Best International Student Loans ( Free Interest Loans)
Best International Student Loans ( Free Interest Loans): Student loans offered by the government are better than private loans for a number of reasons, however, they are limited to United States citizens and some eligible non-citizens.
This means that for most international students the only option is to get a private loan to finance their education.
That being said, we have compiled a list of the best international student loans to help you narrow your options when you want to select the perfect loan option to finance your college education. These loan institutions do not require you to have a Social Security Number or collateral, and there are some that don’t even require you to have a cosigner.
Who Qualifies for an International Student Loan?
International students who are interested in getting a loan must meet all the eligibility requirements given by the loan institution.
These requirements may include being enrolled in an eligible school and having a credit-worthy cosigner.
DACA recipients that have a Social Security Number tend to have more options than students without one
Best International Student Loans
Best Loan for Undergraduate Students without a Cosigner: MPOWER Financing
Best Loan for Graduate Students without a Cosigner: Prodigy Finance
Best Loan for Graduate Students with a Cosigner: Citizens One
Best Interest Rates: Ascent Student Loans
Best for DACA Recipients: Discover
Best International Student Loans
MPOWER Financing
The truth is that most international students do not have a cosigner in the US. This means that they don’t have the option of going for loan options that requires a co-signer. If they intend to borrow in their own country then they may need to provide collateral.
MPOWER financing is filling this gap by offering private loans to students without asking for a co-signer.
MPOWER private student loans are offered to international students that are both undergraduate and graduate within two years after graduating so that they can begin a one or two-year program in one of the over 350 schools approved in Canada or the US.
With this loan, students make interest-only payments while in school for the first 6 months and 6 months after graduation. After this time students are to make full repayment which is for both interest and principal until the entire loan is paid off.
There is a 5% origination fee on every loan but there’s no application or a payment fee
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Best International Student Loans ( Free Interest Loans)
MPOWER international student loan rates before discounts:
Undergraduate fixed APR: 14.98%
Graduate fixed APR: 12.94%
Repayment terms: 10 years
Loan amounts: $2,001–$100,000
The good thing that makes MPOWER the best student loan for students without a cosigner is the availability of loans for undergraduate students and access to free visa support letters, immigration resources and scholarship opportunities.
Students can also take advantage of up to 3 interest rate discount
0.50% for enrolling in autopay
0.50% after six on-time payments with autopay
Another 0.50% for reporting proof of graduation and employment
Prodigy Finance
Prodigy Finance also offers private student loans to international students without cosigners but it is only available to students who are seeking a graduate degree in business, technology, science, engineering, math, law, and public policy or healthcare.
With Prodigy finance, students are faced with three repayment term options and the payments you make are deferred while you are still in school.
Although you can make a payment at any time without facing any penalties or additional fees. Prodigy charges a 5% administration fee but there are no repayment or application fees on loans.
Prodigy Finance international student loan details:
Variable APR: Starting at 7.25%
Repayment terms: Seven to 20 years
Loan amounts: $15,000 and up for most U.S.-based schools
The thing that makes Prodigy attractive to students is the simple and flexible interest rates that they offer. Their interest does not compound throughout the lifespan of the loan which makes it easier to pay back.
Prodigy Finance uses a variable interest rate model of a fixed margin rate plus a variable base rate to determine interest. This brings their Annual Percentage Rate for student loans to 12%.
Citizens One
Citizens one is a loan company that offers student loans to international students who have a credit-worthy cosigner who is a permanent resident or a US citizen to back them up.
With Citizens One, there are no application, origination or prepayment fees and students can choose from four different in-school repayment options and from three different terms.
Citizen One international student loan details:
Graduate Fixed APR: 5.22%–9.91%
Graduate Variable APR: 3.75%-9.68%
Repayment terms: Five, 10, or 15 years
Graduate loan amounts: $1,000 up to the total cost of attendance or $350,000 total aggregate, depending on the degree
Citizens, one provides some of the lowest interest rates that are available for student loans, especially for graduate and professional loans.
