Can International Students Get Student Loans to Study in the US?

By Kevin Brouillard · June 20, 2024 · 8 minute read

We’re here to help! First and foremost, SoFi Learn strives to be a beneficial resource to you as you navigate your financial journey. We develop content that covers a variety of financial topics. Sometimes, that content may include information about products, features, or services that SoFi does not provide. We aim to break down complicated concepts, loop you in on the latest trends, and keep you up-to-date on the stuff you can use to help get your money right.

Can International Students Get Student Loans to Study in the US?

Yes, international students can get student loans to study in the U.S. However, international students have fewer financing options than American borrowers and may face some additional hurdles to securing a loan.

Going to college in the U.S. can help international students advance their education and professional goals. It’s also a big undertaking financially. For the 2023-24 academic year, tuition and fees averaged $38,421 at private colleges, $9,750 for in-state students at public colleges, and $28,386 for out-of-state students at public colleges.

Read on to learn what type of student loans you might qualify for as an international student, and how to evaluate and compare options.

Who Is Considered an International Student?

An international student is typically defined as a student who chooses to pursue education in a country other than their own. This status applies to students across various levels of education, including high school, undergraduate, graduate, and post-graduate studies. For undergraduate students, international students would include anyone who has graduated high school outside of the United States.

What Is an International Student Loan?

An international student loan is a type of private loan available to the nearly one million foreign students studying in the U.S.

The U.S. Department of Education does not issue international student loans, as federal student loans are only available to U.S. citizens and eligible non-residents.

There are many lenders to choose from for international student loans. Loan terms and eligibility requirements can vary by lender. It’s generally recommended to exhaust any opportunities for scholarships, grants, and school-based financial aid before applying for an international student loan.

U.S. citizens looking to get an education overseas have options for student loans for studying abroad, too.

Loan Options If You Are an Eligible Noncitizen

Are federal loans for international students possible? In some cases, yes. To be eligible, noncitizens must fall into one of several categories:

•   You are a U.S. national or green card holder.

•   You hold an Arrival-Departure Record (I-94) showing “Refugee,” “Asylum Granted,” “Cuban-Haitian Entrant,” “Conditional Entrant,” (if issued before April 1, 1980) or “Parolee” (with one year paroled minimum and proof that you’re in the U.S. for a non-temporary purpose and intended to become a U.S. citizen or permanent resident).

•   You or your parents hold a T-1 nonimmigrant status.

•   You or a parent are a battered immigrant-qualified alien.

Other noncitizens may be eligible for other forms of federal aid. For example, citizens from Palau can apply for Pell Grants, Federal Supplemental Educational Opportunity Grants, and Federal Work-Study.

There are additional student loan requirements that eligible noncitizens must satisfy to qualify for federal loans, such as completing the Free Application for Federal Student Aid (FAFSA®) and attending school at least half-time.

Loan Options if You Are Not Eligible for Federal Student Loans

When federal loans aren’t an option, private student loans may be needed to cover the cost of attending college in the U.S.

Private student loans are offered by banks and financial institutions and are credit-based — meaning the borrower’s ability to repay the loan will be evaluated by the lender based on factors such as the individual’s credit score and income, among others.

Some lenders may require an international student to apply with a cosigner who is a U.S. citizen or permanent resident, though there are lenders who offer specialized student loans for international students.

International students might also explore parent loans to pay for college. Instead of the student, a parent, relative, or trusted individual takes out a loan for their student’s education expenses.

It could be beneficial to ask your school’s financial aid office for a list of lenders to begin your search. Browsing online may also be helpful for understanding your options as a borrower and comparing loans and lenders.

Do International Students Need a Cosigner to Get a Student Loan?

A cosigner is someone who takes on a legal obligation to pay back a loan if the borrower is unable to. Having a cosigner for a student loan reduces the risk for the lender and can help the borrower obtain financing with better terms.

With private student loans, lenders may require a cosigner if a borrower’s income and credit aren’t enough — which is often the case. According to the Enterval Private Student Loan report, during the 2023-2024 school year, 91% of undergraduate student loans had a cosigner while 69% of student loans made for graduate students had a cosigner.

As briefly mentioned, for international students, applying for student loans often requires having a U.S. cosigner. Generally, cosigners are a relative or close friend since they are on the hook for paying the loan if a borrower fails to make loan payments or defaults.

