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Loans for international students in the USA: Requirements & procedures
A complete guide to loans for international students in the USA, including eligibility, funding limits, repayment terms, and how to choose the right option.
Studying in the United States of America gives you global exposure, as well as career opportunities that stretch far beyond borders. But, a challenge many students might face early on is this: Funding an education in the U.S. is expensive, and traditional financial aid is limited.
That’s where private lenders and education-focused finance companies that offer loans for international students in the USA come in. They understand that international students bring ambition and long-term earning potential. And that the major issue they face is access to the right financial aid. Many students don’t have a U.S. credit history, a Social Security number, or local co-signers. The loans featured in this guide are designed to work around those barriers.
We selected these loans using parameters such as availability to non‑U.S. citizens, eligibility criteria, reasonable repayment structures, and track records with international students. While each option is different, they have some common benefits like the application process is online, their funding is tied to school costs, they have a flexible repayment schedule, and the support they give to students.
1. MPOWER Financing
MPOWER Financing is a private education lender that works specifically for international students studying in the United States and Canada. It offers loans without requiring a U.S. co-signer or collateral, and is one of the most accessible loans for international students in the USA. It has fixed interest rates, funding up to $100,000, and acceptance at over 500 schools. MPOWER goes beyond just lending, because students also receive visa support, career tools, and opportunities to begin building U.S. credit history while completing their education.
Which is the financial entity that grants this loan?
MPOWER Financing is a private education lender, not a government program. And it is definitely not a traditional bank loan. Instead, it is a specialized financial company focused exclusively on funding international and DACA students studying in North America.
How can the loan be requested?
The entire application process is 100% online. You do not need to visit a physical office, and you can receive an instant conditional offer after submitting your application.
Eligibility requirements:
To qualify for an MPOWER loan, students must:
- Be enrolled in one of 500+ eligible schools in the U.S. or Canada.
- Be an international student, U.S. citizen, DACA recipient, refugee, or asylum-seeker.
- Be within the final 24 months of a bachelor’s, Ph.D., or other degree program.
- Or within the final 30 months of an MBA, Master’s, DDS, or MD program.
MPOWER evaluates academic progress and future earning potential rather than U.S. credit history.
Minimum course length:
Students must generally be within the final two to two-and-a-half years of their degree program. And they can apply up to 12 months before funds are needed.
How much can a student get from this loan?
Students can borrow between $2,001 and $100,000.
The funding you receive can cover tuition, books, meal plans, housing, health insurance, and other education-related expenses. For U.S. schools, funding can cover up to 100% of education costs, including living expenses.
Payment conditions:
- Interest rate: Fixed rates starting from 9.99% (10.89% APR. Includes a 0.25% discount for automatic payments.)
- Rate type: Fixed. The interest rate does not change over the life of the loan.
- Repayment term: 10 years.
- In-school payments: Interest-only payments while studying and for six months after graduation. Note that the interest-only period is capped at 30 months from disbursement.
- Prepayment penalty: None.
Monthly payments depend on the loan amount, but because the rates are fixed, payments remain predictable.
When should this loan be paid?
Students begin making interest-only payments while enrolled in school. Full principal and interest repayment begins after graduation and the six-month grace period.
Does this loan require insurance?
No additional loan insurance is required.
2. Prodigy Finance
Prodigy Finance is a global education lender that was founded in 2007 to address the funding challenges international students face when studying abroad. Created by MBA students who experienced these barriers themselves, Prodigy focuses on master’s-level education. It evaluates applicants based on future earning potential rather than credit history. With students funded from over 150 countries and loan amounts up to $220,000, Prodigy offers co-signer-free financing designed specifically for international graduate students attending top universities.
Which is the financial entity that grants this loan?
Prodigy Finance is a private international education lender. It is not a traditional bank loan, nor is it a government program. Instead, it operates as a specialized financial company focused exclusively on funding international master’s students worldwide.
How can the loan be requested?
The entire application process is completed online, and it includes:
- Online application.
- Receiving a provisional offer.
- Document verification.
- Loan confirmation and digital agreement.
Once finalized, the funds are sent directly to the university.
Eligibility requirements:
Prodigy Finance loans are designed specifically for international master’s students. Some key requirements include:
- Admission to a supported university and eligible master’s program.
- Citizenship from one of 120+ supported countries.
