If you are like many international students interested in studying in the UK, or if you are already in the United Kingdom studying, you may be wondering how you can afford the high cost of all of these expenses as a foreign citizen.
It’s not going to be easy, but with some hard work and financial assistance, you can make your international education dream a reality.
In this post we will be focusing on private loans for international students in the UK, to help you in getting financial assistance that can cover up your study expenses. Let’s get started!
Private loans are financial aid options not backed by the government. Some of these include banks, credit unions, and schools. See Private Loans For International Students in Canada.
Private loans may also be available through state agencies and through companies such as Sallie Mae. See Private Loans For International Students in Canada
A private student loan may be used to pay the full cost of tuition. You may also seek a private student loan to pay for remaining expenses which may not be covered by other financial options such as grants, scholarships or federal loans.
Private student loan options are credit based. Terms and conditions may vary based on the student loan lender.
Here is the list of private loans for international students in the UK
- Future Finance
- Prodigy Finance Student Loan
- HSBC Student Loan
- CUJ Loans
- The Global Student Loan
- Hardship Funds
- Global Education Management Services
- Sallie Mae
1. Future Finance
Future Finance is one of the best International Students Loans in the U.K. It is a private lending company that is not affiliated with Student Finance.
Future Finance offers different loans for individuals and families. International Student Loans in the UK require a guarantor who must be in the U.K. or a permanent resident. Borrowers can get loans of £2,000 to £40,000 with a 19% approximate.
Lendwise is a private loan provider, and one of the best International student loans in the U.K. Lendwise is committed to education finance for U.K. residents looking to fund their postgraduate, short courses, or professional qualifications at top U.K. universities.
Its interest rates are very competitive and range from 5% to 10%. The amount which can be borrowed is £1 000 at a minimum and can be paid within 1 month to 10 years. See Private Loan For International Students
Most borrowers do not pay the principal in the first 6 months and repay the loan, and there is no consequence for early repayment and no repayments while in full-time study.
Application for Lendwise International Students Loans in the U.K. is online, and you will be eligible for the loan if you are above 18, residing in the U.K., and own a bank account in the U.K.
3. Prodigy Finance Student Loan
Prodigy Finance is one of the international student loans in the UK, and it doesn’t require collateral or a co-signer.
The loan service partners with many schools and borrowers must be students in any of these schools to qualify for the loan.
The loan is limited to programs like business, law, public policy, health, technology, science, engineering, and math professions. The amount that can be borrowed is Loan Amounts: $15,000 at minimum.
Borrowers have three repayment term options, and payments are automatically deferred while in school. It charges a 4% administration fee on every loan, but there are no application or prepayment fees.
4. HSBC Student Loan
HSBC student loan is one of the top international student loans in the UK that provides unsecured personal loans to undergraduate and graduate students.
The loan is for citizens and international students, starting from £3,000 to £40,000, and has fixed monthly repayment terms. The students can use the loan for study expenses like tuition, books, materials, etc.
Its interest rate falls within the competitive range of 9.50% to 15.99% yearly. The application process is not complicated as long as you meet the basic requirements for the loan.
There are quite a few opportunities in the UK for international students that enable them to achieve their educational aims. However, international students have limited options when looking for international student loans in the UK.
This is so because the U.K. government offers student loans to its citizens, and E.U. citizens are treated as U.K. citizens. For more inquiry on this topic, you can reach out to us through the comment section.