Best international student loan providers: Top picks for 2025

For 2025, the best international student loan providers are MPOWER Financing (best for no-cosigner loans), Prodigy Finance (best for graduate students), and Ascent (best for flexible eligibility). This guide compares eligibility requirements, rates, terms, and features across these top lenders so you can find the best fit for your situation.

Studying in the United States offers incredible opportunities, but financing that education as a non-U.S. citizen presents unique challenges. Whether you are a parent worried about cosigning obligations and credit exposure, or a student focused on securing visa-compliant funds and manageable monthly payments, choosing the right lender is a critical financial decision. The options below offer specialized solutions designed specifically to bridge the gap between international student needs and U.S. higher education costs.

How international student loans work

International student loans are private education loans specifically designed for non-U.S. citizens and non-permanent residents studying at universities in the United States. Unlike domestic students, according to StudentAid.gov, international students generally do not qualify for federal financial aid (such as Direct Subsidized or Unsubsidized Loans), unless they meet specific criteria as “eligible noncitizens.” This makes private loans a primary funding source for many international families after scholarships and personal savings.

The most significant hurdle in this process is creditworthiness. Because international students typically lack a U.S. credit history, most traditional U.S. lenders require a cosigner—a creditworthy U.S. citizen or permanent resident who agrees to take equal responsibility for the loan. However, the market has evolved, and specialized lenders now offer “no-cosigner” loans that evaluate a student’s future earning potential rather than their current credit history.

It is important to understand that these loans also intersect with immigration requirements. Lenders will verify your visa status (typically F-1, J-1, or M-1) and school certification before disbursing funds. For more details on the broader landscape of private borrowing, read our guide to private student loans.

International student loan providers comparison

The table below provides a direct comparison of the leading lenders serving international students. We have selected these providers based on their accessibility to non-citizens, competitive interest rates, and repayment flexibility.

Source: Lender websites (rates and terms effective as of January 2025). MPOWER offers fixed rates only. Prodigy Finance offers variable rates only. Other lenders may offer both.

The sections following this table will dive deeper into eligibility rules, interest rate details, and fee structures to help you verify which options you qualify for.

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Eligibility requirements by lender

Qualifying for a loan as an international student depends heavily on your visa status, your school, and whether you have access to a U.S. cosigner. Understanding these requirements upfront can save you time and prevent unnecessary credit inquiries.

Most lenders require you to hold a valid student visa to receive funding.

• F-1 and J-1 Visas: Accepted by virtually all major lenders, including MPOWER, Prodigy, Ascent, and Sallie Mae.
• M-1 Visas: Accepted by lenders that require cosigners (like Sallie Mae and Citizens) but are often excluded by no-cosigner lenders that focus on degree-seeking academic programs.
• DACA Status: Students with Deferred Action for Childhood Arrivals (DACA) status may qualify for specific loans with Ascent, College Ave, or Discover (though Discover is no longer accepting new applications as of 2024), often requiring a domestic cosigner.

The biggest differentiator between lenders is the need for a cosigner.

• No-Cosigner Lenders (MPOWER, Prodigy Finance): These lenders use proprietary algorithms to assess your future earning potential, university ranking, and degree program rather than credit history. They are ideal for students who do not have family in the U.S.
• Cosigner-Required Lenders (Sallie Mae, Citizens, College Ave): These traditional banks require a U.S. citizen or permanent resident cosigner with good credit (typically a score of 670 or higher) and steady income. If you have a creditworthy cosigner, these lenders often offer lower interest rates.
• Cosigner-Optional (Ascent): Ascent offers outcomes-based loans for certain juniors, seniors, and graduate students that do not require a cosigner, provided you meet GPA and school criteria.

According to Mark Kantrowitz, financial aid expert, “Most students will need a cosigner to qualify for a private student loan.” This reality makes the existence of specialized no-cosigner lenders like MPOWER and Prodigy particularly valuable for international borrowers who lack U.S. connections.

Not every university is eligible for every loan. Traditional banks (Sallie Mae, Citizens) lend to students at most Title IV accredited U.S. schools. However, as reported by MPOWER Financing and Prodigy Finance, no-cosigner lenders typically work with a select list of supported schools—usually around 350 to 400 top universities across the U.S. and Canada. Always check the lender’s approved school list before applying.

If you are unsure about the role of a cosigner, learn more in our guide to student loan cosigners.

Interest rates and APR comparison

The interest rate you receive determines the total cost of your loan. Rates for international students can be higher than those for domestic students due to the perceived risk of lending to non-citizens, but shopping around can help you secure a competitive offer.

