Studying abroad can be one of the best investments you make in your future, but tuition, housing, health insurance, books, transportation, and daily living expenses can add up quickly. For many students, scholarships and family savings are not enough to cover the full cost.
The good news is that international students may be able to get a student loan. The process is different from the one used by U.S. citizens, however, because most international students are not eligible for U.S. federal student aid.
This guide explains how to get a student loan as an international student, what documents you need, how cosigners work, where to find no-cosigner loans, and how to avoid borrowing more than you can reasonably repay.
Important: Student loans are legally binding financial obligations. Always compare annual percentage rates (APR), repayment terms, fees, and total repayment cost before accepting an offer.
Can International Students Get Student Loans?
Yes. International students can often get private student loans, though eligibility depends on the country where they study, their university, visa status, program, academic record, and whether they have a qualified cosigner.
In the United States, most international students cannot use federal student loans such as Direct Subsidized Loans, Direct Unsubsidized Loans, or PLUS Loans. Federal aid is generally limited to U.S. citizens and certain “eligible noncitizens,” such as permanent residents. Review eligibility rules through the Federal Student Aid website before assuming you qualify.
Instead, most international students use one or more of these funding sources:
- Private international student loans
- Loans with a U.S.-based or Canadian-based cosigner
- No-cosigner international student loans
- University payment plans
- Scholarships and grants
- Education loans from banks in their home country
- Employer sponsorship or government scholarships
Before applying for a loan, explore scholarships and grants first because they usually do not need to be repaid.
Related reading: How to Find Scholarships for International Students
Types of Student Loans Available to International Students
1. Private Student Loans With a Cosigner
Many traditional private lenders require international students to apply with a creditworthy cosigner.
A cosigner is a person who agrees to be legally responsible for the loan if you do not make payments. In the U.S., lenders commonly require the cosigner to be a U.S. citizen or permanent resident with good credit and stable income.
Having a strong cosigner can improve your approval chances and may help you receive a lower interest rate. However, it is a serious commitment for the person cosigning because the loan can affect their credit profile and debt-to-income ratio.
Before asking someone to cosign, make sure they understand:
- They are responsible if you miss payments.
- Late payments can hurt both of your credit scores.
- The loan may affect their ability to qualify for a mortgage, car loan, or credit card.
- They may remain responsible until the loan is fully repaid or officially released.
2. No-Cosigner International Student Loans
Some specialized lenders offer loans designed specifically for international students who do not have a U.S. or Canadian cosigner.
Rather than relying primarily on your credit history, these lenders may consider:
- Your university and degree program
- Your field of study
- Your academic performance
- Your graduation date
- Your expected earning potential after graduation
- Your citizenship country and visa status
For example, MPOWER Financing offers loans for eligible international students at selected U.S. and Canadian schools without requiring a cosigner or collateral. Its eligibility, rates, school list, and loan terms can change, so applicants should confirm details directly with the lender.
Another option for certain graduate students is Prodigy Finance, which provides loans for eligible postgraduate students at supported schools in multiple countries and states that it does not require a cosigner or collateral for qualifying borrowers.
No-cosigner loans can be useful, but they may have higher rates or more limited school and program eligibility. Compare them carefully with cosigned loan options.
3. Loans From Your Home Country
Some students can borrow from banks, government programs, or education-financing companies in their home country.
This option may work well if:
- Your family has assets or income in your home country.
- A parent or guardian can guarantee the loan.
- Your country has a government-backed education loan program.
- You can access better interest rates in your local currency.
However, be careful about exchange-rate risk. If you borrow in one currency but earn income in another after graduation, currency fluctuations can make repayment more expensive.
4. University Payment Plans
Many colleges allow students to split tuition into monthly or semester-based payments. These plans may not cover all expenses, but they can reduce the amount you need to borrow at once.
Ask your school’s bursar or student accounts office about:
- Installment payment plans
- Enrollment fees
- Late-payment penalties
- Payment deadlines
- International payment options
- Whether housing and insurance can be included
Step-by-Step: How to Get a Student Loan as an International Student
Step 1: Calculate Your Total Cost of Attendance
Do not borrow based only on tuition. Your full cost of attendance may include:
- Tuition and mandatory fees
- Housing and utilities
- Food
- Health insurance
- Books and supplies
- Laptop and technology costs
- Transportation
- Visa-related costs
- Personal expenses
- Emergency savings
Your university’s financial aid office usually publishes a cost-of-attendance estimate. Use that as a starting point, then build your own realistic monthly budget.
