Studying in the United States opens doors to world-class education and global opportunities, but it also comes with a high price tag. For international students, covering tuition, living expenses, and unexpected costs can be a challenge-especially since most federal student loans are off-limits. Personal loans are one way to bridge the financial gap, but qualifying as an international student comes with unique hurdles. This guide explains everything you need to know about personal loans for international students in America, including eligibility, top lenders, and smart strategies for success.
Can International Students Get Personal Loans in the U.S.?
Yes, international students can get personal loans in the U.S., but the process is more complex than it is for citizens and permanent residents. Most U.S. banks and lenders consider international students high risk due to a lack of U.S. credit history, limited assets, and uncertain long-term residency. As a result, most lenders require a U.S. citizen or permanent resident as a co-signer. However, a growing number of lenders now offer loans specifically designed for international students-with or without a co-signer.
Types of Loans Available to International Students
1. Private Student Loans
- Best for: Covering tuition, fees, and sometimes living expenses.
- Requirements: Typically require a creditworthy U.S. citizen or permanent resident co-signer.
- Popular lenders: Sallie Mae, Discover, Citizens Bank.
2. Personal Loans
- Best for: Flexible use, such as emergencies or living expenses.
- Requirements: Most require a co-signer, but some fintech lenders may consider your future earning potential or academic record.
- Popular lenders: Upstart, LendingPoint, Rocket Loans (note: many require U.S. citizenship or permanent residency).
3. International Student Loans (No Co-Signer Options)
- Best for: Students without a U.S.-based co-signer.
- Requirements: Enrollment in an eligible U.S. college/university, satisfactory academic progress, and sometimes a strong career trajectory.
- Popular lenders: MPOWER Financing, Prodigy Finance, Leap Finance.
Top Lenders for International Students in 2025
MPOWER Financing
- No co-signer or collateral required
- Fixed-rate loans up to $100,000 total
- Available to international students at eligible U.S. colleges and universities
- On-time payments help build U.S. credit history
- Quick application and disbursement process
Prodigy Finance
- No co-signer required
- Focuses on graduate students in STEM, business, and law programs
- Evaluates future earning potential and university/program reputation
- Variable interest rates
Leap Finance
- No co-signer or collateral required
- Loans for Indian students pursuing graduate studies in the U.S.
- Competitive rates, fast processing
Traditional Private Lenders (with Co-Signer)
- Sallie Mae, Citizens Bank, Discover, Earnest
- Require a U.S. citizen or permanent resident co-signer with good credit
- May offer lower interest rates and longer repayment terms than no-cosigner options
How to Qualify for a Personal Loan as an International Student
With a Co-Signer
- Find a U.S. citizen or permanent resident (often a family member or close friend) willing to co-sign.
- Co-signer must have a strong credit history and sufficient income.
- Both you and your co-signer are legally responsible for repaying the loan.
Without a Co-Signer
- Apply with lenders like MPOWER or Prodigy that assess academic performance, program, and future earning potential.
- Enrollment in an eligible U.S. college or university is required.
- Be prepared for higher interest rates and stricter eligibility criteria.
Required Documents
- Proof of admission/enrollment (I-20 form)
- Passport and visa (F-1, J-1, etc.)
- Proof of academic progress
- Bank statements or proof of income (if applicable)
- Co-signer’s documents (if needed)
What Can Personal Loans Be Used For?
- Tuition and fees
- Housing and living expenses
- Textbooks and supplies
- Health insurance
- Emergency expenses
- Relocation costs
- Other education-related needs
Note: Some lenders restrict the use of funds, so always confirm before applying.
Important Considerations Before Borrowing
- Interest Rates: Loans without a co-signer usually have higher rates.
- Repayment Terms: Understand when repayment begins-some loans require payments while in school, others offer a grace period.
- Credit Building: On-time payments can help you establish a U.S. credit history, which is valuable for future financial needs.
- Borrow Only What You Need: Loans must be repaid with interest; minimize borrowing to reduce future financial stress.
- Work Restrictions: International students on F-1 visas face limits on employment, which may impact your ability to repay.
Alternatives to Personal Loans
- Scholarships and Grants: Always apply for scholarships and institutional aid first.
- Assistantships: Graduate students may qualify for teaching or research assistantships that include a stipend and/or tuition waiver.
- Loans from Home Country: Some students secure loans from banks in their home country, but beware of currency exchange risks.
- Payment Plans: Many universities offer tuition payment plans to spread costs over the semester.
How to Apply for a Personal Loan as an International Student
- Research and Compare Lenders: Look for lenders that work with international students and compare rates, terms, and eligibility.
- Check University Partnerships: Some lenders only work with students at specific institutions.
- Gather Documentation: Prepare all required documents for you and your co-signer (if needed).
- Submit Application: Complete the online application and upload supporting documents.
- Await Approval: Some lenders provide instant decisions; others may take 2–6 weeks.
- Review Loan Offer: Carefully read the terms before accepting.
- Receive Funds: Funds are usually disbursed directly to your university.
Final Thoughts
Securing a personal loan as an international student in America is possible, but it requires careful planning, research, and an understanding of your options. Whether you have a co-signer or not, always compare lenders, read the fine print, and borrow responsibly. By making informed decisions, you can focus on your studies and make the most of your U.S. education experience-while building a solid financial foundation for your future.