International Students: Loans Without A Cosigner, Possible?

International students often need a cosigner to secure a loan, as they may not have a US credit history. A cosigner is someone who agrees to repay the loan if the borrower defaults and is usually a US citizen or permanent resident with a good credit score. However, it can be challenging for international students to find a cosigner as they may not have family or friends in the US who are willing or able to act as one. While most lenders require a cosigner, there are a few options for international students seeking loans without one. Private lenders like MPOWER and Prodigy Finance offer loans to international students without a cosigner, considering factors like academic success and future income potential instead of credit history. Loan comparison tools can help international students find lenders and loans that match their needs and eligibility.

Can an international student get a loan without a cosigner?

International student loans without a cosigner in the US

International students in the US often need a cosigner because they may not have any US credit history, which can make it difficult to get approved for a loan. A cosigner is typically required by most lenders, but there are a few options for international students who cannot find a cosigner.

Loan Options Without a Cosigner

If you're unable to find a cosigner, there are still a few options available to you as an international student in the US. Certain colleges and universities in the US and Canada allow international students to apply without a cosigner. When approving an international student loan without a cosigner, the lender will look at your academic success and career path, including your graduation date, home country, and the school you attend.

There are a number of private lenders that offer loans for international students, but only select lenders offer no-cosigner loans to international students. Undergraduate student loans without a cosigner are more difficult to find than those for graduate students.

Sparrow, for example, works with international students to find student loan options without a cosigner. Sparrow partners with the two primary lenders that offer loans without a cosigner: MPOWER and Prodigy Finance. MPOWER is an online student lender that offers non-cosigned undergraduate and graduate student loans for international, domestic, and DACA students. Instead of considering your credit score, MPOWER will assess your future income potential to determine your creditworthiness. Prodigy Finance is another online student lender that offers non-cosigned loans to international students. Prodigy Finance will also not take into account your credit score when determining your eligibility. Instead, they will consider information such as your future income potential and credit history.

Loan Options With a Cosigner

If you are able to find a cosigner, there are more loan options available to you. A cosigner must be a US citizen or permanent resident who has lived in the US for at least two years and has good credit history. A cosigner takes full responsibility for the loan if you are unable to repay it. While not required, having a creditworthy cosigner can help you secure lower interest rates and better terms on your student loan.

Other Financial Options

In addition to international student loans without a cosigner, there are other financial aid options available. You should ask your school's financial aid officer about "institutional aid". You can also search for suitable scholarships for international students through IEFA and International Scholarships.

Undergraduate loans without a cosigner

However, there are a few options for international students to get undergraduate loans without a cosigner. Some private lenders, such as Prodigy Finance, offer non-cosigned undergraduate loans to international students. Prodigy Finance offers variable-rate loans to students in business, engineering, law, public policy, and medical programs who are studying in a country that is not their home country. Instead of requiring a cosigner, Prodigy Finance assesses the borrower's creditworthiness through a predictive credit model that takes into account more than 150 variables.

Another option for international students seeking undergraduate loans without a cosigner is MPOWER Financing. MPOWER offers fixed-interest-rate loans to students in any field of study, as long as they are enrolled in one of the schools supported by the company and are in their last two years of study. MPOWER determines the borrower's creditworthiness by considering their future income potential rather than their credit score.

Additionally, students can use loan comparison tools, such as those offered by Sparrow and InternationalStudentLoan.com, to find lenders that offer undergraduate loans without a cosigner at their school. These tools allow students to research the terms and conditions of the loan and apply directly through the lender. It is important for students to do their research and compare loan rates, as these will affect them for many years.

Postgraduate loans without a cosigner

However, there are a few options for postgraduate loans without a cosigner. Firstly, federal student loans, including direct subsidized and unsubsidized loans, do not require a cosigner. These loans are based on the borrower's financial need and offer flexible repayment terms. Additionally, Income Share Agreements (ISAs) are available to students without a cosigner. ISAs require a contract agreeing to pay a percentage of future income in exchange for tuition funding.

For international students specifically, a small number of private lenders offer loans without a cosigner. These lenders may consider factors such as academic success, career path, future income potential, and credit history instead of requiring a cosigner. Examples of such lenders include MPOWER Financing, Prodigy Finance, and Ascent.

It is important to note that private student loans without a cosigner often have higher interest rates and may not cover all educational expenses. Therefore, it is recommended to research and compare different lenders to find the best rates and terms. Additionally, students can explore options such as scholarships, grants, and work-study programs to help fund their postgraduate studies.

Eligibility requirements for international students

To qualify for an international student loan without a cosigner, you must meet the basic eligibility requirements. These may include:

• Living in the U.S. during your studies
• Holding the appropriate visa status to study in the U.S.
• Being enrolled in a postgraduate course or being in the final two years of an undergraduate degree
• Attending an eligible school or university
• Meeting the lender's other criteria, which may include your creditworthiness

Lenders that offer international student loans without a cosigner include:

• MPOWER Financing
• Prodigy Finance
• Ascent
• Sparrow

Each lender will have its own unique set of eligibility requirements. It is important to do your research and find a lender that will offer a loan that meets your needs.

Lenders that offer loans without a cosigner

International students often require a cosigner who is a US citizen or permanent resident with good credit history. This is because most international students in the US do not have a credit history, making it difficult to get approved for a loan. However, there are a few lenders that offer loans without a cosigner for international students.

MPOWER Financing is one such lender, offering an innovative approach to educational loans. MPOWER focuses on a student's future potential and academic merit rather than their financial history or the need for collateral. They offer loans to students from over 200 nationalities enrolled in more than 400 schools across the US and Canada, with loan packages ranging from US$2,001 to US$100,000.

Prodigy Finance is another online student lender that offers non-cosigned undergraduate and graduate student loans for international students. They do not take into account your credit score when determining your eligibility, instead, they consider information such as your future income potential and credit history.

Sparrow is a platform that can help you find the best international student loan option without a cosigner. They simplify the entire process by showing you the most important information.

Quorum Federal Credit Union is another lender that works with international graduate students, although they only work with students at six universities.

It is important to note that undergraduate student loans without a cosigner are more difficult to find than those for graduate students. Additionally, the eligibility requirements vary for each lender, so it is essential to carefully compare lenders and their criteria.

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