International students who are not citizens of the EU or EEA are not eligible for a loan from the UK government. If they fit specific requirements, students from the EU/EEA and Switzerland may be eligible for assistance from the UK government. However, you may be able to qualify for a number of additional financing choices and educational loans, depending on your particular circumstances.
You might occasionally be able to apply for a loan in your home country—from a local bank or even from a specific program—to use for your studies in the UK.
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There are various programs in place in each country, so it’s worth looking into what you might be eligible for.
This is a list of private loans available in the UK to foreign students.
- Future Finance
- Lendwise
- Prodigy Finance Student Loan
- HSBC Student Loan
- CUJ Loans
- The Global Student Loan
- Hardship Funds
- Earnest
- Global Education Management Services
- Juno
- Sallie Mae
Table of Contents
1. Future Finance
One of the best loans for international students available in the UK is Future Finance. The lender is a private business that has no connection to Student Finance.
Various loans are available from Future Finance for both individuals and families. A guarantor for an international student loan must be a permanent resident of the United Kingdom. Loan amounts range from £2,000 to £40,000, with an expected interest rate of 19%.
2. Lendwise
For international students wishing to finance their postgraduate studies, short courses, or professional certifications at prestigious UK universities, Lendwise is dedicated to providing education financing.
Its interest rates, which vary from 5% to 10%, are extremely appealing. The smallest loan amount is £1000, and repayment terms range from one month to ten years.
The majority of borrowers do not repay the loan and pay back the principal within the first six months; early repayment is not penalized, nor are repayments made while enrolled full-time in school.
Note that you must be over eighteen, live in the United Kingdom, and have a bank account there to be eligible for an online application for a Lendwise International Students Loan.
3. Prodigy Finance Student Loan
One of the UK’s best international student loans, Prodigy Finance, doesn’t need collateral or a co-signer.
Borrowers must be enrolled in any of the numerous colleges that the loan business collaborates with to be eligible for the loan.
Programs in business, law, public policy, health, technology, scientific, engineering, and math professions are the only ones eligible for the loan. Loan Amounts: $15,000 is the minimum amount that can be borrowed.
Repayment terms are tripled for borrowers, and payments are automatically postponed while they are enrolled in classes. There are no application or prepayment costs; instead, there is an administration fee of 4% for each loan.
What other options are available to international students?
This is dependent on your unique situation and the place you’re going from. The following is a partial list:
1. UK government support
For EU residents who moved to the UK to study, you may be eligible for a government Tuition Fee Loan to support your studies; it’s quick and easy to check using this online form. The amount you receive will vary depending on when your course started, how much your university or college charges, and whether you attend a publicly or privately funded institution.
You must have settled or pre-settled status under the EU settlement program and have lived in the UK, the European Economic Area (EEA), Overseas Territories, or Switzerland for the previous three years to be eligible. If you are a family member of someone who is a permanent resident of the UK, you might also be eligible to apply. If you qualify for the Tuition Fee Loan, you may also be eligible for the Maintenance Loan, which would provide extra money to help with living expenses.
2. Support from another government
For US students looking to study in the UK, you might qualify for a Study Abroad Loan or a Foreign Enrolled Loan. For students who are enrolled in US schools and are participating in a short-term study abroad program, Study Abroad Loans are available. Foreign Enrolled Loans are intended for American students who want to attend a foreign university full-time.
3. Hardship funds
In the UK, many educational authorities let students borrow money from their hardship fund. These prices are more reasonable than those of a lot of the other selections on this list. But to apply, you have to be truly struggling because of unanticipated events. Before pursuing other options, it’s a good idea to find out if your college or university offers this and what the requirements are.
4. Student overdrafts
A lot of student bank accounts provide for a sizable overdraft that is interest-free for the length of your studies (and, with any luck, for a little time after graduation as well). International students may, however, occasionally be ineligible for this benefit. After you graduate, the interest rate usually skyrockets, so it’s best to pay off your debt as soon as you can.
5. Student credit cards
Student credit cards are also offered by the majority of banks that offer specialized student accounts. You usually need an active student account to apply for a bank’s student credit card. Credit cards allow you to make interest-free purchases for up to 55 days, which can help you avoid overdraft fees and other borrowing expenses. It makes sense to settle your debt before it expires. If not, interest is charged retroactively to the date of purchase.
6. Loans from specialist lenders
On the other hand, you might be eligible for a loan from a specialized lender such as Lendwise. International students can apply to Lendwise as long as they meet certain requirements. If you pursue a full-time course, you can borrow between £5,000 and £100,000, with repayment due over an agreed-upon term of up to 10 years following graduation.
Alternatives to loans for international students
In addition to the borrowing choices listed above, there are a few further possibilities to think about:
1. Full-time or part-time employment
Getting a job to help pay for your education is one possibility. It will be more sensible to select a part-time position, but the compensation will be less than that of a full-time position. Your ideal work should be flexible enough to allow you to balance your academic obligations on top of it. Seeking weekend or evening jobs may be necessary for this.
2. Scholarships, bursaries, and grants
If you are eligible, a grant, scholarship, or bursary is an additional choice. You must thoroughly investigate the prospects and eligibility requirements unique to your educational institution, as well as prepare a thorough application. To get started, visit the British Council Study UK website.
Conclusion
International students can fulfill their educational goals in the UK with a plethora of opportunities. When searching for international student loans in the UK, however, foreign students are not spoiled for choice.
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