They also provide medical residency and bar study loans making it a more affordable choice for graduates with a worthy cosigner.
Students can also lower their interest rate with a 0.25% discount when they enroll in autopay and another 0.25% reduction if the student or the cosigner has a Citizens Bank account or loan.
This is unfortunate for international students as they cannot take advantage of other features provided by Citizens One such as a multi-year approval or cosigner release.
Ascent Student Loans
Ascent student loans are only available to international students who have a cosigner living in the US or is a US citizens. There are no application, origination, or repayment fees with Ascent.
You also get to choose between three in-school repayment options and six repayment terms. They offer up to 15 years for fixed-rate loans or 20 years for variable-rate loans.
Ascent cosigned loan rates with all available discounts:
Variable APR: 2.52%–11.11%
Fixed APR: 3.89%–13.16%
Repayment terms: Five, seven, 10, 12, or 15 years
Loan amounts: $2,000 up to the total cost of attendance or $400,000 total aggregate, whichever one you prefer.
When you enroll for autopay you get a 0.25% off cosigned loans and a 1% cash back reward once you graduate from the degree program that you collected the loan to fund. They also provide free interactive courses that students must take before they receive the loan.
Unfortunately, there are some features offered by Ascent that international students are not eligible for. These include a cosigner release, monthly scholarship drawings, and its own referral program.
Discover
Discover is a loan agency that offers private student loans to international students who are already attending an eligible US college and have a credit-worthy cosigner who is a primary US resident or citizen to back them up.
The loans are free of any fees and students can choose from four in-school repayment options but it has only one term.
Discover international student loan details:
Undergraduate Variable APR: 2.99%–12.59%
Undergraduate Fixed APR: 4.99%–13.99%
Repayment terms: 15 years
Loan amounts: $1,000 up to the total cost of attendance
Students who are Deferred Action for Childhood Arrivals (DACA) recipients are particularly unique because they live in the U.S. and can apply for a Social Security number, but they are not eligible for any federal financial aid.
This means many are already building credit but they still have to turn to private student loans if they need to fund their college education.
Discover is one of the only loan platforms that provides multi-year approval for students with or without an SSN. This makes it easier for students to avoid multiple hard credit inquiries so they can continue to build credit.
They also offer a 1% cash reward for having good grades and a 0.25% interest rate discount when you enroll in autopay.
Can International Students Get Federal Loans?
Before applying for a private international student loan as a non-US citizen, you should check and verify if you are eligible for some type of federal financial aid. A certain group of students are considered as eligible non-citizens and may qualify for federal student loans.
Such students may include:
Natives of American Samoa or Swains Island.
Permanent United States residents with a permanent residency card, resident alien card or green card also known as alien registration receipt card.
People with an Arrival-Departure Record from the United States Immigration Service proving that you are a refugee or asylum seeker.
People with a T nonimmigrant status (T-visa) or who have a parent with a T-visa.
People considered a “battered immigrant-qualified alien.”
In case you do not fall into any of the above categories, you can also check with your country’s embassy or consulate in the United States or you can also check any appropriate government office in your country to see if they offer any scholarship or loan opportunities.
You could also get financial aid from the state or college you are studying in. So before you go for a private student loan, make sure you have exhausted all these options.
Which kind of institutions offer International Student loans?
There are two types of institutions that offer private student loans to international students. These are banks and non-banking institutions.
International student loans offered by banks come with the convenience of banking and acquiring loans all under the same institution. In addition to that, banks like Citizens give a 0.25% interest rate discount to students who bank with them. The only downside is that you need a cosigner to be eligible for this loan.
Non-banking institutions offer international students more flexible loans. Lenders like MPOWER and Prodigy Finance take a look at your career path and income potential before they give you a student loan without a cosigner. These institutions are more user-friendly because they operate online.
Best International Student Loans ( Free Interest Loans)