The cost of attending university abroad continues to rise, and for many African students in U.S colleges and universities, paying for their education requires borrowing. If you’re considering applying for an international student loan, you’re likely to be wondering “Exactly how much can I borrow for college abroad?”
There are several private lenders providing education loans to international students – including Africans. Each lender has a different set of parameters and requirements that determine how much you can borrow.
In this guide, we’ll explore the minimum and maximum amounts you can borrow for college from different lenders who offer education loans to international students.
8B Education Loan
8B provides education loans exclusively to African students in U.S colleges and universities. 8B student loans can help you finance the total cost of education at U.S colleges and universities – for both undergraduate and postgraduate studies.
The minimum loan amount you can borrow for college abroad from 8B is $5,000 USD. The maximum amount, on the other hand, is $50,000 USD per academic year, and the lifetime maximum is $100,000 USD.
Who’s eligible for an education loan from 8B?
To be eligible for an education loan from 8B, you must be a citizen of an African country. Currently, 52 African countries are eligible (Somalia, South Sudan, Libya, and the Central African Republic are ineligible).
Unlike most international education loans, you don’t need to have a cosigner to be eligible for a loan from 8B. However, applying with a US-based cosigner who has good credit can enable you to access more loan options and receive a loan interest rate.
MPOWER Financing
MPOWER Financing provides education loans to international students without a cosigner who want to study in the U.S or Canada.
The minimum loan amount you can borrow for college abroad from MPOWER Financing is $2,000 USD. The maximum you can borrow from this lender to finance your studies is $100,000 USD.
Who’s eligible for an international student loan from MPOWER?
To be eligible for a student loan from MPOWER, you have to be an international undergraduate or graduate student within two years of graduating or about to enter a one or two-year program at one of the 350+ approved schools in the United States or Canada.
MPOWER offers loans and scholarships to more than 190 nationalities. The lender also provides free visa support letters and exclusive career strategy services.
Prodigy Finance
Prodigy Finance provides education loans to international graduate students without a cosigner.
Prodigy offers loan amounts ranging from $15,000 USD. Loan offers can be greater depending on the university and program you’re pursuing. In some cases, a Prodigy education loan can cover up to the full cost of attendance – including tuition fees and living expenses.
To be eligible for a student loan from Prodigy, you have to be pursuing a graduate degree in the following areas: business, science, technology, engineering, math, law, public policy, or healthcare.
Students must also be attending any of the 750+ schools supported by Prodigy Finance worldwide. You must also be a citizen of one of the 120 countries supported by Prodigy Finance – check if your country is eligible.
Ascent Funding
Ascent Funding provides education loans to International students with a creditworthy U.S cosigner.
You can borrow a minimum of $2,000 USD from Ascent Funding. The maximum amount you can get on your education loan is $200,000 USD or up to the total cost of attendance, whichever is lower.
To qualify for Ascent Funding student loans, you must have an eligible U.S citizen or resident to cosign your loan. The cosigner is required to have a gross annual income of at least $24,000 for the current and previous year. They must also meet the minimum credit score requirements (which are subject to change) and submit satisfactory proof-of-income.
Sallie Mae
Sallie Mae provides private student loans for international and DACA students with a US citizen or resident cosigner.
Students in both undergraduate and postgraduate programs can qualify for education loans from Sallie Mae. You/your cosigner must have sufficient income and pass a credit check.
You can apply for loan amounts ranging from $1,000 up to the cost of attendance.
Social Finance (SoFi)
Social Finance (SoFi) offers private education loans for international students. To qualify for education loans from SoFi, international students must have a credit-worthy US citizen cosigner.
Students must be enrolled at least half-time at a qualifying four-year college for private student loan (associate’s degree students are not eligible).
You can borrow amounts ranging from $5,000 USD up to the total cost of attendance.
Earnest
Earnest provides education loans to international undergraduate and graduate students. To qualify, international students must have a creditworthy U.S citizen or permanent resident cosigner. Your cosigner must have an annual income of at least $35,000 USD.
You can borrow amounts ranging from $1,000 USD up to the total cost of attendance from Earnest.
College Ave
College Ave offers international student loans for international students with a U.S citizen or resident cosigner.
To qualify for a loan from College Ave, you must be enrolled in a degree program and attend classes at an eligible school.
You can borrow amounts ranging from $1,000 USD up to the total cost of attendance from College Ave.
Final Word from 8B
When comparing international student loans, the minimum and maximum amounts you can borrow is an important consideration.
You want to ensure that you find the right-sized education loan for your needs. For instance, if you need a loan to cover all your costs of attending school abroad, you should make sure that the lender is able to provide sufficient funds.
Use the 8B loan comparison tool to find the most affordable, right-sized education loans for international students.
