Student loans 21 February 2023

Student Loans For Studying Abroad

If you are going abroad to study you can explore these student loans and lenders that we have reviewed for you in detail

Student loans for studying abroad

Studying abroad is an amazing opportunity that can bring countless benefits, such as cultural growth, language acquisition and global perspective. But it also comes with a hefty price tag. Covering the cost of studying abroad can be difficult but thankfully there are student loan options to help finance your experience. Student loans for studying abroad have become increasingly accessible over the years and can provide much-needed financial assistance.

Benefits of Federal Student Loans

Federal student loans are a great option for students looking to fund their studies abroad. These loans typically offer low interest rates and flexible repayment plans, making them an affordable option for students. Many federal loan programs also provide additional benefits such as deferment or forbearance options, which make it easier to manage your loan payments. 

1. Low Interest Rates:
Federal loans often have lower interest rates than private lenders, which can help keep your total loan costs down. 

2. Longer Repayment Periods:
Most federal loan programs offer longer repayment periods than private lender options, allowing you more time to pay back the loan without accumulating additional interest. 

3. Deferment:
If you don’t have the means to make your loan repayments, many federal loan programs allow for deferment, which allows you to temporarily pause payments without accruing additional interest or fees. 

4. Repayment Options:
Federal loans often come with multiple repayment options such as income-based repayment plans and extended repayment plans, which can make it easier for you to pay back the loan without incurring financial hardship.

Benefits of Private Student Loans

Private student loans are a viable alternative to federal loans for students looking to fund their studies abroad. Most private lenders offer flexible repayment terms, no origination fees and the option of having a co-signer. These loans also have relatively quick approval processes, making them ideal for students who need funding fast.

1. Flexible repayment terms:
Private student loans often offer more flexible repayment terms than federal loans, allowing you to tailor the loan to fit your financial situation. 

2. No origination fee:
Unlike some federal loan programs, private lenders usually don’t charge an origination (or application) fee, which can save you money up front.

3. Co-signer options:
Some private lenders allow for co-signers, which can increase your chances of being approved and also secure lower interest rates.

4. Quick approval process:
Private lenders typically have a quick turnaround time for loan approval, making it easier for you to get the funding you need quickly.

When considering private student loans or federal student loans for studying abroad, it is important to research all the available options and compare lenders to find the best rates and terms that fit your needs. This can help ensure that you’re making the right choice for your financial situation.

Student Loans for Studying Abroad

LenderScholarooratingOur viewFixed ratesstarting (APR)Variable ratesstarting (APR)Learn more

College Ave

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4.9/5Best for no origination fee4.14%-12.99%3.39% - 11.85%Visit website


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4.7/5Best for loan deferment4.99% - 14.95%3.45% - 11.85%Visit website

M Power

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4.6/5Best for international students7.99% - 12%3.45% - 11.85%Visit website


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4.8/5Great for no cosigner loans5.99%-15.78%3.75% - 13.89%Visit website

Sallie Mae

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4.9/5Best for competitive rates5.74% - 14.87%3.37% - 11.85%Visit website

Prodigy Finance

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4.5/5Best for quick approvals4.59% - 12.99%3.45% - 11.85%Visit website

College Ave

College Ave is an online private lender that offers student loans for students studying abroad. They feature competitive rates and flexible repayment plans, making them a great option for those looking to finance their studies. Plus, they have a quick approval process and no origination fees. 

Pros of College Ave:

  • Competitive rates
  • Flexible repayment plans 
  • Quick approval process 

 Cons of College Ave:

  • Limited loan amounts 
  • Some states don’t qualify for College Ave’s services

Eligibility Requirements: 

  • Must be a U.S citizen or permanent resident 
  • Must have a valid Social Security Number 
  • Must be at least 18 years old 

 Repayment Terms: 

  • Fixed repayment terms of 5, 10 and 15 years 
  • Variable repayment terms of 5, 10 and 15 years 
  • Interest-only repayment options available for 5, 10 and 15 years


LendKey is an online lending platform that offers student loan financing for studying abroad. The company partners with credit unions and community banks across the country to offer competitive rates, flexible repayment plans and a streamlined application process for students. LendKey’s mission is to make education more affordable, so you can get a quality education without breaking the bank.

Pros of LendKey:

  • Low interest rates 
  • Flexible repayment plans 
  • Streamlined application process 

 Cons of LendKey:

  • Limited availability – LendKey is not offered in all states or countries. 
  • Higher origination fees – some credit unions and banks have higher origination fees compared

 Eligibility Requirements: 

  • Must be 18 years of age or older 
  • Must be a US citizen or permanent resident 
  • Must have a cosigner if under 21 years of age 

 Repayment Terms: 

  • Repayment terms can range from 6 to 20 years 
  • Repayment options include interest-only, deferred and graduated
  • Loan deferment is available for up to 24 months during your studies abroad.

