Best international student loans of July 2024

Most international students coming to the U.S. don't have access to federal student loans unless they qualify as eligible noncitizens. If you're coming to the U.S. to study, your next best option is to seek out a private lender that offers student loans to international students.

Most lenders require that you have a co-signer who's either a U.S. citizen or a U.S. permanent resident, and has a good credit profile. However, if you don't have a co-signer, some lenders still allow international students to get a loan, albeit typically at higher rates.

Below, CNBC Select breaks down the best international student loans. We included our top recommendations in both categories — for those with access to a co-signer and for those who don't have one to rely on. (See our methodology for more information on how we chose the best international student loans.)

Who's this for? MPOWER Financing is the best lender for any international student without a co-signer — undergraduate or graduate students within two years of graduating or beginning a 1-year or 2-year program, DACA recipients, U.S. citizens, refugees, asylum-seekers and those admitted to or attending one of the 400-plus approved U.S. and Canadian schools are all eligible for funding. Neither a co-signer nor collateral is needed as MPOWER bases loans on your future earnings.

Standout benefits: MPOWER funding can cover health insurance, books, meal plans, housing and more. MPOWER offers international students a free visa support letter and visa prep course, a job search tool, resume builder and F-1 eligible job directory, as well as a prequalified U.S. credit card and bank account so you can start building credit in the U.S. when you make payments on your card and student loan.

[ Jump to more details ]

Who's this for? Earnest requires you to pursue an MBA, MS in engineering or JD/LLM graduate degree to be eligible. Earnest's international student loans include DACA and asylee students. You do not need a co-signer to apply but do need to provide your government ID. Other international student loan requirements are being a legal-age citizen of India, Canada, South Korea or Mexico, as well as attending one of the lender's approved U.S. schools.

Standout benefits: Though Earnest doesn't require international students to have a co-signer, borrowers must have a minimum FICO® Score of 660, which is considered a fair credit score and a lower barrier to entry.

[ Jump to more details ]

Who's this for? Sallie Mae allows non-U.S. citizen students, including DACA students, attending school in the U.S. to apply for a student loan with a creditworthy co-signer who's a U.S. citizen or a U.S. permanent resident. Students have to show an unexpired government-issued photo ID.

Standout benefits: Not all private lenders open international student loan eligibility to DACA students, which makes Sallie Mae stand out. Its student loans cover school expenses like tuition, fees, books, housing, meals, travel and laptops. Sallie Mae has a student loan repayment calculator so borrowers can easily estimate their monthly student loan payments, as well as offers free access to their quarterly FICO Score.

[ Jump to more details ]

Who's this for? Ascent Funding's loan requirements for international students attending U.S. universities include having an eligible resident status — either being a U.S. temporary resident or having a Temporary Protected Status — as well as providing proof of ID and having a creditworthy co-signer who lives in the U.S. and is a U.S. citizen or a U.S. permanent resident.

Although Ascent's international student loans aren't available to DACA students, the lender offers specific DACA student loans. Undergraduate and graduate DACA students can apply for these loans with or without a co-signer, and Ascent offers scholarships for DACA students as well. DACA students will need to verify their resident status.

Standout benefits: Ascent's repayment options include deferred repayment, interest-only repayment, a $25 minimum payment and immediate repayment for DACA students only. Funding can be used for costs like tuition and fees, room and board, books and more. Ascent also offers student borrowers perks like cash-back rewards upon graduation and expert coaching.

[ Jump to more details ]

Who's this for? College Ave offers international students eligibility for their student loans if they have a Social Security number and a qualified cosigner who's a U.S. citizen or a U.S. permanent resident. Both the borrower and co-signer need Social Security numbers to apply for a loan.

Standout benefits: For students enrolled in a U.S. university offering a study abroad program, College Ave's student loans can be used to cover the cost of that program as part of their college attendance. College Ave's student loans also cover tuition, room and board (including off-campus housing), books, laptops and travel expenses.

[ Jump to more details ]

MPOWER Financing is a fintech company that offers student loans, refinancing and scholarships for international students studying in the U.S. and Canada. The lender also partners with health insurance plan providers to help you get international student health insurance, which is required by most schools.

International student loan borrowers can make interest-only payments while in school and for six months after graduation (capped to a maximum of 30 months from the date of loan disbursement) — which, by starting to pay in school, can ultimately help make sure you don't fall behind.

Loan amounts

From $2,001 to $100,000

Loan terms

10 years

Loan rate

Fixed interest rate before 0.25% autopay discount: Starting at 12.99% (13.98% APR); fixed interest rate after 0.25% autopay discount: Starting at 12.74% (13.72% APR)

Loan fees

5% origination fee added to loan balance, fee for late or invalid payments, no application fee, no prepayment penalty

[ Return to summary ]

Earnest is a fintech lender offering private student loans, refinancing and personal loans. Earnest caters to both American and international students, including DACA students.

