Interest in studying abroad is growing fast. Nearly 50% more U.S. students studied abroad for credit in the 2022-23 academic year compared to the year before, according to NAFSA: Association of International Educators.
If you need help covering the cost of study abroad, student loans can help. Federal student loans are the best place to start, but they typically won't cover your full program expenses. To fill the gap, College Ave and Sallie Mae offer some of the best private student loans for studying abroad, due to their low interest rates and flexible repayment options.
Here's a look at the best student loans for studying abroad and how you can reduce your total borrowing costs.
Current private student loan rates
Best private student loans for international programs
College Ave: Best for Extended Grace Periods
Min. Credit Score
Does not disclose
Variable APR
4.44 - 17.99%
Loan Amount
$1,000 up to 100% of the school-certified cost of attendance
Term
5, 8, 10, 15 (20 for health professionals)
Rate discount of one-quarter of a percentage point for using autopay
Does not charge origination or application fees
Grace periods between 9 and 36 months for graduate, MBA, law, dental, and medical school loans and 36 months
Parents borrowers are required to pay at least the interest while the student is in school
Cosigners not eligible for release until at least half the repayment term of the loan is completed
Overview
College Ave offers student loans for almost every type of degree program, with a range of repayment options, including a unique eight-year repayment term. Additionally, you can get extended grace periods of as long as 36 months on graduate, dental, and medical student loans.
About 90% of undergraduates applying with a cosigner are approved for additional student loans. However, you must complete at least half of your repayment term before you can remove a cosigner for your loan. Some lenders allow cosigners to be released much sooner, after as few as one to two years of payments.
Loan terms
5, 8, 10, or 15 years for most borrowers (law, dental, medical, and other health profession students have up to 20 years)
Loan amounts
$1,000 minimum up to your school’s annual cost of attendance; lifetime limits depend on your degree and credit profile
Cosigner release
Available after more than half of the scheduled repayment period has elapsed and other requirements are met
Eligibility
Must be a U.S. citizen or permanent resident at an eligible institution. International students with a Social Security number and a qualified cosigner may also qualify. Applicants who can’t meet financial, credit, or other requirements may qualify with a cosigner.
Sallie Mae: Best for Specialized Loans
Min. Credit Score
Does not disclose
Variable APR
4.54 - 14.71%
Loan Amount
$1,000 up to 100% of school-certified cost of attendance
Can borrow up to school-certified cost of attendance
No prepayment or origination fees
Loans available to noncitizens with an eligible cosigner
Cosigner release after 12 on-time payments
No parent loan options
No option to check your rates through prequalification
Loan terms not disclosed until after you apply
Overview
Sallie Mae offers the Smart Option Student Loan for undergraduate students and a suite of loans for graduate students. You can borrow up to your school-certified cost of attendance and apply just once annually to get the funds you need for the entire academic year. Plus, applying for a Smart Option Student Loan with a cosigner may help you get a better rate.
Through Sallie Mae, you can find a variety of loans designed for specific needs, including loans for MBA programs, law school, medical school, and health profession programs.
Loan terms
10 to 15 years for the Smart Option Student Loan; 15 years for law school, MBA, and graduate school loans; 20 years for medical school loans
Loan amounts
$1,000 up to school-certified cost of attendance. Student must be listed as the borrower, and a parent may cosign.
Cosigner release
After you graduate, make 12 one-time principal and interest payments, and meet certain credit requirements
Eligibility
Must be a U.S. citizen or permanent resident enrolled in an eligible program. Noncitizens residing and attending school in the U.S. may qualify by applying with a creditworthy cosigner, who must be a U.S. citizen or permanent resident, and providing an unexpired government-issued photo ID.
Citizens: Best for Multiyear Approval
Variable APR
4.97 - 15.45%
Loan Amount
$1,000 to $400,000 (depending on degree)
Multiyear approval lets you secure funding for future school years
You can reduce your rate by 0.5 percentage points with autopay and loyalty discounts
International students can apply with a qualified cosigner
Fewer repayment terms to choose from than some other lenders
Long wait time for cosigner release
Parents can’t defer payments while student is in school
Overview
Citizens Bank offers private student loans for undergraduate and graduate students, as well as parents. With its multiyear approval option, you can apply for a loan once, and as long as you qualify, you won't need to reapply each year. This means you can secure loans for future academic years without multiple hard credit checks.