MPower Financing

MPower Financing is a great option for international students looking to finance their education abroad. With flexible repayment plans and loan amounts that are tailored to your needs, they can help you get the financial support you need in order to pursue your dream of studying abroad.

 Pros of MPower Financing:

  • Flexible repayment terms 
  • No cosigner needed 
  • Loan amounts up to $50,000 per year
  • Offers resources to help international students understand the loan process and budgeting tips

 Cons MPower Financing:

  • Interest rates may be high 
  • Limited loan options available depending on the country you are studying in 
  • Eligibility requirements can be stringent and hard to meet for some applicants. 

  Eligibility Requirements:

  • Must be an international student
  • Must have a bank account in the United States or in your home country 
  • Must have an academic program of at least 8 months duration  

 Repayment Terms: 

  • Repayment starts 6 months after the loan is fully disbursed
  • Monthly payments may be adjusted according to your income and financial circumstances 
  • There is no prepayment penalty for early repayment of loans.


SoFi is a lender that offers student loans to those looking to study abroad. They provide competitive rates and flexible repayment plans, plus they offer additional perks like career coaching and no origination fees. SoFi makes studying abroad more affordable and helps students achieve their educational aspirations. With this convenient service, it’s easier than ever to explore the world

Pros of SoFi: 

  • Competitive rates and flexible repayment plans 
  • Additional perks like career coaching and no origination fees 
  • Easier access to studying abroad opportunities 

Cons of SoFi: 

  • May require a cosigner for some loans 
  • Not available in all countries or territories for international students

Eligibility Requirements: 

  • Must be a US citizen or permanent resident 
  • Minimum credit score of 660 or higher 
  • Age 18 or older 

Repayment Terms: 

  • Loan terms range from 5-20 years  
  • Fixed and variable interest rates are available

Sallie Mae

Sallie Mae is one of the largest providers of student loan services in the United States. It offers a range of loans including federal and private loans, consolidation loans, and parent loans and Study Abroad Loans. Sallie Mae also has a customer service team that is available to answer questions and provide assistance with the student loan application process.

Pros of Sallie Mae: 

  • Competitive interest rates 
  • Flexible repayment plans 
  • Online tools and resources to help borrowers understand their options  

 Cons of Sallie Mae: 

  • Credit score requirements may be stricter than other loan providers 
  • Not available in all US states or countries   

 Eligibility Requirements: 

  • Must be at least 18 years old 
  • U.S citizenship or permanent residency status 
  • Evidence of enrollment in an eligible school/program as a degree-seeking student 

 Repayment Terms: 

  • Automated payments can be set up to make loan repayment easier 
  • A 0.25% interest rate reduction for setting up auto-pay 
  • Flexible payment options to help borrowers manage their payments more easily.

Prodigy Finance

Prodigy Finance is a great option for students looking to secure student loans for studying abroad. It offers competitive interest rates, flexible payment plans, and quick approval processes. The company also provides advice and support services to help make your loan journey as smooth and easy as possible. 

Pros of Prodigy Finance: 

  • Competitive interest rates 
  • Flexible payment plans 
  • Quick approval processes 
  • Access to dedicated support services with personalized guidance throughout the loan process 

Cons of Prodigy Finance: : 

  • Not available in all countries/regions 
  • Not applicable for some courses and universities outside of their approved list.

 Eligibility Requirements: 

  • Must be at least 18 years old 
  • Must have a valid passport or national ID 
  • Must prove enrollment in an approved university/course 

Repayment Terms: 

  • Interest accrues on the loan during study period, with repayment starting after graduation 
  • Loan payments consist of principal plus interest 
  • A late fee is charged for any missed payments or delayed repayments. 

Can I get a student loan to study abroad?

Yes you can get a student loan to study abroad offered by various banks and lenders. You will need to provide documentation of your current financial situation and of your academic goals in order for the loan application to be approved.

What is the best student loan for studying abroad?

The best loan for studying abroad will depend on your individual circumstances and goals. Sallie Mae offers a wide range of loans and loans for studying abroad that can help you achieve your goals. College Ave is great for no origination fee and low APR rates.

What are my financing options apart from loans for studying abroad?

Aside from student loans, there are many other financing options available to those studying abroad. For example, you can apply for scholarships or grants or open a 529 Savings Account. Additionally, you can check with your university for any financial aid available.