5 FinTechs offering affordable student loans to US immigrants

By Delisha Fernandes

FinTechs are playing an essential role in expanding access to education by providing innovative and inclusive solutions customized to the unique challenges faced by immigrant students. Higher education has undergone a transformative shift, with almost 30% of US college students coming from immigrant families, and this percentage is constantly growing.

Despite this, many immigrants may not have naturalized citizenship or lawful permanent resident status. This restricts their access to federal student loans and other financial aid options.

Listed below are some FinTechs leveraging technology to offer financial products, such as instant credit and loans, that not only address the funding needs of students but also consider their challenges as immigrants.

Here are 5 FinTechs offering affordable student loans to immigrants in the US:

• College Ave

College Ave Student Loans provides private student loans to undergraduate students, graduate students, and the parents of students entering college. By focusing on student loans, it is able to offer its consumers the attention they deserve and provide loans that are tailored for every student. The company offers affordable rates, the most repayment options, and a user-friendly experience from application via repayment.

• Lorien Finance

Lorien Finance is a cross-border FinTech platform that provides affordable loans and retail banking services to Indian immigrants (students and temporary workers) moving to the US. The company secures the best loan deals possible and provides end-to-end assistance in international money remittance. Lorien Finance provides top-of-the-line services in helping students secure collateral-free education loans at market-beating low-interest rates with end-to-end assistance with studies abroad.

• MPOWER Financing

MPOWER Financing, headquartered in Washington, DC, is a FinTech company that provides global education loans. Its proprietary algorithm analyzes overseas and domestic credit data and future earning potential to serve promising international students. MPOWER works with over 400 top universities across the US and Canada to finance students from over 200 countries.

• Sallie Mae

Sallie Mae’s mission is to power confidence as students begin their unique journey. The company provides financing and expertise to support college access and completion. It offers products and resources to help students and families start smart in planning for higher education, ensuring opportunities to learn and dream big.

• Stilt Inc.

Stilt is a financial services company focused on immigrants. The company uses proprietary and public data sources to predict credit worthiness of immigrants with limited or zero credit history. Stilt predicts employability, financial responsibility, and propensity to leave the US to offer honest and transparent credit products. The company has provided loans to thousands of immigrants at affordable rates, helping them build credit and a strong financial foundation in the US.

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