The easiest approach to pay for school without involving the mafia is to borrow money from a private, legal lender. There are a lot of companies who lend to Americans, but there aren’t many that lend to international students.
Non-U.S. nationals who are studying in the United States for a particular period of time are known as international students. There are few exceptions to the rule that most non-US citizens are not eligible for federal student loans. As a result, overseas students in need of additional funds frequently resort to private student loans for assistance in paying for college.
The top five international student loan organizations are as follows:
MPOWER Financing is a public benefit corporation whose declared aim is to lower the cost of overseas education. It has offices in New York and Bangalore, India, and is headquartered in Washington, DC. Mpower was formed in 2014 by Manu Smadja and Michael Davis, who met while studying at INSEAD Paris. It has received a number of honors, including “Growth Company of the Year.”
How MPower financing offers student loans?
MPOWER Financing provides student loans to students who would otherwise be unable to obtain a loan from other banks or lenders without a cosigner or collateral. MPOWER Financing provides loans to students who are less than two years away from graduating. International students and domestic students whose parents lack the credit history to cosign, as well as DACA recipients, frequently benefit from these services. The company lends to people from over 190 different countries, including Americans. As of March 2018, MPOWER Financing’s services were offered in 350 university and college programs. Approximately 90% of its borrowers are enrolled in graduate school.
Read More: Student loan for international students
MPOWER international student loan rates
For the first six months of education and for six months following graduation, students make interest-only payments. Borrowers make full repayments (interest and principal) until the loan is paid off after this time period. While there are no application or prepayment fees, each loan comes with a 5% origination cost.
MPOWER international student loan rates Before discounts:
- Undergraduate fixed APR: 14.98%
- Graduate fixed APR: 12.94%
- Repayment terms: 10 years
- Loan amounts: $2,001–$100,000
Earnest is a technology-enabled fintech lender based in San Francisco, California, that specializes in education financing, such as student loan refinancing and private student loans. In order to gain a thorough financial picture of each applicant, the organization assesses a person’s full education, work, and financial record, as well as their credit score (also known as a FICO score). “Merit-based lending” is the term for this form of financing.
Earnest is an online lender that provides current college and graduate students with private student loans as well as student loan refinancing to graduates. The company was established in the year 2013. Borrowers can choose from a variety of loan terms to cover the entire cost of their education.
Before You Submit Your Application
- Loan types: Undergraduate, Graduate, Parent Loans, Refinance, MBA, Law School, Medical School.
- Minimum FICO credit score: 650.
- Co-signer required: No.
- Better Business Bureau rating: A.
- There are no fees for application, origination, or late payments.
- You have the option of determining your monthly payment and loan term duration.
- On undergraduate or graduate student loans, you can utilize a co-signer, and student loan refinancing is accessible.
Citizens Financial Group, Inc. is an American bank with offices in Connecticut, Delaware, Maine, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, and Vermont. Citizens was a wholly owned subsidiary of The Royal Bank of Scotland Group from 1988 till its initial public offering in 2014. In October 2015, the group sold its final 20.9 percent ownership in the company. Citizens Bank has more than 1,008 branches and 3,100 ATMs spread throughout 11 states.
In 2020, Citizens is ranked 22nd among the major banks in the United States.
Citizens Bank offers a variety of student loan options.
Citizens Bank provides loans for undergraduates, graduates, and parents. Refinancing loans for both student and parent loans are also available through the organization.
Citizens Bank Student Loans: How Do They Work?
Citizens Bank does not provide information about the minimum FICO credit score, credit history, or debt-to-income ratio required for loan acceptance. It also lacks a preapproval or “quick” application feature. Before you can learn about loan approval and terms, you must first apply. It is acceptable to have a co-signer.
Before You Apply
- Loan types: Undergraduate, Graduate, Refinance, Parent Loan, MBA, Medical School, Dental School, Law School, International Student Loan.
- Minimum FICO credit score: Not disclosed.
- Co-signer required:
- Better Business Bureau rating: A+.
The Most Beneficial Features
- Citizens Bank offers multiyear approved loans, which means that after you’ve begun, you won’t have to go through a credit check every year.
- Borrowers who set up automatic payments can save 0.25 percentage points on their interest rates.
- You can get an additional 0.25 percentage point discount if you hold a Citizens Bank account.
- If they have a co-signer who is a U.S. citizen or permanent resident with acceptable credit, international students can apply.
Education Loan Finance(ELFI)
Student Loan Finance (ELFI) is a student loan refinancing program offered by Tennessee-based SouthEast Bank to college graduates and their parents around the country.
ELFI is a real company that has helped over 14,500 borrowers refinance their student debts since its inception in 2015. SouthEast Bank, which was founded in 2002 and now has over $2 billion in assets, provides funding for ELFI refinances. ELFI has also received positive feedback from 92 percent of customers who used Trustpilot to leave evaluations.
What Is the Process of Earnest Work?
Earnest requires applicants to share their school and work background in order to get a complete picture of their accomplishments. Your or your co-credit signer’s score, credit history, and income are also taken into account. Students can apply for undergraduate or graduate student loans online and expect to hear back within 72 hours. Students can choose a payment plan or defer repayment for nine months after graduation if their application is approved. Depending on the applicant and the school’s financial aid office, the loan could take anywhere from two to five weeks to be funded.
Also Read: Peanut Butter student loans
Eligible for Student Loan Finance (ELFI)
To be eligible for ELFI student loans, students must be enrolled at least half-time in a bachelor’s, master’s, or doctoral degree program. Both the borrower and the cosigner must be at least eighteen years old at the time of the loan application and be citizens or permanent residents of the United States without restrictions. There are also financial requirements. The borrower or co-signer must have a minimum credit score of 680, a minimum credit history of 36 months, and a minimum annual income of $35,000.
Refinancing your student loans through the ELFI program may be the best option if:
- You need to refinance a large loan balance. ELFI has a loan maximum of $250,000. This could make it a good option to consider for borrowers who graduated with a high loan balance — such as from an advanced program like law or medicine.
- You earned your degree. To be eligible for refinancing with ELFI, you must have graduated with a bachelor’s degree or higher.
- You took out loans for your children. ELFI offers refinancing for any federal or private student loan — including Parent PLUS Loans. If you’re a parent who took out PLUS Loans to pay for your child’s education, you might be able to get a lower interest rate by refinancing with ELFI.
Splash Financial is a Cleveland-based student loan refinance lender marketplace with its own network of banks and credit unions. It provides consumers with loan quotations from its partner lenders in all 50 states. Federal, private, and Parent PLUS loans can all be refinanced. For doctors finishing residencies or fellowships, a customized refinancing scheme is available.
Splash Financial Offers What Kinds of Student Loans?
- The Splash Financial specializes in refinancing debts for borrowers with federal and private student loans, as well as parents.
- Those who have earned their graduate and professional degrees.
- Borrowers with a bachelor’s degree (from a Title IV-accredited institution).
- Graduates with an associate’s degree (or those enrolled in the final term and in specific fields of study).
- While completing a residency or fellowship, graduates with a medical degree.
What Are the Splash Financial Terms, Fees, and Conditions?
For student loan refinancing, Splash Financial offers fixed and variable rates with maturities ranging from five to 25 years. The minimum and maximum loan amounts vary by lending partner, but in general, the minimum loan is $5,000 and there is no maximum. There are no application or origination fees for borrowers. Autopay reductions will be listed alongside the loan rate if they are available. Late payments may result in costs from your lender after you refinance.