I’m an international student currently studying in Australia and I’m in need of financial assistance. I’ve been exploring options for student loans, but most of them require a cosigner, which I don’t have here. Are there any student loan programs in Australia that cater specifically to international students without the need for a cosigner?
I’ve heard about some banks offering loans to international students, but they often require a local guarantor or proof of income, which I don’t have as a full-time student. Has anyone been in a similar situation or knows of any financial institutions or programs that might be able to help? Any advice or experiences would be greatly appreciated!
Finding student loans without a cosigner can be challenging, but there are some options available for international students in Australia. The options include:
Prodigy finance: This organization offers loans to international students without requiring a cosigner or collateral. They base their lending decisions on your future earning potential.
MPower financing: Similar to Prodigy Finance, MPower provides loans without the need for a cosigner. They also consider your future income and career prospects.
University loans: Some Australian universities offer short-term or emergency loans to international students. These loans are often interest-free and do not require a guarantor.
Stilt: This lender offers loans to international students without a cosigner, focusing on your creditworthiness and future potential.
Up to a certain limit, the bank may issue loans without a cosigner or collateral. But, if your needs are higher, they might demand a guarantor or a property as collateral. As a student, if you secure a loan from your home country and you land a job in Australia, it would be easy to pay the loan back in the future.