Citizens borrowers can also take advantage of interest rate discounts. If you or your cosigner has an account with Citizens Bank, you can reduce your rate by 0.25 percentage points. Another 0.25 percentage points can be shaved off by enrolling in automatic payments, giving you the chance to lower your rate by up to 0.5 percentage points.
Loan terms
5, 10, or 15 years for student loans; 5 or 10 years for parent loans
Loan amounts
$1,000 minimum, up to a maximum of $225,000 for undergraduate and graduate degrees; $300,000 for MBA and law; and $225,000 or $400,000 for health care student loans, depending on the degree type
Eligibility
Must be a U.S. citizen or permanent resident enrolled at least half-time in a degree-granting program at an eligible institution. International students can apply with a cosigner who’s a U.S. citizen or permanent resident.
MEFA: Best for Borrowers With Good Credit
Loan Amount
$1,500 up to school’s certified cost of attendance less aid
Doesn’t charge any fees
Low maximum rate compared with some lenders
Can borrow up to the school-certified cost of attendance
No discounts for borrowers
Limited repayment terms
No prequalification available
Overview
Massachusetts Educational Financing Authority (MEFA) offers student loans to borrowers with good credit. However, you won't be able to see your potential rate before applying.
The lender doesn't charge any fees and its rates are competitive, though MEFA only offers two repayment terms. You can add a cosigner to your loan if you're unable to qualify, but only one repayment plan allows you to release your cosigner.
Loan amounts
$1,500 minimum up to school-certified cost of attendance
Eligibility
Must be a U.S. citizen or permanent resident, enrolled at least half time at a degree-granting, nonprofit institution, and must maintain satisfactory academic progress. Must have no history of default on an education loan and no history of bankruptcy or foreclosure in the past 60 months. Applicants who can’t meet the minimum credit and income requirements may apply with a cosigner.
Ascent: Best for No-Cosigner Loans
Min. Credit Score
Does not disclose
Variable APR
5.01 - 14.67%
Loan Amount
$2,001 to $400,000
Doesn’t charge application fees or origination fees
Offers discounts of 0.25 to 1 percentage points when using automatic payment
Can get a 1% cash-back reward after you graduate
Grace periods from 9 to 36 months
May find lower interest rates with some competitors
International students don’t have option to release cosigners
Overview
While Ascent provides traditional student loans for undergraduate, graduate, and medical programs, it also stands out with some options that are uncommon among private student loan lenders. For example, its Outcomes-Based Loan, which doesn't require established credit or a cosigner, is available to juniors and seniors. When assessing your application, Ascent considers factors including your school, major, and GPA to determine if you're eligible.
Ascent also offers its Progressive Repayment plan to qualified borrowers. It allows you to begin with smaller payments at the start of the repayment term and then gradually pay more each month over time. If you borrow with a cosigner, they can be released after you make as few as 12 monthly payments. However, cosigners on loans for international students do not qualify.
Loan terms
5, 7, 10, 12, 15, or 20 years
Loan amounts
$2,001 minimum up to your school’s annual cost of attendance; lifetime limits of $200,000 for undergrads and $400,000 for graduates
Eligibility
Must be a U.S. citizen or DACA student enrolled at least half time at an eligible institution. International students with a qualified cosigner may also qualify. Applicants who can’t meet financial, credit, or other requirements may qualify with a cosigner.
Abe: Best for Payment Relief Options
Loan Amount
$1,000 to $99,999 annually $180,000 aggregate limit)
Offers 2% loan reduction after graduation
Doesn’t charge late fees
Can reduce interest rate by making on-time payments
Possible repayment term and grace period extension
Doesn’t offer parent loans
Relatively low borrowing limit of $99,999 per year
Overview
Abe's private student loans are available to undergraduates, graduate students, and students in certificate programs. The lender is unique in allowing you to borrow even if you're enrolled less than half-time.
Abe offers rate discounts and payment relief that other lenders don't, such as a reduction in your rate with autopay and for every six months of on-time payments, up to a total of 0.50 percentage points. Borrowers can also extend their grace period up to an additional six months. Plus, you can lengthen your repayment term by five years, which can be helpful if you need to lower your monthly payments or request a hardship forbearance for 12 months.
