Are you an international student searching for a student loan in the UK? Read this article!
The United Kingdom is home to many top universities that are at the forefront of academic and research excellence. UK Universities are world famous for their high quality education, modern curriculum and internationally recognized degrees.
Studying in the UK is a great opportunity for many students, However, the cost of getting a degree overseas is expensive.
Student loans are a great way to fund your education in the UK. These UK international student loans are typically obtained from either the government or private financial institution.
Unfortunately, there are no UK government loans for international students. What this means is that international students are not eligible for government-backed student loans in the UK; however, all hope is not lost. There are certain private organisations that specialise in providing financial support for international students in UK, so you still have a range of funding options for your education.
The loans usually have higher interest rates and can cover your tuition fee, transportation, living expenses and other academic related fees. If you're searching for the best student loans for international students in the UK, we have listed 20 of them for you below.
Before we explore the 20 UK international loans, let's take a look at the factors to consider when selecting a Student Loan.
Factors to consider when selecting a Student Loan
Here are the factors to consider before you apply for a student loan as an international student.
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Repayment Plan
For every student loan for international student in uk application, applicants are given a period for repaying their loans. Before you apply for any loans, ensure you are satisfied with the repayment terms.
Additionally, check for information about the grace period, deferment options, and repayment schedules.
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Eligibility Criteria
The first step to applying for a postgraduate loan for international student UK is to check if you meet the Criteria for getting the loan.
You also need to check if the loan is available in the country or college you are applying to.
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Interest Rates
Student loans need to be repaid after a stipulated period and they tend to accumulate an interest over time. Before you apply for a student loan, compare the interest rates of different lenders and choose the one you can pay back easily.
UK International Student Loan
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Future Finance
Future Finance offers education loan in uk for international students to help pay their tuition fee and other school related fees. The lending platform is committed to helping international students achieve their educational goals in the UK.
The application process is very flexible and swift. Once your loan is approved, the money will be disbursed into your account in a matter of minutes.
Interest Rates and loan terms depend on your financial situation at the time you apply for the loan. The dedicated team will consider the amount you want to borrow, your credit history, security offered, your income and other financial commitments you might have.
Application Process
The application process is divided into 3 simple steps;
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Contact the team
To begin your application, call 0800251010
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Complete your Application
The application team will ask for the information required to complete your loan application.
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Collect your loan
Once your loan is approved, it will be transferred to the account you provided during your application.
Interest Rates: 11.99% to 24.99% p.a.
Repayment Plan
With future finance, you can choose a repayment plan that's affordable for you. Repayment terms range from 6 months to 5 years
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Lendwise
Lendwise is a trusted finance company that provides financial aid to students. The loans provided cover mainly tuition fees and the money is disbursed directly to the student's university as soon as they start their study programme.
Lendwise student loans are available for primarily international students residing and studying in the UK. The amount of loan you get will depend on your credit score, work experience, salary, and other sources of income
Interest Rates are flexible and tailored to suit the financial profile of each student. Lendwise loans do not require a co signer or guarantor.
Eligibility Criteria
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Applicant must be a UK resident
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Applicant will also be required to provide the following documents;
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a valid passport or driving license, bills dated within the last 3 months,
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course registration letter,
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any documents related to any previous student finance loans,
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last 3 pay slips (or letter of employment for a role you are yet to start),
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full bank statements in your full name, degree transcripts,
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Copy of your Scholarship Award letter (if applicable)
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You may also be required to submit a full credit report, and proof of English language proficiency.
Application Process
The application process is hassle free and can be completed in a few days. Here are the steps involved;
Step 1: Apply for your loan online.
Step 2: Submit your documents, review the loan proposal, sign the agreement
Step 3: Accept your provisional loan offer and receive your loan within 48 hours.
Step 4: Get your funds.
Interest Rates: between 7%-12% on average
Repayment Plan
Students are given the whole year of their studies to repay their loans. An extended grace period of up to 6 months is also given for students who are not able to complete their payment before the end of their studies.
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Prodigy Finance Student Loans
Prodigy Finance Student Loans are available for international students who wish to earn a masters degree in the UK, without stressing about a collateral or co signer.
Eligibility Criteria
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Applicants must reside in the UK.
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Applicants must have been enrolled into a qualified study program
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Applicant must be from one of the accepted countries or state
The school you are attending must be located outside your home country. However, the following exceptions may also apply ;
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Students who have lived in their current country of residence for less than a year upon application.
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UK residents who wish to study in the UK.
Application Process
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Complete the online loan application
This is the first step and it involves registering and authenticating your email address. Once you're logged in, you can create an account and complete the application process.