Borrowers have a 9-month grace period, and students can start making loan payments while still in school with a $25 per month minimum.

Loan amounts

Minimum $1,000 - up to $100,000; up to $250,000 for DACA students

Loan terms

5, 7, 10 years; 5, 7, 10, 12, 15 years for DACA students

Loan rate

Variable rate starting at 4.49% APR with 0.25% autopay discount; fixed or variable rate for DACA students

Loan fees

No origination fee, no prepayment, early payment or extra payment fees

[ Return to summary ]

Sallie Mae is a public company that offers consumers private student loans, scholarships and savings accounts like traditional savings, high-yield savings, a money market and CDs.

The lender's multiple repayment options include paying back while still in school, whether just interest or a fixed $25 amount, or waiting to pay as deferred repayment until after graduation. There's a 6-month grace period.

Loan amounts

Minimum $1,000; if applying directly through Sallie Mae, loan amount cannot exceed the cost of attendance less financial aid received, as certified by the school; if applying to Sallie Mae through partner website, loan amount may have a lower maximum

Loan terms

Loan term depends on type of loan taken out

Loan rate

Loan rate depends on type of loan taken out; 0.25% autopay discount available and choice between fixed or variable rate

Loan fees

No origination fee, no early repayment penalties

[ Return to summary ]

Ascent Funding offers student loans and scholarships, as well as consumer loans for bootcamp programs, which are career prep programs that some colleges offer. There's a 9-month grace period after graduation for eligible borrowers.

Loan amounts

Minimum $2,001 (except for Massachusetts residents, which have a $6,001 minimum) - up to $200,000 for credit-based loans and for undergraduate loans; up to $20,000 for outcomes-based loans; up to $400,000 for graduate loans

Loan terms

Loan term depends on type of loan taken out

Loan rate

Loan rate depends on type of loan taken out; 0.25% and 1.00% autopay discounts available and choice between fixed or variable rate

Loan fees

No origination or disbursement fee, no application fees, no penalty for early repayment

[ Return to summary ]

College Ave is a private student loan lender also offering student scholarships and sweepstakes, as well as a secured credit card to help college students build credit.

College Ave's repayment options include paying during school, whether full principal and interest, interest only or a flat $25 monthly payment, as well as a deferred payment option for after school. There's a 6-month grace period for undergraduate loans and a 9-month grace period for most graduate loans.

Loan amounts

Minimum $1,000 - up to 100% cost of attendance

Loan terms

5, 8, 10, 15 years

Loan rate

Loan rate depends on type of loan taken out; 0.25% autopay discount available and choice between fixed or variable rate

Loan fees

No application fee, no origination fee, no prepayment penalties

[ Return to summary ]

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every private student loan lender review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of student loan products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See our methodology for more information on how we choose the best international student loans.

To determine which private student loans are the best for international borrowers, CNBC Select compared options from different national banks and online lenders that cater to students studying abroad in the U.S.

Because there are all types of international students and scenarios — DACA recipients, U.S. citizens, refugees, asylum-seekers, those with ties to a U.S. citizen or a U.S. permanent resident co-signer and those without — we set out to find lenders who match the varying needs and categorized our picks as such. We also considered the loan amounts that these lenders offer international students, the different terms, interest rates (fixed and/or variable offerings), autopay discounts and fees such as origination fees, late or invalid payment fees, application fees and prepayment penalties.

After reviewing the above features, we sorted our recommendations by best for no co-signer, best for graduate students with no co-signer, best for DACA students with co-signer, best for students with eligible resident status and co-signer or DACA students with no co-signer, plus best for students with a U.S. Social Security number and co-signer.

Note that having a qualified, creditworthy co-signer will help you score lower student loan rates and better terms. We considered the minimum credit score needed if you're applying through lenders that don't require a co-signer. Many private lenders offer prequalification tools that allow you to get an idea of your interest rate and loan term without actually applying and hurting your credit.

Note that the rates and fee structures for private student loans are not guaranteed forever; they are subject to change without notice and they often fluctuate per the Fed rate. Choosing a fixed-rate APR will guarantee that your interest rate and monthly payment will remain consistent throughout the entire term of the loan.

Your private student loan interest rate depends on your (or your cosigner's) credit score, income, debt-to-income (DTI) ratio, savings, payment history and overall financial health. To take out private student loans, lenders will conduct a hard credit inquiry and request a full application, which could require proof of income, identity verification, proof of address and more.

Catch up on CNBC Select's in-depth coverage of credit cards, banking and money, and follow us on TikTok, Facebook, Instagram and Twitter to stay up to date.