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Master’s program loans for international students

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If you’re an international student planning to earn a master’s degree in the U.S. or Canada, student loans can be a valuable way to fund your studies. Master’s program loans help cover the portion of your expenses that scholarships, assistantships and other financial aid cannot. However, there are a variety of loan options available to you and a wide range of lenders to choose from. This guide will help you understand the types of student loans for postgraduate degrees, why no-cosigner loans can be a great option and how to pick the best lender. With the right financial aid for international students in master’s programs, you can find the best path for you.

Options for master’s program loans

As an international student in the U.S. or Canada, you may already know that government loans are usually not available to non-citizens. This can make funding your education a bit more challenging, but there are still options. Private loans are a common way to finance your studies, offering funding for tuition, housing, books and other expenses. Unlike master’s program loans provided by the government, private loans come from banks, credit unions and specialized lenders. Each lender sets its own terms, and most require either a cosigner or collateral before approving your loan.

What does it mean to have a cosigner?

A cosigner is usually a U.S. or Canadian citizen or permanent resident who agrees to take legal responsibility for the loan if the borrower cannot make payments. A creditworthy cosigner may improve loan approval chances and lead to better interest rates. However, many international students don’t have a cosigner in the U.S. or Canada.

What’s collateral and why do lenders require it?

You offer collateral – something valuable like property, savings or other financial assets – to secure your loan. If you fail to repay your loan, the lender has the right to take possession of the collateral to recover the loan money. For many international students, providing collateral is difficult because they don’t have personal or family assets in the U.S. or Canada and lenders often don’t accept property or savings from another country.

What if you don’t have a cosigner or collateral?

If finding a cosigner or providing collateral isn’t possible, you still have options. Some lenders offer no-cosigner private student loans. Instead of relying on credit history or financial backing, these lenders base their decisions on factors like your academic background, field of study, your university’s reputation, and your future earning potential. While private education loan rates for no-cosigner loans may be slightly higher because of the added risk for lenders, these loans can provide a helpful way to fund your master’s degree without external financial support.

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Understanding no-cosigner loans

Some lenders offer international student loans without a cosigner to make studying abroad more accessible. They know many students don’t have a U.S. or Canadian cosigner, so they look at things like your academic record, career prospects and future earning potential. This gives you a chance to fund your education based on your future potential rather than your financial past. If you’re considering a no-cosigner master’s program loan, here are some important terms you should know:

  • Interest rate: This is the percentage of the loan amount you’ll have to pay back in addition to what you borrowed. Some loans have fixed interest rates, meaning the rate stays the same throughout the loan term and act as a hedge against inflation, while others have variable rates, which can change over time. Knowing the interest rate and whether it’s fixed or variable helps you estimate how much you’ll owe in total.
  • Repayment options: Every loan has different repayment plans and it’s important to choose one that works for your situation. Some lenders offer a grace period, which allows you to delay payments for a few months after graduation while you find a job but assess carefully as these programs can cost you more over the life of the loan. Some loans also allow deferment, meaning you can temporarily pause payments if you go back to school or face financial hardship.
  • Fees: Some loans come with extra costs, like application fees, required insurance or origination fees, which are charged when the loan is processed, or late payment fees if you miss a due date. Always check for hidden fees so you don’t end up paying more than expected.
  • Loan amounts: Different lenders offer different maximum and minimum loan amounts, so make sure the loan you choose covers what you need. Some loans may only pay for tuition, while others allow you to borrow for all education-related expenses including housing, books and living expenses.
  • Eligibility requirements: Each lender has different requirements for who can qualify for a loan. Some may require you to be enrolled full time, studying in certain fields or attending an approved university. Checking these details in advance will save you time when applying.

By understanding these key terms, you’ll be better prepared to perform an education loan comparison as you look at master’s program loans options. A no-cosigner loan can be a great choice if you don’t have a financial backer, but make sure to read the terms carefully so you know exactly what to expect!

