6 Best Student Loans for Studying Abroad This Year

Founded in 2014, College Ave is an online private lender that offers student loans for students studying abroad. They have a very straightforward application process and take a customized approach to student loans, making them a popular lender among international students.

They have competitive rates starting at 4.44% APR and flexible repayment plans, including deferred payments for up to six months after graduation. Plus, College Ave has a quick approval process and there are no origination fees.

College Ave covers up to 100% of your school-certified cost of attendance and applicants can apply with a cosigner. Cosigner releases are available after 24 full and consecutive payments.

Sallie Mae is one of the largest providers of student loans in the U.S. and has been in business for more than 50 years. They offer a range of loans including federal and private loans, as well as consolidation loans and Parent Plus loans.

With Sallie Mae, you can cover up to 100% of your school-certified cost of attendance, including for students who study abroad. Their loan rates start at 4.50% APR and they offer repayment terms of up to 20 years. They have multiple payment options available, including full deferment, $25 monthly, and interest-only payments.

A great benefit of Sallie Mae is that they offer a very fast cosigner release option compared to other lenders, with a release available after 12 months.

Founded in 2011, SoFi is a private lender that offers student loans and refinancing. They provide competitive rates and flexible repayment plans, plus they offer additional perks like career coaching. SoFi also offers other financial products like personal loans and credit cards, with interest rate discounts on student loans to borrowers who are already ‌SoFi customers.

SoFi was the first lender to refinance private and federal student loans together. Their loans come with rates starting at 4.99% and repayment terms of up to 20 years.

Repayment options include interest-only, flat-fee, and deferred. There are no late fees, prepayment penalties, or application fees. Cosigner releases are available after 24 on-time, full monthly payments.

Founded in 2009, LendKey is an online lending marketplace that offers private student loans and refinancing. The company partners with credit unions and community banks across the country to offer competitive rates, flexible repayment plans, and a fast application process.

LendKey’s rates start at 4.89% fixed APR and there are no origination fees. However, a late fee of 5% or $10 applies, whichever is less. You can get a 0.25% discount if you set up AutoPay.

With LendKey you can compare rates from various lenders and choose the one that best suits your needs. You don’t need a cosigner, but you can improve your chances of approval if you have a cosigner with good credit. Cosigner releases are available after 12 on-time payments.

Loan repayment terms are available for up to 20 years and you can borrow up to 100% of your school-certified cost of attendance.

MPOWER provides study abroad loans for Canada to U.S. citizens, residents, and international students, that do not require a cosigner. They do not base their decision on the borrower’s credit score or history. It assesses the student’s future earning potential and approves the loans based on that.

With MPOWER Financing, you can get a loan of up to US$100,000 that can go towards all your university-related certified educational expenses. With their fixed rates, you won’t have to worry about an increase in the cost of the loan over time. You can even get a rate discount of 0.25% upon signing up for auto-pay. MPOWER also provides visa support to its loan applicants that can help you get through the visa process with convenience and ease.

Prodigy Finance is a great option for international students looking to secure student loans for studying abroad. They offer competitive interest rates and flexible payment plans. Prodigy Finance stands out because international students don’t require a cosigner to apply, and they have an easy online application process.

They support students in more than 850 schools worldwide with various repayment options. Their loan rates start at 11.06% variable APR and loan amounts go up to $220,000.There is no prepayment penalty and no late fees. Loan terms are available from seven up to 20 years.