How to get Student Loans for International Students

How to get Student Loans for International Students

Are you searching for ways to fund your education abroad? Getting a student loan can be quite challenging, especially if you're an international student studying in a foreign country. This article contains the list of students loans for international students and how to get them.

Wanting to study abroad is an exciting opportunity, however, the cost of getting an education overseas is expensive, especially in popular study locations like US, UK or Europe.

In your search for the right Institution, it is important to consider all the financial options available for funding your study. While scholarships and grants are available, they rarely cover your full expenses and could be withdrawn at anytime during your study.

Student loans are a more reliable alternative So, if you are looking for how to get a loan for your studies abroad, this article is for you.


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In This Article:

  • What is a Student loan?

  • International student loan organisations

  • Student loans for international students

  • Government Education loan for study abroad

  • Education loans for abroad study without Collateral

  • Bank loans for Students Studying Abroad

What is a Student loan?

Student loans are funds given to you by organisations or government to finance your education, which are meant to be returned after a stipulated period of time.

It is a great way to fund your education abroad. These loans can be obtained from the government or private financial institution and can cover your tuition fees, living expenses and other academic related fees.

There are two main types of student loans are federal and private loans. Federal loans are granted through the government while private loans are granted through private institutions such as banks. Federal loans are more favourable because they offer flexible rates and repayment options.


International Student Loan Organisations

The first step to applying for a student loan as an international student is to check if student loans are offered in the country or university you are applying to. There are certain organisations that specialise in providing financial assistance to immigrants studying abroad.

The table below shows a list of organisations offering nternational student loans, their interest rates and the amount they offer.



Loan amount

Interest rates

Mpower financing

$2001 - $100000

12.99% - 13.98%

Stilt loans



Prodigy Finance


10.50% variable APR

Citizen Bank

$1000 - $150000

5.99% - 14.25% 

Erasmus plus

$12000 - $18000

0.46% - 3.0%

Axis bank

Rs 50000

3.00% - 5.00%

KFW credit loans

100 - 650 euros monthly


Turing Scheme

£590 per week


Ascent credit-based loan scheme

$2001 -$200000

5.62% to 16.43%


Student loans for international students

  1. Mpower financing

Mpower is a reputable financial institution that specifically loans money to international students abroad. They don't require a cosigner or collateral to grant loans. Mpower loans can be used to cover all education-related expenses, including health insurance and other living expenses. You can get loans up to $100000 US dollars at fixed abroad education loan interest rate with flexible repayment options.

Mpower also monitors future earnings, so students with higher earning potential are more likely to qualify for Mpower loans. Loans can be repaid online on a monthly basis and there are no prepayment penalties.

 Loan Eligibility

To be eligible for an Mpower international study loan, you must be either of the following;

  • An undergraduate or graduate student within two years of graduating or about to resume a 1-year or 2-year program.

  • An international student, DACA recipient, U.S citizen, refugee or asylum seeker.

  • Admitted to one of the 400+ approved schools in the US or Canada.


How to apply for an Mpower loan

Applying for an Mpower student loan is a very simple process. Below are the steps to follow to apply for the MPOWER student loan;

  • Check Loan Eligibility criteria,

Firstly, find out if your school or program allows you qualify for the student loan.

  • Complete the online application

Fill out and submit the mpower loan application form .

  • Initial Review

After submitting, your application will be recieved and reviewed by MPOWER. If your application meets the eligibility criteria, you will be contacted within 1-3 working days to recieve your conditional loan offer from mpower.

  • Upload your required documents

After recieving your offer, the next step is to upload the required documents to your mpower dashboard.

  • Final Review

Mpower will review all your uploaded documents and can now approve you loan

  • Confirm school certification and loan disbursements

This is the final step after your loan is approved. It is called the certification process.

Here, your loan application will be submitted to the university for verification. On average, it takes up to 3 weeks to complete the loan application process with Mpower, and funds are disbursed directly to the school.

Note: it is advised that you do not request for loans higher than your anticipated starting salary after graduation.

You have a maximum period of 12 months to request for the mpower loan. Apply as early as possible so you can meet up with payments before the school resumes.

