10 Best Student Loan Companies For International Students (2024)

What are the best Student loan companies for international students? is the most frequently asked question by students looking for platforms to lend money.

I have researched over 20 student loan companies, of which some are legit and fully functioning, while others are just word-of-mouth scholarships full of dictionary ads.

If you don’t want to keep looking further for the truest brands that offer scholarships, then these 10 companies are the best for you if you want to carry out student loans as an international student.

Student loan debt in the United States totals $1.727 trillion, with the first-ever annual reduction in 2023.

• About 43.2 million borrowers have federal student loan debt which simply tells that over 70% of students are looking for loan companies with low interest rates.

Best Student Loan Companies For International Students

• Student loan debt has been steadily increasing for decades, but the rate of increase has slowed in recent years.
• There was a particularly sharp rise after the pandemic attack of COVID-19 that’s ending in 2022–2023.

Based on my research, these are the top 10 student loan providers for overseas students.

1. Earnest

Earnest, a technology-enabled fintech lender based in San Francisco, California, provides education financing products such as refinancing and private student loans.

Why Earnest?

Aside from allowing you to choose your loan amount, most private student loan lenders provide one-size-fits-all solutions.

That is not the case with Earnest; aside from its cheap rates, it provides the most customizable private student loans on the market, which is why it is our top choice.

If anything, fine-tuning the specifics of your loan will be more difficult.

Earnest Loan Requirements

I. Credit scores of 650 or higher are required.

ii. You must have a minimum annual income of $35,000.

iii. You must reach the age of majority in your state.

iv. You must be a United States citizen or permanent resident.

v. You must have at least three years’ credit history.

vi. Available in all 50 states, except Nevada and Washington, D.C.

vii. You must have no previous bankruptcies and no accounts currently in collections.

viii. You should have at least two months of emergency fund savings.

Watch Earnest Student Loan Review Below;

2. Sallie Mae

SLM Corporation (often known as Sallie Mae; formerly the Student Loan Marketing Association) is a publicly traded consumer banking company based in the United States.

Why Salli Mae

Sallie Mae, the most well-known student loan company, is headquartered in Newark, Delaware.

It was established as a government body that administers federal education loans.

Then, between 1997 and 2004, Sallie Mae became a completely privatized bank with the greatest share of the private student loan industry.

Sallie Mae Requirements

i. School Eligibility: Must be enrolled in a degree-granting program at an accredited school.

ii. Enrolled half-time or more: Yes

iii. Citizenship: U.S. citizen or permanent resident, or non-US citizen with a cosigner who is a US citizen or permanent resident.

iv. State: Available in all 50 states, Washington, D.C., and Puerto Rico.

Watch Sallie Mae Student Loan Review Below;

3. Sofi

SoFi Technologies, Inc. (often known as SoFi) is an American online personal financial startup and bank.

SoFi, headquartered in San Francisco, offers financial products such as student loan refinancing, mortgages, personal loans, credit cards, investing, and banking via both mobile and desktop interfaces.

Why Sofi?

SoFi is a national chartered bank headquartered in San Francisco, California.

It created a reputation for itself in 2012 as the first company to refinance both federal and private student loans.

Since then, it has grown into nearly all consumer lending markets, funding loans totaling over $73 billion.

Sofi Eligibility Requirements

i. School Eligibility: Must be enrolled in a degree-granting program at an accredited school.

ii. Enrolled for half-time or more: Yes

iii. Citizenship: US citizen, permanent resident, or visa holder (E-2, E-3, H-1B, J-1, L-1, or O-1), as well as international or DACA students with a cosigner who is a US citizen or permanent resident.

iv. State: Available in all 50 states

Watch Sofi Student Loan Refinancing Review Below;

4. Citizens Bank Student Loan

A Citizens Student Loan allows you to choose from reasonable rates and repayment alternatives, allowing you to repay your loan on your own schedule, as well as a staff of Student Lending Advisors to assist you throughout the process.

Why Citizens Bank Student Loan?

After applying for a Citizens Student Loan, you may be eligible for multi-year approval.

If you are eligible, log into your account before each school year and request cash without submitting an application or affecting your credit score.

Citizens Bank Student Loan Requirements

i. International students require a creditworthy co-signer who is a US citizen or permanent resident.

ii. Students must be enrolled at least half-time in a degree-granting program at a qualifying institution.

iii. Students cannot have any previous student loan defaults.

iv. A co-signer must have a reasonably good credit history.

Citizens Bank Student Loan Review Below;

5. College Ave

College Ave Student Loans offers private student loans ranging from $1,000 to the cost of tuition.

Borrowers who already have debt can request to refinance their college loans through the organization.

They do not charge origination or prepayment costs on their loans, but late fees may apply if you miss a payment.

Why College Ave?

College Ave has one of the lowest starting interest rates on private student loans, as undergraduate fixed-rate loans start at 4.07%.

Graduate students’ interest rates are very competitive, with SoFi offering lower rates for this demographic.

College Ave Requirements

i. Apply from your computer or mobile device.

ii. Customer care is provided by phone, text, email, and live chat.

