10 Best International Student Loans without Cosigner for Africans

African students studying abroad might find it difficult to obtain student loans, particularly if it requires a cosigner. Thankfully, cosigner-free loans are now available for International students from several lenders. These loans can partially cover your tuition, living expenses, and other educational expenditures.

When applying for a loan, you will often need a creditworthy cosigner if you are an International student studying in or visiting the US. Cosigners need to have a clean credit history, be US citizens or permanent residents, and have lived in the country for the past two years.

Since most foreign students studying in the US lack credit history, a cosigner completes the traditional application procedure. The cosigner’s credit score determines approval and rates, and they are legally obligated to return the loan to the borrower if you cannot make payments.

This post examines the top foreign student loans accessible to African students without requiring a cosigner. Hence, these choices offer flexibility and financial support, relieving students of the burden of finding a cosigner so they may concentrate on their studies and meet their academic objectives.

The Challenge of Getting Loans Without Cosigner for African Students
The Solution to The Challenge
Who is Eligible for Student Loans Without Cosigners?
International Student Loans Without Cosigner in USA
International Student Loans Without Cosigner in Canada
International Student Loans Without Cosigner in UK
Best International Student Loans Without Cosigner for Africans
Best Banks Offering Private International Student Loans Without Cosigner for Africans
Tips for Choosing an International Student Loan
FAQs
Conclusion
References
Recommendations

The Challenge of Getting Loans Without Cosigner for African Students

Getting student loans is a big obstacle for African students who want to study abroad. Many African nations have less developed financial systems, making it difficult to get credit and financial goods for students studying abroad. Students may find it challenging to obtain loans from local banks due to this lack of infrastructure since these establishments do not possess the required frameworks to facilitate funding for overseas students. Other financial loan providers may seem difficult to approach.

Moreover, a cosigner, who usually has to be a citizen of the country the student plans to attend school, is required by many international student loan providers. This requirement presents a significant obstacle for African students because it can be very difficult to get a suitable cosigner.

The strict credit requirements may prevent family members or friends from living overseas from meeting the requirements, leaving students with no other options.

Furthermore, compared to many African nations, the expense of schooling is far higher in countries like the United States, Canada, and the United Kingdom. This discrepancy makes things more expensive for students, who must take out bigger loans to pay for living expenses, transportation charges, health insurance, and tuition.

Even in cases when loans are accessible, they may be unaffordable due to the exorbitant interest rates and onerous terms frequently attached to overseas student loans.

Currency fluctuations and economic instability in different African countries create additional complexity. When there is a substantial decline in the value of the home currency relative to the currency that must be repaid, loan repayment becomes unpredictable. Students and their families may experience greater financial burden as a result.

The Solution to The Challenge

The good news is that a few creative finance companies are redefining the criteria for student loans instead of judging students by their parents or wealth or connections. These companies assess students according to their earning potential and future employment.

First, you must obtain admission to a course with a strong market demand and earning potential at a reputed institution or college. You can then apply for a student loan, which you can use to pay for all or just a portion of your educational costs, including living expenses and tuition.

In this article, we will surely provide you with the 10 best international student loans without cosigners for African students.

Who is Eligible for Student Loans Without Cosigners?

You qualify for a loan without a cosigner if:

You either hold permanent residency status as an alien or are a citizen of the US.
An authorized institution or enrollment threshold
When one is an adult
Good credit record
High credit score

International Student Loans Without Cosigner in USA

Securing an international student loan without a cosigner in the USA can be hard, but it is possible. These loans help cover the costs of tuition, fees, and living expenses for students studying abroad.

Several lenders offer these loans based on academic performance, future earning potential, and creditworthiness, eliminating the need for a cosigner.

International Student Loans Without Cosigner in Canada

International students can now apply for a student loan without a cosigner if enrolled in specific Canadian schools. Students from Africa—including Americans and Canadians—may be qualified for a loan to help with the expense of their university education in Canada.

When granting these private student loans, the lender will consider your academic performance and professional goals rather than solely relying on YOUR or a cosigner’s credit history. Your home nation, your anticipated graduation date, and the school you attend are a few other things they will consider.