• Fixed Rates: The interest rate remains the same for the life of the loan. According to MPOWER Financing, they offer exclusively fixed-rate loans at 12.99% APR as of January 2025, providing predictability for budgeting.
• Variable Rates: The rate can fluctuate based on market benchmarks (like SOFR). As reported by Prodigy Finance, they offer variable rates starting around 11.00% APR as of January 2025, which might start lower but can increase over time.

According to Mark Kantrowitz, financial aid expert, “Private loans can offer variable interest rates, which may be lower than federal fixed rates initially.” However, international students should weigh the risk of rising payments against the benefit of a lower starting rate.

If you apply with a creditworthy U.S. cosigner at a lender like Sallie Mae or Citizens, your interest rate will largely depend on your cosigner’s credit score and income. According to lender websites, rates for cosigned loans with Sallie Mae are 5.49% - 15.83%^{1 APR as of January 2025.}

For no-cosigner loans, the rate is often standardized or based on your future income potential rather than a credit score. While these rates are typically higher than cosigned options, they provide access to capital that would otherwise be unavailable.

According to lender disclosures, most lenders, including Ascent, College Ave, and MPOWER, offer a 0.25% interest rate reduction if you sign up for automatic payments (autopay). Always check the lender’s website for current discount offers.

Loan terms and repayment options

Understanding when and how you repay your loan is just as important as the interest rate. Lenders offer different terms that can impact your monthly cash flow while you are in school and after you graduate.

Most international student loans offer repayment terms of 10 years, though some lenders offer choices ranging from 5 to 15 years.

• MPOWER: Typically offers a 10-year repayment term.
• Prodigy Finance: According to Prodigy Finance, they offer flexible terms ranging from 7 to 20 years depending on the loan.
• Ascent & Traditional Banks: Often allow you to choose between 5, 7, 10, 12, or 15-year terms. Shorter terms mean higher monthly payments but less total interest paid.

While you are studying, your payment obligations vary by lender:

• Interest-Only Payments: According to MPOWER Financing, they require students to make interest-only payments while in school and during the 6-month grace period after graduation. This prevents the loan balance from growing.
• Full Deferment: Prodigy Finance and many cosigned loans allow you to defer all payments until after graduation. However, interest continues to accrue and is added to your principal (capitalized) at the end of the deferment period.
• Fixed Payments: Some lenders offer a flat $25/month payment while enrolled to keep habits good without burdening your budget.

International students often utilize Optional Practical Training (OPT) to work in the U.S. after graduation. Your repayment plan generally begins 6 to 9 months after you graduate, regardless of your employment status. If you must return to your home country, you are still legally required to repay the loan. Lenders like Prodigy and MPOWER are experienced in handling cross-border payments and can facilitate repayment in various currencies.

Fees and additional costs

Beyond the interest rate, you must consider fees that can add to the cost of your loan. Unlike federal loans, many private lenders have eliminated application and origination fees, but this varies by provider.

Source: Lender fee disclosures (as of January 2025).

Important Note on Origination Fees: According to MPOWER Financing and Prodigy Finance, no-cosigner lenders often charge an administration or origination fee of around 5%. This fee is added to your loan balance, meaning if you need $10,000 for tuition, the loan amount might be $10,500. Traditional lenders like Sallie Mae and Ascent generally do not charge origination fees, which is a significant cost advantage if you have a cosigner.

Cosigner release and unique lender features

Choosing a lender often comes down to the unique benefits they offer beyond the money itself. For international students, features that support visa compliance and career growth are particularly valuable.

If you use a cosigner to secure a lower rate with a lender like Ascent, Sallie Mae, or Citizens, you may eventually want to remove them from the loan to free up their credit. This is known as “cosigner release.”

• Ascent: According to Ascent Funding, they offer cosigner release after 12 consecutive on-time principal and interest payments (subject to credit approval).
• Sallie Mae: Generally allows application for release after 12 payments.
• Citizens: According to Citizens Bank, they allow application after 36 consecutive on-time payments.

According to Mark Kantrowitz, financial aid expert, “Cosigner release is a valuable feature offered by some private lenders, rewarding responsible repayment.” It is a critical feature for students who want to eventually take full responsibility for their debt.

Lenders specializing in international students often provide services that traditional banks do not:

• Visa Support Letters: According to MPOWER Financing and Prodigy Finance, they provide support letters free of charge to help validate your funding during visa interviews.
• Career Services: MPOWER offers a career path program helping students with resume reviews and networking, recognizing that your ability to repay depends on securing a U.S. job.
• Referral Bonuses: Many of these lenders offer cash incentives for referring other international students.

