US fintech Earnest partners Nova Credit to make international student loans more accessible
US fintech Earnest has partnered with credit bureau Nova Credit to make international private student loans more accessible to the US market.
The San Francisco-headquartered firm, which provides education financing products, has launched its new International Private Student Loans offering to meet the increasing demand among foreign-born students in the US for private loans to fund their education.
Historically, gaining access to loans can be tricky, especially for international students, due largely to the inefficiencies of cross-border credit reporting across international markets.
Earnest will leverage Nova Credit’s Credit Passport solution to help overcome these limitations to international student funding.
The solution enables users to provide the fintech with cross-border credit data when filling out a loan application. With this, applicants can share credit information from their native country when applying for a private loan in the US. This also includes insight into the student’s credit history and an equivalent score, which will further support the application’s evaluation.
Misha Esipov, CEO of Nova Credit, believes that access to credit should be “borderless” and that “financial barriers should never hinder someone’s pursuit of education or opportunity”.
“By partnering with Earnest, we can provide more students the financial access they need to arrive and thrive.”
The offering is now available to international students from India, Mexico, Canada and South Korea.