collageAn international student loan is a type of private student loan that is available to students who are studying outside of their home country. International students can apply for these loans to help cover the cost of attending school abroad. There are many different types of international student loans available today. Some lenders may offer specific features or benefits that others do not have. It’s important to compare all of your options before deciding on which lender you want to work with. In this article, we review the aspects of best international student loans, mpower financing, student loans for international students without cosigner, international student loan organizations and best small student loans.
International students who need to borrow money to pay for their education may find the process of obtaining an international student loan daunting and confusing. There are many different types of lenders that offer different types of loans with varying terms and conditions. This article will explain how to choose a good lender and give some tips on how to apply for your loan. Read on to learn more about best international student loans, mpower financing, student loans for international students without cosigner, international student loan organizations and best small student loans.
best international student loans
We begin with best international student loans, then mpower financing, student loans for international students without cosigner, international student loan organizations and best small student loans.
Top 10 International Student Loan Providers
Most students who do not receive or qualify for any international scholarships look around for financial assistance in the form of student loans. Even after getting scholarships, it is a prerequisite for students to provide financial proof before starting their universities/schools abroad. Student loans are the saviors, but non-US citizens are not eligible for federal student loans. No need to panic! WooStudy has got you. After extensive research team WooStudy has identified different viable options through which any international student with limited finance can attain their dreams of studying abroad.
The two most reliable ways by which international students can get financial assistance without any hassle are:
Applying to Community Colleges
Community colleges, also called junior college, is two-year school that delivers affordable post-secondary education as a pathway to a four-year degree. Most U.S. community colleges are authorized by (SEVP) (Student and Exchange Visitor Program) and have national accreditation.
In recent years, community colleges are getting popular among international students. Some perks include affordability, small class sizes, and personal assistance. Hence, community colleges are the most affordable ways to start your educational journey in the US. The cherry on the top is these colleges offer financial aid too.
Most community colleges offer two-year associate degrees in multiple disciplines like history, science, math, politics, arts, and many more. But these colleges do not award four-year bachelors’ degrees. International students planning to continue their studies in the United States can further apply to a professional college or opt for a job with an associate certification.
Register on WooStudy to access our partner community colleges.
Get Financial Assistance from International Student Loan Providers
Several international student loan providers are available for non-US citizens pursuing education at a college or university in the United States. Aspiring students can avail of these loans opportunities to settle their college living costs like conveyance, hostel rooms, books, supplies, health insurance, and other expenses. Non-US resident students can get such loans all around the year. Private loan providers often offer flexible repayment terms, low-interest rates, no collateral, and a quick online applications process.
Requirement for Acquiring Student Loans
To qualify for international student loans, you need a cosigner who must be a US citizen or a permanent resident with a good credit score. However, some loan providers give loans to students without a US cosigner but with high-interest rates to lessen the associated risk.
How to Apply?
Before applying for a student loan, check the availability of loan providers who provide international student loans in your country and your educational institutions.
After finding a suitable loan provider, you can apply for the loan. The entire process is simple, and all you will need is to submit the required documentation. Commonly these documents include:
- Identification proof
- Proof of residence
- Academic records
- Valid passport & Visa
- Proof of admission to your university
- Extra-curricular certificates
Once your student loan application is approved, you will get notified of the interest rates (fixed or variable rate) and repayment terms. After agreeing with the terms and conditions, your loan application will get approved and funds disbursed. The entire procedure takes approx. 6 weeks to complete.
Caution! Before accepting funds or signing the document, consult an expert or read the terms and conditions carefully to avoid any later inconvenience.
Top 10 International Student Loan Providers
Stilt
Stilt offers a simple 4-step process for loan application. The minimum eligibility criteria are physical presence in the U.S. with a U.S. bank account in the borrower’s name and a U.S. address.
Mpower
If you are looking for loan providers in North America, MPOWER is the best choice for you. Aspirants that fulfill the eligibility criteria of U.S. colleges or universities can apply for Mpower loans.
Prodigy
Prodigy Finance is the perfect choice for students seeking loans for an international master’s education in the US. The online application process is quick and feasible for all.
Citizens
Citizen bank offers a three-step simple student loan application for international students who must be enrolled at least half-time in a degree-granting program at an eligible institution.
Ascent
Ascent offers international student loans to graduate and undergraduate aspirants with and without a cosigner
Sofi
Sofi offers the most flexible loan options. They give personal loans with the lowest interest rates, no hidden fees, and quick same-day funding.
College Avenue
College Ave offers a wide range of student loans with simple processes and flexible payment terms. Whether you are an independent parent, graduate, undergraduate, med student, or seeking employment opportunities, you are eligible to apply for College Ave loans.
Sallie Mae
They provide flexible repayment loans to international students via a simple four-step application process. Eligible students must be undergraduates, career training seekers, or graduates to apply for loans.
Earnest
If you are looking for loan providers with the lowest interest rates, Earnest is the perfect choice for you. International students pursuing graduate, undergraduate, law, or medical degrees in the US are eligible for the loan.
