Best of
9 International Student Loans for 2023
Private student loans will be the best option for international students since most cannot qualify for federal student loans.
Sep 12, 2023
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International students going to school in America have fewer U.S. student loan options than most borrowers. Unless you’re an eligible noncitizen who can qualify for federal student loans, you may need to borrow from a private lender.
Some banks, credit unions and online lenders offer private student loans for international students, but they often require you to have a co-signer who is a U.S. citizen or permanent resident. Your co-signer will need good credit for approval and to get the most favorable rates.
You may be able to find a private lender that doesn't require a co-signer, but you'll pay higher interest rates as a result.
You'll find both types of lenders below, as well as guidance as to who qualifies as an eligible noncitizen.
Featured lendersSee all partners
Best for part-time students and those who want to make payments during school.
Best for international students and students with Deferred Action for Childhood Arrivals, or DACA, status.
International Student Loans
Lender | NerdWallet Rating | Min. credit score | Fixed APR | Variable APR | Learn more |
|---|---|---|---|---|---|
4.0 /5 | None | 13.74-15.01% | N/A | Check rateon MPOWER's website on MPOWER's website | |
4.5 /5 | N/A | N/A | 11.06-14.96% | ||
4.5 /5 | Mid-600's | 4.50-15.49% | 6.37-16.70% | Check rateon Sallie Mae's website on Sallie Mae's website | |
5.0 /5 | Low-Mid 600s | 4.53-15.36% | 6.16-15.59% | Check rateon Ascent's website on Ascent's website | |
4.5 /5 | 650 | 4.42-15.90% | 5.62-16.20% | Check rateon Earnest's website on Earnest's website |
Our pick for
International student loans without co-signer
Check rateon MPOWER's website
on MPOWER's website
MPOWER Private Student Loan
Min. credit score
None
Fixed APR
13.74-15.01%
Variable APR
N/A
Key facts
Best for international students and students with Deferred Action for Childhood Arrivals, or DACA, status.
Pros
- Offers a hard-to-find option: non-co-signed student loans for international and DACA students.
- Borrowers are assigned a dedicated student loan advisor.
- Borrowers can request forbearance of up to 24 months, which is longer than many lenders offer.
Cons
- Payment required while in school and during the grace period.
- Offers only one repayment term: 10 years.
Qualifications
- MPOWER considers future income potential but does not factor in credit scores.
- Loan amounts: Minimum $2,001. Maximum loan is $100,000, limited to $25,000 per academic period.
Available Term Lengths10 years
DisclaimerNote: Our loan does not support Canadian citizens studying in Canada. Canadian Permanent Residents and U.S. citizens are considered “international” when studying in Canada. International students, U.S. citizens, U.S. permanent residents, and DACA recipients in the U.S. or Canada. ‘International’ means you are a non-U.S. citizen or U.S. non-permanent resident studying at a university in the U.S., or you are a non-Canadian citizen or Canadian non-permanent resident studying at a university in Canada. ‘DACA’ means the Deferred Action For Childhood Arrivals Program initiated by the U.S. Department of Homeland Security in 2012. In order to qualify as a DACA Student, you must have applied for, and been granted, DACA status by USCIS.
As a graduate student, you can borrow with a fixed interest rate of 12.99% (13.98% APR¹). This is the maximum rate and will not increase. However, MPOWER offers borrowers a way to qualify for a discount; a 0.25% rate discount is possible by making your loan payments through automatic withdrawal from your bank account. If you qualify for this discount, your rate will be 12.74% (13.72% APR²). ¹[International graduate student with regular interest rate] The APR is calculated using the following assumptions: A loan is approved in the amount of US$10,000 with a 5% origination fee of US$500. The student will start making payments 45 days after loan disbursement. Payments will be interest only until graduation, plus an additional 6-month grace period. The remaining months of repayment are calculated using a 120-month amortization schedule. All payments are made on-time, a forbearance is never utilized, and there is no pre-payment of any principal. At an APR of 13.98%, the monthly payment amount is US$113.66 for the first 30 months. For the next 120 months, the monthly payment amount is about $156.71. ²[International graduate student with discounted interest rate] The APRs with discounts are calculated using the following assumptions: A loan is approved in the amount of $10,000 with a 5% origination fee of US$500. The student will start making payments 45 days after loan disbursement. The borrower signs up for automatic debit immediately after the loan is disbursed and remains on it for the life of the loan, which reduces the rate by 0.25%. At an APR of 13.72%, the monthly payment is US$111.47 for the first 30 months. For the last 120 payments, the monthly amount is US$155.17.