How to choose a lender

Choosing the right lender for your master’s program loans is a crucial step in your educational journey. With lots of options available, it’s essential to find a lender that works for your financial needs and goals. Here are some steps to guide you:

  • Search online: Start by exploring lenders that offer loans to international students. Many lenders provide detailed information about their loan products, eligibility criteria and application processes on their websites.
  • Seek referrals from your network: Reach out to friends, family or alumni who’ve studied abroad. They can share their experiences and recommend lenders they found reliable. Their personal insights can offer valuable information beyond what’s available online.
  • Read reviews: Look for reviews from other international students who’ve borrowed from the lenders you’re considering. These can offer insights into the quality of their customer service.
  • Check options from your home country: Some banks or financial institutions in your home country may offer loans for studying abroad. These loans might have more favorable terms and could be easier to obtain. It’s worth exploring these options before making a decision.
  • Explore financial aid through your school: Many universities have partnerships with specific lenders or offer their own financial aid programs for international students. Contact your school’s financial aid office to learn about what’s available.
  • Compare interest rates, terms and total loan costs: Once you’ve identified potential lenders, compare their annual percentage rates (APR). The APR is a comprehensive measure of the cost of borrowing money rather than the interest rate alone. It includes the interest rate and other costs associated with borrowing such as application fees or required insurance. The APR provides a way to conduct an apples-to-apples comparison of loans available to you.
  • Look for lenders that cater to international students: Some lenders specialize in loans for international students and understand the unique challenges they face. These lenders may offer better terms, simpler application processes and more flexible repayment options designed for students without a U.S. credit history.
  • Check for extra benefits beyond loans: Some lenders provide additional support, such as visa assistance, career services and financial literacy resources. Choosing a lender that offers these extras can help you succeed both during your studies and after.
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MPOWER Financing: No-cosigner master’s program loans

MPOWER Financing is an education loan company offering no-cosigner loans that help to remove the hurdles international students often face when financing their education. By making it easier to apply for loans with competitive interest rates, MPOWER helps international students pursue their dream of getting a degree in the U.S. or Canada.

MPOWER’s no-cosigner private student loans come with low rates and high limits – up to US$100,000 with competitive, inflation-proof fixed interest rates that mean payments will never increase as students repay their loan. The online processes make it easier to check eligibility, apply for loans and get a quick conditional loan offer. MPOWER master’s program loans can fund up to 100% of educational expenses, including the cost of housing in the U.S. For loans in Canada, funds can typically be used toward tuition and university-invoiced expenses.

In addition to no-cosigner loans, MPOWER offers services and resources to help students make the transition to living and working in the U.S. or Canada. That includes a variety of scholarships available and assistance in finding student health insurance that can help meet school insurance requirements. The Path2Success program offers free visa, career and financial services to help guide students through each step of their educational journey – from finding the right school to applying for work after graduation.

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FAQs

Are there limits on how much I can borrow from private lenders?

Each lender has different loan limits, which may depend on your school’s cost of attendance and other financial aid you’ve received. Some lenders allow you to borrow up to 100% of your tuition and living expenses, while others have specific caps.

Can I use my student loan for expenses other than tuition?

Many student loans for studies in the U.S. cover not only tuition but also housing, books, food, transportation and other essential costs. However, it’s important to check with your lender to understand what expenses your loan can be used for. In Canada, loan funds typically cover tuition and any other university-invoiced expenses.

Do I need to make payments while I’m still in school?

Some lenders require payments while you’re studying, while others offer deferred payment options, meaning you start repaying after graduation. Delaying payments while in school may seem like a good idea, but you’ll end up paying more over the life of the loan. It’s essential to check the repayment terms and understand whether interest will continue to build up during your studies.

Can I apply for both a no-cosigner loan and a scholarship at the same time?

Yes, you can apply for both. Scholarships can help reduce the amount you need to borrow, so securing both scholarships and loans can be a smart financial strategy.

Are there any penalties for paying off my loan early?

Some private lenders do not charge prepayment penalties, meaning you can pay off your loan ahead of schedule to save on overall interest. However, it’s always best to check your loan agreement for specific prepayment terms.


*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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