Related reading: International Student Budget Calculator: Estimate Your Cost of Studying Abroad
Step 2: Use Scholarships, Grants, and Savings First
Loans should generally fill the gap after you have used non-repayable funding.
Search for:
- University merit scholarships
- Departmental scholarships
- Country-specific scholarships
- Scholarships for STEM students
- Scholarships for women in technology
- Graduate assistantships
- Research assistantships
- Teaching assistantships
- Government-sponsored programs
- Nonprofit and foundation grants
Even a small scholarship can reduce how much interest you pay over time.
Step 3: Check Whether Your School Is Eligible
Many international student lenders only work with approved universities and degree programs.
Before spending time on an application, verify:
- Is your school on the lender’s eligible-school list?
- Is your degree program eligible?
- Are undergraduate students eligible, or only graduate students?
- Does the lender support students from your country?
- Does the lender fund your intended study destination?
- Are you required to be enrolled full-time or at least half-time?
Some lenders focus on master’s, MBA, medical, dental, or other graduate programs, while others support selected undergraduate programs.
Step 4: Decide Whether You Need a Cosigner
If you have access to a qualified cosigner, you may have more lender options and potentially lower interest rates.
A typical cosigner may need to show:
- U.S. citizenship or permanent residency, depending on the lender
- Good credit history
- Stable income
- Low enough existing debt
- Proof of identity and address
- Tax or income documentation
If you do not have a cosigner, focus your search on lenders that specifically advertise no-cosigner loans for international students.
Step 5: Gather Required Documents
Requirements vary by lender, but most international student loan applications ask for several of the following:
- Passport
- Student visa or visa documentation
- I-20, DS-2019, or equivalent immigration document
- University admission letter
- Proof of enrollment
- Student ID number
- Estimated cost of attendance
- Financial aid award letter, if applicable
- Academic transcripts
- Proof of current address
- Bank statements, in some cases
- Cosigner documents, if applicable
- Social Security number or Individual Taxpayer Identification Number, if available
Prepare clear digital copies before you start. Missing documents can delay approval or disbursement.
Step 6: Compare Loan Offers Carefully
Do not choose a loan only because it is easy to apply for. Compare the full cost.
Look at:
| Loan Feature | What to Check |
|---|---|
| Interest rate | Fixed or variable? What is the minimum and maximum rate? |
| APR | Includes interest and certain fees, making it easier to compare loans |
| Origination fee | A fee deducted from the loan amount or added to the balance |
| Repayment term | How many years will you have to repay? |
| In-school payments | Are payments required while studying? |
| Grace period | How long after graduation before full payments begin? |
| Prepayment penalty | Can you pay early without a fee? |
| Cosigner release | Can your cosigner be removed later? |
| Loan limits | Does the lender cover tuition only or living expenses too? |
| Currency | Will you repay in U.S. dollars, Canadian dollars, or another currency? |
A lower monthly payment may sound attractive, but a longer repayment term can mean paying much more interest overall.
Step 7: Apply Early
Loan approval and school certification can take time. Apply as early as possible—ideally several months before tuition is due.
Your lender may send the money directly to your school after the school confirms your enrollment and cost of attendance. Any remaining approved funds may be released to you for eligible living expenses, depending on the lender and school.
Do not wait until the last minute. Delays can affect registration, housing, visa planning, or your ability to begin classes on time.
Step 8: Read the Loan Agreement Before Accepting
Before you sign, confirm:
- The exact amount you are borrowing
- The interest rate and APR
- Whether the rate is fixed or variable
- When interest begins accruing
- Your expected monthly payment
- Your repayment start date
- All fees
- Whether you can cancel before disbursement
- What happens if you leave school or transfer
- What happens if you cannot find employment after graduation
If any term is unclear, contact the lender and ask for written clarification.
How Much Can International Students Borrow?
The amount you can borrow depends on the lender, your school’s cost of attendance, your program, your cosigner’s credit profile, and other financial aid you receive.
Some lenders cover only tuition and required fees. Others may allow you to borrow for living expenses, housing, books, and health insurance.
Avoid borrowing the maximum simply because it is available. Borrow only what you need after scholarships, savings, income, and family support.
A useful rule is to estimate your future monthly loan payment before borrowing. Ask yourself:
Can I realistically afford this payment if I earn an entry-level salary after graduation?
Can F-1 Students Get Student Loans?
Yes, many F-1 students can apply for private international student loans if they meet lender requirements.
However, F-1 status alone does not guarantee approval. Lenders may evaluate your school, program, enrollment status, country of citizenship, expected graduation date, credit profile, and cosigner status.
