7 Best Student Loan Opportunities for International Students and How to Apply
International Students faced financial challenges can now try out applying for student loans so that they can cover their academic expenses. International student loans are usually given to students by private financial organizations while federal loans in different countries are only for citizens.
Some financial organizations and banks give loans to students who wants to pursue undergraduate, graduate, or professional education. Students are given the chance to choose their interest rate and repayment options before taking the loan. Students need to know how to plan and save in college so that they can start paying back the loan before it becomes and accumulated debt.
Many financial organization require international students to have co-signers available before they can give out this loans. A co-signer is someone who agrees to be responsible for a loan if a student fails in the repayment plan.
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Requirements For International Students to Apply for a Student Loan:
- Proof of enrollment at a university, training boot camp, college, etc. (a completed registration form, acceptance letter). The student must state his/her year of study and course of study.
- Biographical information (name, address, social security number, etc.)
- Foreign unexpired passport
- Driver’s license or official identification card
- Employment and income information.
- Recent tax documents (if applicable)
- Requested loan amount
- Personal contacts of persons to act as co-signer (number of persons depends on the financial institution)
- Statement of Bank account and asset information
- Payment obligations.
7 Top Financial Institutions that offers loans to International Students:
- MPOWER Private Student Loan
- Prodigy Private Student Loan
- Sallie Mae Private Student Loan
- Ascent Funding Student Loan
- Citizens Bank Private Student Loan
- Sofi Private Student Loan
- College Ave Private Student Loan
1.) MPOWER Private Student Loan
MPOWER Financing is a public-benefit company that offers loans to international students, U.S. citizens, and Deferred Action for Childhood Arrivals (DACA) students who do not have collateral or a co-signer to take loans from banks or money lenders.
This company has assisted over 2 billion students from more than 190 countries since its inception to graduate from universities through its scholarship and loan schemes. The company assists students who are enrolled at 350 universities and colleges in the USA and Canada. International students can take advantage of their loan scheme to pay off academic expenses.
The company also offers a Path 2 Success Career Support program for students who borrowed from them free of charge. This program offers resume review sessions with industry experts, interview practice, mentoring, and networking opportunities to help students with their job search.
How Much Can International Students Borrow from MPOWER Financing?
Students can get loans up to $100,000 to cover their tuition fees, living expenses, books, and other academic expenses. International students are expected to pay interests that are determined by the amount of money they borrowed.
They can do this when they are in school and 6 months after graduation. If they were not able to pay after this period, the student is expected to pay a 10-year loan term with full interest plus principal payments.
How to Apply For Loans With Mpower Financing
- Students can check their eligibility and apply for a loan using the online application form.
- Wait for the application decisions. The decision could be delayed by a few days if you need to send or upload documents.
- Review the terms and conditions of the offer. Afterward, accept the offer. Students may be required to electronically sign documents that state their loan terms. The lender may require the school to certify the loan amount—which can take three to five weeks—before it can be disbursed. Some lenders disburse the loan directly to your school based on the school’s disbursement date, sometimes with one disbursement each semester.
2.) Prodigy Private Student Loan
Prodigy Finance is a finance institution that gives loans to graduate students from more than 150 countries. Since They started, it has helped finance the education of more than 2 billion students.
Applications are open round the year to students enrolled in master’s programs such as business, engineering, law, and public policy in 850 universities around the world.
Note that the application process do not require co-signer or collateral details. Students can borrow between $15,000 to $220,000. They offer interest rates that are determined by credit history or future earning potential.
What Goes on During the Application Process:
During the online application, students are required to obtain a credit report and undergo a background check against Know Your Customer (KYC), Anti Money Laundering (AML), and Politically Exposed Persons (PEP) criteria.
All necessary documents must be uploaded to the online platform before the application is deemed complete. The operations team is available to take any questions during the online application.
If the application is successful, the loan will be disbursed to the student’s university and the student needs to re-sign a loan acceptance letter for the loan to be finalized. Students can request a loan letter from Prodigy finance so they can start their visa application process.
Students can decide to pay back the loans gradually while they are in school or when they graduate. International students can take loans to study at more than one university. Interest starts counting once the loan is released.
If a student decides to repay the loans 6 months after they graduate, the interest will add up with the principal balance.
Eligibility for the Prodigy Private Student Loan:
- Students must not be residing in countries that are not eligible for the loan.
- Students must be enrolled at an eligible university.
3.) Sallie Mae Private Student Loan
They are a private financial institution that gives students loans to pursue a wide range of part time or full time degrees such as undergraduate, graduate, medical, career training, and certificate programs. Students can choose from a variety of flexible payment options which can be in school or after graduation.
Students can borrow a minimum of $1,000 and above to pay for tuition fees, books, accommodation, meals, travel costs, laptops, equipment, supplies, and tools. International students studying in various countries such as the UK and Canada are also welcomed to apply for the loan.