College Ave Student Loan Review Below;

6. Credible

Credible Labs Inc., sometimes known as Credible, is a financial technology business based in San Francisco.

The company also conducts business through its subsidiary, Credible Operations, Inc.

Its online marketplace enables customers to compare and refinance loans, mortgages, and other financial products from lenders.

Why Credible Student Loan?

Unlike the other companies on this list, Credible does not offer student loans.

Instead, it provides a free comparison tool that allows borrowers to complete a fast online application and compare real prequalified rates from lenders it works with.

Credible Student Loan Eligibility Requirements

There are no eligibility restrictions for using Credible’s comparison tool.

The individual standards of each partner lender determine whether or not you will be authorised.

Credible Student Loan Review Video Below;

7. MPower

This is a highly recognised institution that offers loans to international students in US dollars.

Why MPower?

MPOWER finance focuses on students whose study destinations are the United States and Canada. You can apply for a loan to cover tuition, living expenses, and study materials.

MPower Requirements

i. Available to students in certain schools across the United States and Canada.

ii. A US citizen, permanent resident, DACA participant, asylum applicant, refugee, or visa holder may be eligible for approval.

iii. Enrollment in an eligible school.

iv. You must have reached the age of majority in your home state.

Neha Prohit MPower Experience Video Below;

8. PNC Student Loans

PNC Financial Services Group, Inc. is an American bank holding company and financial services business headquartered in Pittsburgh, Pennsylvania.

Its banking arm, PNC Bank, operates in 27 states and the District of Columbia, with 2,629 branches and 9,523 ATMs.

Why PNC Student Loans?

Borrowers have up to 15 years to repay and can take advantage of privileges such as payment deferment, debt forgiveness upon the borrower’s death, and voluntary co-signer release after 48 months of on-time payments.

PNC Student Loan Eligibility Requirements

i. Borrowers should be US citizens or permanent residents and able to meet relevant credit guidelines

ii. During the application process, the applicant must provide documentation of two years of satisfactory creditworthiness and continuous income or employment history.

iii. Students who do not meet these prerequisites should consider adding a co-signer who does.

PNC Student Loan Review Video Below;

9. Funding U Student Loans

Funding U is entirely focused on no-cosigner student loans for undergraduates.

This emphasis enables us to be three things: fast, direct, and helpful.

Why Funding U Loans?

Aside from allowing you to choose your own loan amount, most private student loan lenders provide one-size-fits-all solutions.

That is not the case with Earnest; aside from its cheap rates, it provides the most customizable private student loans on the market, which is why it is our top choice.

If anything, fine-tuning the specifics of your loan will be more difficult.

Funding U Eligibility Requirements

i. You must be over the age of 18.

ii. Only accessible for full-time students pursuing a bachelor’s degree.

iii. You must be a United States citizen, permanent resident, or DACA recipient.

iv. Only available in the following states;

1. Alabama
2. Arizona
3. Arkansas
4. California
5. Colorado
6. Connecticut
7. Delaware
8. Florida
9. Georgia
10. Hawaii
11. Illinois
12. Indiana
13. Iowa
14. Kansas
15. Louisiana
16. Maryland
17. Massachusetts
18. Michigan
19. Minnesota
20. Missouri
21. Nebraska
22. New Jersey
23. New Mexico
24. New York
25. North Carolina
26. Ohio
27. Oklahoma
28. Oregon
29. Pennsylvania
30. South Carolina
31. Tennessee
32. Texas
33. Utah
34. Vermont
35. Virginia
36. Washington
37. West Virginia
38. Wisconsin

10. Iowa Student Loan

Iowa Student Loan Liquidity Corporation is a nonprofit organization dedicated to assisting students and families in obtaining the resources they need to succeed in postsecondary education.

This includes private student loans, which are offered under the name ISL Education Lending, scholarships, and free planning tools and resources.

Why Iowa Student Loan?

Most lenders charge higher interest rates for private student loans for graduate students, but Iowa Student Loans, a nonprofit lender, does not.

Instead, it provides five loan options: one for undergraduate and graduate students who do not have a cosigner, one for parents and families, and two general-purpose loans that are cosigner-free for undergraduate and graduate students.

Iowa Student Loan Eligibility Requirements

i. Credit scores of 660 or better are required.

ii. You must be the age of majority in your state or an emancipated minor.

iii. Available in all states, except for Maine and Washington, D.C.; the Illinois Partnership Loan is exclusively available to Illinois citizens.

iv. You must be a United States citizen or permanent resident.

v. You must have a 40% or lower debt-to-income ratio (for non-partnership loans).

Conclusion

To sum up, managing the complex terrain of student loans as an international student can be difficult, but with the correct information and resources, it becomes manageable.

The best student loan companies for international students mentioned in this guide provide specialized solutions, low rates, and flexible repayment choices to meet the unique demands of international students.

These companies provide crucial assistance to students pursuing their academic aspirations overseas by covering tuition, living expenses, and other educational charges.

By carefully considering these possibilities and making informed selections, overseas students can reduce financial stress and focus on their education, paving the way for a brighter future.

To advance your knowledge of student loans, you can read my previous article on the Major problems of student debt.