Undergraduate Students in the U.S. or Canada
As an undergraduate student, you can borrow with a fixed interest rate of 13.99% (15.01% APR³). This is the maximum rate and will never increase. However, MPOWER offers borrowers a way to qualify for a discount; a 0.25% rate discount is possible by making your loan payments through automatic withdrawal from your bank account. If you qualify for this discount, your rate will be 13.74% (14.75% APR⁴). ³[International undergraduate student with regular interest rate] The APR is calculated using the following assumptions: A loan is approved in the amount of $10,000 with a 5% origination fee of $500. The student will start making payments 45 days after loan disbursement. Payments will be interest only until graduation plus an additional 6-month grace period. The remaining months of repayment are calculated using a 120-month amortization schedule. All payments are made on-time, a forbearance is never utilized, and there is no pre-payment of any principal. At an APR of 15.01%, the monthly payment amount is $122.41 for the first 30 months. For the next 120 months, the monthly payment amount is $162.97.
⁴[International undergraduate student with discounted interest rate] The APRs with discounts are calculated using the following assumptions: A loan is approved in the amount of US$10,000 with a 5% origination fee of US$500. The student will start making payments 45 days after loan disbursement. The borrower signs up for automatic debit immediately after the loan is disbursed and remains on it for the life of the loan, which reduces the rate by 0.25%. A forbearance is never utilized and there is no prepayment of any principal. At an APR of 14.75%, the monthly payment is US$120.22 for the first 30 payments. For the last 120 payments, the monthly amount is US$161.39.
Prodigy Private Student Loan
Min. credit score
N/A
Fixed APR
N/A
Variable APR
11.06-14.96%
Pros
- Offers a hard-to-find option: non-co-signed student loans for international students.
- You can see if you’ll qualify and what rate you’ll get without a hard credit check.
Cons
- No fixed interest rates.
Qualifications
- Prodigy Finance considers future income, rather than current income or credit score.
- Loan amounts: $15,000 to $220,000.
Available Term Lengths7, 10, 15 or 20 years
Our pick for
International student loans with co-signer
Check rateon Sallie Mae's website
on Sallie Mae's website
Sallie Mae Undergraduate Student Loan
Min. credit score
Mid-600's
Fixed APR
4.50-15.49%
Variable APR
6.37-16.70%
Key facts
Requirements: Non-U.S. citizens must have a creditworthy co-signer who is a U.S. citizen or permanent resident.
Pros
- One of the few lenders to provide loans to part-time students.
- Non-U.S. citizens, including DACA students, who live in the U.S. and attend school in the U.S. can apply with a qualified co-signer who is a U.S. citizen or permanent resident.
Cons
- You can't see if you’ll qualify and what rate you’ll get without a hard credit check.
Qualifications
- Typical credit score of approved borrowers or co-signers: Does not disclose.
- Minimum income: Did not disclose.
- Loan amounts: $1,000 up to 100% of the school-certified expenses.
Available Term Lengths10 to 15 years
DisclaimerLowest rates shown include the auto debit. Advertised APRs for undergraduate students assume a $10,000 loan to a student who attends school for 4 years and has no prior Sallie Mae-serviced loans. Interest rates for variable rate loans may increase or decrease over the life of the loan based on changes to the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent. Advertised variable rates are the starting range of rates and may vary outside of that range over the life of the loan. Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. To receive a 0.25 percentage point interest rate discount, the borrower or cosigner must enroll in auto debit through Sallie Mae. The discount applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment. Advertised APRs are valid as of 8/25/2023. Loan amounts: For applications submitted directly to Sallie Mae, loan amount cannot exceed the cost of attendance less financial aid received, as certified by the school. Applications submitted to Sallie Mae through a partner website may be subjected to a lower maximum loan request amount. Miscellaneous personal expenses (such as a laptop) may be included in the cost of attendance for students enrolled at least half-time. Examples of typical costs for a $10,000 Smart Option Student Loan with the most common fixed rate, fixed repayment option, 6-month separation period, and two disbursements: For a borrower with no prior loans and a 4-year in-school period, it works out to a 10.28% fixed APR, 51 payments of $25.00, 119 payments of $182.67 and one payment of $121.71, for a Total Loan Cost of $23,134.44. For a borrower with $20,000 in prior loans and a 2-year in-school period, it works out to a 10.78% fixed APR, 27 payments of $25.00, 179 payments of $132.53 and one payment of $40.35 for a total loan cost of $24,438.22. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 10 years.
