How can international students get an education loan in the USA?

Education Loan

International students choose American education for multiple reasons. You can sense the global enrollment swelling like a big wave, as evidenced by the statistics and trends documented by Statista, an international statistics agency. According to their data, 1,057,188 international enrollments were there in the US academies in 2022-2023.

However, the cost of attendance remains a challenge for many, as the US boasts one of the most costly education systems in the world. Thanks to education loan options, the financial challenge is no longer a big issue for deserving students. An education loan helps students connect the dots by offering funds without expecting repayment when they study.

Find Your Best Education Loan!

Student loan options for international students in the USA

Mainly, there are two categories of education loan options to finance your studies in the US:

Education loan options with collateral (also known as Secured education loan options)
Education loan options without collateral but a cosigner(also known as Unsecured education loan options)

Secured education loan options

In this category, you take an education loan against a collateral guarantee. Your loan amount depends on the collateral value, which is estimated according to the market value. Typically, public and private sector banks in India offer collateral education loan options.

Comparatively lower interest rates
Tax benefits under Section 80 E
Margin money of 5% – 10% of the loan amount is charged

Unsecured education loan options

Unsecured education loan options are typically provided against the guarantee of a cosigner who earns better. Indian banks, Non-Banking Financial Companies (NBFCs), US lenders, and international lenders offer unsecured education loan options to international students in the US.

The interest rates and loan terms change with the lender you choose
Upto 100% funding is possible, depending on your special case & lender
The repayment holiday is typically 7 – 15 years. You may be asked to repay the interest in the moratorium period.

Top student loan options in the USA for international students

Based on the lender and involvement of collateral or a cosigner, we can further divide education loan options to study in the US into three categories: Indian bank education loan options, no cosigner education loan options, and US cosigner education loan options.

Indian bank education loan options	They are education loan options from Indian lenders, with or without collateral. There will be FOREX conversion charges as the loan amount is disbursed in Indian currency.
No cosigner education loan options	These are education loan options without collateral or cosigners. The loan amount is disbursed in USD from prominent international lenders.
US cosigner education loan options	These are from US lenders with the guarantee of a US citizen or permanent resident as the cosigner.

Who to approach for education loan options to study in the US?

Are you looking for education loan options to study in the US? Visit Nomad Credit, your trusted study abroad consultancy, for complete guidance. Our counselors will evaluate your profile and offer customized suggestions and assistance.

Nomad Credit has partnered with top lenders in the market for education loan options to finance your dreams. See the table below for top lenders who offer education loan options to study in the US:

Lender	Type of Education Loans Offered
Indian banks	Secured & unsecured education loans
NBFCs	Unsecured education loans
International Lenders	Unsecured education loans
US Lenders	Unsecured education loans

Start Your Application Today!

Education loan options for international students in the US: Documents required

The checklist of documents required for education loan options in the US varies with lenders. A general list of documents includes the following:

Offer letter or proof of admission
Academic records
Financial documents of the cosigner
Passport copy
Recent passport-size photographs

Student loan options for international students in the USA with a cosigner

Primarily, there are two types of education loan options in the USA with a cosigner – US cosigner loan options and unsecured education loans from Indian lenders.

Loan Type	US Cosigner Loan Options	Indian Banks Unsecured Loan Options
Eligibility	Be an international student Have a US cosigner who is a citizen or permanent resident	Be an Indian citizen Have a financially sound cosigner, preferably from your family
Interest Rates	Fixed Rates: 4.11% – 15.90% APR Variable Rates (with autopay discount):* 5.62% – 16.51% APR Disclaimer: The interest rates are subject to market conditions and can change from case to case.	From public banks: 9.5% – 10% From private banks: 10.28% – 12.5% From NBFCs: 10.5% – 13.5% Disclaimer: The interest rates are subject to market conditions and can change from case to case.
Maximum Amount	Up to 100% of the total expense	Up to 70% – 100% of the total expense
Additional Charges	Zero (no application, penalty, or origination fee levied at the time of application)	Processing fee: 1% – 2% of the loan amount FOREX charges: up to 5% of the loan amount Cancellation fee: 1% – 2% of the loan amount
Moratorium Period	Course years + 6 – 12 months	Course years + 6 – 12 months
Repayment Tenure	5 – 15 years	7 – 20 years

Student loan options without a cosigner

No worries if you don’t have a cosigner for an education loan application. There are options where no cosigner is required to fund your studies in the US with an education loan. Here is the overview of your no-cosigner education loan options:

Maximum Amount	Up to 100% of the cost of attendance
Loan Option Coverage	Tuition fees Living costs Housing costs Food Books
Interest Rates	9.99% – 14.99% Disclaimer: The interest rates can be fixed or variable, are subject to market conditions and can change from case to case.
Interest Rate Discount	0.25%
Additional Fees	5% of the loan amount, charged when you start the repayment
Repayment Period	7 – 20 years
Repayment Options	Immediate: Pay the full amount + interest in one go Interest only: Pay SI/PSI interest every month Fixed pay: Pay a fixed amount every month Deferred: No payment while studying

Explore your personalized no-cosigner education loan options and streamline the application process. To know more, connect with Nomad Credit now and access seamless education loan support at zero cost.

How to apply for education loan options in the USA?

Here’s the key to an easy education loan application – connect with Nomad Credit’s counselor and provide your details. Based on your profile, you will get tailored suggestions and complete guidance for a successful application.

Enjoy a hassle-free education loan process with holistic support
Get help in documentation and disbursement
Save more, as guidance from Nomad Credit is delivered at no cost

In short, getting an education loan to study in the US requires you to explore your options and apply timely. For that, Nomad Credit, your trusted study-abroad partner, helps without charging a penny. Join us today and be part of our successful alumni who study in the US with our holistic support. Get started today.

Loan Finder

Find Your Best Loan
Options in Minutes

Explore Offers Now

Frequently Asked Questions

Can international students get student loans in the USA?

International students can apply for education loans to study in the US. There are multiple loan options available based on eligibility and requirements. To explore your education loan options in the US, connect with Nomad Credit now and get personalized guidance at zero cost.

What is the interest rate for education loan options in the US?

The interest rate for education loan options in the US varies with lenders. In general, it can be from 4% – 10% or more, depending on your lender and market conditions. For an accurate answer at present, connect with Nomad Credit’s counselor now.

What if I don’t accept an education loan option at the last minute?

If you don’t accept an education loan offer at the last minute, the lender might charge a cancellation fee from you. It can be case-specific as all the lenders do not charge a loan cancellation fee.

What if I can’t repay an education loan in the US?

If you don’t repay your education loan debt, you will be considered a defaulter. It will affect your credit history for future banking transactions, and the lender can take legal action against you.

Do I need to repay my education loan while studying?

Typically, you don’t need to repay your education loan when you are studying. However, the lender may or may not ask for interest repayment while studying.

What is the average repayment period for education loan options in the US?

The repayment period for education loan options to study in the US varies from 5 – 20 years, depending on your lender and personal choice. Typically, 10 years can be considered an average repayment period for education loan options for international students to study in the US.

Adwaidh Updated on October 9, 2025