How to Get a Student Loan in the USA as an International Student

Getting a student loan in the USA as an international student is possible, but the process is different from borrowing as a U.S. citizen.

Most F-1 students cannot access U.S. federal student aid. Instead, they usually need to choose between:

• Private student loans with a U.S. cosigner
• Specialized international student loans without a cosigner
• Education loans from their home country

The application process also involves university certification, proof of funding, lender eligibility rules, and sometimes visa-related documents.

This guide explains how to get a student loan in the USA as an international student in 2026, step by step.

Quick Overview

Loan availability, rates, schools, and programs can change.

Step 1: Check Whether You Qualify for Federal Student Aid

Most students who are in the United States only on F-1 status are not eligible for U.S. federal student aid.

Federal aid is generally available to:

• U.S. citizens
• Permanent residents
• Certain eligible noncitizens

An international student who is not a U.S. citizen or eligible noncitizen is generally not eligible for federal student aid. (studentaid.gov)

Before applying for private loans, students who have another immigration status should still check the official Federal Student Aid eligibility rules.

Step 2: Calculate Your Real Funding Gap

Do not apply for the largest loan available before calculating exactly what you need.

Start with the university’s total cost of attendance:

• Tuition
• Mandatory fees
• Housing
• Food
• Health insurance
• Books
• Transportation
• Personal expenses

Then subtract:

• Scholarships
• University grants
• Assistantships
• Personal savings
• Family contributions
• Sponsorships

Example

Total annual cost of attendance:

$60,000

Available scholarships and personal funding:

$35,000

Real funding gap:

$25,000

The goal should be to borrow approximately the amount needed to close the gap, not automatically the full $60,000.

Step 3: Understand the Proof-of-Funds Requirement

Before a U.S. school issues Form I-20, an F-1 applicant must provide evidence of sufficient financial resources for study and living expenses.

The U.S. Department of Homeland Security states that prospective F-1 students must show financial evidence demonstrating sufficient funds for tuition and living costs. (studyinthestates.dhs.gov)

Possible evidence may include:

• Bank statements
• Sponsor documents
• Scholarship letters
• Approved education loan documents

The exact documents accepted are determined by the university.

Important

A loan application is not the same as an approved loan.

For proof-of-funds purposes, a school may require:

• Conditional approval
• Final approval
• An official loan letter

Ask the international student office exactly what it accepts before relying on a loan for Form I-20.

Step 4: Decide Whether You Have a U.S. Cosigner

This is one of the biggest factors in the international student loan market.

With a U.S. cosigner

You may have access to lenders such as:

• Ascent
• Sallie Mae

A strong cosigner can potentially improve:

• Approval chances
• Interest rate
• Repayment terms

Without a U.S. cosigner

Your options are much more limited.

The main active specialist option to investigate in 2026 is:

• Prodigy Finance for eligible postgraduate programs

MPOWER has historically been one of the leading no-cosigner options, but its website currently states that it has reached its funding capacity and is temporarily unable to offer new loans for 2026. (mpowerfinancing.com)

Option 1: Prodigy Finance

Best for eligible international master’s students without a cosigner

Prodigy Finance provides international student loans without requiring traditional collateral or a cosigner for its standard eligible postgraduate loan product.

Current features include:

• Fully online application
• No traditional cosigner
• No collateral for the standard product
• Funding for eligible postgraduate programs
• Students from more than 120 countries
• Potential funding up to the school’s cost-of-attendance limits

Its website currently advertises rates from 9.65%, but individual rates and terms depend on the applicant, university, program, and credit assessment. (prodigyfinance.com)

Best for:

• MBA students
• Engineering master’s students
• Technology and STEM students
• Other eligible postgraduate applicants

Main limitation

Not every U.S. university or degree is supported.

Check your exact:

• University
• Degree
• Intake

before including the loan in your financial plan. (prodigyfinance.com)

Option 2: Ascent

Best for international students with a qualified U.S. cosigner

Ascent accepts international students for eligible loans when they apply with a qualifying cosigner.

The cosigner generally must:

• Be a U.S. citizen or permanent resident
• Meet credit requirements
• Have at least $30,000 in gross annual income for the current and previous year
• Provide satisfactory income documentation

(ascentfunding.com)

An advantage for the I-20 process

Ascent explains that an international student seeking Form I-20 may:

1. Apply with a qualifying U.S. cosigner.
2. Receive a conditional approval letter if eligible.
3. Use the document in the school or visa funding process.
4. Upload Form I-20 documentation later.
5. Continue through final approval and school certification.

(ascentfunding.com)

This can be useful for students whose university accepts conditional loan documentation as financial evidence.

