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Edited by
Rhys Subitch
Rhys Subitch is a Bankrate editor who leads an editorial team dedicated to developing educational content about personal loans products for every part of life.
Reviewed by
Thomas Brock
Thomas is a well-rounded financial professional, with over 20 years of experience in investments, corporate finance, and accounting. His investment experience includes oversight of a $4 billion portfolio for an insurance group. Varied finance and accounting work includes the preparation of financial statements and budgets, the development of multiyear financial forecasts, credit analyses, and the evaluation of capital budgeting proposals. In a consulting capacity, he has assisted individuals and businesses of all sizes with accounting, financial planning and investing matters; lent his financial expertise to a few well-known websites; and tutored students via a few virtual forums.
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Updated Aug 22, 2024What to know first: An international student loan is what it sounds like: a private student loan offered to international students by a bank, credit union or online lender. Although it may be harder to get approved as an international student, some lenders extend eligibility to those who apply with a qualifying co-signer. That said, it's crucial that you choose the right loan for your budget so you don't negatively affect your and your co-signer's credit. Read more
Bankrate’s ranking of the best international student loan lenders analyzes rates, terms and co-signer requirements. To find the best of the best, our methodology factors three main categories: availability, affordability and customer experience.
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Definition of terms Filter & SortUse the table below to easily compare our top picks for the best international student loans. Compare the loan amounts and APR ranges to make sure the balance fits your monthly budget and your borrowing needs.
| LENDER | BEST FOR | CURRENT APR RANGE FOR INTERNATIONAL STUDENTS* | LOAN TERM | LOAN AMOUNT RANGE |
|---|---|---|---|---|
| College Ave | Quick application process | 5.59%-17.99% variable; 3.74%-17.99% fixed (with autopay) | 5 - 15 years | 100% total cost of attendance |
| Ascent | Flexible payment options | 6.01%-15.47% variable; 3.69%-14.71% fixed (with autopay) | 5 - 15 years | $2,001-$400,000 |
| Sallie Mae | Part-time enrollment | 5.37%-15.70% variable; 3.69%-15.49% fixed (with autopay) | 10 - 15 years | $1,000 to 100% cost of attendance |
| Citizens Bank | Loyalty discounts | 5.99%-16.59% variable; 3.99%-15.59% fixed (with autopay) | 5 - 15 years | $1,000-$225,000 |
*The rates in this table are for international student loans. The information on lenders below reflect the overall student loan rate range offered by each lender.
Here's a detailed overview of the top student loans for international students. Each lender's superlative is based on the loan details and any extra perks offered by the company.
Overview: College Ave is an online lender that offers private loans to international students pursuing a variety of programs, including undergraduate and graduate degrees, as well as community college and career programs.
Loan amount $1,000-100% cost of attendanceCollege Ave’s easy application process and flexible repayment options make it a good fit for international students with a qualifying co-signer. Its website claims that the entire process could take as few as 10 business days, with the application taking three minutes to complete.
Overview: Ascent offers loans to international students pursuing a range of degree types, including undergraduate, MBA and law. Each loan is different and the details differ based on career path to better support students in every academic stage. However, what really sets Ascent apart is how many repayment terms it offers — each loan comes with at least four repayment options.
Loan amount $2,001-$400,000Ascent can be good for international students who need to take out a larger loan for an extended degree program and prefer multiple repayment options.
Overview: Sallie Mae is one of the most recognized lenders on our list and serves borrowers at all stages of their academic experience. Most notably, borrowers who are only enrolled in part-time programs can secure funding — including international students.
Loan amount $1,000-100% cost of attendanceInternational students that are interested in an undergraduate, graduate or career training program — full or part time.
Overview: Citizens Bank's loans come with large maximum borrowing amounts, low fees and availability across the nation. Plus, its rich banking history gives the bank a trusted and credible reputation.
Loan amount $1,000-$225,000International students who have co-signers with strong credit scores that are also existing Citizens Bank customers may benefit from a loan from the institution.
International student loans are loans designed for non-U.S. citizens and are offered by private lenders, such as banks, credit unions and online lenders. You can typically use the funds to pay for tuition, fees, books, school supplies, transportation, insurance and living costs at a school in the U.S.
The easiest way to shop for student loans is online. Most lenders offer online prequalification in a matter of minutes. However, if you prefer to discuss your options in person, you can also go to a branch of a bank offering student loan products.
When you apply for a student loan, you'll request the loan amount you need for the upcoming academic year. In many cases, you can apply for your full cost of attendance, minus any financial aid you've already received.
If you're approved for the loan, the lender will verify your cost of attendance with your school and then send the school the funds to cover tuition and fees. Any amount remaining will be sent to you.
In general, you do not have to start making payments until six months after you graduate or drop below half-time enrollment, though interest will begin accruing as soon as the loan is disbursed. Once you enter repayment, you'll make payments that consist of the principal and interest. You'll make these payments until you've reached the end of your repayment term and your loan is paid off in full.
Interest rates for international student loans currently range from about 4 percent to 18 percent. The actual rate you receive depends on multiple factors, such as the type of APR (fixed versus variable), your credit profile, annual income and debt-to-income ratio. The amount you can borrow also varies depending on your degree program and cost of attendance.
Eligibility requirements for international student loans vary by lender, but there are a few standard necessities:
To qualify for a private loan, most international students will need a co-signer who is a U.S. citizen or permanent resident and who has a strong credit history. A co-signer accepts equal responsibility for your loan. If you fall behind, it could negatively impact your credit as well as your co-signer's.
It may be hard to find someone willing to cosign a loan with you, especially if you don't have friends and family in the U.S. yet. For this reason, some lenders offer special loans for international students that don't require a co-signer. However, these lenders are few and far between. They often come with much higher interest rates than traditional lenders, as these loans are considered riskier than traditional student loans.
Writer, Personal Loans and Debt Relief
"Most lenders require international students to have a co-signer who is a U.S. resident to qualify. Although a few companies offer international loans without a co-signer, they're few and far between. Lenders like MPOWER offer no-cosigner loans for international students as long as they meet the basic eligibility requirements and are enrolled in a qualifying program at an eligible school. Keep in mind that those with a healthy financial portfolio and a high credit score are among those most likely to get approved for a no-cosigner international student loan."
Nationally recognized student financial aid expert
"Most private student loans for international students require a creditworthy U.S. citizen or permanent resident as a cosigner. However, MPOWER and Prodigy Finance are available without a cosigner or collateral, although the interest rates and fees may be higher than similar loans from other lenders for U.S. students."