Application process and documentation

Applying for an international student loan requires specific documentation to verify your identity and legal status in the U.S. Being prepared can speed up the disbursement process significantly.

Gather these documents before you start your application:

• Passport & Visa: A valid passport and your U.S. visa (or proof of application).
• School Certification: Your I-20 form or university admission letter confirming your enrollment and Cost of Attendance (COA).
• U.S. Address: Proof of residence in the U.S. (if already living here) or your permanent address abroad.
• Cosigner Info: If applying with a cosigner, they will need to provide their Social Security Number, proof of income, and employment details.

1. Pre-Qualification: Most lenders allow you to check your rate with a “soft credit pull,” which does not impact your credit score. Do this with multiple lenders to compare offers.
2. Full Application: Once you select a lender, you submit the full application. This triggers a “hard credit pull.”
3. School Certification: The lender sends a request to your university’s financial aid office to certify the loan amount. This ensures you aren’t borrowing more than the total cost of attendance.
4. Disbursement: Funds are typically sent directly to the school to cover tuition and fees. Any remaining balance for living expenses is then distributed to you by the school.

Timing Tip: Start this process at least 2-3 months before your tuition is due. International loan processing can take longer due to visa verification steps.

Which international student loan is right for you

With several strong options available, the right choice depends on your specific resources and goals. Use this framework to narrow down your decision.

• If you have a creditworthy U.S. cosigner:

  Look at: Ascent, Sallie Mae, Citizens, or College Ave.

  Why: You will likely qualify for significantly lower interest rates (potentially 5-8% lower) and avoid origination fees.

• If you do NOT have a cosigner:

  Look at: MPOWER Financing or Prodigy Finance.

  Why: These are the primary lenders that will approve you based on your potential rather than history. MPOWER is great for fixed-rate stability; Prodigy is excellent for graduate students at top business/engineering schools.

• If you are a DACA student:

  Look at: Ascent or College Ave.

  Why: These lenders have specific policies inclusive of DACA recipients, often requiring a domestic cosigner.

• If you are a graduate student:

  Look at: Prodigy Finance.

  Why: Their model is specifically optimized for high-potential graduate programs (MBA, Engineering, Law) and often offers competitive variable rates for these degrees.

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Frequently asked questions

Yes. Lenders like MPOWER Financing and Prodigy Finance specialize in no-cosigner loans for international students. They evaluate your academic success and future earning potential rather than your credit history or family wealth.

According to lender requirements, a cosigner generally needs a credit score of at least 670 to qualify, though scores above 720 typically secure the best interest rates. They must also demonstrate sufficient income and a low debt-to-income ratio.

The process usually takes 2 to 6 weeks. Pre-qualification can happen in minutes, but the school certification and visa verification steps add time. It is best to apply as soon as you receive your university acceptance letter.

You are still legally responsible for repaying your loan. Most international lenders have global payment infrastructure allowing you to pay from abroad. Defaulting can severely damage your ability to return to the U.S. in the future.

Yes, if you remain in the U.S. and build a strong credit history (and typically obtain a Green Card or U.S. citizenship), you may be able to refinance for better rates later. Learn more in our guide to student loan refinancing.

Typically, yes. Because lenders view international borrowers as higher risk (due to lack of credit history and potential to leave the country), rates can be higher, especially for no-cosigner options. However, cosigned loans often have rates competitive with domestic private loans.

Funding your U.S. education is a major investment, but with the right loan, it is manageable. As you move forward, keep these key takeaways in mind:

• Exhaust other aid first: Always use scholarships, grants, and personal savings before borrowing.
• Check the “No-Cosigner” premium: If you can find a U.S. cosigner, you might save thousands in interest and fees compared to no-cosigner options.
• Shop around: Rates vary significantly. Checking your rate with multiple lenders does not hurt your credit score and ensures you get the best deal.
• Plan for repayment: Understand your monthly payment obligation before you sign, and ensure your expected post-graduation salary can support it.

Ready to find your best rate? Compare offers from multiple international student loan providers in minutes Compare rates from 8+ lenders – Trusted by over 50,000 students and families.

References and resources

For further research and verification of your eligibility, consult the following resources:

• StudentAid.gov – Aid for International Students & Non-Citizens
• Consumer Financial Protection Bureau (CFPB) – Paying for College
• MPOWER Financing Official Site
• Prodigy Finance Official Site
• Ascent Funding Official Site