Although wanting to study abroad is a great opportunity, it is expensive, particularly in popular study locations like the US, UK, or Europe.
It’s crucial to take into account all of your available financial possibilities when looking for the ideal institution to pay your education. Although there are scholarships and grants available, they rarely pay all of your costs and may be revoked at any point while you are studying.
An option that is more reliable is student loans. This post is for you if you’re looking for information on how to obtain a loan for your international studies.
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International student loan organizations
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Student loans for international students
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Government Education loan for study abroad
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Education loans for abroad study without Collateral
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Bank loans for Students Studying Abroad
International Student Loan Institutions/Organizations
Checking whether student loans are available in the nation or college you are applying to is the first step in applying for one as an overseas student. There are several organisations that focus on offering financial aid to immigrants going to study abroad.
The organizations that provide loans to international students are included in the table below along with their interest rates and loan amounts.
Organizations
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Loan amount
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Interest rates
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Mpower financing
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$2001 – $100000
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12.99% – 13.98%
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Stilt loans
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$40000
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7.99%
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Prodigy Finance
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Undisclosed
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10.50% variable APR
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Citizen Bank
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$1000 – $150000
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5.99% – 14.25%
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Erasmus plus
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$12000 – $18000
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0.46% – 3.0%
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Axis bank
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Rs 50000
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3.00% – 5.00%
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KFW credit loans
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100 – 650 euros monthly
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1.10%
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Turing Scheme
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£590 per week
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Undisclosed
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Ascent credit-based loan scheme
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$2001 -$200000
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5.62% to 16.43%
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Student loans for international students
Mpower financing
Mpower is a recognised financial organisation that offers loans to foreign students in particular. They don’t ask for collateral or a cosigner in order to provide loans.Mpower loans can be used to pay for all costs associated with pursuing an education, including health insurance and other living costs. You can obtain loans up to $100,000 USD with flexible repayment choices and a set foreign school loan interest rate.
Students with greater future earning potential are more likely to be approved for Mpower loans since Mpower also keeps track of future earnings. There are no prepayment penalties and monthly online loan repayment is possible.
Loan Eligibility for Mpower
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An undergraduate or graduate student within two years of graduating or about to resume a 1-year or 2-year program.
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An international student, DACA recipient, U.S citizen, refugee or asylum seeker.
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Admitted to one of the 400+ approved schools in the US or Canada.
How to apply for an Mpower loan
- Check Loan Eligibility criteria Mpower.
- Complete the online application
- Fill out and submit the mpower loan application form .
Initial Review
Upload your required documents
Final Review
Confirm school certification and loan disbursements
Here, your loan application will be submitted to the university for verification. On average, it takes up to 3 weeks to complete the loan application process with Mpower, and funds are disbursed directly to the school.
Note: it is advised that you do not request for loans higher than your anticipated starting salary after graduation.
Stilt Loans
Students who might have trouble getting a federal or private loan in the United States can apply for low-interest loans from Stilt without having to put up any security for their studies overseas.Similar to Mpower, it does not require a cosigner, a credit score, or a social security number in order to apply. Loan requests are accepted regardless of credit history. It is a fantastic technique to raise your credit score as well.
Stilt loans offer reasonable interest rates and the shortest loan approval times. A loan decision can be made within 24 hours of your application. However, before your money is released, a promissory note must be signed.
Spend some time on your applications for foreign student loans because complete applications will receive higher loan offers.
Eligibility for Stilt Loan
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A US bank account in your name
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A US based personal phone number
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A US address in a state where Stilt is licensed to operate
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A legal visa that has a validity period of a minimum of 6 months.
How to apply for Stilt loan
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Check if you meet the eligibility criteria and complete the online loan application form.
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Upload the required documents which includes, your passport, visa category, resume and references.
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After you apply, Stilt will contact you between 24 hours to inform you of your application status. You might get an approval or be required to provide more info or documents.
