International students are typically non-US nationals who attend college in the United States for a set period of time. Most non-US nationals are ineligible for federal student loans, with a few exceptions. International students seeking additional cash often use private student loans to meet academic expenses.
In order to obtain a private loan, lenders will typically require a co-signer who is a US citizen. We have found the finest solutions for overseas students based on criteria such as eligibility requirements, fees, and flexible repayment options.
1. Ascent
Ascent provides both co-signed and non-co-signed student loans, giving borrowers without co-signers greater college finance options. We evaluated the company based on its co-signed credit-based student loan for undergraduates.
Ascent distinguishes itself from other private lenders by offering a variety of payment reduction and deferral alternatives. Borrowers can choose a graduated repayment plan, which starts with a lower monthly payment and gradually climbs over time. That can be beneficial for recent grads, who are likely to earn more as they advance in their jobs.
Borrowers can also halt payments if they are suffering temporary financial difficulties for one to three months at a period, up to a total of 24 months. (Taking this deferment means you will repay the debt over a longer period of time.) Interest continues to accrue during forbearance, as is true for the great majority of private student loans.
Ascent additionally provides a graduation reward of 1% cash back on the loan’s original principal sum.
- Both co-signed and independent loans available
- International and DACA students can qualify with a co-signer who has U.S. citizenship or permanent residency
Cons
- Charges late fees
- Maximum fixed APR is above 10%
Loan terms: 5, 7, 10, 12 or 15 years
Loan amounts available: $2,001** up to total cost of attendance, to a maximum of $200,000 per academic year ($200,000 aggregate).
Eligibility: Student borrowers with no credit history can be approved with a creditworthy co-signer. Co-signers must have an income of at least $24,000 for the current and preceding years. Co-signers must meet a minimum credit score, which can vary.
Forbearance options: Borrowers facing financial difficulties can suspend payments for up to three months at a time, for a total of up to 24 months during the course of the loan. Only four cycles of forbearance (up to 12 months each) may be taken consecutively.
Co-signer release policy: If the principal borrower passes specific credit score standards, the loan will be available after 12 months of consecutive automatic debit payments.
2. SoFi
SoFi offers loans to undergraduates, graduate students, law and business students, and parents, in addition to its popular student loan refinance service. Its undergraduate student loan package includes primarily industry-standard features, as well as a few perks: no late fees, a 0.125% interest rate discount if your co-signer currently uses another SoFi product, and job search assistance from its career team.
Pros
- Access to SoFi member benefits, including career coaching
- No late fees
- Interest rate estimate available without undergoing a hard credit check
Con
- Maximum APR above 10%
Loan terms: 5, 7, 10 and 15 years.
Loan amounts available: $1,000 up to the total cost of attendance.
Eligibility: Does not disclose credit score or income requirements.
Forbearance options: SoFi has a unique Unemployment Protection Program that allows borrowers to halt payments in three-month increments for up to 12 months if they are laid off from work. A different forbearance program is also available for debtors facing various forms of financial difficulties, such as medical bills. Borrowers can take up to 12 months total forbearance, regardless of the program they utilize.
Co-signer release policy: Available after 24 payments.
3. College Ave
College Ave provides a strong overall private loan package with a few distinguishing features. Borrowers can choose an eight-year term in addition to the standard five-, ten-, and fifteen-year durations offered by many lenders. Borrowers can also take advantage of an extra six-month grace period after leaving school, which goes beyond the first payment-free six months.
- Interest rate estimate available without undergoing a hard credit check
- International students can qualify with a co-signer who has U.S. citizenship or permanent residency
- Long time period (210 days) before unpaid loans go into default
Con
- Relatively high APR
Loan terms: 5, 8, 10, 15 and 20 years
Loan amounts available: $1,000 up to 100% of the school-certified cost of attendance
Eligibility: Applicants must have a minimum credit score in the mid-600s.
Forbearance options: Up to 12 months of forbearance is available, in three- to six-month increments
Co-signer release policy: Available after 24 payments
4. Citizens Bank
Citizens Bank’s parent loan has relatively low interest rates, and borrowers who already have an account with the bank may be eligible for an interest rate discount of up to 0.50%. (While student loans are available in all states, checking and savings accounts are only offered in Connecticut, Delaware, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, and Vermont.)
