If you are looking to study in the USA, don't let your financial situation deter you from achieving your dreams. For those who do not have adequate funds, private student loans are a great option. You can apply for private student education loans in the USA, with favourable interest rates and repayment schedules. These loans are available to international students to help cover their costs while studying in the US.
One major challenge many international students face is finding a U.S. based co-signer. Most lenders require you to have a co-signer who can legally sign documentation to help you obtain a loan. The co-signer must be a US citizen or permanent resident who has lived in the USA for 2 years and also has good credit and income history. If you do not have a cosigner yet, we have identified a couple of major financing companies that offer student loans without asking for a co-signer. Their loans are flexible and can offer loan amounts high enough to pay for your entire education.
Prodigy Finance
Prodigy Finance offers student loans with a maximum of 80% aggregate of the university cost of attendance (COA). The cost of attendance is the sum of your tuition, room, and board, books, supplies, transportation, loan fees, and miscellaneous expenses. Prodigy Finance offers a variable simple interest rate of 8.7% and students can start repaying the loan amount 6 months after graduation. However, the actual rate offered could differ depending on your circumstances, and it can be as low as 5.89% and increase up to 9.39%, which is the average interest rate offered currently.
Eligibility Criteria to apply for Prodigy Finance
- One must be enrolled in a Business, STEM, Public Policy, Law, or Health Sciences course.
- One must be a graduate international student.
- One must be admitted to one of the approved schools on the prodigy list.
Documents required to apply for Prodigy Finance in the USA
- Passport or ID
- Proof of address
- University Letter of Offer
- Confirmation from your institution of any scholarships you've been awarded (if applicable)
- Bank statements showing the amount of savings that will be used in the first study period
- Last 3 payslips with your gross monthly income (if you have one)
- Bank statements or other documents that support the liabilities or assets listed
- A digital copy or screenshot of your credit report
Mpower Financing
Mpower offers a maximum of $50,000 per loan and a $100,000 lifetime limit with up to 10.49% interest rate for Undergraduate courses and a 12.49% interest rate for postgraduate courses. Moreover, you pay only the interest while pursuing your degree and during the 6-month post-graduation grace period.
Eligibility Criteria to apply for Mpower loan
- You must be an undergraduate student or you are about to begin a 1 or 2-year program
- You must be a graduate student and apply for the loan within 2 years of graduation
- Not restricted to any particular subject
- Students must be admitted to one of the 350 Mpower Financing approved schools in the United States.
Documents required to apply for Prodigy Finance
- Resume or CV (curriculum vitae)
- Proof of home country address (Utility bill, banking statement, signed lease, letter from the university, other)
- Standardised test scores such as GRE, GMAT, LSAT, MCAT, NBDE (If any)
- English proficiency exam scores (TOEFL / IELTS) or waiver from university
- University Letter of Offer
- The estimated cost of attendance or program financial summary
- Passport
- Secondary photo ID from your home country (in addition to your passport, driver's licence, national ID, voter's ID, other government-issued ID)
- Supporting evidence for the funds listed in your application (Bank statements, scholarships, salary evidence)
- MPOWER video and quiz
- References (Family, friends, or employer)
- Copy of any existing debt such as student loans, credit card loans, car loans, home loans, etc
- If someone will be supporting you financially, they can fill out the letter of financial support and include evidence
- Paystub or previous salary evidence
If you plan on studying in the USA with the aid of an education loan, fill in the inquiry form today! Our expert education counsellors will contact you to help you pursue your study abroad journey hassle-free.