International Student Loans Without Cosigner in UK

It is a dream for many international students to study in the United Kingdom. Nevertheless, it’s frequently necessary to finance your ambition with careful planning and knowledge of your possibilities for funding.

We have listed the best student loans without cosigners for International students below.

Best International Student Loans Without Cosigner for Africans

If you are currently applying for international student loans, applying through loans without Cosigner is preferable to receive prompt assistance. Such loans are:

#1. MPower Financing

MPower Financing was established in 2014 and provides no-cosigner student loans for study abroad programs in the US and Canada, particularly for African students. When assessing loan applications, They consider various aspects, including academic performance and future earning potential.

Current Stats: 190+ eligible nations of citizenship as of right now. Approximately 6,000 students who received MPower loans and graduated now work in STEM fields. Student loans totalling more than $363 million were paid back.
Supported Schools: More than 400 colleges and universities in the US and Canada were supported.
Maximum Amount: A minimum of $2,001 and a maximum of $100,000 will be awarded.
Easy application process: It takes 20 minutes and is entirely online.
Eligibility and requirements: No collateral or cosigner is needed, and the loan is only available for two-year programs (PG diploma and master’s).
Countries of Eligibility: students can apply from more than 190 nations.
Interest rates: once approved, interest rates are set and never rise. 12.99% is the current rate. (APR 13.98%).
Support: Upon loan approval, obtain career development coaching and a letter of support for your visa.

Apply Here

#2. Prodigy Finance

Prodigy Finance is another well-known provider of loans without cosigners for International students. Established in 2007, it focuses on lending money to students abroad, especially those from Africa.

They provide loans to students attending prestigious universities in the US, Canada, the UK, and other nations without a cosigner.

Present data: more than 28,000 students from 150 nations were served. 86% of students who received $1.5 billion in student loans were from emerging market nations.
Supported Schools: 350+ prestigious institutions in the US, UK, Canada, Spain, Belgium, France, Italy, Germany, Singapore, China, United Arab Emirates, and India are among the schools that receive sponsorship.
Application Process: The application process is entirely online, making it simple.
Eligible Countries: You must be a citizen of one of the supported countries to be eligible. At the moment, more than 100 nations are not supported.
Interest rates: Variable interest rates are available for loans. 13.37% is the current rate (APR 14.96%).
Support: Obtain a letter of support for your visa.

Apply Here

#3. Stilt

Stilt Financing provides African students a great way to get funding for their overseas education. This financial services company specializes in loans for international students, especially those from Africa, that meet their unique demands.

With its methodology, Stilt evaluates candidates on things other than credit scores—like work history and education. Students without a cosigner who resides in the United States can now access it thanks to this.

Currents Stat: Stilt Financing supports worldwide educational endeavors by providing loans to African students enrolled in foreign programs without requiring a cosigner.
Maximum Amount: For African students, Stilt Financing offers maximum loan amounts of up to $75,000 without needing a cosigner.
Eligibility and requirements: A valid visa and proof of income are prerequisites for Stilt Financing.
Interest rates: Interest rates for stilt financing might vary but usually begin at 7.99%.
Support: For Africans looking for international funding for their education, Stilt Financing provides all-inclusive support.

Apply Here

#4. Future Finance

One well-known lender that provides student loans to overseas students—including those from Africa—without requiring a cosigner is Future Finance.

Current Stat: In 2023, Future Finance has assisted many students with the cost of their international education. Up to £40,000 in loans can be taken out to pay for living expenses, tuition, and other educational expenditures.
Enrolling in an accredited university in the UK is one of the eligibility requirements. Applicants are evaluated not only on their credit history but also their academic progress and future earning potential.
Interest rates: are offered, usually with a starting point of 9.4%, and flexible repayment plans catered to the individual financial needs of students.
Support: Upon approval, Future Finance offers comprehensive assistance, including tools, career counseling, and financial advice, to ensure students can successfully manage their funds and complete their academic goals.

Apply Here

#5. Lendwise

Lendwise is a great option for African students seeking advanced degrees because it is a dedicated student loan service that specializes in financing postgraduate schools.