Click here to start your Mpower loan application process


  1. Stilt

Stilt offer low-interest education loans without collateral for abroad studies to students who may find it difficult obtaining a federal or private loans in the United States. Like Mpower, stilt also doesn't require a cosigner, neither does it need a credit score or social security number to apply. You can request for loans irrespective of your credit history. It is also a great way to build your credit score.

Stilt loans have competitive interest rates and the loan approval process is one of the quickest. You can get a loan decision within 24 hours of applying. However, you will be required to sign  promissory note before your funds can be disbursed.

Take your time when completing your international education loan applications because stronger applications get better loan offers.

Loan Eligibility

To be eligible for a stilt loan in the US, you must have the following;

  • A US bank account in your name

  • A US based personal phone number

  • A US address in a state where Stilt is licensed to operate

  • A legal visa that has a validity period of a minimum of 6 months.


How to apply for Stilt loan

To apply for a stilt loan, follow the steps below;

  • Check if you meet the eligibility criteria and complete the online loan application form.

  • Upload the required documents which includes, your passport, visa category, resume and references.

  • After you apply, Stilt will contact you between 24 hours to inform you of your application status. You might get an approval or be required to provide more info or documents.

  • Once approved, the funds will be deposited directly into your US bank account. Now, you can set up your repayment method.

Click here to apply for the Stilt abroad student loan


  1. Prodigy Finance

This is another private organisation that offers low-interest student loans for international students. It is a great option for students who dont have credit history, or provide a cosigner or collateral.

Prodigy finance offers the best education loans for abroad studies to over 850 schools in 18 different states and uses your future earning potential to make their loan decision.

You can choose repayment plans ranging from 7 to 20 years with no prepayment penalties or extra charges. But you have to pay a compulsory 5% origination fee.

A major benefit of prodigy finance loan is that students are given a six-month grace period after graduation before loan payments.

Loan Eligibility

To qualify for loan,

  • You must reside in one of listed countries they support.

  • You'll also need to have been enrolled into a qualified study program

  • The school you are attending must be located outside your home country. However, the following exceptions may also apply ;

  • Students who have lived in their current country of residence for less than a year upon application.

  • UK residents who wish to study in the UK.

  • US residents may apply in the US as long as they aren't permanent residents and havent lived in the US for more than seven consecutive years.


How to apply for Prodigy finance loans

  • Complete the online loan application

This is the first step and it involves registering and authenticating your email address. Once you're logged in, you can create an account and complete the application process.

  • Submit the necessary documentation

Choose the loan you need and upload the required documents. You'll be added to a waitlist while your loan application is put under consideration.

  • Finalise your loan.

You'll be notified once your loan is approved. The last step is to sign your loan so the funds can be deposited to your school.

Click here to apply for Prodigy finance student loan scheme


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  1. Citizen bank

Citizen bank offers loans to undergraduate and graduates who are enrolled in Institutions abroad. It usually supports a wide range of high income potential degrees such as medicine, engineering and Law.

The bank has a unique multiyear approval feature that allows you apply for loans on multiple occasions with only one application, this means that you can use same application for future student loans without needing to reapply.

Some of its other benefits include, flexible repayment plans, competitive education loan for abroad studies interest rates and loyalty discounts.

Loan Eligibility

The following are the eligibility criteria for a student loan from citizen bank;

  • Have an established credit history, or a creditworthy US citizen or permanent resident cosigner

  • Student must be enrolled in half-time/full-time degree program at an eligible post secondary Institution.

  • Students must have good credit history with no outstanding loan defaults

  • Students who have attained the age of majority in their state of residence may not need a cosigner.


How to apply for a student loan from Citizen bank

To apply, follow this 3 simple steps;

  1. Complete online loan application

This is a very quick process that can be done on your mobile phone or desktop.

To complete your application, you and your cosigner(if applicable) will be required to provide the following;

  • Proof of income( e.g pay stub)???????
  • Documentation of current immigration status (all documents must be valid throughout loan period)???????Anticipated graduation date
  • Loan amount and the academic period for loan

2. Wait for credit decision

Once your loan is approved, you can now select the education loan for international student you need and  your preferred repayment plans.

