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

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

International students can obtain student loans in the United States, but most cannot use federal student aid. The usual options are a private loan with a qualified US cosigner, a specialised international education loan without a cosigner or financing from a bank in the student’s home country.

This guide explains how to get a student loan in the USA as an international student, including the documents, eligibility rules and application steps.

Can international students get student loans in the USA?

Yes. Available options include:

• Private student loans with a US cosigner.
• No-cosigner loans for selected international students.
• Education loans from home-country banks.
• University emergency loans or payment plans.
• Employer or government sponsorship.

Most students holding only an F-1, F-2, M-1 or J-1 visa are not eligible for federal student aid. Federal aid is generally limited to US citizens and specified eligible noncitizens, including permanent residents and certain humanitarian-status holders.

Step 1: Calculate your total education cost

Begin with the university’s official cost of attendance, which may include:

1. Tuition and compulsory fees.
2. University housing or private rent.
3. Food and transportation.
4. Health insurance.
5. Books, computers and supplies.
6. Visa and SEVIS expenses.
7. Travel costs.
8. Personal and emergency expenses.

Subtract scholarships, assistantships, savings and family support. Apply only for the remaining funding gap.

Private lenders generally cannot approve more than the school-certified cost of attendance after other financial aid is deducted.

Step 2: Check whether your university is supported

A lender may finance students at some US universities but not others. Before completing an application, confirm that:

• Your university participates with the lender.
• Your programme and degree level are eligible.
• Your enrolment status meets the lender’s rules.
• Your academic intake is currently supported.
• The lender accepts applicants from your country.

For an F-1 or M-1 visa, the institution must also be certified by the Student and Exchange Visitor Program to issue Form I-20.

Step 3: Choose between cosigned and no-cosigner loans

Private student loan with a US cosigner

This is the most widely available route for international undergraduate and graduate students.

A cosigner normally must:

• Be a US citizen or permanent resident.
• Have established US credit.
• Have sufficient income.
• Meet the lender’s debt and credit requirements.
• Accept responsibility for the entire debt.

Sallie Mae allows non-US citizens who reside and study in the United States to apply with a creditworthy US citizen or permanent-resident cosigner.

Ascent also requires international applicants to use an eligible US citizen or permanent-resident cosigner who meets its income and credit standards.

International loan without a cosigner

Prodigy Finance offers loans without a cosigner or property collateral for eligible international students entering selected master’s programmes. Eligibility depends on the university, programme, country and individual assessment.

This option is mainly designed for postgraduate study and does not cover every university or undergraduate programme.

Step 4: Find a qualified cosigner

A strong cosigner may improve both approval chances and the interest rate offered.

Possible cosigners include:

• A relative living in the United States.
• A spouse who is a citizen or permanent resident.
• A trusted family friend.
• Another qualified US resident accepted by the lender.

The cosigner becomes equally responsible for repayment. They should understand that missed payments can affect their credit and that release is not automatic. Sallie Mae, for example, permits eligible borrowers to request cosigner release only after meeting payment, citizenship or residency, income and credit requirements.

Never pay an unknown person to act as a cosigner.

Step 5: Compare international student lenders

Potential options include:

Prodigy Finance

Suitable for selected international master’s students who do not have a US cosigner or collateral. Funding availability and loan terms depend on the supported programme and applicant profile.

Sallie Mae

Available to eligible international students living and studying in the United States with a creditworthy US citizen or permanent-resident cosigner.

Ascent

Offers undergraduate and graduate private loans to eligible international applicants with a qualified US cosigner.

College Ave

International students may apply when they have a valid US Social Security number and a qualified US citizen or permanent-resident cosigner.

Citizens

International students can apply for eligible graduate or undergraduate financing with a creditworthy US citizen or permanent-resident cosigner. Approval remains subject to credit review, enrolment verification and school certification.

Step 6: Prepare the required documents

Lenders may request:

• Valid passport.
• US visa and immigration documents.
• Form I-20.
• University admission letter.
• Proof of enrolment.
• Tuition and cost-of-attendance statement.
• Programme start and graduation dates.
• Social Security number, when required.
• US address and contact information.
• Scholarship or assistantship confirmation.
• Student bank statements.
• Cosigner’s identification and SSN.
• Cosigner’s income and employment documents.
• Student and cosigner credit information.

Requirements vary, so review the lender’s checklist before submitting the application.

Step 7: Request a personalised loan estimate

Compare at least two or three eligible lenders. Examine:

• Fixed or variable interest rate.
• Annual percentage rate.
• Origination and administration fees.
• Repayment term.
• Required payments while studying.
• Grace period after graduation.
• Cosigner-release conditions.
• Early-repayment rules.
• Total estimated amount repayable.

A variable rate may rise during study or repayment. A longer loan term may reduce the monthly payment but increase the total interest cost.

Step 8: Submit the formal application

The student and cosigner normally complete separate parts of the application.

The process may include:

1. Identity verification.
2. Credit and income assessment.
3. Submission of immigration documents.
4. Review of the requested loan amount.
5. Signing the loan agreement.
6. University certification.
7. Final approval and disbursement.

Do not wait until the tuition deadline. School certification and document verification can delay the process.

Step 9: Complete university certification

Even after lender approval, the university usually must confirm:

• Your enrolment.
• Your programme.
• The academic period.
• Your cost of attendance.
• Other financial aid received.
• The amount that can be borrowed.

The lender may reduce the approved amount if it exceeds the remaining certified cost.

Funds are usually sent to the university first. Any approved balance remaining after tuition and institutional charges may then be released according to the school’s refund process.

Can a student loan help you obtain Form I-20?

Before issuing Form I-20, the school’s designated official must receive evidence that the student has sufficient financial resources. International students must demonstrate the ability to cover tuition and living expenses before travelling to the United States.

A final or conditional education-loan letter may form part of your financial evidence, depending on the university’s policy. Ask the international student office exactly which loan documents it accepts.

Loan approval does not guarantee issuance of Form I-20 or approval of an F-1 visa.

How to improve your approval chances

• Obtain university admission before applying.
• Choose a lender supporting your exact programme.
• Use a cosigner with strong credit and stable income.
• Reduce the loan amount through scholarships.
• Submit complete and accurate documents.
• Avoid unnecessary applications involving hard credit checks.
• Apply several months before tuition is due.
• Borrow only what you can realistically repay.

Final answer

To get a student loan in the USA as an international student:

1. Calculate your funding gap.
2. Confirm that your university is eligible.
3. Decide whether you need a US cosigner.
4. Compare Prodigy Finance and traditional private lenders.
5. Prepare your admission, immigration and financial documents.
6. Submit the application and complete school certification.

Prodigy Finance is the main no-cosigner option for selected international master’s programmes. Students with a qualified US cosigner can compare Sallie Mae, Ascent, College Ave and Citizens.

Official Sources

• Federal Student Aid – Eligibility for Non-US Citizens
• Study in the States – SEVP School Search
• Prodigy Finance – International Student Loans for the USA
• Sallie Mae – Private Student Loans
• Ascent – International Student Loans
• College Ave – International Student Eligibility
• Citizens – International Student Loan Guide