Finding financial support as an international student in the United States can be challenging, especially since most international students do not qualify for federal financial aid. However, several federal and private loan programs can help alleviate the financial burden of studying in the U.S. Here’s a comprehensive overview of the best options available.
1. Federal Loan Programs
While international students typically cannot access federal loans, certain situations allow some exceptions. For example, students who are lawful permanent residents or have certain visa types may qualify for federal loans. Here’s a quick overview:
A. Direct Unsubsidized Loans
- Eligibility: Primarily available for U.S. citizens and eligible non-citizens, including some permanent residents.
- Loan Details: Students can borrow up to $20,500 per year for graduate students, with fixed interest rates set annually.
- Repayment: Begins six months after graduation or when the student drops below half-time enrollment.
For more information on federal loans, you can visit the Federal Student Aid website.
2. Private Loan Programs
For most international students, private loans are the primary option for financing education. Here are some of the best private loan programs for international students:
A. Prodigy Finance
- Overview: Specializes in loans for international students attending specific universities in the U.S., focusing on graduate students in programs such as business, law, and STEM.
- Loan Amounts: Up to 100% of tuition fees and living expenses.
- Repayment Terms: Flexible repayment options based on future earning potential, with terms typically ranging from 7 to 20 years.
- No-Cosigner Requirement: Loans do not require a U.S. cosigner, which is advantageous for many international students.
More information can be found on Prodigy Finance’s website.
B. MPower Financing
- Overview: Offers no-cosigner loans to international students and DACA recipients attending universities in the U.S. or Canada.
- Loan Amounts: Up to $50,000 for undergraduate students and $100,000 for graduate students.
- Repayment Terms: Fixed monthly payments start after graduation, with various repayment plans available based on income.
Visit MPower Financing for more details.
C. Stilt
- Overview: Provides loans to immigrants and international students without requiring a cosigner. Stilt considers factors like education, job prospects, and earning potential rather than credit history.
- Loan Amounts: Ranges from $1,000 to $35,000, depending on eligibility.
- Repayment Terms: Flexible repayment options, typically between 6 to 24 months.
For more information, check Stilt’s website.
D. Ascent
- Overview: Offers both cosigner and no-cosigner loans for undergraduate and graduate students.
- Loan Amounts: Up to $20,000 per year for undergraduates and up to $30,000 for graduate students.
- Repayment Terms: Various repayment plans, including deferred payments while in school, and flexible repayment options after graduation.
Explore more at Ascent’s website.
3. Scholarships and Grants
In addition to loans, international students should also explore scholarships and grants that do not require repayment. Many universities offer scholarships specifically for international students, as do various organizations and foundations.
- Fulbright Program: Offers scholarships for international students to study in the U.S.
- AAUW International Fellowships: Provides funding for women from around the world pursuing graduate studies in the U.S.
For detailed scholarship options, consider visiting sites like EducationUSA for comprehensive resources.
Also, check: Student Loan Repayment Plans for International Borrowers
Conclusion
While federal loan options are limited for international students, several private lenders like Prodigy Finance, MPower Financing, and Stilt offer tailored loan programs that meet the unique needs of international borrowers. By exploring these options and complementing them with scholarships and grants, international students can effectively finance their education in the U.S.
For further information on loans and financial aid, consider checking resources like the Federal Student Aid and EducationUSA.