3. Sign and submit documents

Sign and accept your documents electronically on Citizen's bank loan website.

Note: Additional information may be required after you submit the application. If this happens, the bank will contact you before making a decision on your loan application.

Click here to apply for Citizen bank student loan


  1. Erasmus+ masters loan scheme

The Erasmus plus loans scheme is designed for students who wish to get a master's degree in Europe. The programme offers up to $18000 loan to cover students tuition, living, travel and accommodation expenses.

Loans are available in banks and universities located within one of the 33 Erasmus programme countries. Interest rates and repayment plans are set by individual organisations, following the guidelines laid out by Erasmus.

Erasmus plus loan Eligibility

To be eligible;

  • You must hold a recognised undergraduate qualification

  • You must have been enrolled into a masters qualification program at an institution recognised by Erasmus

  • You must be planning to study in a country outside your home country

  • Your period of study abroad must be relevant for your degree and personal development needs

  • You must be studying a full Masters degree programme(Post graduate certificates, diplomas as well as PhD are not included)

  • Citizens of erasmus countries can also apply to study in anothe programme country, provided a bank or organisation in their host country is offering the loans


How to Apply to the Eramus student loan programme

All loan applications should be submitted to participating banks and not the Erasmus website to avoid unsecured education loan for abroad, Below is a list of some of the organisations participating in the Erasmus+ loan scheme;


Note that participating banks may set additional lending terms and conditions in accordance to the conditions set by Erasmus.

You can also apply for a Masters funding if you have had a previous Erasmus loan for a previous course. However, you cannot combine two loans for the same course.

Click here to apply for the Erasmus+ international student loan


  1. Axis bank

Axis bank provides education loans for international students studying in India or abroad. Students can get up to 40 lakhs at low interest rates with no collateral. Axis bank also offers government loan programmes like the Central Government Interest Subsidy Loans for economically weaker sections.

Axis bank education loan for abroad eligibility

  • Applicant should be over 18 years of age

  • Applicants must be of Indian nationality to apply for student loans for international students without cosigner

  • Students must have enrolled into a career-oriented course from a recognised college/institution in India or abroad

  • Applicant must have secured at least 50% marks during HSC and graduation

  • Applicant must be ready to submit all required documents on request.


How to apply for axis bank loans

To apply,

  1. Complete your online application form
  2. Upload all the requested documents along with your loan application. The following are documents you must submit with your application:
  • Income statements???????

  • Bank statements/ Pass book of the last 6 months???????

  • Copy of admission letter to the University???????

  • Valid age proof( birth certificate or passport)???????

  • Guarantor form(if applicable)

  • Passport sized photograph

Click here to apply for Axis bank student loans


  1. KFW credit loans

Kfw is a student loan for abroad studies aimed at full-time students who are studying in a state recognised university in Germany. The loans are available to international students and do not rekquire credit history or collateral. It is most suitable for students who are in the final year of their studies or who no longer have access to the Bafog loans.

Payments are made in small amounts, usually on monthly basis and repayments do not begin until a few months after the last installment has been disbursed.

Kfw Loan Eligibility

To be eligible;

  • You must be a student at a state or state recognised university in Germany.

  • You must be enrolled in a part-time, full-time or vocational degree program

  • You must be a legal adult under the age of 44

  • Your first loan application must be submitted no later than your 10th semester in a 14 semester program


How to apply for the kfw loan

  • Fill out and print a loan form at the kfw official page

  • You will be required to bring the unsigned loan contract from the bank along with all other documents to the Studentenwerk Dresden to complete the loan process.


  • Valid ID

  • Valid certificate of enrollment

  • Bank account information

  • Proof of credit requirements for applicants in higher semesters

  • Proof of previous academic degrees(if applicable)


Click here to apply for Kfw international students loans


  1. Turing scheme

The Turing scheme was created as a replacement for the erasmus loans in the UK. It is a UK government funding programme aimed at helping students gain international opportunities in study programmes abroad.

