Most U.S. private student loans require a cosigner who is a U.S. citizen or permanent resident. Many international students do not have one, so the choice of lenders is small. In 2026 that choice became even smaller, because one of the best-known no-cosigner lenders largely stopped lending.
Free tool: Student Loan Calculator for International Students shows your monthly payment, total interest and total cost before you sign.
This guide explains which options still exist, what they cost, and what to do if a loan is not available for your program.
Quick Answer
- Graduate students: Prodigy Finance is the main remaining no-cosigner, no-collateral lender for master's students from many countries.
- Some MBA, law and engineering students: a few lenders approve citizens of specific countries without a cosigner, based on the program.
- Undergraduates: no-cosigner private loans are very rare. Scholarships, school aid and payment plans matter most.
Important 2026 Update: MPOWER Financing
In October 2026, Bloomberg reported that MPOWER Financing had largely shut down its operations after losing access to new funding. If you already have an MPOWER loan, the debt still exists. Keep your contact details up to date and watch for notices about a new loan servicer. If you were planning to apply, look at the alternatives below and talk to your school's financial aid office early.
No-Cosigner Options Compared
| Lender | Cosigner | Who it serves | Key terms |
|---|---|---|---|
| Prodigy Finance | Not required | Master's students from India, Africa, Asia and Latin America studying in the US, UK, Canada, Australia, Germany or France | Up to $220,000; variable rates from about 10.90%; $500 processing fee plus an administration fee added to the loan |
| Earnest (international program) | Not required for qualified applicants | Citizens of select countries in certain MBA, law and engineering programs | Up to $100,000; 10-year term |
| Ascent | Required (U.S. citizen or permanent resident) | International students with a U.S. cosigner | Up to $200,000; 5 to 20 years |
| Citizens Bank | Required (U.S.-based) | International students with a U.S. cosigner | $1,000 to $350,000 |
Rates and eligibility change often. Always check the lender's current terms before you apply.
How No-Cosigner Approval Works
Without a cosigner, lenders judge your future, not your credit history. They usually look at:
- Your school and program: lenders favor programs with strong graduate employment.
- Expected salary after graduation: high-demand fields such as engineering, data and business are easier to finance.
- Academic record and admission status: you normally need an admission letter first.
- Your home country: each lender lists the countries it serves.
- Total cost of attendance: loans are capped at your school's official cost.
Understand the True Cost
No-cosigner loans are expensive. A variable rate above 10% plus fees can add up to a large amount over 10 to 15 years. Compare loans by APR, not just the interest rate, because APR includes fees.
- Ask whether fees are paid upfront or added to the loan balance.
- Check if the rate is fixed or variable. Variable rates can rise.
- Find out when repayment starts and whether interest builds up while you study.
- Check for early repayment penalties. Paying off early saves interest.
Alternatives to Borrowing
- Scholarships and assistantships: research and teaching assistantships often cover tuition and pay a stipend.
- School payment plans: many universities let you split tuition into monthly payments.
- Home-country education loans: banks in some countries lend for study abroad, sometimes with collateral.
- Lower-cost destinations: public universities in Germany and some other countries charge little or no tuition.
Visa Tip: Loans and Proof of Funds
For a U.S. student visa, you must show that you can pay for your first year. A loan approval letter can count as proof of funds if it shows the amount and is issued before your visa interview. Ask your lender for a formal approval letter early.
Frequently Asked Questions
Can international students get federal student loans in the USA?
No. Federal student aid is generally limited to U.S. citizens and eligible non-citizens such as permanent residents.
Can undergraduates get a loan without a cosigner?
It is very difficult. Most no-cosigner lenders focus on graduate programs. Undergraduates usually rely on scholarships, family funds or a U.S. cosigner.
What happens to my MPOWER loan?
Your obligation continues. Watch for official notices about your servicer and keep making payments as required.
The Bottom Line
No-cosigner student loans still exist, mainly for graduate students, but they cost more and the market is shrinking. Secure scholarships and school aid first, then compare loan APRs carefully and get an approval letter in time for your visa.
Disclaimer: This article is for general information only and is not financial advice. Lender terms change often, so confirm details directly with each lender.
Sources: Prodigy Finance; The College Investor: International student loans; College Help Guide: MPOWER update (citing Bloomberg).