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Once approved, the funds will be deposited directly into your US bank account. Now, you can set up your repayment method.
Prodigy Finance
Another private company that provides low-interest student loans to international students is this one. For students without a credit history, a cosigner, or any form of collateral, it is a fantastic choice.
Prodigy Finance evaluates your projected future earnings when deciding which schools in over 850 institutions across 18 states would receive the best education loans for studying abroad.
There are no fees or penalties for early repayment, and you may select between repayment plans with terms of 7 to 20 years. However, you are required to pay a 5% origination fee.
The fact that students have a six-month grace period after graduation before loan payments are due is a significant advantage of school financing loans.
Eligibility for Prodigy Loan
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You must reside in one of listed countries they support.
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You’ll also need to have been enrolled into a qualified study program
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The school you are attending must be located outside your home country. However, the following exceptions may also apply ;
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Students who have lived in their current country of residence for less than a year upon application.
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UK residents who wish to study in the UK.
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US residents may apply in the US as long as they aren’t permanent residents and havent lived in the US for more than seven consecutive years.
How to apply for Prodigy finance loans
- Fill out the loan application online. This is the initial stage, which entails signing up and verifying your email address. You can create an account and finish the application process after you’re logged in.
- Submit the necessary documentation
- Choose the loan you need and upload the required documents. You’ll be added to a waitlist while your loan application is put under consideration.
- Finalise your loan.
- You’ll be notified once your loan is approved. The last step is to sign your loan so the funds can be deposited to your school.
Citizen bank
Citizen bank offers loans to undergraduate and graduates who are enrolled in Institutions abroad. It usually supports a wide range of high income potential degrees such as medicine, engineering and Law.The bank has a unique multiyear approval feature that allows you apply for loans on multiple occasions with only one application, this means that you can use same application for future student loans without needing to reapply.
Eligibility for Citizen Financial Loan
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Have an established credit history, or a creditworthy US citizen or permanent resident cosigner
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Student must be enrolled in half-time/full-time degree program at an eligible post secondary Institution.
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Students must have good credit history with no outstanding loan defaults
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Students who have attained the age of majority in their state of residence may not need a cosigner.
How to apply for a student loan from Citizen bank
- Complete online loan application
- Proof of income( e.g pay stub)
- Documentation of current immigration status (all documents must be valid throughout loan period) Anticipated graduation date.
2. Wait for credit decision
Once your loan is approved, you can now select the education loan for international student you need and your preferred repayment plans.
Erasmus+ masters loan scheme
The Erasmus plus loans is designed for students who wish to get a master’s degree in Europe. The program offers up to $18000 loan to cover students’ tuition, living, travel and accommodation expenses.
Eligibility for Erasmus plus loan
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You must hold a recognized undergraduate qualification.
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You must have been enrolled into a master’s qualification program at an institution recognized by Erasmus.
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You must be planning to study in a country outside your home country.
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Your period of study abroad must be relevant for your degree and personal development needs
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You must be studying a full Masters degree programme(Post graduate certificates, diplomas as well as PhD are not included)
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Citizens of erasmus countries can also apply to study in anothe programme country, provided a bank or organisation in their host country is offering the loans
How to Apply for Erasmus student loan
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In Spain, Micro bank provides student loans for abroad students
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In Italy, international student loans are available at Emil Banca Credito Cooperativo
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In Turkey, QNB Finansbank provides student loans
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In Croatia, students can get loans from PBZ
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In Romania, FINS provides loans for international students
Note that participating banks may set additional lending terms and conditions in accordance with the conditions set by Erasmus.
Axis bank
Axis bank loan for abroad eligibility
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Applicant should be over 18 years of age.
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Applicants must be of Indian nationality to apply for student loans for international students without cosigner.
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Students must have enrolled into a career-oriented course from a recognized college/institution in India or abroad.
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Applicant must have secured at least 50% marks during HSC and graduation.
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Applicant must be ready to submit all required documents on request.
