Types of loans for international students

PTE Author
PTE Author
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Reading time: 6 minutes

No matter where in the world you choose to study, it’s important to take into account the financial cost of living abroad. Tuition, rent, textbooks, and transport can all be big expenses. But because of visa restrictions, not all students are able to work enough hours to support themselves while studying. 

In this, many international students might need to take out private student loans.  So, let’s explore what loan options are available for students – including in popular study destinations like Canada, Australia, the U.S., and the U.K.  

Where can I find a private student loan? 

Many countries have student loan systems in place to help learners fund their education. However international students are usually not eligible for these loans – only citizens, permanent residents, and those with protected status in a country can apply.  

On the other hand, there are lots of private loans for international students. Your eligibility will depend on what country you’re studying in. For example, in some countries, you’ll need a co-signer. In other countries, you’ll need to show you have a regular source of income.  

Loans for students studying abroad are available from various sources, including:  

  • Local banks 

  • Non-bank lenders and private student loan programs (popular in the U.S.) 

  • Universities  

While searching for student loans, we always recommend checking with your university first, as these loans usually come with better terms. For example, the University of Sydney in Australia offers loans of up to $1000 AUD ($777 USD) that are interest-free and payable within 12 months, as well as $2000 ($1550 USD) loans that can be paid back up to two years after graduation.  

Private student loans by country 

Private student loans differ by country. So, let’s take a look at what’s available for international students in these four popular study destinations. 

Australia 

It can be expensive to study abroad in Australia. According to the Australian Government, tuition for international students perusing a bachelor’s degree can cost between $25,000 – $45,000 AUD ($19,425-$34,966 USD) a year. Likewise, the cost of living can be about $21,000 AUD ($16,317 USD) for 12 months. Of course, these costs can vary depending on your institution and where you study in the country.  

But, the good news is that on an Australian student visa, you can work up to 40 hours every two weeks. 

As an international student, you won’t be able to access Australia’s Higher Education Loan Program (HELP). But you can explore the following to help further fund your studies:  

  • Short-term and long-term loans from a university. Dozens of universities offer loans to international students, just like the ones from the  we mentioned above. For example,  offers students loans up to $5,000 AUD ($3,883 USD). The even gives out student loans of $200 AUD ($155 USD) in case of emergencies, like if you’ve lost your wallet or are short on cash. 

  • A secured personal loan with a private bank, in which you offer an asset as collateral. 

  • An unsecured personal loan. With these, you don’t have to offer an asset as collateral, but interest rates are generally higher. Banks across Australia offer these types of loans. One example is Westpac.  

Read more: Australian student loans for international students 

The U.K.  

On average, students in the U.K. spend about £795 ($1,100 USD) a month on living expenses, and for international students, tuition for a Master’s Degree can be between £5,000-17,000 ($6,983-$23,743 USD) a year. With Brexit, EU/EAA citizens will now considered international students.  

So, what loan options do foreign students have? 

  • A foreign-enrolled loan. Students can apply to these to fund their education abroad – but it depends on what countries you come from the U.S. and what university you’ll attend. Students from, for example, can be eligible. 

  • Bank loans for students studying abroad from your home country.

  • Private student loans for foreign learners in the UK. Future Finance, for example, offers 

    flexible loans to international students. 

Read more: UK student loans for international students  

The U.S.  

The U.S. is one of the most expensive places to study as an international student. The cost of living can range between $1,000 – 3,000 USD per month, depending on where in the country you settle. Tuition for a four-year bachelor’s degree can cost roughly $40,000 USD at a public university and can reach past $50,000 USD at a private university.  

However, there are lots of student loan options available. These loans can be quite a long-term, and students might be able to repay them over the course of up to 25 years.  

  • Banks and online lenders. Loans from these sources often require a U.S. co-signer with good credit history. Organizations like Assent and Discover provide loans to international students. 

  • An online lender that doesn’t require a U.S. co-signer. MPOWER Financing, for example, offers loans for international students without a co-signer.

Canada 

Tuition fees at Canadian universities and colleges can vary – international students can expect to pay between $1000-30,000 CAD ($794-$23,830 USD) a year for a bachelor’s degree. Living costs depend on what city you study in but can range between $800-$2000 CAD ($635-$1588 USD)  a month.  

International students in Canada have a few loan options: 

  • A bank loan from your home country. Like many countries, Canada requires students applying for a visa to show they have enough money to cover their expenses

     – making getting a loan from home a good first option.

  • A student line of credit from a Canadian bank. With these, you have a set limit (just like on a credit card) and only have to pay back the money you actually use. Learn more about the student line of credits on the Government of Canada website.   

  • Private companies. For example, MPOWER Financing also offers loans to international students in Canada without a co-signer.  

This isn’t an exhaustive list. But we hope this article provides you with a good starting point and helps you understand where to begin looking for student loans to fund your education. Remember, it’s important to shop around for the loan that works best for you – there are lots of options out there. 

Preparing to study abroad?

PTE Academic can help you get one step closer. Our computer-based, unbiased language test is accepted by governments and higher education institutions around the world as proof of English proficiency. 

Find out more about the test or book your PTE Academic test today.

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    Are you an international student in Australia who has recently completed your degree? Congratulations! With your studies complete it is now time to think about your future in Australia. Did you know you can apply for a post-study work visa (also known as a Temporary Graduate visa or subclass 485) following the completion of your studies? This enables you to work, live and travel in Australia. Find out more about this visa below.

    What is the post-study work visa and what does it mean for you?