Minimum income
$1 (must have positive income)
Loan terms
5, 7, 10, 15, or 20 years
Loan amounts
$1,000 to $99,999 per year (lifetime limit of $225,000)
Cosigner release
After 12 months of on-time principal and interest payments
Eligibility
Must be a U.S. citizen or permanent resident. Available to non-U.S. citizen students (including DACA students) attending a school in the U.S. who apply with a cosigner who is a U.S. citizen or permanent resident alien. Loans not available to permanent residents of West Virginia.
Nelnet Bank: Best for Competitive Rates
Min. Credit Score
Mid to high 600’s FICO
Loan Amount
$1,000 to $500,000
Rates are competitive for borrowers or cosigners with strong credit
Rate discount of 0.25 percentage points for autopay
Cosigners can be released after 24 on-time payments
Offers deferment and payment assistance programs
Charges fees for late payment and insufficient funds
Doesn’t guarantee deferment and forbearance options
Overview
Nelnet Bank (Member FDIC) provides private student loans at competitive rates for undergraduate, graduate, and health professional degrees. You'll need a FICO credit score in the mid to high 600s to qualify. Borrowers with bad credit can apply with a cosigner, which may help them qualify and could reduce their interest rate.
Cosigners on Nelnet student loans can be released after 24 consecutive on-time payments (see disclaimer). You can also get a 0.25% interest rate reduction when you sign up for automatic payments (see disclaimer). There are no loan origination or application fees, but Nelnet does charge fees for late payments of insufficient funds.
Loan terms
5,10,15* (IO, Deferred, Immediate)
Loan amounts
$1,000 to $125,000 for undergraduate, $1,000 to $175,000 for graduate, $1,000 to $500,000 for graduate health professions
Eligibility
All states and US Territories
SoFi: Best for Member Perks
Min. Credit Score
Does not disclose
Loan Amount
$1,000 to $100,000
Top customer service ratings
Valuable member benefits
No fees policy
No disclosed credit or income requirements
Shorter repayment terms than some lenders
Cosigner release requires 2 years of on-time payments
Overview
SoFi offers fixed- and variable-rate student loans to help undergraduate, graduate, and professional students and parents of students finance their education. These loans can cover up to the total cost of attendance, with a minimum loan of $1,000. Students must be enrolled at least half-time in a degree-seeking or graduate-certificate program at an eligible school and a U.S. citizen, permanent resident, or non-permanent resident alien.
SoFi has multiple repayment plans, allowing students to pick terms that best fit their financial situations, with cosigner release after 24 months of consecutive on time payments. Cosigners in Colorado, Connecticut, and Maine are eligible for release after 12 months. Borrowers can choose between fixed and variable rates, with the option to reduce rates by 0.25% when enrolling in automatic payments. They can also qualify for a 0.125% interest rate discount on subsequent loans with SoFi's Continuing Scholar Discount. Plus, a $250 cash bonus with a 3.0 GPA or higher for full-year loans or $100 cash back for single-semester loans.
Loan amounts
$1,000 minimum up to your school’s annual cost of attendance
Eligibility
Must be a U.S. citizen or DACA student enrolled at least half-time at an eligible institution. International students with a qualified cosigner may also qualify. Applicants who can’t meet financial, credit, or other requirements may be eligible with a cosigner.
ELFI: Best for flexible repayment
Variable APR
5.00 - 13.97%
Loan Amount
$1,000 up to cost of attendance
Receive support from a dedicated Student Loan Advisor
Transparent credit and income requirements
Doesn't require full-time enrollment
Flexible repayment terms
Must be enrolled in a bachelor’s degree program or higher
Cosigners can’t be released from the loan
No autopay rate discounts available
Overview
ELFI a division of Tennessee-based SouthEast Bank, offers private student loans and refinancing for undergraduates, graduates, and parents. Borrowers can take out loans starting at $1,000, with options up to the full cost of attendance at their school.
ELFI student loans are available to students nationwide who are enrolled in a bachelor's degree program or higher. Borrowers can choose from multiple repayment terms and benefit from competitive interest rates and support from a dedicated Student Loan Advisor. However, ELFI doesn't offer cosigner release or rate discounts, which may limit flexibility for some borrowers.
