Are there study loans available for international students in the USA?

Does anyone know if international students can get study loans to fund their education in the USA? I'm trying to weigh my financial options and would appreciate any advice on this issue, including any specific lenders or requirements.

For international students studying in the U.S., obtaining a student loan can be a bit trickier compared to domestic students, but it's by no means impossible.

There are two types of student loans available, federal loans and private loans. Federal loans from the U.S. Department of Education are generally not available for international students unless they are eligible non-citizens. Eligible non-citizens are typically permanent residents, asylum approved refugees or certain other specialized statuses. However, I would recommend you double check the U.S. Federal Student Aid site for the latest eligibility criteria.

As for private loans, there's greater flexibility. They are offered by banks, credit unions, and other types of lenders. Many U.S. banks do provide student loans to international students, but these often require a U.S. citizen or permanent resident with a good credit score to act as a co-signer for the loan. The co-signer basically agrees to repay the loan if you cannot, which makes it less risky for the bank.

There are also some lenders who offer private student loans to international students without requiring a U.S. citizen co-signer, such as MPower Financing, Prodigy Finance, and Stilt. The loan amount, interest rates, and repayment terms will vary between lenders, and generally depend on your course of study, the institution you're attending, your home country, and your personal financial status among other things.

Do keep in mind that private student loans typically have higher interest rates than federal loans, and often start accruing interest immediately, even while you're still in school. It's also worth noting that you should consider all other sources of funding such as scholarships, grants, and work-study opportunities before opting for student loans, as they can increase your financial burden in the long run.

Be sure to speak with the financial aid office at the school you hope to attend as well, as they might have more advice and even school-specific loans or scholarships available.

I hope this provides some clarity in your search for financial assistance. Best of luck!