    Depending on the qualification you graduate with, this visa allows you to stay in Australia for up to 8 years following the completion of your studies, depending on your field of study and degree level. Recent changes have extended work rights for graduates in areas of workforce need. The Australian government currently estimates application processing times to range from 3 to 6 months. 

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    Before you apply, check to see if you meet the Australian government’s study requirements to ensure you meet eligibility requirements. A post-study work visa is only available if you successfully applied for your first student visa on or after November 5th, 2011. In order to ensure your application for this visa is processed by the Australian government, you’ll need to have held an Australian student visa for a period greater than 6 months before your application date and currently hold a substantive visa.

    Eligibility Requirements   

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    Please note that you are not eligible for a post-study work visa if you have previously held a Temporary Graduate visa or a Recognised Graduate visa as a primary visa holder. However, graduates who studied at regional institutions may qualify for a second Post-Study Work visa. This second visa allows an additional 1–2 years of stay, provided that the applicant lived, worked, or studied in a regional area throughout their first PSW visa period. This initiative is part of the Australian government’s efforts to attract skilled graduates to regional areas and promote economic growth outside major cities. 

    Check your eligibility in full on the Australian Government Department of Home Affairs website. 

    The application process 

    The Australian government provides a useful step by step visa guide so students have a simple resource to follow once they’re in the position to apply for their Temporary Graduate visa.

    1. When should you start the application process? 

    It’s important that you start the application for your post-study work visa as soon as you receive confirmation from your education provider that you’ve successfully completed your studies. You must apply for this visa within 6 months of completing your eligible course.

    2. Ensure you have the required documents and paperwork 

    As with any application, you’ll need to provide documented evidence to support your application. It’s important that you thoroughly review all required documentation so you do not accidentally miss items essential to your application. Given that some documents may be harder to source than others, it’s important to get started on your application as soon as you receive notice of your successful completion. Please ensure you check the Australian Government Department of Home Affairs website to make sure you have up to date advice and a detailed list of required documentation.

    One of the most important documents to provide with your application is your English language test results to prove your proficiency. PTE Academic is accepted by the Australian Government Department of Home Affairs for all visa categories, including post-study visa applications.

    To use PTE Academic to apply for an Australian visa, you need to select ‘Australia’ on the country dropdown menu and ‘work’ on the current goal options. You can choose to have your scores allocated to the DHA when you register or simply provide the Score Report Code on your visa application form so they can access your result.

    Find out more about PTE Academic and the test centers near you.

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    Last updated 20 December 2024.

  • Image- A woman in front of Big Ben- 800px
    Job opportunities for international students in the UK
    By PTE Author
    Reading time: 4 minutes

    Studying abroad is rarely cheap. Even if you’ve got a scholarship, a job on the side can help you live a little more comfortably during your degree. Luckily, there are lots of jobs for international students in the UK. You just need to know where to find them.  

    Once you arrive, you’ll be able to do the traditional resumé drop-offs and ask about opportunities in the store. But you don’t have to wait until then to start your hunt. Jumping online and applying in advance is the best method for getting a job in the UK for international students. It’s also nice to know that you’ve got a casual or part-time position waiting for you.  

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    • Summer jobs in the UK for international students 

    • Graduate jobs for international students in the UK

       

    Part-time jobs in the UK for international students

    If you’ve got strong time-management and organization skills, working a part-time job while you study can be an effective way to earn an income. On an international student visa (Student route visa), you’re able to work up to 20 hours per week during the term. 

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    • Retail worker

    • Mystery shopper

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    • Student ambassador

    • Library assistant

    Would you prefer a part-time job that is more academic in nature will intellectually challenge you as much as your actual course? You might consider becoming a research assistant at your university.

    If you’re studying a postgraduate degree or PhD, you could even apply for part-time teaching jobs in the UK for international students. Sharing your experience with undergraduates in tutorials is a great way to solidify your own knowledge while earning some money.

    The UK’s largest job databases are a good place to start your hunt:

    If you’ve got a specific job in mind, try searching for a niche jobs website (e.g. C+D Jobs is a great place to find pharmacy jobs in the UK for international students).

    Most UK universities have support services that can help you find a part-time job (as well as a job after you graduate). As an example, the career center at University College London helps UCL students with all types of career-related activities – including finding part-time jobs in London for international students. Similarly, the University of Edinburgh runs a careers service where international students can get advice about part-time jobs in Scotland. Visit your chosen university’s website to see what kind of career services they provide.

    Summer jobs in the UK for international students 

    Prefer to focus all your time and energy on your studies? That’s alright – a casual job during semester breaks might be a good alternative for you. A student visa allows you to work full-time during vacation periods.

    Most of the part-time jobs listed above are also great options for working during your time off. You may also find an opportunity over summer to work as a:

    • Sales representative

    • Event assistant

    • Call center operator

    • Private tutor

    The resources previously mentioned for part-time jobs are also relevant for international students finding a summer job in the UK. You should also consider talking to your university’s career support staff about any summer internships that might be available – these can provide a great experience and give you a foot in the door.

    Graduate Jobs in the UK for International Students

    As your final exam and graduation approach, you’ll naturally start thinking about your first job after university. The UK’s immigration program will allow you to transition from a student visa to a working visa if you secure a position that meets the relevant salary and time criteria.

    This is where your university’s career center will really come in handy, so make sure you’ve made appointments with them well ahead of your last class. They can help you find and apply for UK jobs for international graduates.

    Many jobsites allow you to filter your search to jobs that are marked as suitable for new graduates. Check that you’re searching in the right area/with the right filter.  

    Whether you’re looking for a part-time role while you study or a full-time job to extend your stay in the UK, you’ll find a wide range of opportunities available to you.