Current Stat: In 2023, Lendwise has funded many postgraduate students worldwide, increasing access to higher education.
Maximum loan amount: is £100,000, more than enough to pay for living expenses, tuition, and other related charges. Being admitted to or enrolled in an accredited postgraduate program is one of the eligibility conditions. Lendwise assesses applicants based on credit scores and their past academic performance, prospects for future earnings, and the program they are enrolling in. Competitive
Interest rates: with options for both fixed and variable rates, it begins roughly at 5.95%.
Support: it offers various services to help students manage their money and achieve academic success.

Apply Here

Best Banks Offering Private International Student Loans Without Cosigner for Africans

Consumer Financial Protection Bureau (CFPB) data shows that a cosigner was required for 90% of newly issued private student loans. However, you can evaluate the top cosigner-free private student loans here.

#1. Sallie Mae

Sallie Mae is among the top providers of private student loans. They provide loans to both undergraduate and graduate students. This is because college students who apply for private loans without cosigners have a much higher chance of being approved.

Sallie Mae provides student loans to international students with a U.S.-based cosigner. You can borrow up to your school-certified cost of attendance and choose loan terms of 10 or 15 years.

Maximum Amount: Sallie Mae offers international student loans up to the full cost of education, which includes tuition, fees, room, board, and other school-certified expenses.

Interest Rate: Interest rates can be variable or fixed. Variable rates range from 3.75% to 12.88%, while fixed rates range from 4.25% to 12.60%.

Countries of Eligibility: Sallie Mae provides loans to students from various countries, including many in Africa. However, specific country eligibility can vary, so checking their current policies is important.

Current Stats: Sallie Mae is one of the largest student loan providers in the U.S., servicing millions of borrowers.

Requirements and Eligibility: Applicants need to be enrolled in a degree-granting program at an eligible U.S. institution. While a cosigner is typically required, some students may qualify without one based on their creditworthiness and other factors.

Apply Here

#2. Citizens Bank

It provides applicants with good credit with college loans without a cosigner. There are no origination or application costs.

Maximum Amount: Citizens Bank offers loans up to $150,000 for undergraduates and $295,000 for graduate students, covering the cost of attendance.

Interest Rate: Variable rates range from 1.37% to 11.67%, and fixed rates range from 3.23% to 12.02%.

Countries of Eligibility: Citizens Bank lends to international students from various countries, including many in Africa. Specific eligibility may depend on the student’s school and program.

Current Stats: Citizens Bank is a well-established lender with a strong presence in the student loan market.

Requirements and Eligibility: Applicants must be enrolled at least half-time in a degree program at an eligible U.S. institution. While cosigners are usually required, students with strong credit and financial history might qualify without one.

Apply Here

#3. Ascent

One of the few top providers of non-cosigned private student loans is Ascent, which specializes in helping graduate students, juniors and seniors in college.

Maximum Amount: Ascent offers loans up to the full cost of attendance, including tuition, fees, and other expenses.

Interest Rate: Variable rates range from 3.16% to 12.89%, and fixed rates range from 4.26% to 14.75%.

Countries of Eligibility: Ascent serves international students from numerous countries, including several in Africa. Specific country eligibility may vary.

Current Stats: Ascent is known for its innovative approach to lending, offering both cosigned and non-cosigned loans.

Requirements and Eligibility: Ascent’s non-cosigned loans require students to be in their junior or senior year of undergraduate study, maintain a good GPA, and attend an eligible institution.

Apply Here

#4. Earnest

Earnest offers more lenient borrower protections than some of the other lenders on this list.

Maximum Amount: Earnest offers loans up to the full cost of attendance, similar to other major lenders.

Interest Rate: Variable rates range from 3.24% to 12.78%, and fixed rates range from 4.39% to 13.03%.

Countries of Eligibility: Earnest provides loans to students from various countries, including many in Africa. Specific eligibility may depend on the student’s school and program.

Current Stats: Earnest is recognized for its flexible repayment options and user-friendly application process.

Requirements and Eligibility: Earnest requires students to be enrolled at least half-time in a degree-granting program at an eligible institution. They typically require a cosigner, but a strong financial history might waive this requirement.

