Can You Get an International Student Loan Without a Cosigner?

According to the Institute of International Education, 73% of international students in the United States depend on resources outside the country to pay for their college education. This sentiment is true when it comes to cosigners, too.

Most international students only have access to a cosigner outside the U.S. However, many private student lenders require international borrowers to have a U.S. citizen cosigner.

>> MORE: Compare international student loan rates.

But what if you don’t have a cosigner in the United States, or a cosigner at all? Don’t worry. There are lenders that work with students just like you. Let’s break down how to get an international student loan without a cosigner.

Options for an International Student Loan Without a Cosigner:

Here are 2 international student loans that don’t require a cosigner:

What is a Cosigner?

A cosigner is an individual who signs onto a loan alongside a borrower. By signing the loan with you, the cosigner takes full responsibility for the loan if you are unable to repay it.

While not required, having a creditworthy cosigner can help you secure lower interest rates and better terms on your student loan. When possible, you should pursue cosigned loan options before non-cosigned options.

>> MORE: What is a student loan cosigner?

How to Get a Cosigner

Cosigners are typically a parent or guardian, but if that isn’t an option for you, consider asking a(n):

1. Extended family member (aunt, uncle, grandparent, cousin, etc.)
2. Friend
3. Spouse

That said, don’t ask just anyone. Make sure that you are confident they would be a good cosigner, not just any cosigner.

What Makes an Individual a Good Cosigner

A good cosigner is someone who is trustworthy, financially stable, and creditworthy.

Trustworthy. For someone to cosign your loan, they are doing you a favor. Any missed payment on your end becomes a bad mark on their end, too. So, for the cosigner, they need to be able to trust you to make payments on time and be transparent with them when you can’t.

Likewise, it’s important that you can trust them, too. You may need to talk to your cosigner about a missed payment. Being able to trust your cosigner makes these conversations much easier.

So, there must be a mutual trust between you and your cosigner, regardless of who they are. Only ask someone to cosign your loan if you are confident they would be trustworthy throughout the entire life of your loan.

Creditworthy. A cosigner can provide you with access to better interest rates and terms. On a cosigned loan, the lender looks at your cosigner’s credit history to determine your interest rate. On a non-cosigned loan, the lender is looking at your credit history to determine the interest rate.

If your cosigner doesn’t demonstrate creditworthiness, having them sign onto the loan won’t necessarily help you. Creditworthy cosigners typically have a credit score of 670 or above. In general, the higher their credit score the better. 

>> MORE: What credit score is needed for a student loan?

Financially stable. When signing onto a loan, the cosigner is taking full responsibility to repay the loan should you be unable to repay it. Make sure that the cosigner you select would be able to make these payments if necessary.

Can a Cosigner be a Non-US Citizen?

If you are an international student, your cosigner typically needs to be a U.S. citizen or permanent resident, although there may be a few exceptions. In general, look for a U.S. citizen or permanent resident to serve as your cosigner.

How to Get an International Student Loan Without a Cosigner 

If you don’t have a cosigner, don’t worry. There are lenders that work with students just like you. To secure a student loan as an international student without a cosigner, there are a few things you can do.

Meet the Basic Qualifications

To qualify for any international student loan, with or without a cosigner, you need to meet basic eligibility requirements. The basic requirements may include:

1. Go to an approved school
2. Come from a qualifying country
3. Be enrolled at least half-time in an eligible program
4. Live in the United States while attending school
5. Verify your identity
6. Qualify for a student visa to study in the United States

>> MORE: Student loan eligibility: Private and Federal loans

Each individual lender will have their own unique set of eligibility requirements. Make sure you meet this basic list of eligibility requirements first.

Find a Lender that Gives International Student Loans without a Cosigner

There are only a few lenders that work with international students with no cosigner. The good news is that Sparrow partners with the primary two: MPOWER and Prodigy Finance.

Finding the right student loan option should be a simple. Use Sparrow to find the best international student loan option without a cosigner for you. Sparrow shows you the most important information and simplifies the entire process.

MPOWER

MPOWER is an online student lender that offers non-cosigned undergraduate and graduate student loans for international, domestic, and DACA students. When determining your borrowing eligibility, MPOWER will not take into account your credit score. Instead, MPOWER will consider a variety of data points such as your future income potential to determine your creditworthiness. 

MPOWER offers student loans with fixed interest rates ranging from 7.52% to 14.98%. MPOWER offers a wide variety of bonuses for borrowers such as their three unique scholarship opportunities:

1. Global Citizen Scholarship: (1) $5,000 scholarship and (4) $3,000 scholarships.
2. Women in STEM Scholarship: Scholarships ranging from $2,000 to $5,000 for female international and DACA students at eligible full-time STEM degree programs.
3. Central America Scholarship Program: Scholarships ranging from $1,000 to $3,000 for students from Central America.

Prodigy Finance

Prodigy Finance is an online student lender that offers non-cosigned undergraduate and graduate student loans for international students. Similar to MPOWER, Prodigy Finance will not take into account your credit score when determining your borrowing eligibility. Instead, Prodigy Finance will consider information such as your future income potential and credit history to determine when making their lending decision.

Prodigy Finance offers student loans with variable interest rates ranging from 7.52% to 12%. Prodigy Finance offers a wide variety of bonuses for international student borrowers such as:

1. Referral bonuses
2. Help with moving to the United States
3. Assistance in securing a visa
4. Help setting up a United States phone number
5. Assistance navigating your new home in the United States

To check your eligibility with both MPOWER and Prodigy Finance, complete the free two-minute Sparrow application.

Final Thoughts From the Nest

Navigating the loan process as an international student can be confusing, but Sparrow is here to help. There are high-quality lenders ready to help you through the process of finding a student loan that works for you.

Sparrow’s goal is to give you the tools and confidence you need to improve your finances. Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. While we make an effort to include the best deals available to the general public, we make no warranty that such information represents all available products.