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Submit the necessary documentation
Choose the loan you need and upload the required documents. You'll be added to a waitlist while your loan application is put under consideration.
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Finalise your loan.
You'll be notified once your loan is approved. The last step is to sign your loan so the funds can be deposited to your school.
Interest Rates: 14.68% APR variable
Repayment Plan
Students are required to start repaying their loans 6 months after their final semester ends.
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HSBC Student Loan
HSBC Student Loan is a flexible uk student loan abroad for international students. Eligible applicants may get up to £3500 to pay part of their tuition or cover.
The amount you get will depend on your financial profile which will be assessed by the HSBC branch you apply to.
Eligibility Criteria
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Applicants must be a resident of Malta
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Applicants must be a full time student in a University in the UK
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Applicants must be aged between 18 and 30 years when applying
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Applicant’s monthly stipend must be credited directly into their HSBC Student account.
Application Process
To apply, you must be an existing HSBC Malta customer. Start your application by booking an appointment at a branch close to you.
Interest Rates: interest rate of 4.5% (4.7% APRC)
Repayment Plan: Your repayment plan will be discussed during your appointment.
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CUJ Loans
CUJ Loans offer student loan for foreign students uk who may find it difficult paying their tuition fee in the UK.
The student loan for uk students studying abroad range between £50 and £5000 which can be repaid over a 3-month to 36-month term.
Another benefit of CUJ Loans is that they also provide loan matching service via Flux funding. Flux funding is a site that provides eligible lenders to students at low interest rates.
Eligibility Criteria
Check your eligibility here
Application Process
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Apply Online in sixty seconds
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Check your loan offer
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Get your loan decision
Interest Rates: 49.9% APR (variable)
Repayment Plan
Repayment plans are super flexible and depend on the loan you apply for.
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Hardship Funds
The Hardship Funds offers student finance uk international students who are living in the UK. Although they don't provide loans for students to fund their tuition in the UK, university students can still get loans for their basic living expenses, laptop, rent arrears and immigration-related costs.
The Hardship fund is exclusively set up to assist “the most financially excluded people” with money they can use to get by.
Loan applications are assessed every six weeks and high priority applications are approved first.
Eligibility Criteria
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Loan applications can only be accepted when made on the applicant's behalf.
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Applicant must reside in the UK
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Applicant with caring responsibilities are prioritized
Application Process
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Start application online
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Submit your application
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Wait for loan decision which may take about eight weeks
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Accept your offer
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Barclays International Student Loan
Barclays International Student Loan offers student finance for international students in uk. This is one of the best loans that is accessible to international students who need funding for their higher education in the UK.
The Barclays International Student loans are offered by the Barclays bank in the UK.
Eligibility Criteria
To be eligible for Barclays Blue Rewards,
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You must have a current account with the company and pay a £4 monthly fee
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You must make sure that at least £800 is paid into the account each month.
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You must be aged 16 or over and have a mobile number to use the Barclays app
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If you apply online and your application is approved, you’ll need to print or download your agreement.
Application Process
Applicants can apply online, use the Barclays app or visit a Barclays branch nearest to them.
Interest Rates: 6.1% APR
Repayment Plan
Repayment plan will be discussed after you complete your application.
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NatWest International Student Loan
NatWest is another popular tuition loans that provide the opportunity for international student finance uk to study abroad.
As an international student applying for this loan, you may be eligible for two seperate loans – one for tuition fees and another for maintenance costs. The tuition loans is paid directly into you university and can be used to pay your school fees.
Public university students get a grant of £9000 per year. While students in private universities or colleges are only entitled to £6,000 per year
Eligibility Criteria
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Students can only apply online
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Student must be 17+ and have been living in the UK for at least 3 years
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Student must either be a full time undergraduate student on at least a 2 year degree at a UK University/College or you must be completing a full time postgraduate or nursing course lasting a year or more.
Application Process
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Prepare your application and get your documents ready
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Open a UK bank account
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Submit your loan application
Interest Rates: fixed at 9% of everything you earn above that threshold. Students enjoy eu student loan uk Rates for up to £3,250 interest free from year three onwards.
Repayment Plan
Students are required to start paying their student loans after leaving the university and are working in a job that pays above a certain threshold.
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Lloyd Bank International Student Loan
Lloyd Bank offers student loan for international student in UK who need financial assistance.
The loans for uk students studying abroad may range between £1,000 and £50,000 and can be repaid over the course of 1 to 7 years.
It is a top overseas student loan uk.
Eligibility Criteria
To qualify for a loan:
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You must be a UK resident (excluding the Channel Islands and the Isle of Man)
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You must be aged 18 or older
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You must have held a Lloyds Bank current account for at least one month.