Loan Eligibility

  • Students at all level of study(undergraduate or postgraduate) are eligible for the turing loan.

  • The scheme is also open to students of any nationality, so long as they with a UK Institution.

  • The institution you are enrolled in must apply for the loans on your behalf, funds are not directly available to students.


  How to apply for Turing loan

To apply for the Turing loan, you should contact the University if they have access to the funding. If funding is available, your university can apply for you.

Click here to apply for Turing International student loan


  1. Ascent credit-based student loans

Ascent is a loan organisation that provides private loans for international students in undergraduate and graduate degrees with or without cosigners.


  • If you are applying for a cosigned loan, your cosigner must be creditworthy US citizen or permanent resident

  • You must meet Ascent's credit criteria, verify your individual resident status

  • You are required to provide valid means of identification.

  • You must also have a valid passport from your home country

How to apply for Ascent loan

Ascent loan applications are simple and straightforward, to apply;

  • Visit Ascent official website, click "Apply now" to start your application.

  • Submit all necessary documents, then choose the terms, interest rate and repayment plan you want for your loan.

  • Once your loan is approved, it will be disbursed directly to your school


Click here to apply for the Ascent credit based student loan


Government Education loans for study abroad

Government Education loans are funds lent to students for abroad studies by the government of a country.They offer more flexibility and provide a wide range of benefits to students. Here are some the best government funded loans you can apply for;

  1. Education loan for abroad studies by indian government

The Indian government has provided Education loan schemes to assist students enrolled in undergraduate and postgraduate degrees overseas. Here are some of the best government education loan for abroad in India;

  • Gujarat Government Education Loan for Studying Abroad

  • Vidya Lakshmi Education Loan Education

  • Loan Scheme of the NBCFDC

  • Padho Pardesh Scheme

  •  Dr Ambedkar Central Sector Scheme


  1. Sallie mae international student loans

Sallie mae loans help students cover full tuition, accommodation, travel and school related expenses. Below are the different forms of loans available under the Sallie mae student loan programme;

  • Undergraduate student loans

  • Career training student loans

  • Graduate student loans

  • Bar study loans

  • Dental residency and relocation loans

  • Health professions graduate loans

  • MBA loans

  • Law school loans

  • Medical residency and relocation loans

  • Medical school loans

  • Career training and trade school loans


  1. Kfw student loan for international students

KfW loan is available for students who desire to study in Germany but cannot provide the required collateral for securing student loans.

With flexible loan terms, students have access to monthly disbursement of loans between 100 EUR to 650EUR up to their 14th semester. It is a very good alternative to the Bafog study abroad loan without collateral.


  1. Bafog loans

This has one of the best student loan terms in Germany. The bafog loan is the only program that offers student interest free loans.The repayment period only begins 5 years after your funding period. So you're given a 5 year grace period to find a job and settle down before repaying your loan. You can also postpone your repayment if you aren't earning enough yet.


  1. The education loan from the Federal Office of Administration

This is a soft loan available for students at the advanced stage of their education. Students who have completed their intermediate examination, are within their master's studies or have reached the expected credit of the first two terms of their undergraduate studies are eligible to recieve up to 300 euros per month for the maximum of 24 months.


  1. Canara bank abroad education loan

Canara bank abroad loan scheme is designed for indian students studying at top ranking institutions abroad. Students can get up to Rs 150000 to cover their academic expenses.


  1. SBI international student loan

The educational loan initiative introduced by the State Bank India  helps students planning to study full-time or part-time international study programmes.

The following are forms of government loan for study abroad offered by the State Bank India(SBI).

  • SBI Global Ed-vantage Scheme

  • SBI skill loan

  • SBI part-time education courses

  • SBI Scholar loans

  • SBI student loan scheme

  • SBI takeover of education loan


  1. Canadian government student loans for international study

The Canadian government provide study loans for international students. One of such loans is the Canada Student loan program. The following students are eligible for the loan;

  • Full-time and part-time students

  • Students who have dependents

  • Permanently disabled students

  • Low and middle income students


  1. German student loans for international students

In Germany, there are varieties of education loan options for abroad studies, including state financed loans like Bafog and other private loans.