- Enrollment in a qualifying graduate program (MBA, STEM, law, public policy, and similar degrees).
- No co-signer required.
- No collateral required.
- No prior credit history required.
Approval is based primarily on future earning potential, university reputation, and program outcomes rather than age, income, or guarantor strength.
How much can a student get from this loan?
Students can borrow up to $220,000, depending on their program cost, university, and expected post-graduation income.
Prodigy can finance up to 100% of the total cost of attendance, including tuition and living expenses.
Payment conditions:
- Interest rate: Variable rates starting from 9.66% (rates vary by profile and market conditions).
- Interest type: Variable.
- Repayment term: Can extend up to approximately 15-20 years depending on loan structure.
- Upfront fees: $500 processing fee upon final loan confirmation.
- Early repayment penalty: None.
Repayment terms are such that they align with expected post-graduation earning potential.
Monthly payments depend on loan size and rate at the time of borrowing.
When should this loan be paid?
Simply put, full repayment begins after graduation, with a grace period for students to start employment. But, students may make limited payments while they’re studying, depending on loan terms. Because approval is based on projected earning potential, the repayment structure is designed to align with post-degree income growth.
Does this loan require insurance?
Prodigy Finance does not require separate loan insurance or collateral.
3. Sallie Mae
Sallie Mae is one of the largest private education lenders in the United States, offering private student financing for undergraduate, graduate, and career training programs. It provides loans for international students in the USA who have a qualified U.S. co-signer. It funds up to 100% of school-certified costs, has no origination fees, and has flexible repayment options.
Which is the financial entity that grants this loan?
Sallie Mae is a private financial institution, and these are private student loans, not federal loans. The company operates as a publicly traded financial services provider specializing in education lending.
How can the loan be requested?
The application process is completed online. Students and their co-signers apply digitally, submit required documents, and track loan status through their web portal. Once approved, the funds are disbursed directly to the institution.
Eligibility requirements:
For international students, the key requirements are:
- A creditworthy U.S. citizen or permanent resident co-signer.
- At least part-time enrollment at an eligible, degree-granting U.S. institution.
- School certification of loan amount.
- Meeting credit criteria (primarily through the co-signer).
Minimum course length:
Students must be enrolled at least part-time in eligible undergraduate, graduate, or approved career training programs.
How much can a student get from this loan?
Students can borrow up to 100% of the school-certified cost of attendance, minus any other financial aid received. Eligible expenses include tuition, books, housing, meals, travel, equipment and supplies, and required technology (such as a laptop).
The exact amount depends on the school’s certified cost and the co-signer’s credit profile.
Payment conditions:
- Interest type: Fixed or variable rate options.
- Interest rate: Varies based on credit profile and market conditions.
- Origination fees: None.
- Prepayment penalty: None.
Students can also qualify for co-signer release after 12 months of consecutive on-time principal and interest payments, provided credit requirements are met.
When should this loan be paid?
Repayment depends on the plan selected. If deferred, payments begin after graduation and any grace period. If you choose an in-school repayment option, monthly payments begin once funds are disbursed.
Does this loan require insurance?
No separate loan insurance is required. However, borrowers must meet credit requirements through the co-signer. Any health insurance required by the university must be arranged separately by the student.
4. Ascent
Ascent offers private student loans for international students studying at eligible U.S. colleges and universities. It’s designed to help bridge funding gaps when financial aid falls short. The loans taken from here can cover up to 100% of the school’s cost of attendance, including tuition, books, and living expenses. International students must apply with a qualified U.S.-based cosigner.
Which is the financial entity that grants this loan?
Ascent is a private lender, and these are private student loans.
How can the loan be requested?
Loans are requested online through Ascent’s digital application platform. The process includes:
- Submitting a pre-qualification form (student and cosigner details required).
- Customizing loan terms after approval.
- Completing required tasks in the Ascent portal.
- School certification.
- Direct disbursement of funds to the institution.
Eligibility requirements:
International student requirements:
- Must not be a U.S. citizen.
- Must not be a U.S. permanent resident.
- Must not have DACA status.
- Must attend an eligible U.S. college or university.
- Must provide proof of identification.
- Must verify resident status.
- Must apply with a creditworthy U.S.-based cosigner.
Cosigner requirements:
- Must be a U.S. citizen or U.S. permanent resident.
- Must meet a minimum credit score (subject to change).