But can international students apply for student loans without a cosigner in the U.S.? Applying for a student loan without a cosigner is possible, but a no-cosigner loan will likely come with a higher interest rate.

After building up credit and making regular on-time payments post-graduation, borrowers may be able to get a cosigner release. This frees the cosigner from legal liability for the loan, which is especially important if another college-bound family member needs a cosigner.

Typical Requirements for International Student Loans

Many lenders require international students to have a cosigner and study at least half-time at an eligible college to obtain a loan. Here are some typical student loan requirements that could impact approval, as well as the loan amount and terms:

•   Personal credit history and score in the U.S.

•   Cosigner’s creditworthiness

•   Live in the U.S. while attending school

•   Qualify for a student or other temporary resident visa that does not expire within six months of graduation

•   Personal financial information, such as bank statements and tax returns

•   Estimated future earnings

•   Employment and education history

Can international students get student loans without meeting all these requirements? Student loans have varying requirements, so it’s possible to qualify with one lender and not another.

International Student Loan Repayment Terms

A loan’s repayment term stipulates how long the borrower has to pay back the loan, the monthly payment amount, and conditions for when payment starts.

A longer repayment term translates to smaller monthly payments, and vice versa. Keep in mind that the longer the term, the more interest you’ll pay over the life of the loan.

Private student loans don’t offer the same repayment options as federal loans. Whereas the standard repayment plan for federal loans has a 10-year repayment term, international student loan terms may vary depending on the lender and could range from five to 20 years.

International student loans may come with a grace period of up to six months after graduation as long as you’re enrolled at least half-time in college. Alternatively, interest-only payments could be required while enrolled in college, or repayment may begin as soon as the loan is disbursed.

International Student Loan Interest Rates

Interest is the amount charged by the lender on top of the original loan amount. With international student loans, your creditworthiness is a major factor for determining the interest rate you’ll pay.

Lenders may offer either fixed or variable interest rates. The former remains constant over the life of the loan, while the latter can fluctuate over time based on market conditions.

The main benefit of fixed-rate loans is the predictable monthly payments. The loan terms outline how much interest you’ll pay each month and over the entire life of the loan.

Later on, refinancing international student loans could help secure a lower fixed interest rate.

On the other hand, variable-rate student loans can be advantageous if you qualify for a low interest rate or expect to land a high-paying job after graduation. If you can make extra payments early on before variable rates rise, you could potentially reduce how much you pay in the long run.

Recommended: All About Interest Rates and How They Work

What Can You Use an International Student Loan For?

How much you can borrow is determined by the school’s cost of attendance minus any other financial aid you receive, such as scholarships and grants. If you have money left over after tuition, international student loans could be used for other education-related and living expenses, including:

•   Room and board or off-campus housing

•   Health insurance

•   Textbooks, laptop, and supplies

•   Equipment (e.g. lab equipment)

•   Transportation and commuting costs

Generally, lenders are not monitoring how borrowers spend their student loan funds once disbursed. The rationale to avoid using loans for unnecessary expenses is that you have to pay it back with interest.

Recommended: Using Student Loans for Living Expenses and Housing

Do International Students Have Other Financing Options?

Yes, international students have other financing options outside student loans. Options include scholarships and grants, sponsorships, assistantships and fellowships, getting a part-time job, asking family or friends, and crowdfunding.

Private Student Loans for International Students

As an international student, attending college in the U.S. can come with challenges. Besides adjusting to a new culture, foreign students can’t receive federal aid or loans unless they qualify as eligible noncitizens.

Still, international students have several options for paying for college in the U.S., including scholarships, grants, and private student loans.

If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.

Cover up to 100% of school-certified costs including tuition, books, supplies, room and board, and transportation with a private student loan from SoFi.

FAQ

Can international students get a student loan?

International students cannot get federal student loans unless they qualify as eligible noncitizens. They can, however, apply for scholarships, grants, and private student loans. Private student loans do not offer the same benefits as federal student loans, but they can be a solid way to help fund an education.


Photo credit: iStock/Anchiy

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs. SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.


SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.


Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

SOIS-Q224-1920855-V1

TLS 1.2 Encrypted
Equal Housing Lender