Loan amounts
$1,000 - Cost of attendance
Cosigner release
A cosigner may not be taken off a loan, but the borrower can apply for a new loan without their cosigner.
Eligibility
All 50 states as well as Washington DC and Puerto Rico.
Custom Choice: Best for Discounts and Rewards
Min. Credit Score
Does not disclose
Variable APR
4.44 - 14.08%
Loan Amount
$1,000 to $99,999 annually $180,000 aggregate limit)
Multiyear approval lets you secure funding for future school years
You can reduce your rate by 0.5 percentage points with autopay and loyalty discounts
International students can apply with a qualified cosigner
Offers parent student loans
Fewer repayment terms to choose from than some other lenders
Long wait time for cosigner release
Parents can’t defer payments while student is in school
Overview
Citizens Bank offers private student loans for undergraduate and graduate students, as well as parents. With its multiyear approval option, you can apply for a loan once, and as long as you qualify, you won't need to reapply each year. This means you can secure loans for future academic years without multiple hard credit checks.
Citizens borrowers can also take advantage of interest rate discounts. If you or your cosigner has an account with Citizens Bank, you can reduce your rate by 0.25 percentage points. Another 0.25 percentage points can be shaved off by enrolling in automatic payments, giving you the chance to lower your rate by up to 0.5 percentage points.
Loan amounts
$1,000 to $99,999 per year (lifetime limit of $180,000)
Eligibility
Must be a U.S. citizen or permanent resident at an eligible institution. You must also meet Custom Choice’s underwriting criteria for income and credit, or apply with a cosigner who does. Eligible noncitizens such as DACA residents can also qualify by applying with a cosigner who’s a U.S. citizen or permanent resident.
Why you can trust our Credible experts
The Credible editorial team is independent and unbiased. Partners do not influence our editorial content. To help you find the best student loan for your situation, we conduct thorough research and analyze thousands of lender data points. Using data-driven methodologies, we score criteria that are important to you. This allows us to objectively rank student loan lenders and products. To learn more, read our methodology below.
Methodology
To determine the best student loan lenders for studying abroad, Credible collected more than 1,000 points of data on two dozen companies and evaluated them on several different categories: repayment options, eligibility, interest rates, loan terms, and customer support. We assigned a score out of five stars to each lender based on our findings. Below are the weightings assigned to the general categories for the best student loan companies — which comprise individual criteria that are also weighted.
- Repayment options: 30%
- Eligibility: 25%
- Interest rates: 20%
- Loan terms: 15%
- Customer support: 10%
While the best lender for you will depend on your unique needs and financial circumstances, these findings should help answer your questions and assist you in your search for the best student loan.
Learn more about our methodology.
Can you get student loans to study abroad?
Both federal and private student loans can be used for study abroad programs, but it's usually best to start with federal loans.
“Federal loans offer important borrower protections — like income-driven repayment plans, deferment options, and loan forgiveness programs — that private lenders typically don't match,” says Ohan Kayikchyan, certified financial planner and doctor of economics.
However, federal loans have annual borrowing limits that may fall short of your needs.
“Federal aid may not cover the full cost of studying abroad, especially when factoring in travel, living expenses, and currency fluctuations,” he adds.
That's where private student loans can help. Most private lenders let you borrow as much as the full cost of attendance, including flights, housing, and other expenses. So if you've maxed out your federal aid, a private loan can help cover the gap.
“I recommend building a detailed budget early so you know exactly how much money you'll need. Studying abroad isn't one-size-fits-all. Your destination, program length, travel dates, and day-to-day spending habits all play a role in your overall cost.”
— Richard Richtmyer, Senior Student Loans Editor, Credible
Best federal student loans for studying abroad
You can use federal student loans to fund your study abroad program if your school participates in the federal student aid program. Federal loans come with benefits like lower interest rates than you're likely to get from private lenders, flexible repayment plans, and forgiveness programs.
Here are the main types of federal student loans to consider:
- Direct Subsidized Loans: Direct Subsidized Loans are available to undergraduate students who demonstrate financial need on the FAFSA. The interest rate is 6.53% for loans disbursed between July 1, 2024, and July 1, 2025. The government covers interest while you're in school and during a 6-month grace period after leaving school.
