Best International Student Loan Companies with no Cosigner
If an international student isn’t able to find a creditworthy cosigner who’s a U.S. citizen, or simply does not want to use a cosigner, there are private student loans organizations without a cosigner. Here are two companies that offer these loans.
What Student Loans Cover
Students can apply for a loan for up to their school’s total cost of attendance, as determined by the school, minus any other aid received. The total cost of attendance includes tuition, room and board, and expenses related to education such as books and transportation, as well as living expenses. Almost all student loans offer:
- No collateral required
- Flexible repayment terms
- Online application
How To Get An International Student Loan
The cost of studying in the USA is an issue for any international student. For private colleges, it can be as high as $75 thousand dollars a year and for public schools, it’s around 50k annually. Federal loans are popular among US-based students but they aren’t available to Nigerian or other foreign citizens – instead, they can apply for an International Student Loan.
If you are interested in a student loan to study in the USA or Canada, start your research with our Student Loan comparison tool that will match you with a list of lenders specific to your school.
Eligibility for International Student loans
To qualify for a loan international students must attend an eligible school in the US or Canada. You must also be enrolled as an undergraduate or graduate student and pursue a degree, certificate, or license.
Who is considered an international student?
Broadly speaking, an international student is an individual who’s enrolled in and attending school outside the borders of their home country, according to UNESCO. Colleges and universities may be more specific in their definition of who is an international student.
At UC Berkeley, for example, an international student is a non-immigrant visitor who comes to the U.S. temporarily to take classes. Under this definition, a non-immigrant is someone who is not a U.S. citizen or permanent resident.
2 Best International Student Loan Companies
There are lots of companies that offer student loans at flexible without a cosigner but the two listed here seem to have the best terms of payment.
MPOWER Financing
MPOWER Financing is a private lender that offers student loans for international students who are attending college in the U.S. The company doesn’t require cosigners, credit history, or collateral on their loans. All degrees and majors are supported.
Loans can be repaid online in any currency and there are no prepayment penalties. MPOWER offers interest-only payments while in school and during the six-month grace period after graduation. On-time payments can help to build U.S. credit history.
Factors MPOWER considers in determining eligibility include the school the student will be attending, their expected graduation date, their grades, and an internship or work experience they have in their field. MPOWER also looks at future earnings, so it monitors whether the student is taking on too much debt.
Here are some details about the loan:
- A cosigner is not needed to be approved
- Available to all international and DACA students from 190+ countries
- Offers free visa support letters and career strategy services
| MPOWER Financing Student Loan | |
| Fixed rates (APR) | 7.52% – 14.98% |
| Variable rates (APR) | Not offered |
| Rate discount | 0.25% for automatic payments, 0.50% for making six on-time payments, and 0.50% for reporting proof of graduation and employment |
| Loan amount | $2,001 – $100,000 (lifetime limit) |
| Repayment plans | Interest-only |
| Repayment term | 10 years |
| Fees | Late payment fee |
Prodigy Finance
Prodigy Finance offers private student loans to international students with no cosigner or collateral needed. Loans can be used to cover tuition costs or living expenses incurred while in pursuit of a graduate degree.
To be eligible, students must meet certain requirements, including living in a country or state that Prodigy services. They must also have been accepted into an eligible school and program Prodigy supports, and in most cases, the school they are attending must be outside of their home country.
Prodigy offers flexible repayment terms from seven to 20 years. Borrowers enjoy a six-month grace period and there are no prepayment penalties associated with paying off loans early.
Here are some details about the loan:
- A cosigner is not needed to be approved
- Available to all international and DACA students
- Loans for tuition and living costs
| Prodigy Finance Student Loan | |
| Fixed rates (APR) | 5.00% – 8.50% |
| Variable rates (APR) | Not offered |
| Rate discount | Not disclosed |
| Loan amount | Not disclosed |
| Repayment plans | Not disclosed |
| Repayment term | 7 – 20 years |
| Fees | 5% admin fee, late payment fee |
Conclusion
I hope this blog was able to provide a beneficial guide to you in your worries of getting a loan without a cosigner by listing two companies that gives best offer.
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Must Read: Best Private Student Loan Companies that Require a Cosigner in the USA