Check rateon Ascent's website
on Ascent's website
Ascent Credit-based Student Loan
Min. credit score
Low-Mid 600s
Fixed APR
4.53-15.36%
Variable APR
6.16-15.59%
Key facts
Requirements: All borrowers, including international students, must have a qualified co-signer.
Pros
- Among the best for payment flexibility.
- You can see if you’ll qualify and what rate you’ll get without a hard credit check.
- Stands out for features that enable faster loan repayment.
Cons
- Students enrolled less than half-time are not eligible.
- Co-signer release not available to international students.
Qualifications
- Typical credit score of approved borrowers: Did not disclose.
- Minimum income: $0 for primary borrower. $24,000 for current and previous year for co-signer.
- Loan amounts: $2,001 to $200,000 per year with an aggregate loan limit of $200,000.
Available Term Lengths5, 7, 10, 12 or 15 years
DisclaimerAscent's undergraduate and graduate student loans are funded by Bank of Lake Mills or DR Bank, each Member FDIC. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations; and terms and conditions may apply. For Ascent Terms and Conditions please visit: www.AscentFunding.com/Ts&Cs. Rates are effective as of 12/1/2023 and reflect an automatic payment discount of either 0.25% (for credit-based loans) OR 1.00% (for undergraduate outcomes-based loans). Automatic Payment Discount is available if the borrower is enrolled in automatic payments from their personal checking account and the amount is successfully withdrawn from the authorized bank account each month. For Ascent rates and repayment examples please visit: AscentFunding.com/Rates. 1% Cash Back Graduation Reward subject to terms and conditions. Cosigned Credit-Based Loan student must meet certain minimum credit criteria. The minimum score required is subject to change and may depend on the credit score of your cosigner. Lowest APRs require interest-only payments, the shortest loan term, and a cosigner, and are only available to our most creditworthy applicants and cosigners with the highest average credit scores.
Check rateon Earnest's website
on Earnest's website
Earnest Undergraduate Loan
Min. credit score
650
Fixed APR
4.42-15.90%
Variable APR
5.62-16.20%
Key factsAn option for undergraduate borrowers who want flexible repayment.
Pros
- Option to skip one payment every 12 months.
- No late fees.
- Nine-month grace period is longer than most lenders offer.
Cons
- Loans aren't available in Nevada.
Qualifications
- Typical credit score of approved borrowers: 758.
- Minimum income: $35,000.
- Loan amounts: $1,000 up to your total cost of attendance.
Available Term Lengths5, 7, 10, 12 or 15 years
DisclaimerActual rate and available repayment terms will vary based on your income. Fixed rates range from 4.67% APR to 16.15% APR (excludes 0.25% Auto Pay discount). Variable rates range from 5.87% APR to 16.35% APR (excludes 0.25% Auto Pay discount). Earnest variable interest rate student loan origination loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate will not increase more than once per month. Although the rate will vary after you are approved, it will never exceed 36% (the maximum allowable for this loan). Please note, Earnest Private Student Loans are not available in Nevada. Our lowest rates are only available for our most credit qualified borrowers and contain our .25% auto pay discount from a checking or savings account. It is important to note that the 0.25% Auto Pay discount is not available while loan payments are deferred.
Check rateon Discover's website
on Discover's website
Discover Undergraduate Loan
Min. credit score
Varies
Fixed APR
5.24-15.99%
Variable APR
6.62-17.49%
Key facts
Requirements: International students are eligible if they apply with a co-signer who is a U.S. citizen or permanent resident.
Pros
- International and DACA students can qualify with a qualified U.S. citizen or permanent resident co-signer.
- No late fees.
Cons
- You can’t see if you’ll qualify and what rate you’ll get without a hard credit check.
Qualifications
- Minimum income: Did not disclose.
- Loan amounts: $1,000 minimum. Borrow up to 100% of school-certified cost of attendance — including tuition, housing, books and more — minus financial aid. Aggregate loan limits apply.