- Direct Unsubsidized Loans: Direct Unsubsidized Loans are available to all eligible undergraduate, graduate, and professional students, regardless of financial need. The interest rate is 6.53% for undergraduates and 8.08% for graduate and professional students for loans disbursed between July 1, 2024, and July 1, 2025. You're responsible for paying all interest that accrues, including while you're in school.
- Direct PLUS loans: Direct PLUS loans are available to parents of dependent undergraduate students and graduate and professional students. The interest rate is 9.08% for loans disbursed between July 1, 2024, and July 1, 2025.
How to compare private international student loans
Here are the most significant factors to consider when comparing private student loans for international study:
- Annual Percentage Rate (APR): APR includes both the interest rate and any fees. Each lender sets its own range, and your rate will depend on your credit. In general, the lower the APR, the less your loan will cost overall.
- Fixed vs. variable rates: Fixed rates stay the same for the life of the loan, so your monthly payments won't change. Variable rates can start lower but may rise over time, making your payments less predictable.
- Repayment terms: Most lenders offer repayment terms between 5 and 15 years, though some go up to 20 years. Shorter terms mean higher monthly payments but less interest paid over time. Longer terms lower your monthly payment but increase the total cost of your loan.
- Cosigner requirements: If you have a poor or limited credit history, you may need to apply with a cosigner. Most lenders allow one, and applying with a cosigner can improve your chances of approval and help you qualify for a better interest rate.
“Look for a lender that offers good rates, flexible repayment terms, and strong customer service,” says Dan Kennedy, chief information officer at College Ave, who has more than 30 years of experience in the financial services industry.
“You can also check out a student loan calculator to estimate your total and monthly loan payments,” he advises.
Tips for reducing study abroad costs
Student loans can help you pay for study abroad, but the less you borrow, the better. Taking on more debt than you need can lead to financial stress and limit your options after graduation.
Start by exploring scholarships and grants, since these don't have to be repaid. Many schools offer funding specifically for study abroad programs. Check with your university's study abroad office to see what's available. You can also search for private scholarships through sites like GoAbroad.com and Scholarships.com.
Once you've exhausted free aid, there are other ways to lower your overall costs.
“Choosing a program sponsored or approved by your home university is key, as it ensures access to federal aid and may allow you to pay your regular tuition rather than international rates,” says Kayikchyan.
It's also important to consider the full cost of your program, not just tuition.
“The country and school a student chooses, distance from home, program length, and local cost of living all influence total cost,” says Kennedy. He recommends shorter programs or choosing destinations with a lower cost of living to save money.
Kayikchyan adds, “Planning is essential — booking flights early and budgeting for local cost-of-living differences can lead to meaningful savings. I also suggest students explore exchange programs where room and board are included or significantly discounted.”
FAQ
Can I use FAFSA for study abroad programs?
Open
You can use federal student aid for study abroad by submitting the FAFSA, as long as your school participates in the federal student aid program.
Which lenders offer private loans for studying abroad?
Open
Most private lenders offer student loans for studying abroad. Lenders like College Ave, Sallie Mae, and Citizens stand out for their low interest rates and flexible repayment terms.
Do I need a cosigner for international student loans?
Open
Federal student loans don't require a credit check, so you won't need a cosigner to use them for studying abroad. But if you're applying for a private international student loan, a cosigner may be required if you have limited or poor credit. Having a cosigner can also help you qualify for a lower interest rate.
Are there grants or scholarships for studying abroad?
Open
Many schools offer grants and scholarships specifically for study abroad. Contact your school's financial aid office to learn what financing options are available, and check databases like GoAbroad.com for additional opportunities.
How do I know if my international school qualifies for student loans?
Open
The U.S. Department of Education publishes a list of schools that participate in the federal student aid program. You can check that list or contact your school's financial aid office to confirm whether your study abroad program qualifies.
Meet the expert:
Jamie Johnson
Jamie Johnson has over eight years of finance experience, with expertise on mortgages, student loans, and small businesses. Her work has been featured at Credit Karma, Bankrate, and The Balance.
