Top international student loans for July 2024

International students who want to study in the U.S. may not be eligible for federal student loans, but they can look for private lenders that offer loans to international students.

While most lenders need a co-signer who is a U.S. citizen or permanent resident with a good credit history, some still offer loans to international students, usually at higher interest rates.

Our top international student loans are presented in two categories: for those with a co-signer and for those without one. Our methodology explains how we selected these recommendations.

Compare private student loan refinancing rates

Best for no co-signer

What is MPOWER Financing the best lender for? It is the ideal lender for any international student without a co-signer, including undergraduate and graduate students within two years of graduating or beginning a 1-year or 2-year program, DACA recipients, U.S. citizens, refugees, asylum-seekers, and those admitted to or attending one of the 400-plus approved U.S. and Canadian schools. Unlike other lenders, MPOWER does not require a co-signer or collateral. Instead, it bases loans on a borrower's future earnings.

MPOWER funding offers comprehensive support to international students, including health insurance, books, meal plans, housing, and more. Additionally, MPOWER provides a free visa support letter and visa prep course, a job search tool, resume builder, and F-1 eligible job directory. Furthermore, MPOWER offers a prequalified U.S. credit card and bank account, allowing students to start building credit in the U.S. when they make payments on their card and student loan.

Best for graduate students with no co-signer

To be eligible for Earnest's international student loans, you must have a graduate degree in engineering, MBA, or JD/LLM. Earnest's loans are available to DACA and asylee students. You do not need a co-signer to apply, but you must provide your government ID. To qualify for Earnest's international student loans, you must be a legal-age citizen of India, Canada, South Korea, or Mexico and attend one of the lender's approved U.S. schools.

Earnest has a lower barrier to entry for international students as they do not require a co-signer. However, borrowers must have a minimum FICO® Score of 660, which is considered a fair credit score.

Best for DACA students with co-signer

Sallie Mae offers student loans to non-U.S. citizen students, including DACA students, who are attending school in the U.S. The loan application requires a creditworthy co-signer who is a U.S. citizen or a U.S. permanent resident. Students must present an unexpired government-issued photo ID.

Sallie Mae distinguishes itself among private lenders by offering international student loan eligibility to DACA students. Its student loans cover a range of school expenses, including tuition, fees, books, housing, meals, travel, and laptops. Sallie Mae provides a student loan repayment calculator to help borrowers estimate their monthly payments, as well as offers free access to their quarterly FICO Score.

Students with eligible resident status and co-signer or DACA students without co-signer are eligible for financial aid.

What are the loan requirements for international students attending U.S. universities through Ascent Funding? To be eligible, students must have an eligible resident status, which can be obtained by being a U.S. temporary resident or having a Temporary Protected Status. Additionally, proof of ID and a creditworthy co-signer who is a U.S. citizen or permanent resident living in the U.S. is required.

Although Ascent's international student loans are not accessible to DACA students, the lender provides specific DACA student loans. Both undergraduate and graduate DACA students can apply for these loans with or without a co-signer, and Ascent offers scholarships for DACA students as well. To qualify, DACA students must verify their resident status.

Ascent offers DACA students immediate repayment, while providing repayment options such as deferred repayment and interest-only repayment. Additionally, Ascent offers a minimum payment of $25 and cash-back rewards upon graduation. Funding can be used for tuition, room and board, books, and more. Ascent also provides expert coaching to its student borrowers.

Best for students with a U.S. Social Security number and co-signer

What are the requirements for international students to be eligible for student loans from College Ave?

College Ave's student loans can be used to cover the cost of a study abroad program at a U.S. university, as well as tuition, room and board (including off-campus housing), books, laptops, and travel expenses.

More on our top international student loans

MPOWER Financing

MPOWER Financing is a fintech company that provides student loans, refinancing, and scholarships for international students studying in the U.S. and Canada. Additionally, the lender partners with health insurance plan providers to assist you in obtaining international student health insurance, which is typically mandatory for most schools.

By making interest-only payments while in school and for six months after graduation (capped at 30 months from the date of loan disbursement), international student loan borrowers can avoid falling behind on their loans.

Loan amounts

From $2,001 to $100,000

Loan terms

10 years

Loan rate

The fixed interest rate for autopay discount is 12.74% (13.72% APR) starting at 0.25%, with a starting rate of 12.99% (13.98% APR) before the discount.

Loan fees

No application fee, no prepayment penalty, and a 5% origination fee added to the loan balance, as well as a fee for late or invalid payments.

Earnest

Earnest is a fintech lender that provides private student loans, refinancing, and personal loans to American and international students, including DACA students.

Students can begin making loan payments while still in school with a minimum of $25 per month, and borrowers have a 9-month grace period.

Loan amounts

Up to $250,000 can be provided for DACA students, with a minimum of $1,000.

