Best Student Loans For International Students? Private student loans are important tools that can help students cover the costs associated with continuing their education.
However, they are not right for every student, and they are not always easy to obtain. Private student loan eligibility requirements, interest rates, costs, and facilities can vary widely and are determined at the discretion of the lender.
For most students, federal student loans are more affordable and provide better protection than private student loans.
If you are eligible for federal loans, then you should apply for those first. If you are not eligible or federal loans are not enough to cover all your school costs. Compare several private lenders to find the one that is most suitable for you.
What Is a Student Loan?
A student loan is a form of student aid that helps students pay for a college education, from vocational training to bachelor’s degrees to doctoral degrees.
Students then use these funds to pay for their education-related costs, including tuition, books, and school supplies, and even living expenses such as food or transportation.
Generally, student loans have lower interest rates and costs than other loans, but are also difficult to bankrupt.
Student loans can be offered and generated by many lenders. The Department of Education’s Office of Federal Student Aid offers federal student loans, and many state governments also run student loan programs.
Colleges may offer their own student loan programs with other non-profit organizations. Banks and other private lenders also usually provide student loans.
READ ALSO: Best Business Loan Interest Rates in India
Here are some Best Student Loans For International Students are described as following.
Best Student Loans For International Students
| Lender | BEST FOR | Fixed APR |
|---|---|---|
| Credible | Best Student Loan Marketplace | 3.34%-14.51% with autopay |
| Ascent | Best Overall Lender | 3.38%-13.72% with autopay |
| SoFi | Best for Graduate Students | 4.13%-11.37% with autopay |
| CommonBond | Best for Refinancing | 2.59%-6.74% with autopay |
| College Ave | Best for Flexible Repayment Options | 3.34%-12.99% with autopay |
| Citizens Bank | Runner-Up for Best Lender | 3.99%-10.92% with autopay |
| Sallie Mae | Best for Co-Signers | 4.25%-12.59% with autopay |
1. Credible
Credible is a student loan aggregator, which means that it is a loan website in which many lenders participate.
Credible is our first choice because it gives you a personalized table with offers from eight lenders to compare, and you can click on a lender’s site to complete a student loan application.
Before applying for a student loan, it is smart to compare rates from several different lenders to ensure that you get the best interest rate and loan terms.
Instead of doing this process on your own, which can be frustrating and time-consuming, you can use the student loan market to speed things up.
With Credible, you fill out a simple form and get rate quotes from many student loan lenders within minutes. Getting a bid does not affect your credit score, and you may see several repayment options.
Once you find a loan that works for you, you and your cosigner (if applicable) can complete your loan application online.
It provides student loans for both new and current students, as well as student loan refinancing. By filling out a single application, you can get rates from eight different lenders.
You will create a trusted account and complete a short form sharing your details. Credible uses this information to help you with student loan offers. It only requires a soft pull on your credit report, which means that it will not harm your credit.
Lending partner at a credible loan student variable APR of 1.04% –13.19% and fixed APRs of 3.34% –14.51%. They also charge no student loan origination or processing fees.
Student loan terms range from five years to 20, with loans offered to undergraduate and graduate students with or without a co-signer.
2. Ascent
Ascent’s interest rates are among the lowest among any lender we have surveyed, and it is the only lender on our list to offer student loans specifically to graduate borrowers without a co-signer.
Therefore, Ascent offers non-co-signed student loans to undergraduate juniors and seniors, and graduate students.
This includes a “future income-based student loan” for undergrads, which comes with a 2.00% interest rate discount on the highest offering rate when signing up for automatic payments. However, the rate offered on co-signed loans may be higher.
Both types of loans come with a 0.25% interest rate discount when enrolled in AutoPay. If you have a co-signer, you can release them from debt after payment for 24 consecutive months.
You may be eligible for financing with a minimum credit score of 600. Otherwise, you can apply with a borrower cosigner. What’s more, Ascent provides for a cosigner release after just 24 months.
In addition, non-US citizens or permanent residents are eligible for financing when they apply with a borrower who is either a US citizen or a permanent resident.
Even if you are a current student and do not qualify for financing on the basis of your income, you may still be able to apply for a nonconsumer loan.
However, You will be required to meet the minimum credit score requirement and have a two-year minimum credit history.
The loan repayment terms are 5, 7, 10, 12, or 15 years for undergrads and 10 to 20 years for graduate loans. The lender offers some repayment options, including postponing full school until six months after graduation and low-cost, in-school repayments.
A standout option involves obtaining a bachelor’s degree. It initiates low payouts and increases over time, giving recent college graduates time to regain their financial status before making full payments.
Ascent offers a 1% cash-back reward once the borrower graduates on the initial loan balance and meets certain criteria.
READ ALSO: Best Bike Loan Interest Rate in India
3. SoFi
SoFi takes an MBA school here to offer some of the best undergraduate student loans, including a law school.