Sallie Mae gives low interest rates to borrowers who repay monthly or who signed up for interest-only repayments while in school. If a student does not have a credit history, Sallie Mae requires him/her to have a co-signer who has adequate income before they can apply for loans.
The co-signer takes responsibility for the loan if the student fails to repay. The only exception to this is the death of the student which prompts the loan repayment to be discharged.
How to Apply for Sallie Mae Private Student Loan:
- Both international students and co-signers are required to complete the online application form and submit the requisite documents online for verification purposes.
- Upon submission, the application undergoes a review process. Upon approval, the student has the opportunity to select their preferred interest rate and repayment options. Subsequently, both the co-signer and the student accept the terms and conditions of the loan and electronically sign the agreement.
- Sallie Mae initiates a verification request with the student’s school, and upon completion, the loan is disbursed to the institution in 15 days. Any excess funds from the student loan, known as a refund, will be issued to the student by the university.
4.) Ascent Funding Student Loan
This online financial Organisation borrows loans to undergraduate and postgraduate international students who are enrolled to study in a US university provided they have co-signers. It offers a minimum loan of $2,001 and up to $400,000 which can be used to cover tuition fees, room and board, books, and academic expenses.
To be eligible for this loan, an international student must have a co-signer who meets the following conditions:
- Be a U.S. citizen or U.S. permanent resident.
- Meet a minimum gross annual income of $24,000 for the current and previous year.
- Must show proof of income.
- Have a credit score.
They offer flexible repayment options for international students to choose from.
How to Apply for Ascent Funding Student Loan:
International students and their co-signers are required to fill the online application form and submit the necessary documents. This takes a few minutes. After submission, Ascent reviews the application and makes a decision. This takes about 2 business days.
The loan will be disbursed to the school. The school distributes the extra money to the student after tuition fees have been taken care of.
5.) Citizens Bank Private Student Loan
Citizens Bank lends loans to undergraduate and postgraduate international students who have creditworthy cosigner who are U.S. citizens or a permanent resident. International students need to be enrolled either full-time or part-time in a known accredited US University for them to be eligible to borrow a loan. Students are allowed to borrow as little as $1,000 and a maximum of $150,000.
They offer little flexible repayment options to suit students. International students and co-signers are required to fill the online application free of charge and submit the necessary documents.
Students will be notified if their application is successful. They will have to accept the terms and conditions of the loan and sign electronically before the loan is disbursed to the student’s university. International students will get their money when the university sends it to them.
6.) Sofi Private Student Loan
The financial institution is known to offer low interest loans to international students who want to study for undergraduate or graduate degrees in the US, UK Canada, Ireland, Australia, and many other countries.
They give a minimum loan of $1000 above to cover tuition fees, room and board, books, and other academic expenses. They give both in school and after study repayment plans that international students can choose from to repay their borrowed loans.
Unlike other lenders who require co-signers, Sofi borrow to international students provided they have creditworthy co-signers who are US citizens or permanent residents. This is done to verify creditworthiness and boost the application.
How to Apply for Sofi Private Student Loan:
International students and their co-signers must complete the online application form and submit the requisite documents, a process typically taking around 15 minutes. Following submission, Sofi evaluates the application and renders a decision.
The disbursement of the loan to the student’s school usually occurs within approximately 2 business days. Subsequently, any surplus funds are distributed to the student by the school once tuition fees have been settled.
7.) College Ave Private Student Loan
College Ave gives low interest loans to international students who want to study undergraduate or graduate degrees in the US, UK Canada, Ireland, Australia, and many other countries.
They give a minimum loan of $1000 above to cover tuition fees, room and board, books, and other academic expenses. They give both in-school and post-study repayment plans that international students can choose from to repay their borrowed loans.
Like other lenders who require co-signers, College Ave lends to international students provided they have creditworthy co-signers who are US citizens or permanent residents
How to Apply for College Ave Private Student Loan:
International students and their co-signers must complete the online application form and provide the required documents, which typically takes only a few minutes. Following submission, Ascent reviews the application and renders a decision within approximately 2 business days. Upon approval, the loan is disbursed directly to the school. Any surplus funds are then distributed to the student by the school once tuition fees have been settled.
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Conclusion:
In going through the complexities of funding, international education can be heavy, but the availability of student loan opportunities provided for international students offers a promising avenue for pursuing academic aspirations abroad. The seven highlighted options – Prodigy Finance, MPOWER Financing, Sallie Mae, Ascent, Citizens Bank, SoFi, and College Ave – each present unique features and eligibility criteria to cater to diverse student needs.
By providing access to loans without the need for collateral or co-signers, Prodigy Finance and MPOWER Financing stand out as inclusive options for international students from various backgrounds. Meanwhile, Sallie Mae, Ascent, Citizens Bank, SoFi, and College Ave offer avenues for financing with co-signers, expanding opportunities for students with established creditworthy individuals in the United States.