How to apply for axis bank loans
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Complete your online application form
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Upload all the requested documents along with your loan application. The following are documents you must submit with your application:
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Income statements
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Bank statements/ Pass book of the last 6 months
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Copy of admission letter to the University
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Valid age proof( birth certificate or passport)
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Guarantor form(if applicable)
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Passport sized photograph
KFW credit loans
Eligibility Kfw Loan
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You must be a student at a state or state recognized university in Germany.
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You must be enrolled in a part-time, full-time or vocational degree program
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You must be a legal adult under the age of 44
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Your first loan application must be submitted no later than your 10th semester in a 14 semester program
How to apply for the kfw loan
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Fill out and print a loan form at the kfw official page
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You will be required to bring the unsigned loan contract from the bank along with all other documents to the Studentenwerk Dresden to complete the loan process.
Requirements to apply for KFW loan
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Valid ID
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Valid certificate of enrollment
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Bank account information
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Proof of credit requirements for applicants in higher semesters
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Proof of previous academic degrees(if applicable)
Turing scheme
Loan Eligibility for Turing Scheme
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Students at all level of study(undergraduate or postgraduate) are eligible for the turing loan.
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The scheme is also open to students of any nationality, so long as they with a UK Institution.
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The institution you are enrolled in must apply for the loans on your behalf, funds are not directly available to students.
How to apply for Turing loan
Ascent credit-based student loans
Loan Eligibility for Ascent credit-based student loans
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If you are applying for a cosigned loan, your cosigner must be creditworthy US citizen or permanent resident
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You must meet Ascent’s credit criteria, verify your individual resident status
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You are required to provide valid means of identification.
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You must also have a valid passport from your home country
How to apply for Ascent loan
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Visit Ascent official website, click “Apply now” to start your application.
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Submit all necessary documents, then choose the terms, interest rate and repayment plan you want for your loan.
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Once your loan is approved, it will be disbursed directly to your school
Government Education loans for study abroad
Government Education loans are funds lent to students for abroad studies by the government of a country. They offer more flexibility and provide a wide range of benefits to students.
Here are some the best government funded loans you can apply for;
Education loan for abroad studies by indian government
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Gujarat Government Education Loan for Studying Abroad
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Vidya Lakshmi Education Loan Education
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Loan Scheme of the NBCFDC
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Padho Pardesh Scheme
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Dr Ambedkar Central Sector Scheme
Sallie mae international student loans
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Undergraduate student loans
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Career training student loans
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Graduate student loans
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Bar study loans
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Dental residency and relocation loans
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Health professions graduate loans
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MBA loans
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Law school loans
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Medical residency and relocation loans
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Medical school loans
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Career training and trade school loans
Kfw student loan for international students
KfW loan is available for students who desire to study in Germany but cannot provide the required collateral for securing student loans.
Bafog loans
The education loan from the Federal Office of Administration
Canara bank abroad education loan
SBI international student loan
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SBI Global Ed-vantage Scheme
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SBI skill loan
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SBI part-time education courses
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SBI Scholar loans
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SBI student loan scheme
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SBI takeover of education loan
Canadian government student loans for international study
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Full-time and part-time students
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Students who have dependents
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Permanently disabled students
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Low and middle income students
German student loans for international students
Mpower loan for international students
Citizens bank international student loan
Citizen banks provide low-cost international student loans to students pursuing an advanced degree in a foreign country.
No cosigner student loans for international students
HDFC international education loan
Indian bank abroad education loan
Stilt international student loans
International Education Financial Aid(IEFA)
Education loans for abroad studies without Collateral
Leap finance
We make scholars
Auxilo
Incred
Avanse
Bank loans for Students Studying Abroad
HDFC Credila study abroad loan
Edfin microfinance bank study abroad loan
PNC bank
FCMB study abroad loans
Discover
Discover is an online bank that offers a wide variety of private student loans at both variable and fixed rates. Loan terms are 15 years for undergraduate and 20 years for graduate programs.
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