Sophie’s lowest posted rates reflect a discount of 0.25% for Autopay and 0.125% for Sophie’s membership. You can learn more about what rates may be available to you with SoFi and compare offers from several lenders in Credible.
Therefore, SoFi offers strong membership benefits that can provide a lot of value to graduate students, including free career coaching and financial planning.
Its unemployment protection program will also prevent student loan payments of up to 12 months if you lose your job through a mistake of your own. SoFi also offers student loan refinancing.
You can refinance both federal and private student loans. To qualify:
- You must be either an American citizen or a permanent resident who has graduated from a Title IV accredited university or graduate program.
- You must be employed, or have a written job offer to begin within 90 days.
- Your income should be sufficient to cover your financial obligations, and you must have a minimum credit score of 650.
There are also four repayment options, including full-school postponement and never any fees. And if you have co-signers, you can apply to issue them after 24 timely payments.
In addition, Lending options are available for downgrades and parents, with autoplay and membership discounts.
4. CommonBond
CommonBond is a direct student loan lender, providing financing for both new and current students, as well as refinancing. They provide loans for undergraduate, graduate, and MBA students, and dental and medical students.
While CommonBond has some tough competition to refinance student loans, it pulls ahead thanks to offering some of the best interest rates.
Refinance rates start at 2.56% APR on variable-rate loans, 2.59% on fixed-rate loans, or 2.98% APR for hybrid rate options. CommonBond also offers regular undergraduate student loans.
The company reportedly denies up to 24 months on a case-by-case basis. Most private student loan lenders refuse for no more than 12.
The unique hybrid-rate refinance loan provides a fixed rate for the first five years of the loan and then switches to a variable rate.
This can be a good option for borrowers who want to repay this loan or get a headstart on repayment with a lower rate.
CommonBond has a wide range of student loan refinances ranging from five to 20 years, so you can balance the time repaying the loan with cheaper monthly payments.
It also offers up to 24 months of hardship over the life of the loan. However, the difference is not specified on CommonBond’s website (it instructs you to call for more information).
CommonBond Parent Plus loan allows refinancing, making it possible for you to transfer this loan from your parents. And if you’re in school, you can see CommonBond’s private student loan options for undergrads, graduate students, as well as specific loans for MBA, dental, and medical students. Borrowers can apply to release their co-signer 36 months after payment.
READ ALSO: Best Gold Loan Interest Rates In India
5. College Ave
College Avenue offers a variety of repayment options, from payment structure to terms. Here students have in-school payment options with College Pay Ave Student Loans:
- Full deferment in school and for a six-month grace period after enrollment ends
- Fixed in-school payments of $25 per month
- Interest-only payments while in school
- Full repayment of principal, with interest beginning immediately
When you’re in school, you can postpone payments or choose fixed or interest-only payments that limit your monthly payments.
On top of these flexible options, College Avenue also offers four loan-term options between five and 15 years, giving you more control over your repayments. And if you have a co-signer, you can issue them even after 24 payments.
6. Citizens Bank
Citizens Bank offers some of the lowest interest rates among the best student loans. After enrolling in AutoPay and signing up for an additional account at Citizens Bank (such as a checking or savings account), borrowers can apply for a variety of loans with potentially low rates.
Interest rates depend on whether you are a student or parent and whether you are an undergraduate or graduate student.
After taking your first citizen bank student loan, multi-year approval makes it easier to access additional student loans.
Citizen Bank student loans come with five, 10, or 15-year terms, and you can borrow between $1,000 and $350,000 over time, depending on your degree, level of education, and if your parents are borrowing on your behalf.
Borrowers can choose one of three repayment options, including full immediate repayment, only payments while in school, or full-school deferment for eight years.
A co-signer may be required to qualify to graduate, although a co-signer release is offered after making a 36-time payment. Citizens Bank also offers student loan refinance.
7. Sallie Mae
Sallie Mae earns the title of the lender with the best student loans for co-signers for its flexible options and clear guidelines for co-signers.
It also helps that it offers lower costs on loans for undergraduates after enrolling in AutoPay and choosing in-school repayments.
The Smart Option Student Loan, a personal loan of undergraduate students from Saldi Mae, has the lowest repayment requirement to qualify for the co-signer release. Borrowers can apply for the issue to their co-signer only after 12 months, after full payment.
If you co-sign a student loan from Sallie Mae, you will get your login to enter, manage and pay the account.
Almost any borrower can be a co-signer with this lender, as Sally Mae states that 26% of its co-signers are not related to the student borrower. Qualified US citizens can also co-sign for international students.
Sallie Mae also offers Graduate School Loans, MBA Loans, Parent-Student Loans, Residency and Relocation Loans, and Career Training Loans.
READ ALSO: Best Car Loan Providers in India
READ ALSO: Lowest Rates on Home Loan in India