Loan terms

DACA students have been eligible for 5, 7, 10, 12, and 15 years of protection from deportation.

Loan rate

DACA students have the option of a fixed or variable rate starting at 4.49% APR with a 0.25% autopay discount.

Loan fees

No origination fee, no prepayment, early payment or extra payment fees

Sallie Mae

Sallie Mae is a publicly traded company that provides private student loans, scholarships, and various savings accounts, including traditional savings, high-yield savings, money market, and CDs to consumers.

The lender offers various repayment options, such as paying interest or a fixed $25 amount while still in school, or deferring repayment until after graduation, with a 6-month grace period.

Loan amounts

The maximum loan amount that can be obtained through Sallie Mae is $1,000, but if applying directly through Sallie Mae, the loan amount cannot exceed the cost of attendance minus financial aid received, as certified by the school. If applying to Sallie Mae through a partner website, the loan amount may have a lower maximum.

Loan terms

Loan term depends on type of loan taken out

Loan rate

The loan rate varies based on the loan type; a 0.25% autopay discount is offered, and borrowers can opt for a fixed or variable interest rate.

Loan fees

No origination fee, no early repayment penalties

Ascent Funding

Eligible borrowers receive a 9-month grace period after graduation from Ascent Funding, which offers student loans, scholarships, and consumer loans for bootcamp programs, which are career prep programs offered by some colleges.

Loan amounts

The minimum amount for credit-based loans is $2,001, except for Massachusetts residents, who have a minimum of $6,001. The maximum amount for credit-based loans is $200,000 for undergraduate loans and $400,000 for graduate loans. The maximum amount for outcomes-based loans is $20,000.

Loan terms

Loan term depends on type of loan taken out

Loan rate

The loan rate varies based on the loan type, and there are discounts of 0.25% and 1.00% for autopay, as well as the option between a fixed or variable rate.

Loan fees

No fees for origination, application, or early repayment.

College Ave

College Ave offers private student loans, scholarships, sweepstakes, and a secured credit card to help students build credit.

College Ave offers various repayment options for its loans, including paying during school with full principal and interest, interest-only payments, or a flat $25 monthly payment. Additionally, there is a deferred payment option available for after school. Undergraduate loans have a 6-month grace period, while most graduate loans have a 9-month grace period.

Loan amounts

Minimum $1,000 - up to 100% cost of attendance

Loan terms

5, 8, 10, 15 years

Loan rate

The loan rate varies based on the loan type; a 0.25% autopay discount is offered, and borrowers can opt for a fixed or variable interest rate.

Loan fees

No application fee, no origination fee, no prepayment penalties

Why trust CNBC Select?

Our mission at CNBC Select is to deliver top-notch service journalism and in-depth consumer advice to our readers, enabling them to make well-informed decisions when it comes to managing their finances. Each private student loan lender review we publish is the result of thorough reporting by our team of expert writers and editors, who possess extensive knowledge of the student loan market. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content independently, without any input from our commercial team or external third parties. We uphold the highest journalistic standards and ethics in everything we do. For more information on how we select the best international student loans, please refer to our methodology.

Our methodology

CNBC Select compared private student loans from various national banks and online lenders that cater to international students studying in the U.S. to determine the best options for borrowers.

We have taken into account the diverse backgrounds and requirements of international students, including DACA recipients, U.S. citizens, refugees, asylum-seekers, those with ties to a U.S. citizen or permanent resident co-signer, and those without, in order to identify lenders that can cater to their unique needs. We have categorized our picks based on these varying requirements. Additionally, we have evaluated the loan amounts offered by these lenders, the different terms, interest rates (fixed or variable), autopay discounts, and fees such as origination fees, late or invalid payment fees, application fees, and prepayment penalties.

We ranked our recommendations based on the best options for students without a co-signer, those with a co-signer, those with eligible resident status, those with a co-signer or no co-signer, and those with a U.S. Social Security number and co-signer.

If you have a co-signer with good credit, you may be able to secure lower student loan rates and better terms. We looked at the minimum credit score required for private lenders that don't need a co-signer. Many private lenders offer prequalification tools that let you see your interest rate and loan term without applying and negatively impacting your credit.

Fixed-rate APR guarantees that your interest rate and monthly payment will remain consistent throughout the entire term of the loan, but the rates and fee structures for private student loans are not guaranteed forever and often fluctuate per the Fed rate.

Your private student loan interest rate will be determined by your credit score, income, debt-to-income ratio, savings, payment history, and overall financial health. To obtain a private student loan, lenders will perform a hard credit inquiry and require a full application, which may necessitate proof of income, identity verification, proof of address, and other documentation.

Stay up to date with CNBC Select's comprehensive coverage of credit cards, banking, and money by following us on TikTok, Facebook, Instagram, and Twitter.