Option 3: Sallie Mae

Best for international students already residing and studying in the USA with a cosigner

Sallie Mae offers private loans for:

• Undergraduate programs
• Graduate school
• Medical school
• Other eligible degree programs

International students generally must:

• Reside in the United States
• Attend an eligible U.S. school
• Apply with a creditworthy U.S. citizen or permanent resident cosigner

(salliemae.com)

Best for:

• Students with an established U.S. cosigner
• Undergraduate students
• Graduate and professional students

Main disadvantage

It is generally not suitable for an international student who has no U.S. cosigner.

What About MPOWER Financing?

MPOWER normally specializes in no-cosigner loans for international students at eligible U.S. and Canadian universities.

Its published loan structure includes:

• No cosigner
• No collateral
• No U.S. credit history requirement
• Funding at more than 500 eligible schools

However, this is an important 2026 update:

As of July 2026, MPOWER’s website states that it has reached its current funding capacity and is temporarily unable to offer new loans for 2026.

Students can join the lender’s waitlist, but should not depend on MPOWER as an immediate source of funding until applications reopen. (mpowerfinancing.com)

Step 5: Check Your School and Program Eligibility

A lender may approve international students but still reject your specific:

• University
• Campus
• Degree
• Study level

Before applying, confirm all four.

For example, Prodigy Finance uses a supported-school and program database. Ascent and Sallie Mae also require attendance at eligible or participating institutions. (prodigyfinance.com)

Never pay a university deposit based on the assumption that every lender funds every U.S. school.

Step 6: Prepare the Required Documents

Exact requirements vary, but you may need:

• Passport
• University admission letter
• Form I-20, if already issued
• Proof of address
• Academic transcripts
• Cost-of-attendance information
• Scholarship documents
• Personal financial information
• Employment history
• Cosigner documents, when required

For a cosigned loan, the guarantor may need to provide:

• Social Security number
• Proof of citizenship or permanent residence
• Income documents
• Credit information

Submitting complete documents can reduce delays.

Step 7: Compare the APR and Total Cost

Do not choose a loan using only the headline interest rate.

Compare:

• Interest rate
• APR
• Origination or administration fees
• Fixed vs. variable rates
• Repayment term
• In-school payments
• Grace period
• Prepayment penalties

APR can provide a better comparison because it reflects interest and certain fees associated with borrowing. (prodigyfinance.com)

Step 8: Choose Fixed or Variable Interest

Fixed rate

The rate generally remains unchanged for the loan term.

Best for students who want:

• Predictable payments
• Easier long-term budgeting

Variable rate

The rate can change.

It may start lower but can become more expensive if the underlying benchmark rises.

Students borrowing large amounts over long repayment periods should calculate whether they could still afford the loan if a variable rate increases.

Step 9: Complete School Certification

Private student loans are commonly connected to the university’s official cost of attendance.

After approval, the school may need to confirm:

• Your enrolment
• Cost of attendance
• Other financial aid
• Eligible loan amount

The lender may then send funds directly to the university.

Any amount intended for eligible living expenses may be handled according to the school’s refund and disbursement process.

How to Improve Your Chances of Approval

Apply to supported universities

Lender eligibility starts with the institution and program.

Use a strong cosigner when available

A creditworthy U.S. cosigner may improve access to private loans.

Reduce the amount requested

A smaller funding gap may be easier and safer to finance.

Submit accurate documents

Conflicting financial or academic information may delay the application.

Apply early

Do not wait until tuition is due or the visa appointment is approaching.

Common Mistakes to Avoid

Assuming every F-1 student qualifies for federal loans

Most do not.

Applying before checking school eligibility

Your university or program may not be supported.

Using an unapproved application as proof of funds

Ask your university what type of loan document it accepts.

Ignoring accumulated interest

Interest may increase the loan balance while you study.

Borrowing the maximum available

Approval does not mean the amount is financially responsible.

Final Thoughts

The process of getting a student loan in the USA as an international student can be summarized in nine steps:

1. Check federal aid eligibility.
2. Calculate your real funding gap.
3. Confirm the university’s proof-of-funds rules.
4. Decide whether you have a U.S. cosigner.
5. Check lenders that support your university.
6. Prepare all documents.
7. Compare APR, fees, and repayment terms.
8. Complete the application.
9. Wait for school certification and disbursement.

In 2026:

• Prodigy Finance is a major no-cosigner option for eligible master’s students.
• Ascent is worth comparing when you have a strong U.S. cosigner.
• Sallie Mae serves eligible international students residing and studying in the USA with a qualifying cosigner.
• MPOWER is currently not accepting new 2026 loans because of its stated funding-capacity limit.

The best strategy is to use scholarships and personal funding first, then borrow only enough to close the remaining gap.

Official Sources

• Federal Student Aid – Eligibility for Non-U.S. Citizens
• DHS Study in the States – Financial Ability
• Prodigy Finance – International Student Loans
• Prodigy Finance – Supported Schools
• Ascent – International Student Loans
• Sallie Mae – Private Student Loans
• MPOWER Financing – Current Loan Availability