  1. Mpower loan for international students

Mpower is a corporation that provides financial assistance for students abroad. It offers the opportunity to obtain loans without needing a cosigner. Loan ranges from $2001 to $50000 at fixed Interest rates, over two academic period.


  1. Citizens bank international student loan

Citizen bank provide low cost international student loans to students pursuing an advanced degree in a foreign country.

It is best for borrowers who are looking for long term funding. Loan application is simply and completely online, though you may be asked to provide a creditworthy cosigner before your loan is approved.


  1. No cosigner student loans for international students

Although most loan providers require cosigners before giving out study loans to abroad studies, there are still a few options available that provides international students loans without cosigner.


  1. HDFC international education loan

This international loan is exclusively for indian students studying in a foreign country.

HDFC loan covers expenses like tuition fees, accommodation fees, and book fees along with all academic related fees determined by the university with no upper limit collateral. The foreign education loan is available in 950 courses for over 2100 universities across 35+ countries.


  1. Indian bank abroad education loan

Indian Bank Abroad(IBA) loan is available for students who have been accepted into study programmes in a recognized college/institution in India or abroad. The maximum loan limit is Rs 25 lakhs.


  1. Stilt international student loans

Stilt provide loans to international students studying in the United States. The loans are suitable for students who have difficulty securing federal or private loans. It has a competitive interest rate with one of the quickest loan decision time, you can get a loan approval within 24 hours of applying.


  1. International Education Financial Aid(IEFA)

IEFA is an international financial service provider that specialises in managing student debts. IEFA has partnered with other leading international loan programs to assist students in obtaining loans and other financial aid options to fund their education abroad.


Education loans for abroad studies without Collateral

Education loan without collateral are designed by organisations to help simplify student loan application process.  They are usually granted to the borrower without collateral. This means that you can get loans for your tuition, travel, living expenses and study materials without putting any form of security.

Organisations that give collateral free loans include;

  1. Leap finance

Leap finance is an international loan provider that grants instant personal loans for international students without collateral at reduced rates to students who require financial assistance. It assists career-driven students from India who wish to pursue their tertiary education in a foreign country.


  1. We make scholars

We make scholars is a website where you can get access to all types of abroad educational loans to fund your degree. You can get loan range from government loan to private abroad education oans without collateral. We make scholars acts as an intermediary and ensures you get loans at best interest rates.


  1. Auxilo

Auxilo offers affordable and hassle-free education loan for study abroad without collateral for students who wish to study overseas.


  1. Incred

Incred is a Non-Banking Financial Company that provides students collateral free education loan for abroad at low interest rates up to INR 40 lakhs . Loan application is done fully online with tech-integrated features that makes approval instant and stress-free.


  1. Avanse

Avanse offers both secured and unsecured loans. The loans range from INR 1 lakh to INR 40 lakh.


Bank loans for Students Studying Abroad

Below are some of the banks you can get a foreign education loan from;

  1. HDFC Credila study abroad loan

HDFC is a foreign enrolled loan provider in India that assist students with low interest loans to fund their education abroad.


  1. Edfin microfinance bank study abroad loan

Edfin microfinance bank offers study abroad loans ranging from 2 million to 20 million naira with flexible repayment plans.


  1. PNC bank

PNC is a financial service corporation that offers an Education Refinance Loan program aimed at helping students manage loan debts with better interest rates, flexible payment plans at affordable monthly installments.


  1. FCMB study abroad loans

FCMB is a leading financial service provider in Nigeria aims to provide convenient and affordable financial support for students who desire to study overseas. You can get loans up to 20 million naira to cater to your school, living and travel expenses.


  1. Discover

Discover is an online bank that offers a wide variety of private student loans at both variable and fixed rates. Loan terms are 15 years for undergraduate and 20 years for graduate programmes.

Getting a student loan as an international can be difficult but not it is not impossible, with adequate research and the right steps, you too can get a student loan to fund your degree in your dream university.


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