its own. Rather, it gathers large groups of prospective borrowers and gets private student loan companies to compete for their business. This approach can help you secure a lower interest rate than you could get on your own—Juno boasts a median lower rate of 1.6%.
As a DACA recipient or an international student, you can sign up for free to get started. There’s no cost or commitment, and you also don’t need to undergo a credit check. Juno will pool you together with a group of other potential borrowers and ask its partner lenders to submit bids for your business. Then, it’ll select the best bid and share the deal with you. If you agree, you’ll submit an application directly with the lender and get the features it offers.
With this approach, Juno can potentially help you save money, but it only works with a handful of lenders, so you might miss out on a better deal elsewhere if you don’t shop around. The actual terms for your loan will depend on the lender Juno chooses for you, so you may not get exactly what you want.
Eligibility Requirements
- You must be a past, present, or future student of a Title IV accredited, not-for-profit university based in the U.S.
- Loans are available in all 50 states and D.C.
- Additional borrower and co-signer requirements will depend on individual partner lenders.
3.Credible
If you’re not certain about your eligibility, Credible makes it easy to get pre-qualified with multiple lenders at once. Then, you can compare rate quotes and terms to determine the right fit for you.
You can generally find a loan that covers the total cost of attendance at your school, but because the interest rates, terms, and other features will vary by lender, you’ll need to do some extra legwork to research your options to find the right fit.
Credible doesn’t charge a fee for its service, and its partner lenders don’t charge origination fees or prepayment penalties. However, they may charge late fees. They may also offer various interest rate discounts, which can be worth exploring.
Eligibility Requirements
- You must be a U.S. citizen or permanent resident or an international student with a U.S. address and a co-signer who is a U.S. citizen or permanent resident.
- Some partner lenders may have state restrictions.
- You or your co-signer must have a credit score of 670 or higher.
- Additional requirements may vary depending on the lender.
4.Ascent
Ascent offers several student loan options for international students, particularly for graduate studies. The lender offers a wide range of repayment terms, which can vary based on your loan type, and borrowers can postpone payments after graduation for up to 9 or 36 months, depending on the loan program.
In addition to a 0.25% autopay discount on your interest rate, the lender offers a cash-back reward worth 1% of your loan balance when you graduate and meet certain requirements. And if you refer friends to Ascent, you can get up to $525 for each one when they’re approved and receive their loan funds. They’ll also get a $100 bonus.
Before you apply, you can get pre-qualified to assess your eligibility. Remember, though, that as an international student, you’ll need a co-signer who is a U.S. citizen or permanent resident, and Ascent does not offer co-signer release.
Eligibility Requirements
- Loans are available in all 50 states, Washington, D.C., and U.S. territories.
- International students must have a creditworthy co-signer who is a U.S. citizen or permanent resident.
- Co-signers must have a minimum annual income of $24,000 for the current and previous year.
- Co-signers must meet a minimum credit score, which Ascent does not disclose.
5.Citizens Bank
Citizens Bank offers several different types of graduate student loans, making it easier to find one specialized to your needs. In addition to a 0.25% interest rate discount for automatic payments, the lender also offers a 0.25% rate discount if you or your co-signer has a qualifying Citizens Bank account at the time of the application.
Additionally, the lender offers multi-year approval, so you don’t have to submit an official application every year. You’ll need a creditworthy co-signer who is a U.S. citizen or permanent resident to get approved, but you can get them removed once you meet certain requirements.
If you’re attending an expensive school, you may run into some problems with the bank’s aggregate limits, which vary based on the type of loan. Repayment terms aren’t as flexible as some lenders, but you’ll still get a few options.
Eligibility Requirements
- Loans are available in all 50 states.
- International students must have a creditworthy co-signer who is a U.S. citizen or permanent resident.
- You must be enrolled at least half-time in a degree-granting program at an eligible institution.
- You cannot have any prior student loan defaults.
- Your co-signer must have a reasonably strong credit history, though the lender doesn’t provide specifics.
6.Discover
Discover offers undergraduate loans and a wide array of graduate student loans, even to international students who have a creditworthy co-signer who’s a U.S. citizen or permanent resident. Unfortunately, you won’t be able to release that co-signer later on unless you refinance the loan with a different lender.
In addition to a 0.25% interest rate discount for automatic payments, the lender offers a 0.35% interest rate discount if you choose to make interest-only payments while you’re in school. You can also get a reward worth 1% of your loan balance if you achieve a 3.0 GPA or its equivalent. There are no fees whatsoever on Discover’s student loans.
That said, Discover only offers one repayment term to its borrowers, which is 15 years for undergraduate loans and 20 years for graduate loans. You can borrow up to the total cost of attendance, but Discover may set limits on the total amount you can borrow—the lender doesn’t disclose a cap publicly. Loans aren’t available to part-time students.
If you’re unsure about your eligibility, you won’t be able to pre-qualify to assess your options; you’ll have to submit a full application.
Eligibility Requirements
- Loans are available in all 50 states and Washington, D.C.
- International students must have a creditworthy co-signer who is a U.S. citizen or permanent resident.
- You must be enrolled at least half-time in a bachelor’s or associate’s degree program (or another eligible program if you’re pursuing a graduate, MBA, law, or health professions degree) at an eligible school.
- You must be intending to get a degree.
- You must make satisfactory academic progress as defined by your college.
- You must be at least 16 years old at the time you apply.
7.PenFed
PenFed Credit Union doesn’t offer in-school student loans, but the institution does partner with Ascent, which offers co-signed undergraduate and graduate loans for international students. As a result, all the terms would be the same as if you were to apply directly with Ascent.
Ascent offers various repayment terms, which vary based on loan type. Depending on which loan you choose, you can postpone payments for up to 9 or 36 months after graduation.
On top of a 0.25% autopay discount on your interest rate, Ascent offers graduates a 1% cash-back reward based on their loan balance with the lender. You can also earn up to $525 when you refer a friend, and they can get a bonus, too.
To gauge your eligibility, get pre-qualified before you submit an application.
Eligibility Requirements
- Loans are available in all 50 states.
- International students must have a creditworthy co-signer who is a U.S. citizen or permanent resident.
- Co-signers must have a minimum annual income of $24,000 for the current and previous year.
- Co-signers must meet a minimum credit score, which Ascent does not disclose.
Final Verdict
International students don’t have as many options as citizens and permanent residents when it comes to financing their college education in the U.S. But among private lenders, there are several choices available.
While options may be limited and expensive if you don’t have a co-signer, having someone who can apply with you can make it easier to find a good deal. Take your time to shop around and compare multiple options before you decide to move forward, and don’t be afraid to contact your school’s financial aid office to find out about more ways you can pay for college.