Available Term LengthsVisit Lender Website
DisclaimerLowest APRs are available to the most creditworthy applicants, and include an interest-only repayment discount and Auto Debit Reward. Applying with a creditworthy cosigner may improve your likelihood for loan approval and you may receive a lower interest rate. The fixed interest rate is set at the time of application and does not change during the life of the loan unless you are no longer eligible for one or more discounts. The variable interest rate and corresponding APR may increase over the life of the loan. The variable interest rate is calculated based on the 3-Month CME Term SOFR index plus the applicable margin percentage less any applicable discounts. The 3-Month CME Term SOFR index value for variable interest rate loans is 5.50% as of October 1, 2023. 3-Month CME Term SOFR is administered by CME Group and is published by CME Group on its website (cmegroup.com/termsofr). Discover Student Loans may adjust the variable interest rate quarterly on each January 1, April 1, July 1 and October 1 (each an “interest rate change date”), based on the 3-Month CME Term SOFR rate available for the day that is 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125), or 0%, whichever is greater. This may cause the monthly payments to increase, the number of payments to increase or both. If the 3-Month CME Term SOFR rate is less than zero percent, then the index will be deemed to be zero percent (as stated in the promissory note) for purposes of calculating your interest rate. Your variable interest rate (index + margin – applicable discounts) will not exceed 18%. Our lowest APRs are only available to applicants with the best credit. The APR will be determined after an application is submitted. It will be based on credit history, the selected repayment option and other factors, including a cosigner’s credit history (if applicable). If a student does not have an established credit history, the student may find it difficult to qualify for a private student loan on their own or receive the lowest advertised rate. Learn more about Discover Student Loans interest rates.
Check rateon LendKey's website
on LendKey's website
LendKey Private Student Loan
Min. credit score
660
Fixed APR
4.39-11.11%
Variable APR
5.84-11.11%
Key facts
Requirements: Borrowers must have a qualifying co-signer.
Pros
- Forbearance of 18 months is longer than many lenders offer.
Cons
- You can’t see if you’ll qualify and what rate you’ll get without a hard credit check.
- Payment required while in school and during the grace period.
Qualifications
- Typical credit score of approved borrowers: 748.
- Minimum income: $24,000 per year.
- Loan amounts: $1,000 up to cost of attendance, minus other aid received.
Available Term Lengths5, 10 or 15 years.
Check rateon Brazos' website
on Brazos' website
Brazos Private Student Loan
Min. credit score
680
Fixed APR
2.77-6.96%
Variable APR
5.00-9.44%
Key factsBest for Texas residents and students of Texan colleges with strong financials or a qualified co-signer.
Pros
- May offer lower rates for graduate students than what are available through the federal government.
- Applies extra payments to the loan principal by default.
- Offers five loan terms, which is more than most lenders.
Cons
- Not available to borrowers enrolled in two year programs at community colleges.
- Biweekly payments via autopay is not available.
Available Term Lengths5, 7, 10, 15 or 20 years
Want to compare more options? Here are our other top picks:
Who is an eligible noncitizen?
U.S. nationals, including natives of American Samoa or Swains Island.
U.S. permanent residents; that is, you have a "green card.”
Those who have an Arrival-Departure Record from U.S. Citizenship and Immigration Services showing the following statuses: refugee; asylum granted; Cuban-Haitian Entrant; Conditional Entrant issued before April 1, 1980; or parolee.
Those who hold a T-nonimmigrant status, or those whose parents do.
Those who are “battered immigrant-qualified aliens,” or children of someone designated as such.
STUDENT LOAN RATINGS METHODOLOGY
Our survey of more than 29 banks, credit unions and online lenders offering student loans and student loan refinancing includes the top 10 lenders by market share and top 10 lenders by online search volume, as well as lenders that serve specialty or nontraditional markets.
We consider 40 features and data points for each financial institution. Depending on the category, these include the availability of biweekly payments through autopay, minimum credit score and income requirement disclosures, availability to borrowers in all states, extended grace periods and in-house customer service.
The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.
Read more about our ratings methodologies for student loans and our editorial guidelines.
Last updated on September 12, 2023
NerdWallet's International Student Loans for 2023
- MPOWER Private Student Loan: Best for International student loans without co-signer
- Prodigy Private Student Loan: Best for International student loans without co-signer
- Sallie Mae Undergraduate Student Loan: Best for International student loans with co-signer
- Ascent Credit-based Student Loan: Best for International student loans with co-signer
- Earnest Undergraduate Loan: Best for International student loans with co-signer
- Discover Undergraduate Loan: Best for International student loans with co-signer
- LendKey Private Student Loan: Best for International student loans with co-signer
- Brazos Private Student Loan: Best for International student loans with co-signer
- EDvestinU Private Student Loan: Best for International student loans with co-signer
