Are you looking forward to getting loan support to refinance your studies abroad? Are you seeking financial support as an international student to pursue your educational goals abroad? These are the 10 best student loan refinances for international students around the world.
What is Student Loan Refinancing for International Students?
Student loan refinancing for international students is a financial scheme that allows individuals from foreign countries who have studied in the United States or its environs to potentially improve the terms and conditions of their student loans.
How do Student Loans for International Students Works?
International students studying around the world can access and manage loan refinancing prior to the terms and conditions of the loans. To access student loan refinancing, here is how it works:
Checking Eligibility
International students who have completed their studies in the U.S. may be eligible to refinance their student loans. Typically, eligibility is based on factors such as immigration status, visa type, and creditworthiness.
Finding a Lender:
To refinance, international students need to find a lender or financial institution that offers student loan refinancing to individuals with their specific visa or immigration status. Some lenders specialize in working with international borrowers.
Finding Cosigner:
Many lenders require international students to have a creditworthy U.S. cosigner, usually a citizen or permanent resident, to improve their chances of approval and secure better loan terms. The cosigner essentially shares the responsibility for the loan.
Benefits:
Student loan refinancing can offer several benefits to international students. These may include a lower interest rate, a reduced monthly payment, extended repayment terms, or a change from variable to fixed interest rates. These adjustments can lead to potential savings over the life of the loan.
Consolidation:
Refinancing can also involve consolidating multiple student loans into a single loan, making it easier to manage and track repayments.
Term Length:
Borrowers can select the length of their new loan term, which can be shorter or longer than their current term. Longer terms may result in lower monthly payments but could lead to higher overall interest costs.
Variable vs. Fixed Rates:
Borrowers can choose between variable and fixed interest rates. Variable rates can be lower initially but may increase over time, while fixed rates offer stability but may be slightly higher initially.
Financial Review:
Lenders will assess the borrower’s financial situation, including income, credit history, and the potential cosigner’s credentials. The goal is to determine the borrower’s creditworthiness and set the terms of the refinanced loan accordingly.
10 Best Student Loan Refinancing Options for International Students
Here are the best school loan refinance companies to beckon on.
#1. Prodigy Finance
Prodigy Finance is known for providing loans to international students studying in the U.S. and other countries. They offer competitive rates and flexible repayment options.
Coverage:
- Prodigy Finance offers loans to international students from various countries.
- It partners with prestigious universities and business schools globally.
- The focus is primarily on graduate and professional programs.
Key Features:
- Typically, it does not require a cosigner, enhancing accessibility for international students.
- Assesses creditworthiness but is accommodating to those with limited credit histories.
- Offers competitive interest rates.
- Provides income-based repayment options.
- Allows flexibility in choosing repayment terms.
- Tailor loan offers to individual students based on various factors.
- Does not impose penalties for early loan repayment.
#2. MPower Financing
MPOWER Financing is a lender that offers loans to international and DACA students in the U.S. and Canada. Some of its key features include no cosigner requirements, competitive interest rates, flexible repayment terms, online application, financial literacy resources, and support for career success. It also provides responsive customer support and the opportunity to build a positive credit history.
MPower Financing offers loans to international students in the U.S. and Canada without requiring a co-signer or collateral.
Features
- Accessibility: Provides loans to international and DACA students in the U.S. and Canada.
- No Cosigner Required: Typically, it does not mandate a U.S. cosigner, enhancing accessibility.
- Loan Amounts: Offers loans ranging from $2,001 to $50,000 based on factors like creditworthiness and academic program.
- Competitive Interest Rates: Provides competitive interest rates for education financing.
- Flexible Repayment Terms: Offers various repayment term options to suit individual financial situations.
- No Prepayment Penalties: Borrowers can make early repayments without incurring penalties.
- Online Application: Streamlined online application process for convenience.
- Financial Literacy Resources: Provides support and resources for financial literacy education.
- Credit Building: Timely loan repayments can help students build a positive credit history.
- Career Support: Focuses on supporting students’ career success through programs like the Global Citizen program.
- Responsive Customer Support: Offers responsive customer support to assist borrowers.