F-1 students should also understand that student loan approval does not replace the financial documentation required for a student visa. For visa purposes, you may need to show proof that you can pay for your education and living expenses.
For official visa information, review the U.S. Department of State student visa guidance.
Can International Students Get Federal Student Loans?
Most international students cannot receive U.S. federal student loans. However, some noncitizens may qualify if they meet the U.S. Department of Education’s definition of an eligible noncitizen.
Examples can include certain permanent residents, refugees, asylees, and other qualifying immigration categories. Eligibility rules are specific, so check the official guidance rather than relying on general advice.
If you are eligible, you may need to complete the Free Application for Federal Student Aid (FAFSA). Visit FAFSA on StudentAid.gov for current instructions.
Tips to Improve Your Chances of Approval
Choose an Eligible School and Program
Lenders are more likely to approve applicants enrolled at schools and programs they already support.
Apply With a Strong Cosigner, If Available
A qualified cosigner may improve approval odds and lower your interest rate.
Borrow Less
Requesting a realistic amount can make your application more manageable and reduce your future repayment burden.
Maintain Strong Academic Progress
Some lenders may consider academic performance, especially no-cosigner lenders that assess future earning potential.
Apply Early
Early applications give you more time to compare offers, correct documentation issues, and meet school deadlines.
Build Credit Responsibly After Arrival
If you are studying in the U.S. or Canada, consider building local credit carefully through on-time payments on eligible financial products. Good credit may help you refinance later.
Common Mistakes International Students Should Avoid
Borrowing Before Looking for Scholarships
Every dollar in scholarship funding is a dollar you do not have to repay with interest.
Ignoring APR and Fees
A loan with a lower advertised interest rate may still cost more if it has high fees. Compare APR, not just the interest rate.
Taking a Variable-Rate Loan Without Understanding the Risk
Variable rates can increase over time. If rates rise, your monthly payment may rise too.
Borrowing for Unnecessary Expenses
Use loan funds carefully. Avoid using education debt for luxury purchases, expensive travel, or lifestyle costs that are not essential.
Asking a Cosigner Without Explaining the Risk
Be transparent. A cosigner is taking on real financial responsibility.
Missing Payment Deadlines
Late payments can create fees, damage credit, and put pressure on your cosigner. Set up reminders or automatic payments if possible.
Alternatives to Student Loans for International Students
If a loan is too expensive or unavailable, consider combining smaller funding sources:
- Scholarships and grants
- Graduate assistantships
- On-campus employment, where permitted
- Curricular Practical Training (CPT), if eligible
- Optional Practical Training (OPT), if eligible
- University payment plans
- Sponsorship from employers or organizations
- Education loans from your home country
- Family contributions
- Lower-cost universities or community college pathways
- Deferring enrollment to save more money
International students must follow visa and employment rules. Do not assume you can work off campus simply because you need more money.
Related reading: Can International Students Work in the U.S.? F-1 Employment Rules Explained
Frequently Asked Questions
Do international students need a cosigner for a student loan?
Not always. Many traditional lenders require a creditworthy U.S. or Canadian cosigner, but some specialized international student lenders offer no-cosigner loans for eligible students.
Can I get a student loan without a Social Security number?
Possibly. Some lenders allow international students to apply using a passport, visa documents, and school information. Requirements vary by lender.
Can international students get loans for living expenses?
Some lenders allow approved loan funds to cover living expenses such as housing, food, books, transportation, and health insurance. Others may limit funds to tuition and fees.
Are international student loans expensive?
They can be. Private loan interest rates, fees, and repayment terms vary significantly. Always compare APR, repayment length, and total repayment cost.
Should I choose a fixed or variable interest rate?
A fixed rate stays the same for the life of the loan, making payments more predictable. A variable rate can start lower but may increase later. The best choice depends on your risk tolerance and loan terms.
Can I refinance my international student loan after graduation?
Some lenders offer refinancing, especially after you have established income, employment history, and credit in the country where you live. Refinancing is not guaranteed, but it may help lower your rate or change repayment terms.
Final Thoughts
Getting a student loan as an international student is possible, but it requires planning. Start by calculating your full cost of attendance, applying for scholarships, checking your school’s eligibility, and comparing private lenders carefully.
If you have a qualified cosigner, you may have more options. If you do not have one, look for specialized no-cosigner lenders that evaluate your academic background, program, and future earning potential.
Most importantly, borrow strategically. A student loan can help you reach your education goals, but the best loan is one you can realistically repay after graduation.