Citizens Bank also offers a rather rare loan modification program, which was started in spring 2020 and allows for lower monthly payments for a year. This is in addition to the industry standard 12-month forbearance.
- Maximum interest rate under 10%
- Loan modification option in addition to standard forbearance
- No origination fee
Cons
- No rate estimate available without soft credit check
- Non-U.S. citizens cannot apply
Loan terms: 5 or 10 years
Origination fee: None
Loan amounts available: $1,000 to $350,000
Eligibility: Parent applicant and student must be U.S. citizens. Student must attend school at least half-time.
Forbearance options: Up to 12 months throughout the life of the loan, provided in two-month increments.
5. Sallie Mae
Borrowers can qualify for a Sallie Mae student loan even if they are only attending school part-time, which is not allowed by other lenders. After graduation, borrowers can take advantage of a few hardship repayment plans in addition to forbearance, such as a rate decrease or one year of interest-only payments.
Sallie Mae’s graduate student loan allows principal borrowers to petition for the discharge of their co-signers after only 12 months.
- No origination fee
- Co-signer release available after 12 monthly payments
Cons
- Only one loan term available
- No rate estimate available with soft credit check
Loan terms: 15 years
Loan amounts available: $1,000 up to total cost of attendance; no aggregate graduate student loan limit
Eligibility:International students may apply with a US citizen co-signer. Borrowers are eligible whether they are full-time, part-time, or less than half-time students.
Forbearance options: Up to 12 months throughout the loan term. Interest-only payment option for one year after leaving school.
Co-signer release policy: Available after 12 on-time monthly payments
6. Earnest
Earnest provides a fee-free private loan solution, including no origination or late fees. Borrowers can skip one monthly charge per year and request normal forbearance as needed. Borrowers can pick from multiple repayment terms. Graduate students enjoy a nine-month grace period before making payments following graduation, which is longer than the standard six-month grace period.
Earnest does not have a co-signer release program. Borrowers who utilize a co-signer must keep them on the loan until they refinance in their own name.
- 9-month grace period for graduate students
- No late fees
- Option to skip one payment per year
Cons
- No co-signer release program
- No rate estimate available with soft credit check
Loan terms: 5, 7, 10, 12 or 15 years
Loan amounts available: $1,000 up to total cost of attendance (no aggregate loan amount listed).
Eligibility⁵: Students must be attending school at least half-time. International students can apply with a U.S. citizen co-signer.
Forbearance options: Available for up to 12 months throughout the loan term
Co-signer release policy: None
Tips for Comparing International Student Loans
To obtain a private student loan, international students must have a co-signer who is a United States citizen or permanent resident. There are a few lenders who do not demand one, however, funding from these lenders is limited for the 2020–21 school year, in certain cases due to reduced investor activity during the coronavirus outbreak. Continue to monitor our list; we will add lenders who satisfy our criteria as they resume or increase student lending in 2021.
Students frequently choose federal financial help over other options. However, federal student loans are limited to U.S. citizens and qualifying non-citizens, including:
- U.S. nationals, including natives of American Samoa and Swains Island
- U.S. permanent residents that have a Form I-551, I-151 or I-551C, better known as a green card
- Those who carry an Arrival-Departure Record (I-94) from U.S. Citizen and Immigration Services that place them in one of the following categories: Refugee, Asylum Granted, Cuban-Haitian Entrant, Conditional Entrant (if issued before April 1, 1980), Parolee (in certain cases)
- Students who hold, or whose parent holds, T nonimmigrant status for victims of human trafficking
- Individuals determined to be a “battered immigrant-qualified alien,” as defined by the government, and their children
- Citizens of the Federated States of Micronesia, the Republic of the Marshall Islands or the Republic of Palau
Confirm with your college’s financial aid office whether you fit into any of these categories, and if so, complete the Free Application for Federal Student Aid (FAFSA) to receive federal financial help. Federal student loans offer lower interest rates and more repayment options than private loans. Deferred Action for Childhood Arrivals (DACA) recipients cannot receive federal student aid, however they may be eligible for college aid from their schools or states.
