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Financial assistance for postgraduate students studying abroad in the U.S. and Canada

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Pursuing a postgraduate degree in the U.S. or Canada offers incredible opportunities, but the cost can be a major challenge for international students. Fortunately, financial assistance for postgraduate students is available. International students can apply for scholarships, grants and student loans for postgraduate degrees, including no-cosigner loans that make funding more accessible. This brief overview explores financial aid for international student master’s programs, highlights the benefits of no-cosigner loans and explains how to apply for them. With the right financial assistance for postgraduate students, studying abroad can become an achievable goal rather than a financial burden.

Types of financial assistance for postgraduate students

As an international student, you likely cannot qualify for federal loans or grants from the U.S. or Canadian governments. But don’t worry – there are still plenty of options for financial assistance for postgraduate studies. From international scholarships and assistantships to private student loans, there are many ways to cover tuition and living expenses. Here are some possibilities for funding your degree:

  • Scholarships and grants: These funding options are advantaged financial assistance for postgraduate students because they don’t need to be repaid. International scholarships are often awarded based on academic achievement, leadership skills or specific talents, while grants are typically need-based. Many universities, nonprofits and private organizations offer scholarships just for international students, so it’s worth taking the time to search for and apply to as many as possible.
  • Assistantships: Universities offer research or teaching assistantships, which provide a stipend or tuition reduction in exchange for part-time work. These positions help cover costs while offering valuable professional and academic experience. Since assistantships are competitive, applying early and emphasizing relevant experience improves your chances.
  • Financial aid from your home country: Depending on your home country, governments, private organizations and employers may offer scholarships or low-interest loans for studying abroad. Check with your country’s education ministry, scholarship programs or professional organizations to explore available financial assistance for postgraduate students.
  • On-campus employment: While visa restrictions limit work options, many universities permit international students to work part time on campus. Library, dining hall or administrative office jobs can help cover personal expenses. Your university’s international student office can provide work limitation details and available opportunities.
  • Private loans: If international scholarships and assistantships don’t fully cover your costs, you might consider a private education student loan. There are two main types:
  • Loans with a cosigner: If you have a creditworthy U.S. or Canadian cosigner, such as a relative or close friend, you may be able to qualify for a loan with lower interest rates and favorable repayment terms. However, it’s a lot to ask of someone, since cosigners must accept the responsibility of repaying the loan if you cannot. That’s why many international students have difficulty finding someone who’s willing to make this commitment.
  • Loans without a cosigner: Some lenders offer no-cosigner student loans for international students. These education loan providers make their lending decisions by looking at your future potential rather than your financial history. These international student loans can be a great option if you don’t have close ties to friends or family in the U.S. or Canada who are willing to be cosigners.
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The advantages of a no-cosigner loan

An international student loan without a cosigner eliminates the need for a family member, friend or other guarantor. Instead of assessing credit history, lenders evaluate academic background, career potential and earning ability. No-cosigner loans recognize a student’s potential success, making them a powerful option for financial assistance for postgraduate students.

Here are some key benefits of no-cosigner loans:

  • Greater financial independence: A no-cosigner student loan lets you borrow money for your education without relying on a family member or friend to apply with you. This is especially helpful if you don’t know someone in the U.S. or Canada who meets the financial requirements for traditional student loans. With a no-cosigner student loan, you have more control over your education and finances.
  • Opportunity to build credit history: Repaying a no-cosigner student loan on time helps you create a credit history in the U.S. or Canada. A good credit history is important for things like renting an apartment, getting a credit card or applying for a loan in the future. By managing your loan responsibly, you can build a strong financial foundation.
  • Simpler application process: Since you do not need a cosigner, applying for a loan is usually easier and faster. You only need to provide your own information, such as your academic and career details, instead of getting a cosigner to submit all their financial information. This can make securing financial assistance for your studies more straightforward.
  • Flexible funding: In the U.S., no-cosigner loans can be applied toward many aspects of your education, including tuition, books, fees, housing, meal plans, transportation and more. In Canada, loan funds can typically be applied to tuition and other university-invoiced expenses.

How to apply for student loans

Applying for a student loan as an international student involves several important steps.

