List of the Best Student Loans for International Students.
Studying cost varies for different people and the capacity to finance the cost is another big question. The cost of getting a degree includes tuition, books, living expenses, and other supplies.
Studying in the United States is an opportunity every international student wants to make the best of, but the cost can be a discouraging factor. A little help to achieve this dream of bagging a degree in The US isn’t bad at all, it reduces your worries once these costs are taken care of.
You may have tried searching for grants and scholarships with no luck, getting a student loan could be your next best step.
An international student loan is one of the most realistic ways to fund your education in the United States of America. The loans can be very flexible and can cover your entire year in school. International students are eligible for international student loans who would love to study in the US and don’t have enough personal finances.
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Why a Student Loan?
Student loans as ordinary as they may seem has and can save a student’s future. If studying abroad is your desire and you’ve searched for funding around with no success, get a student loan. The funding could be from your families, friends, and lots more.
Considering the cost of studying abroad with little progress with getting Internal funds, a student loan would be the next step to take. Your dreams are valid and achievable, a little help like a student loan is worth a trial.
In this article, we would be looking at some best international student loans that would be right just for you. We understand the diversity, not the student need, hence we curate loans that provide for each need you may seek.
Financing Options for International Students
Studying in The States is expensive as we already know, even US citizens have to apply for a loan they, later on, repay after their graduation. US-based Citizens enjoy Federal loans which are limited to them alone and not International students.
Most international students have to search for funding from various areas which include:
- University Scholarships: A college scholarship as otherwise referred to covers several areas of your education program. Scholarships can be provided by Universities, private individuals, private organizations, and companies. It is mostly based on merit which can be athletic, academic, social, and any other special quality that could be awarded. You don’t have to pay back a scholarship after your program is done.
- University Grant: University grants are quite similar to scholarships and are often used interchangeably. You don’t have to pay back a grant as well, which makes it similar to a scholarship. Grants, however, are need-based and not merit-based like a scholarship is but there are some exceptions. Not all grants are also available for international students.
- Student Loans: Loans have to be paid back to your lender with interest. Most scholarships and grants do not cover all the necessary needs and most students with those financing options still require additional assistance. A student loan cannot be lost like the previous options and is regarded as the most reliable source of funding for international students.
The 10 Best International Students Loans
Having understood the safety and advantage of a student loan, we would carefully examine the best offers for you as an international student looking to have an exceptional and peaceful program.
- Ascent Student Loans: This is widely embraced as having the best interest. International students looking to apply would need a co-signer who is a permanent resident or U.S. citizen. No application fees and prepayment fees, you can choose from three in-school repayment options and six repayment terms. Repayment can be up to 25-20 years. The loan amount can be up to $200,000.
- Citizens One: Students also need a U.S. citizen or a permanent resident as a Co-signer for this loan. It has no Origination or prepayment fees, you can choose from four in-school repayments and three terms. It can be from 5 to 15 years of repayment terms. You can get a loan amount of about $350,000 depending on your degree.
- Mpower Financing: Regarded as the best loan without a Co-signer, it saves students who do have a U.S.-based Co-signer from giving up on their dreams. It is available to International students who are about to begin a one or two-year program or are within two years of graduating from college. There is a 5% origination fee and repayments with interest-only begins while in school.
- Discover: A loan is available for a private student who is attending an eligible U.S. University or college and has a U.S.-based Co-signer. You get to choose from four in-school repayments but just one term. Discover offers multi-year approval to students with or without SSN. The loan amount can be from $1000 and up to the tot cost of attendance.
- Prodigy Finance: Another company offering private students loan with no Co-signer is Prodigy finance. This loan is, however, available to students only seeking a degree in business, law, healthcare, science, math, engineering, technology, and public policy. Payments are deferred while in school and can be done anytime without penalties.
- Sallie Mae: Known as a leading force in the US as a private Student loan company, you’re in safe hands. International students would need a U.S.-based Co-signer to apply for the loan. There are no origination or prepayment fees in Sallie Mae and you can pay only interest for the first year after graduation.
- Wells Fargo: Wells Fargo provides loans for International students at eligible schools. There is no need for an origination fee but a U.S.-based Co-signer is necessary. Repayment of loans can start six months after graduation with no penalties.
- LendKey: International students can enjoy low-interest rates when they apply with U.S. based Co-signer. There is an opportunity for in-school repayments which help to reduce the debt load. LendKey charges no origination or application fees. There is also a feature for refinancing your student loan in LendKey. You can get a loan for the total cost of attendance.
- Earnest: Earnest offers private Student loans and refinancing of student loans. It has competitive interest rates that others may not be able to offer, with no application fees. They provide flexible Repayment options and no penalty fees.
- SoFi: SoFi offers Loans to International students but with a U.S.-based Co-signer. There are no fees for private Student loans in SoFi and they make repayments very flexible; they would find you a loan that works for your budget.
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What to Consider Before Applying for a Student Loan
Having carefully gone through the list of the major International student loans available, you should however compare and consider the following before applying for that loan.
- Interest Rate: All lenders have different interest rates on their international student loans. It may be higher, lower, or competitive. A Fixed-rate stays the same over the years but a variable rate does not. The interest rate will affect the total amount you will eventually pay back to the lender, so you might have to consider it carefully.
- Repayment Plans: All lenders have various repayment terms ranging from 5 to 10 years with fixed monthly payments. You should consider how long you want to repay your loan and how convenient it would be for you.
- Loan Terms: The terms for the loans differ for each lender. Some would require a cosigner and others would not, some also would need your credit score, automatic repayments and so much more.
- Loan Amount: Each lender has a maximum amount they can give a loan, you may need to carefully scan through their online profiles to know the limit to their lending. This helps to avoid applying for a loan that would not cover your degree.
Final Notes on The 10 Best International Student Loans
Student loans are a great way to accomplish your study abroad dreams without the inconvenience of any person. Take your time to understand the lenders’ requirements and get your loan to fulfill your dreams.
Before you go, read all you Need to Know about Student Loans.