- Must earn at least $30,000 gross annual income for the current and previous year.
- Must provide satisfactory proof of income.
Minimum course length:
Ascent offers cosigned private loans for international students pursuing:
- Undergraduate degrees.
- MBA programs.
- Medical degrees (MD, DO, DVM, VMD, DPM).
- Dental degrees (DMD, DDS).
- Law degrees.
- Graduate programs (MA, MS, PhD, nursing, pharmacy, allied health, and other advanced degrees).
How much can a student get from this loan?
The minimum loan amount is $2,001. And the maximum loan amount is $200,000. Loans can cover up to 100% of the school-certified cost of attendance.
Payment conditions:
- 5, 7, 10, 12, or 15 years (non-cosigned credit-based).
- 10 or 15 years (non-cosigned outcomes-based).
Repayment options (credit-based loan):
- Interest-only payments.
- $25 minimum payment.
- Deferred repayment.
- Immediate repayment.
Repayment options (outcomes-based loan):
- Payments begin up to 9 months after graduation or leaving the program.
When should this loan be paid?
Repayment depends on the selected option. Immediate repayment begins while in school. And interest-only or minimum payments begin while studying. For outcomes-based loans, repayment may begin up to 9 months after graduation or leaving the program.
Does this loan require insurance?
There is no mandatory insurance mentioned as a requirement for this loan.
5. SoFi
SoFi offers private student loans designed to cover up to 100% of school-certified education costs for undergraduate and graduate students. These loans can be used for tuition, housing, books, food, transportation, lab fees, computers, and even study abroad programs through U.S. institutions. With competitive fixed and variable interest rates, flexible repayment terms, no origination or late fees, and rewards for good grades, SoFi is a fabulous and flexible alternative to federal and traditional private student loans.
Which is the financial entity that grants this loan?
SoFi is a private financial institution, and these are private student loans. SoFi operates as a financial services company offering education financing and other financial products.
How can the loan be requested?
Applications are completed entirely online. Here are the steps to apply:
- Entering basic personal and school information.
- Optionally inviting a cosigner (recommended but not required).\
- Viewing prequalified rates and estimated monthly payments (without impacting credit score).
- Selecting loan terms.
- Signing the agreement.
- Waiting for school certification before funds are disbursed directly to the institution.
Eligibility requirements:
- Must be pursuing at least a BA/BS degree or higher, including graduate certificates.
- Available for undergraduate, MBA, law, medical, health professions, and other graduate programs.
- Loans are available for fall, spring, and summer terms.
- A cosigner is not required, but encouraged to improve approval chances, and secure a lower interest rate.
- Approval depends on credit profile and financial history (student or cosigner).
Minimum course length:
No specific minimum course length is mentioned beyond the fact that enrollment in an eligible degree program is required. So, the applicable loan terms will depend on the type of course selected.
How much can a student get from this loan?
- Minimum loan amount: $1,000.
- Maximum loan amount: No maximum amount is stated.
The loan can cover up to 100% of school-certified cost of attendance, including tuition, books and supplies, room and boarding, food, transportation, and personal expenses. It can also cover computers and equipment, and lab, athletic, or art-related fees.
Payment conditions:
You can repay the loan in 5, 7, 10, or 15 years. Plus you can choose between fixed or variable interest rates. SoFi offers competitive fixed and variable APRs. Exact rates depend on creditworthiness and market conditions, and adding a cosigner may help secure a lower rate. SoFi also offers several discounts and benefits like:
- 0.125% rate discount for returning in-school borrowers.
- Rewards points that can be redeemed toward loan repayment.
- Good Grades Bonus of up to $250 cash per term (up to $2,500 total) for students maintaining a 3.0 GPA or higher.
When should this loan be paid?
You can choose the repayment structures that fit your budget. You can start paying while in school, or follow a structured timeline based on the selected loan terms.
Does this loan require insurance?
No. There is no mandatory insurance requirement mentioned for SoFi student loans.
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Choosing the right loans for international students in the USA
As you can see, the loans for international students in the USA are not one‑size‑fits‑all. The best option depends on your study program, financial support system, and long‑term plans. While some students value flexibility, others prioritize borrowing without a co‑signer. So the smartest move here is to match the loan to your requirement and reality—not just your tuition bill. Please compare the loans listed here carefully, read the terms and conditions, and choose the option that supports both your education and your future.
