Top 7 Best international student loans of 2024

Studying abroad is an exciting opportunity, but securing the necessary funding can be a challenge for international students. As tuition fees and living costs rise, finding the right loan can make all the difference in turning your academic dreams into reality.

Many financial organisations are now offering specialised international student loans that cater to the unique needs of students studying outside their home countries. Whether you’re planning to study in the U.S., the U.K., Canada, or another popular destination, understanding the features, benefits, and potential drawbacks of various loan products is crucial.

According to Investopedia, here are the best international student loans of 2024

Earnest

Earnest stands out for its flexible repayment options and competitive interest rates, offering specialised graduate and refinance loans. While international students may apply without a cosigner if they meet strict criteria, most will need a U.S. citizen or permanent resident as a cosigner. A major advantage is Earnest’s nine-month grace period, longer than the typical six months, giving borrowers extra time post-graduation to stabilise financially.
In addition to no fees and a 0.25% autopay discount, Earnest allows forbearance for up to 12 months and lets borrowers adjust their loan term down to the month. However, it lacks a cosigner release program, does not serve part-time undergraduates, and is unavailable in Nevada.

Juno

Juno employs a unique model by pooling borrowers together and negotiating with lenders to secure competitive rates. For DACA recipients and international students, this platform can significantly lower borrowing costs, but cosigners are often required. Juno’s service is free, does not require a credit check, and involves no commitment.
However, the platform’s reliance on its lender network means borrowers might miss better deals elsewhere. Additionally, approval timelines may vary, and specific terms depend on the selected lender.

Credible

Credible simplifies the loan shopping process by allowing students to compare rates from multiple lenders without a hard credit inquiry. With a user-friendly platform, borrowers can pre-qualify and find loans that cover their full cost of attendance. While there are no fees for using Credible, terms and rates vary widely across its partner network, requiring additional borrower research.
Borrowers can benefit from flexible repayment options, interest rate discounts, and the absence of origination fees. However, the platform doesn’t include all major lenders, limiting some choices.

Ascent

Ascent caters to international students, particularly at the graduate level. Its repayment terms are versatile, offering up to 48 months of deferment depending on the program. Borrowers can earn a 1% cash-back reward upon graduation and benefit from a 0.25% autopay discount. Referrals also yield financial rewards for both the borrower and referred individuals.
The main drawback for international students is the requirement for a U.S.-based cosigner, and Ascent doesn’t allow cosigner release. Furthermore, outcomes-based loans are unavailable to part-time students.

Citizens Bank

Citizens Bank offers multi-year approval, enabling students to secure funding for several years with one application. International students can benefit from loyalty discounts if they or their cosigners hold accounts with the bank. A cosigner release is available after meeting eligibility criteria.
However, the bank’s relatively low aggregate loan limits and lack of options for community college students may pose challenges for some borrowers.

MPOWER Financing

MPOWER Financing stands out by not requiring a cosigner, credit score, or history, making it accessible for international students without U.S. connections. Borrowers benefit from a 0.25% autopay discount and visa support services. However, MPOWER’s interest rates are higher than many competitors, and it charges a 5% origination fee. Additionally, borrowers must adhere to a fixed 10-year repayment term and make interest-only payments while in school.

Prodigy Finance

Prodigy Finance caters exclusively to graduate students attending select schools in 18 countries. Its no-cosigner requirement is ideal for international students, and loan terms are flexible. However, Prodigy charges a 5% administrative fee and offers only variable interest rates, which may be higher than fixed rates from competitors. The platform’s limited school eligibility and lack of interest rate discounts might not suit all borrowers.