#3. Stilt
Stilt is a financial technology company that specializes in providing loans and other financial services to immigrants and international students in the United States. Stilt offers loans to immigrants and international students in the U.S., and they consider factors beyond credit score when making lending decisions.
Coverage
- Loans for Immigrants and International Students: Stilt provides personal, student, and career loans.
- No Cosigner Required: It does not demand a U.S. cosigner.
- Visa Types Accepted: Considers various visa types for eligibility.
- Loan Amounts: Offers loans in different amounts based on the type of loan and the borrower’s situation.
- Competitive Interest Rates: provides competitive interest rates.
- Flexible Repayment Terms: Offers a range of repayment term options.
- Online Application: Conducts an efficient online application process.
- Credit Building: Timely repayments can help build a positive credit history.
- Responsive Customer Support: Known for responsive customer support.
- Educational Resources: Provides resources for financial education.
- Quick Approval and Funding: Aims for quick loan approval and funding.
#4. Wells Fargo
Wells Fargo provides refinancing options for international students who have a U.S. co-signer. This may be an option for students with a trusted U.S. co-signer. Wells Fargo is a prominent U.S. financial institution known for a wide range of services, including banking, loans, credit cards, investment and wealth management, and online and mobile banking.
Coverages
- Banking Services: Savings, checking, and certificates of deposit
- Loans: personal, mortgage, auto, and business loans
- Credit Cards: With various features and reward programs
- Investment and Wealth Management: Services for Growing Wealth
- Online and mobile banking: convenient account management
- Branches and ATMs: an extensive network for accessing services.
- Student Loans: Financing Options for Education
- Home Mortgages: Support for home purchases and refinancing
- Digital Apps: mobile banking and transaction capabilities
- Community Involvement: Active in social and environmental initiatives.
- Financial Education: Resources for informed financial decisions
- Business Banking: Tailored solutions for business needs
- Credit and Financing: Business credit lines and financing options
- International Services: Facilitating global transactions
- Credit counseling: support for customers facing financial challenges
#5. Citizens Bank:
Citizens Bank allows international students to apply for refinancing with a qualified U.S. co-signer.
- Banking Services: Savings, checking, and certificates of deposit
- Loans: Personal, mortgage, auto, and home equity loans
- Credit Cards: Various credit card options with features and rewards
- Online and mobile banking: convenient digital account management
- Branches and ATMs: Access through a network of branches and ATMs.
- Business Banking: Services tailored to business needs, including accounts, loans, and merchant services.
- Investment and Wealth Management: Solutions for Growing Personal and Business Wealth
- Student Loans: Financing Options for Education
- Home Mortgage Services: Support for home purchases and refinancing
- Credit counseling: assistance for customers facing financial challenges
- Community Involvement: Active in community outreach and philanthropy.
- Financial Education: Resources for Making Informed Financial Decisions
#6. Discover Student Loan Refinance
discover student loan refinance offers student loan refinancing with the option for international students to apply with a creditworthy co-signer.
Coverage
- Credit Cards: Discover offers credit cards with some options not requiring a Social Security Number (SSN), which can be beneficial for international students.
- Online Banking: Online services for easy account management, bill payments, and expense tracking
- Cashback Rewards: Many Discover credit cards provide cashback rewards on everyday expenses.
- No Annual Fees: Some Discover credit cards do not have an annual fee, offering cost-effective options.
- Customer Support: Known for responsive customer support to assist with inquiries and account needs.
- Financial Education: Resources and tools for financial education to help international students navigate U.S. finances
#7. LendKey
LendKey connects borrowers with community banks and credit unions, which may offer refinancing options for international students with a co-signer.
For international students studying in the United States, securing student loans from traditional lenders can be challenging, as many lenders require a creditworthy U.S. cosigner. International students without a strong credit history or a U.S. cosigner may find it difficult to qualify for loans through these channels.