LendKey
LendKey also delivers the lowest interest student loans. Borrowers can check their eligibility by initiating a quick student loan application.
mpower financing
Now we consider mpower financing, student loans for international students without cosigner, international student loan organizations and best small student loans.
Mpower is an Education lending platform that provides students with fixed-rate education loans. They believe that millions of students worldwide Struggle to get into school because of financial constraints. And it is in this vein that they created this offer to help students tackle this pervasive issue.
Mpower financing teams up with investors and universities to provide students around the world with a forward-looking education financing product. They are not just an education lender. Their goal is to set students up for academic, professional, and financial success.
Unlike several other education lenders, Mpower financing does not require a cosigner. Instead, they look at your credit report, home country, career, academic potential, and university. In fact, this makes them the toast of many students around the world.
In addition to all these, Mpower financing also provides students around the world with a no-cosigner scholarship.
Pros and Cons of Mpower Financing.
- Mpower financing loans and scholarships are available to international students with no cosigner. You can easily qualify for a loan option on your own without a cosigner.
- Unlike most educational lenders that perform lengthy credit checks on applicants, Mpower financing does not do this. So, this means you do not need to go through credit checks before you can get a loan.
- M power financing has different interest rate discounts you can leverage. This includes automatic payment discounts, on-time payment discounts, amongst several others.
Cons:
- Their loan limit is low. As a student you have access to about $25, 000 per year and a lifetime limit of $50,000.
- Mpower interest rates are higher than other private education lenders. Their interest rates for graduates are about 11.59% and 13.63% for graduates.
How do I apply for a Mpower Financing Loan?
Applying for a Mpower loan is a straightforward process. You can complete the whole process online. Kindly follow these guidelines to take a student loan with Mpower financing:
- Visit https://www.mpowerfinancing.com/
- Click on the call to action button “Get Started”
- After this, they will redirect you to an eligibility page
- Complete the Eligibility check by entering the necessary details. These include your name, university, Email, degree, etc.
- After entering these details, click on the “check now” button.
- If eligible, you can start your application immediately.
Maximum and Minimum amount you can borrow:
Mpower financing offers a maximum of $25,000 per academic period. And if you wish, you may borrow a lifetime of $50,000. Before you can access any of their loans, you must submit a loan application.
Repayment Terms
If approved for a loan. Mpower interest rates are between 11.99% and 13.99%. As an international student, you will need to make little, interest-only payments towards the repayment of your loan. And, on graduation, you will have six months of privilege before a 10 years repayment begins.
student loans for international students without cosigner
More details coming up on student loans for international students without cosigner, international student loan organizations and best small student loans.
When you’re an international student looking for a loan for your education, one of the first things you’ll notice is that many lenders are only willing to offer loans with cosigners. The good news is that there are a few options out there for foreign students who want to get a loan without having a cosigner.
The first option is MPOWER Financing. This company partners with Nova Credit to offer international student loans without cosigning. You can apply through either Nova Credit or MPOWER Financing and they’ll work together to make sure everything goes smoothly.
Another company that offers international student loans without cosigning is Prodigy Finance. This company has a slightly different approach to lending than MPOWER Financing, but it does still help students pay for school without having a co-signer.
international student loan organizations
When you’re looking for a place to get your education, it’s important to find a financial partner that understands your needs and can offer you the best options in terms of loans.
Here are some international student loan organizations that can help you:
HDFC Bank – With over 200 branches across India, HDFC Bank offers students an education loan with preferential interest rates for reputed universities. You can also choose to repay your loan in installments or pay in full after graduation.
State Bank of India – State Bank of India is one of the biggest banks in India, with over 600 branches and more than 170 ATMs across the country. They have many repayment options available, including flexible monthly payments and no penalty for prepayment.
Axis Bank – Axis Bank offers educational loans with competitive rates and flexible repayment plans. They also have a number of online applications available on their website so that students don’t have to wait around at a branch or ATM!
Punjab National Bank – PNB is one of India’s largest private banks, with an extensive network across the country’s urban areas (including Mumbai and Delhi). Their education loans come with competitive interest rates and flexible repayment plans, as well as easy online application procedures through their website or mobile app.
best small student loans
If you’re looking for the best private student loans, we recommend checking out our top picks below.
Best overall: College Ave
College Ave has been around for a long time and is one of the most popular lenders for student loans. It has a high approval rate and competitive rates, but it also offers flexible repayment options and member benefits that can make your life easier.
Best for cosigners: Sallie Mae
Sallie Mae is one of the most popular lenders because it offers great rates and flexible repayment options. It also has some of the lowest fees in the industry, which means more money left over after paying back your loan!
Best for forebearance flexibility: Ascent
Ascent has some innovative features such as a health savings account (HSA) option, which allows you to save money tax-free while you’re in school and use it later on medical expenses (this can be especially helpful if you have an expensive chronic condition). It also has flexible repayment options including forbearance plans if needed.
Best for member benefits: SoFi
SoFi stands out from other lenders because it offers exclusive member benefits like career coaching services and travel discounts.
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