Several lenders offer student loans for international students, with many focusing on specific nationalities or regions. In Germany, options can range from German government-backed and private funds to international fintech lenders and home-country banks.
For international students of all nationalities
1. Prodigy Finance
Prodigy Finance offers loans to international graduate students from more than 120 countries, evaluating applicants based on their future earning potential rather than their current financial situation.
Key features:
- No co-signers, guarantors or collateral required.
- Covers tuition fees, living expenses and health insurance.
- The application process is completely online.
- Loans are available for postgraduate programs at top universities
2. MPOWER Financing
MPOWER provides fixed-rate loans for international and Deferred Action for Childhood Arrivals (DACA) students loan from over 190 countries studying at more than 400 universities in the U.S. and Canada, including some from Germany.
Key Features:
- No co-signer or collateral required.
- Offers interest-only payments during the study period and for six months after graduation.
- Loan amounts can be up to $100,00
3. Deutsche Bldg
This German company offers education funding for international students loan instead of traditional loans. Repayments are income-based after graduation.
Key features:
- Repayment is a percentage of your income for a fixed period after finding a qualifying job.
- No collateral is required.
- Provides flexible payment and support options for students.
For EU, US, and German residents
4. KfW Student Loan
KfW Bank offers low-interest loans to students enrolled at state-recognized German universities. Although eligible for international students under certain conditions, its limited accessibility makes it a less viable option for those outside the EU.
- Offers low, variable interest rates.
- The maximum loan amount is €54,600, disbursed in monthly installments.
- Eligibility requirements vary and may include having permanent residence in Germany or being a German or EU citizen.
5. Sallie Mae
This lender offers U.S. citizens and permanent residents the option to secure private student loans with a qualified co-signer for study abroad, which can be challenging for those without a U.S.-based co-signer.
Key features:
- Available for undergraduates and graduates.
- Offers variable and fixed interest rates.
- A US-based co-signer is required
Alternative financial assistance
Before taking out a loan, consider these alternative financing options to reduce your financial burden.
DAAD Scholarships: The German Academic Exchange Service (DAAD) is Germany’s largest scholarship provider for international students, offering a variety of grants that do not need to be repaid.
Employer-sponsored loans: Some German companies offer sponsorship to students in certain fields in exchange for a work contract after graduation.
Part-time work: International students in Germany are allowed to work up to 120 full or 240 half days per year.