  • Research lenders: Start by identifying education loan providers that offer financial assistance to postgraduate students from countries outside the U.S. or Canada. Not all lenders provide loans without a cosigner, so look for options that fit your specific situation.
  • Check lender reputation: Before choosing a lender, read reviews from other students and check their reputation with organizations like the Better Business Bureau or TrustPilot. A reputable lender should have clear loan terms, good customer service and a history of working with international students.
  • Gather necessary documents: Prepare essential documents such as your passport, visa, proof of university acceptance and financial statements. Having these documents ready in advance will make the application process smoother and prevent unnecessary delays.
  • Complete the loan application: Fill out the loan application carefully on the lender’s website. Double-check all information to ensure accuracy, as mistakes could slow down the approval process or even lead to rejection.
  • Submit and follow up: Once you submit your application, track your application’s status and respond quickly to any requests for additional information. Some lenders may require further verification, so staying in touch can help speed up the process.

When comparing different international student loan offers, consider the following factors:

  • Student loan interest rates: Look at the interest rates offered by each lender, as lower rates mean you’ll pay less interest over time. Make sure you understand whether the rate is fixed or variable, as this affects how your payments might change in the future.
  • Student loan terms: Check the length of time you have to repay the loan. Longer terms may result in lower monthly payments but could lead to paying more interest overall. Choose a term that fits your financial situation and future plans.
  • Repayment options: Explore the different repayment plans available, such as starting payments immediately or deferring them until after graduation.  When evaluating deferment, know that interest will accrue even when you’re not paying, so you will pay more over the life of the loan.
  • Loan amounts: Check the maximum loan amount each lender offers to ensure it covers your tuition and living expenses. Borrow only what you need to avoid unnecessary debt.
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MPOWER Financing: No-cosigner loans and student assistance

MPOWER Financing is an international student loan company that provides financial assistance for postgraduate students from other countries studying in the U.S. and Canada. In addition to offering no-cosigner loans at fixed, competitive interest rates, MPOWER offers a range of student loan services such as visa and career support that help with the process of immigrating to North America, succeeding in your studies and finding an internship or job.

When you choose to work with MPOWER, you can:

  • Apply for no-cosigner loans. Unlike traditional lenders, MPOWER doesn’t require a cosigner or collateral. This means international students can apply independently and avoid placing financial stress on their relatives or family friends.
  • Enjoy flexible funding: MPOWER offers international student loans that range from US$2,001 to US$100,000 with fixed interest rates, ensuring predictable, inflation-proof and stable monthly payments. When students enroll in automatic payments, they receive a 0.25% discount on their interest rate, helping to reduce the overall cost of their loans.
  • Streamline the application process: The loan application process is entirely digital. International students can check their eligibility online in just 30 seconds and the loan application process is fast and easy as well. Once approved, MPOWER works directly with the school to ensure funds are disbursed on time.
  • Get support beyond funding: At MPOWER, the focus is on student success. Their Path2Success program provides free career support, visa assistance and financial literacy resources, helping students build a strong future after graduation.

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FAQs

How can I find scholarships specifically for international postgraduate students?

Many universities, nonprofit organizations and private institutions offer scholarships for international postgraduate students. You can check university websites, scholarship databases and organizations that support students from your home country.

What options for financial assistance for postgraduate students are available if I don’t qualify for scholarships or assistantships?

If you’re not eligible for scholarships or assistantships, you can explore private student loans, financial aid programs in your home country and part-time, on-campus employment to help cover your expenses.

Can I use a student loan to pay for living expenses in addition to tuition?

Yes, many student loans in the U.S. can be used to cover a variety of educational costs, including tuition, housing, books, meal plans and transportation. In Canada, loan funds typically cover tuition and other university-invoiced expenses. Be sure to check the specific terms of your loan and what your university will allow.

How soon do I need to start repaying my student loan after graduation?

Repayment terms are different for each lender. Some require in-school, interest-only payments, which help you reduce the overall cost of the loan, while others offer a grace period until after graduation before you need to start making payments. It’s important to remember that interest on your loan will accrue even if you’re not repaying, so you will end up paying more over the life of the loan.

What happens if I’m unable to make loan payments after graduation?

Some lenders offer deferment options. It’s best to communicate with your lender as soon as possible if you experience financial difficulties.


*Rates as low as 9.99% (11.16% APR). This interest rate and APR includes a 0.25% discount for automatic recurring payments.

DISCLAIMER – Subject to credit approval, loans are made by Bank of Lake Mills or MPOWER Financing, PBC. Bank of Lake Mills does not have an ownership interest in MPOWER Financing. Neither MPOWER Financing nor Bank of Lake Mills is affiliated with the school you attended or are attending. Bank of Lake Mills is Member FDIC. None of the information contained in this website constitutes a recommendation, solicitation or offer by MPOWER Financing or its affiliates to buy or sell any securities or other financial instruments or other assets or provide any investment advice or service.

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