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F-1 student loan: Finding funding for your postgraduate degree in the U.S.

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Securing a postgraduate degree in the U.S. can be life-changing, but it often comes with a hefty price tag. For international students on an F-1 visa, the challenge of funding your education is even greater – federal loans aren’t an option and traditional private lenders typically require a U.S. cosigner.

But you’re not without options. The growing recognition of international students’ potential has led to more flexible funding models that support you on your own merits. F-1 student loans are one of those critical resources, offering a way to pay for tuition, living expenses and other essential costs.

Here’s what to consider when you’re weighing your F-1 loan options – and what makes them different from domestic funding routes.

Why F-1 student loans matter for international graduates

As an F-1 visa student, you’re ineligible for U.S. federal student aid. This pushes most postgraduate students to seek out private loans for international students or personal education loans specifically designed for those on student visas.

These loans do more than just plug funding gaps. They allow you to:

  • Build a bridge between your academic ambitions and real-world costs.
  • Avoid the high financial stress that can distract from your studies or career search.
  • Start to build a financial foundation that can help when you later transition to work visas or permanent residency.

The most important thing to remember – loans for F-1 students exist because lenders see your postgraduate degree as a smart investment in future earnings and economic contributions.

Insert Image alt text hereStudent in a cozy dorm room working on a laptop to calculate their education budget, surrounded by study essentials like a backpack, headphones and a coffee mug

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What to look for in an F-1 student loan

When you’re evaluating lenders, pay close attention to eligibility and repayment structures. Many student loans for non-citizens, including those for F-1 visa holders, come with stipulations – often requiring a U.S.-based cosigner, which can be a major hurdle for international students. However, some lenders recognize that not all students have these connections and instead focus on academic programs and career potential. 

F-1 student loans will cover not just tuition, but also living costs like rent, health insurance and essential day-to-day expenses. You’ll also want to check if the loan is a fixed interest rate student loan, which can provide more predictable, inflation-proof payments during your program and after graduation.

Instead of being dazzled by a low starting rate, look at the total cost of borrowing over time. This includes any origination fees, potential insurance costs and possible penalties for early repayment..

How these loans differ from other funding options

F-1 student loans are only one piece of the financial puzzle. Scholarships, grants and personal savings all play a role in your ability to fund your degree. But for most F-1 students, those resources don’t cover everything.

International student loans in the U.S. can include options that don’t require a cosigner or U.S. credit history, making them more accessible. Similarly, loans for students without a cosigner are increasingly common as lenders adapt to the needs of international postgraduates.

Meanwhile, graduate student loans for international students can vary significantly in their terms. Some may only cover tuition, while others support living expenses and emergency costs as well.

Choosing the right loan means considering all these factors – how much you need to borrow, how long you’ll be in your program and how you’ll transition to repayment once you graduate.

Insert Image alt text hereYoung international graduate standing outside a university building, smiling while checking their phone, symbolizing financial readiness and planning

Why MPOWER Financing?

MPOWER Financing was created with international postgraduate students in mind. For those who don’t have a U.S. cosigner or established credit history, MPOWER’s loans offer a way forward. Instead of relying on your past, MPOWER focuses on your future – your university, your program and your career potential.

With loan amounts from US$2,001 to US$100,000 and fixed interest rates, MPOWER helps cover tuition, living expenses, as well as education related expenses, such as a computer and books for study in the U.S., and tuition and university-invoiced expenses for schools in Canada. MPOWER funding has no hidden fees or early repayment penalties and the application process is fully online, letting you start from anywhere in the world.

Beyond funding, MPOWER offers access to Path2Success, a suite of resources to help you navigate work opportunities during optional practical training (OPT), budgeting tools and exclusive F-1 job search support. It’s a holistic approach to financial aid that recognizes the complexity of being an international student – and works to remove as many barriers as possible.

For many international graduates, a flexible, transparent loan from MPOWER can get you started on your study abroad journey and independence.  

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FAQs

How can I get a student loan if I’m on an F-1 visa?

Look for lenders that work with international students – some offer no-cosigner student loans and flexible terms designed for your unique needs.

Do I need a U.S.-based cosigner for an F-1 student loan?

Not always. Some lenders, like MPOWER, don’t require cosigners or collateral and focus instead on your academic program and future earning potential.

What expenses do F-1 student loans typically cover?

Many loans will cover not just tuition but also rent, food, health insurance and other living expenses in the U.S., while loans for study in Canada typically cover tuition and other university-invoiced expenses. Always check lender details.

How is repayment structured?

Most F-1 student loans allow you to pay a lower amount while in school, typically interest only payments and then full principal and interest six months after you have graduated. Fixed interest rates are often preferred because they are inflation-proof and offer predictable monthly payments.


*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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