Coverage for International Students
- Student Loans for undergraduate and graduate studies
- Loan Refinancing to potentially lower interest rates
- Community-Based Lending through local banks and credit unions
- Competitive Interest Rates on loans
- Cosigner Release options for eligible borrowers
- Online Application for convenient loan and refinancing requests
- Loan Servicing support for managing loans and payments
- Customer Support to address borrower inquiries and concerns
- Credit Union Partnerships with access to local financial resources
- Educational Resources to enhance borrowers’ financial knowledge
#8. Sallie Mae
Sallie Mae primarily focuses on providing student loans and educational financing solutions for U.S. students and citizens. The availability of Sallie Mae’s services, including student loans and refinancing, may be limited to U.S. citizens, permanent residents, and eligible non-U.S. citizens with a cosigner who is a U.S. citizen or permanent resident.
#9. Ascent Independent
Ascent Independent primarily focuses on providing student loans and financial solutions to U.S. students and citizens. The availability of Ascent Independent’s services, including student loans, may be limited to U.S. citizens, permanent residents, and eligible non-U.S. citizens with a U.S. cosigner. Ascent may consider international students for refinancing with a creditworthy U.S. co-signer.
Requirement
- Attend an eligible U.S. educational institution.
- Have a valid U.S. visa status, such as F-1 or J-1.
- Meet credit history requirements or have a creditworthy cosigner.
- Some lenders may require work eligibility under OPT.
- Provide proof of enrollment at the educational institution.
- Understand loan limits, interest rates, and fees.
- Review repayment terms and options.
- Explore federal and private loan options.
- Consider scholarships and grants for financial aid.
- Inquire with lenders about specific requirements and eligibility criteria.
Truist/LightStream
SunTrust, which is now part of Truist, provides refinancing options, and international students may be eligible with a qualified co-signer.
LightStream primarily offers unsecured personal loans to borrowers in the United States. These loans are typically available to U.S. citizens and permanent residents who have a strong credit history.
Requirements
- Good to Excellent Credit: Typically, borrowers should have a strong credit history.
- U.S. Citizenship or Permanent Residency: Loans are often available to U.S. citizens and permanent residents.
- Stable Income: Demonstrating a stable source of income is essential for loan approval.
- Loan Purpose: Specify the purpose of the loan, such as debt consolidation or home improvement.
- Online Application: The application process is conducted online.
- Unsecured Loans: LightStream offers unsecured loans, meaning no collateral is required.
- Quick Funding: Loans may be funded quickly, often on the same day as approval.
- Loan Amount and Terms: Decide on the loan amount and term that best fit your needs.
- Interest Rate: Interest rates can vary based on creditworthiness.
- Credit Check: Expect a credit check as part of the application process.
#10. Earnest Refinance
Earnest is a technology-enabled fintech lender in the U.S. that offers a wide range of loan services, including student loan refinancing. With a focus on flexibility and customization, Earnest stands out for its precision pricing model, which caters to individual borrower needs.
Coverage
- Student Loan Refinancing: Earnest loan refinance provides options for refinancing both federal and private student loans.
- Flexible Repayment Options: Earnest offers customizable repayment plans tailored to fit borrowers’ budgets.
- No Fees: Earnest charges no origination fee, no prepayment penalty, and no late fees.
- Skip a Payment: Once a year, borrowers may opt to skip one payment.
- Online Application: The entire application process can be completed online with ease.
- Customer Support: Earnest maintains a dedicated customer service team that is ready to assist with any loan-related inquiries.
- Rate Check: A rate check can be done within 2 minutes without impacting your credit.
#11. SoFi Student Loan Refinance
SoFi, short for Social Finance, is a prominent online lender that offers a variety of financial products, including refinancing for student loans. The platform is known for its competitive rates and flexible payment terms, making it a viable option for both domestic and international students in the United States who are looking to refinance their educational loans.
Coverage
- Student Loan Refinancing: Sofi student loan refi provides a platform for refinancing both federal and private student loans.
- Competitive Rates: With competitive fixed and variable interest rates, sofi student loan refinance rate stands out in the industry.
- Unemployment Protection: In case of job loss, SoFi offers to temporarily pause your payments and assist with job placement.
- No Hidden Fees: No origination fees or prepayment penalties apply.
- Flexible Repayment Terms: Choose from a wide range of terms to fit your budget and timeline.
- Online Application: The application process can be completed online, providing convenience and ease.
- Customer Support: SoFi offers customer service ready to assist with loan-related queries.
- Member Benefits: SoFi members gain access to career coaching, financial advisors, and member events.