Application Process
To begin your application process, do the following
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Log on to Internet Banking to get a personalised quote for your loan.
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You will be informed of the amount you can borrow and if you are likely to be approved before you apply.
Interest Rates: depend on how much you borrow and your repayment plan
Repayment Plan
You can choose any repayment plan you want. You are allowed to repay your loan between a period of 1 and 7 years.
Remember that the longer you borrow, the more interest you accrue.
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Sallie Mae International Student Loan
Sallie Mae is an online lender that offers private student loans for international students UK (from the US) studying in the UK.
The loans include; the undergraduate student loans, career training student loan, graduate school loans, MBA loans, medical school loans, dental residency loans and more.
Sallie Mae is indubitably one of the top international lenders for education loan UK.
Eligibility Criteria
Below is a list of what you need to apply for the Sallie Mae International Student Loan
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Applicant’s present address; if you've lived at your address less than one year, you'll need to provide your previous address.
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Applicant's social security number( if you have one).
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School information including enrollment status, degree, and course of study.Academic period of enrollment and year in school.
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Requested loan amount.
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Applicant employment status and information
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Other Financial information, including your bank accounts, and your monthly mortgage or rent payments.
Application Process
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The first step of your loan application is to apply online with your cosigner.
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Next, your credit will be reviewed
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If your loan is approved, you’ll choose your type of interest rate and your repayment option.
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Next, you will be required to accept the terms of your loan and sign with your cosigner
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Lastly, your school will be asked to confirm your eligibility and loan amount
Students should note that if their applications are submitted directly to Sallie Mae, the requested loan amount cannot exceed the cost of attendance less financial aid received, as certified by the school.
Interest Rates
For Undergraduate Loans
Fixed rates: 4.50% APR– 15.49% APR & Variable rates: 6.37% APR - 16.70% APR
For Graduate Loans
Fixed rates: 4.99% APR– 14.48% APR & Variable rates: 6.87% APR - 16.47% APR
Repayment Plan: You will choose the one that suits you best during your application.
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Earnest Undergraduate Loan
Earnest Undergraduate Loans are low-interest international student loans without cosigner UK which are available to international students who may find it difficult obtaining federal funds in the UK.
The student loans for us students studying in uk covers everything education related including, tuition, books, laptops, study abroad costs
Earnest loans have competitive interest rates and the loan approval process is one of the quickest. You can get an instant eligibility check within 2 minutes and it won't affect your credit score.
Just like MPower Financing for UK, Earnest loans also offer cosigner free study loans for international students in uk who do not have a cosigner based in the US.
Eligibility Criteria
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Applicants need a good credit score
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A US credit card or credit history is required
Application Process
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First, you check your eligibility status online
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Complete the online application form
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Choose your payment plan, term, and rate options
Interest Rates: 9.99% APR
If your student loan for UK international students has a variable rate, your monthly payment amount could go up or down according to national market interest rates in the US.
But if you have a fixed rate, your loan payments will always remain the same.
Repayment Plan
Loan applicants get an extended 9-month grace period after graduation before they start repaying their loans.
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Credo Student Loan
Credo Bank is an online banking platform that offers student loans for studying abroad uk for international students to fully or partially fund their tuition fees in the UK.
Eligible students will be financed without any income or financial analysis. As long as proof of studentship is confirmed, students can get low interest loans with flexible repayment plans remotely.
Eligibility Criteria
To be eligible for a student loan from Credo Bank on,
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Applicant must submit their evidence of admission in an accredited university, and their ID card
Application Process
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To apply, signup and register for loan using the Mycredo application
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Once approved, the amount will be credited directly to the educational institution’s account in exactly 1 hour
Interest Rates: from 2.6 %
Repayment Plan: repayment will start in 6 months after the end of your studies.
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Global Education Management Services (GEMS)
GEMS partnered with Earnest loans to provide low interest international student loans for african students in uk at a variable and fixed rate.
The loans are available for students pursuing an undergraduate degree, graduate degree, medical short term or study abroad education. GEMS loan scheme is similar to mpower financing uk.
Eligibility Criteria
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Applicant must be pursuing a Bachelor’s or Graduate degree
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Applicant must present valid personal information, and school certification required for loan verification.
Application Process
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On the application website, click the “apply now” button
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Fill in your US address
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Type in the university you will be attending
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Type your credit score
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Follow the steps to complete the application. If you are applying with a US cosigner, an email will be sent to your cosigner asking for their information necessary for the loan process.
Interest Rates: 9.99% APR
Repayment Plan: Repayment plan will be discussed after your application is complete
Conclusion
Getting a international student loan for uk universities can be quite challenging. But, with adequate research, resources and a strong loan application, you can get a student loan to finance your studies in the UK.