Apply Here

#5. Funding U

Funding is a private student loan provider that gives Africans loans.

Maximum Amount: Funding U offers loans up to $15,000 per academic year, which can be used for tuition and other education-related expenses.

Interest Rate: Fixed rates range from 7.49% to 12.99%.

Countries of Eligibility: Funding U focuses on U.S. citizens and permanent residents, but some exceptions might be made for international students in certain cases.

Current Stats: Funding U is unique in its approach, often targeting students who might not qualify for traditional loans due to a lack of credit history or cosigners.

Requirements and Eligibility: Funding U’s eligibility is based on academic performance and future earning potential rather than credit history. They specifically do not require cosigners, making them a viable option for students without access to one.

Apply Here

Tips for Choosing an International Student Loan

As you’re comparing your options for international student loans, consider the following features to pick the right loan for you:

#1. Interest Rates

Interest rates on private student loans can mount up over time as they usually accumulate interest on the disbursement date. It is worthwhile to compare rates when looking for a loan because a cheap rate can save you money in the long run.

Given that a fixed rate is unaffected by changes in the market and remains consistent for the duration of the loan, you might also prefer it to a variable rate. While searching for a loan, you may also check with your local bank for student loans in Nigeria; however, the regulations regarding the use of these loans for education overseas may differ.

#2. Fees

Look out for any costs, including origination, application, administrative, or late payment fees, that could increase the cost of your loan. Another strategy to lower your borrowing costs is to avoid fees.

#3. Repayment Terms

As you review the repayment schedule, see if it fits into your future budget and find out how long you have to pay it back. Though some lenders allow you to select shorter durations of five years or longer ones of fifteen, private student loans are usually around ten years. A prepayment penalty is another feature of some lenders.

#4. Monthly Payments

To ensure you know exactly how much your monthly student loan costs will be, estimate the loan’s monthly payments. Generally speaking, you should limit your student loan debt to no more than what you can reasonably earn in your first year following graduation.

Nevertheless, this suggestion might be flexible for students enrolled in graduate programs that will probably result in significant earnings in a few years, such as law school, medical school, or other institutions.

#5. Grace Period

Some International student loans provide a grace period that lets you pay back the loan in full after you graduate or in smaller instalments while you’re still enrolled.

Recall that interest will be charged on your loan immediately upon inception; therefore, you may avoid excessive debt by paying off the interest while you are still enrolled in school.

#6. Borrower Protections

Think about if the lender provides any benefits that might be useful later on, such as the chance to postpone payments if you return to school or the ability to have your cosigner released after a predetermined number of timely payments.

If you experience financial difficulties, some lenders also allow you to modify or stop payments.

#7. Eligibility Requirements

Lastly, as every lender has different borrowing requirements, find out what you need to do to be eligible for such a loan.

FAQs

Is it possible to get out from under a cosigner on a student loan?

The only way to eliminate a cosigner’s liability if you are unable to obtain a cosigner release is possibly to refinance or consolidate your debts. The original loan will still appear on the cosigner’s credit report but will be noted as closed and fully paid.

Can international Students get a Student loan in the USA Without Cosigner?

International students attending certain colleges and universities in the US and Canada can apply without one.

Can I get a loan without a Cosigner?

Yes, you can. Credit unions may also be able to provide personal loans if you have no co-signer or credit history.

What Credit Score do I need without a Cosigner?

People with prime credit scores of 661 or higher probably do not require an auto loan cosigner.

Which type of students loan without Cosigner for Africans is the most ideal?

A subsidized loan is the best alternative. The federal government pays the interest on these loans while you are in college.

Conclusion

Securing college funding overseas can be difficult for African students, particularly without a cosigner. However, companies such as Prodigy Finance, MPOWER Financing, Stilt, and others provide realistic solutions.

These lenders offer foreign student loans targeted to the specific needs of African students, emphasizing future earning potential and academic achievement over typical credit scores. These loans make it easier to study abroad by offering affordable interest rates, flexible repayment options, and additional support services.

By looking into these top ten loan choices, African students can get the financial help they need to pursue their academic and professional goals without worrying about finding a cosigner.