As of April 2025, international students seeking to study in the United States have several private loan options available, as they are generally ineligible for federal student loans. Here are some key lenders and considerations:
Top International Student Loan Providers (2025)
1. MPOWER Financing
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Eligibility: No co-signer required; available to students from over 190 countries attending 400+ approved schools in the U.S. and Canada.
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Loan Amounts: From $2,001 up to $100,000 total.
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Interest Rates: Fixed rates with potential 0.25% discount for automatic payments.
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Repayment: Interest-only payments during school and a 6-month grace period after graduation.
2. Ascent Funding
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Eligibility: Requires a U.S. citizen or permanent resident co-signer with a minimum annual income of $30,000.
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Loan Amounts: $2,001 to $400,000.
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Interest Rates:
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Fixed APR: 3.39%–13.76%
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Variable APR: 5.01%–14.02%
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Repayment Terms: 5 to 15 years, with multiple repayment options.
3. Prodigy Finance
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Eligibility: No co-signer required; available to postgraduate students in fields like business, engineering, public policy, law, or health sciences at participating schools.
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Loan Coverage: Tuition, living expenses, and other education-related costs.
4. Union Federal Student Loans
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Eligibility: Requires a U.S. citizen or permanent resident co-signer.
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Features: Same application process and benefits as U.S. students, including auto pay discounts and fee-less applications.
Additional Considerations
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Loan Comparison Tools: Platforms like InternationalStudentLoan.com offer tools to compare lenders based on your school and citizenship.
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Repayment Flexibility: Some lenders offer full deferral options, allowing you to start repayments after graduation, provided you maintain full-time enrollment.
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Interest Rates: Rates can vary significantly; for instance, undergraduate students might see fixed rates around 13.99% (15.01% APR), while graduate students might have rates around 12.99% (13.98% APR).
Tips for Nigerian Students
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Co-signer Requirements: If you don't have a U.S. co-signer, focus on lenders like MPOWER Financing and Prodigy Finance that don't require one.
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School Eligibility: Ensure your chosen U.S. institution is approved by the lender.
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Financial Planning: Consider the total cost of attendance, including living expenses, and plan your loan amount accordingly.