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Best Private Student Loans For International Students of May 2022
When looking at student loans, Federal student loans has a lot of advantages when compared to other loans like private loans, but are these loan are available to U.S. citizens and eligible non-citizens. With this it means that the best loan for international students, are private student loan, this is one of the best way to pay for your college.
Looking at it, International students have a lot of options when looking for a loan to choose that’s right for their very own needs. In this article on the best loans for international students we will be looking at our compiled list of student loans. This will help you narrow down the choices. These are one of the best student loans because they don’t require a Social Security number (SSN), any form of collateral, and two of the below listed student loans don’t even require a co-signer.
Best Student Loans For International Students
- MPOWER Financing
- Prodigy Finance
- Citizens One
- Ascent Student Loans
MPOWER Financing (Best for Undergraduate Students Without a Co-signer)
Most times, so many international students don’t have a U.S.-based as a co-signer and to borrow a loan at their own country may require collateral. MPOWER financing is one of the major financing companies that offer private student loans that won’t require a co-signer.
MPOWER is one of the best private student loans and their loan are available to international undergraduate and graduate students within two years of graduating or about to begin a one or two-year program at one of 350 approved schools in the U.S. or Canada.
Students make interest-only payments while in school for the first six months and six months after graduation. After this period, borrowers make full repayments (interest and principal) until the loan is paid off. And while there’s no application or prepayment fee, there is a 5% origination fee on every loan.
MPOWER international student loan rates before discounts:
- Undergraduate fixed APR: 14.98%
- Graduate fixed APR: 13.63%
- Repayment terms: 10 years
- Loan amounts: $2,001–$100,000
Why MPOWER is one of Best Student Loans For International borrowers is because they dont require a co-signer and there is availability of loans for undergraduate students and they provide access to free visa support letters, immigration resources, and scholarship opportunities.
For MPOWER Borrowers they have the advantage to take up to three interest rate discounts:
- 0.50% for enrolling in auto-pay
- 0.50% after six on-time payments with auto-pay
- Another 0.50% for reporting proof of graduation and employment
Prodigy Finance (Best for Graduate Students Without a Co-signer)
Another Finance company that offers private student loan to international student without a co-signer is Prodigy Finance but Prodigy Finance is only available to students who need a graduate degree in business, science, technology, engineering, math, law and public policy, or healthcare.
When it comes to repayment term, students have three options and payments are automatically deferred while in school, there is no penalties or fees when you make payment at convenient time. Prodigy Finance doesn’t require application or prepayment fees but Prodigy Finance does charge a 5% administration fee on every loan.
Prodigy Finance international student loan details:
- Variable APR: Starting at 6.25%
- Repayment terms: 7 to 20 years
- Loan amounts: $15,000 and up at most U.S. schools
Prodigy Finance is attractive for eligible students, because it has a simple interest rates that it offers — When you borrow a loan the interest doesn’t compound even till the last day you pay off the loan, this saves borrowers money. With Prodigy Finance every payment is reported to the credit bureau Experian, this is great because it helps students build credit in the U.S.
On the other hand, Prodigy Finance uses a variable interest rate model, this model consists of a fixed margin rate plus a variable base rate. with Prodigy Finance the average annual percentage rate (APR) for student loans is 9.8%.
Citizens One (Best for Graduate Students With a Co-signer)
Citizens One provides loans to international students when there is a creditworthy co-signer, for Citizen One the co-signer must be a U.S. citizen or a permanent resident. Citizens One does not require an application, origination, or prepayment fees, and borrowers can choose from any of Citizens One four in-school repayment options and three terms.
Citizen One international student loan details:
- Graduate Fixed APR: 4.89% – 11.34%
- Repayment terms: 5, 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
For graduate and professional loans, Citizens One offers one of the lowest interest rates. With Citizen One lenders are offered medical residency and bar study loans making it a more affordable choice for graduate students who have a co-signer.
With Citizen One Borrowers can lower their rates with a 0.25% interest rate discount for enrolling in auto-pay and another 0.25% reduction if the student or co-signer has a Citizens Bank account or loan. Unfortunately, international students can’t take advantage of other features Citizens One offers, like multi-year approval or co-signer release.
Ascent Student Loans (Best Interest Rates)
Ascent student loans is know for their best Best Interest Rates, Ascent Student Loans is available to international students when they have a co-signer and the co-signer is a U.S. citizen or permanent resident. There are no application, origination, or prepayment fees just like citizen one and you can choose from their three in-school repayment options and six repayment terms, up to 15 years for fixed-rate loans or 20 years for variable-rate loans.
Ascent cosigned loan rates with all possible discounts:
- Variable APR: 1.64% – 9.23%
- Fixed APR: 4.78% – 12.76%
- Repayment terms: 5, 7, 10, 12, or 15 years
- Loan amounts: $2,000 up to the total cost of attendance or $200,000 total aggregate, whichever is lower
Ascent Co-signed loans are eligible for a 0.25% interest rate reduction if you enroll in auto-pay and Ascent borrowers can get a 1% cashback reward once they graduate from the degree program for which their student loan was used to fund. Ascent student loan also provides for its borrowers a free interactive financial literacy course that students are required to take before their loan is funded.
Ascent offers a lot that international students aren’t eligible for including co-signer release, monthly scholarship drawings, and its referral program.
Discover (Best for DACA Recipients)
With Discover as long as you are attending an eligible U.S. college or university and have a creditworthy co-signer who is a U.S. citizen or permanent resident, you will have access to discover private student loans to international students Loans are fee-free and students have the option of four in-school repayment options but only one term.
Discover international student loan details:
- Undergraduate Variable APR: 1.79% – 11.09%
- Undergraduate Fixed APR: 3.99% – 11.59%
- Repayment terms: 15 years
- Loan amounts: $1,000 up to the total cost of attendance
Social Security Number are available for Students who are Deferred Action for Childhood Arrivals (DACA) recipients are unique in that they live in the U.S but they aren’t eligible for federal financial aid. This will help students to build credit but they will have to turn to private student loans to fund their education.
Discover is known to be the only lenders offering multi-year approval to students with or without an SSN. With this, it will help students avoid multiple hard credit inquiries so they can continue to build credit. Discover also offers a 1% cash reward for good grades and a 0.25% interest rate discount for enrolling in auto-pay.