How to find master’s program loans for international students in the U.S.
Master’s program loans are an essential resource for international students looking to finance their education in the United States because International students don’t generally have access to federal financial aid. While scholarships and personal savings can help, international student loans are often a necessary and reliable way to cover the cost of a master’s degree and living expenses in the U.S.
With the right resources and understanding of available master’s program loans, you can streamline your efforts to pay for your international education.
How much is a typical master’s program in the U.S.?
The cost of a master’s program in the U.S. varies significantly depending on the school, location, and field of study. International students can expect to pay anywhere from about US$44,640 to US$71,140 per year in tuition and fees alone, according to the Education Data Initiative. However, this amount doesn’t include living expenses, such as housing, transportation, food and health insurance. The total cost of a master’s degree in the U.S. can be upwards of US$100,000 for a two-year program.
It’s important to factor in these additional costs when budgeting for your education as they can significantly affect your overall financial plan. Master’s program loans can help make these high costs more manageable by spreading payments over time after graduation.
Top options for master’s program loans
Since there are limited options for financial aid for international students pursuing a master’s, most students turn to loans to fill the financial gap. Here are some of the most common loan options:
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- Government loans or institutional financial aid. Depending on your home country, you might have access to government-backed loans that can be used for study abroad in the U.S. Alternatively, some universities offer financial aid for international students in master’s programs, which might include need-based loans, grants, work-study or assistantship opportunities.
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- Private student loan lenders. Private student loans are a great way to secure funding for postgraduate studies through a bank, credit union or online lender. However, international students often have issues qualifying for private student loans without a U.S. credit history or a creditworthy cosigner.
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- No-cosigner international student loan. Some private lenders, such as MPOWER Financing, recognize the unique challenges international students face when it comes to securing private financing. They offer international student loans that don’t require a cosigner or collateral.
How international students can apply for master’s program loans
Applying for an MPOWER international student loan is fast and easy. To get started:
- Check your eligibility. You must be an international student, DACA recipient, U.S. citizen, refugee, or asylum-seeker within two years of graduating or about to begin a one- or two-year program. Additionally, you must be admitted or attending one of the 500+ approved schools.
- Submit your online application. MPOWER has a 100% digital application for its no-cosigner and no-collateral loans. You’ll need to submit a government-issued ID (e.g., passport) as part of the application process.
- Receive a conditional offer. You’ll then receive an immediate, conditional offer decision.
- Upload documents. After receiving a conditional offer, you’ll be directed to upload certain documents to the MPOWER Portal. This might include financial documents, academic paperwork (e.g., transcript or admission letter), and a resume.
- Gain final approval. Once all uploaded documents are validated, you’ll receive final loan approval within six to eight business days. MPOWER will also provide a free visa support letter if needed.
- Funds are disbursed. After your school certifies your enrollment status, MPOWER will send the final loan documents to sign. Your international student loan funds will then be disbursed directly to your school.
The importance of choosing the right master’s program loans
The right master’s program loan can make all the difference when figuring out how to fund your postgraduate studies in the U.S.
MPOWER helps to ease the financial and logistical burden for students from all over the world. No-cosigner student loans can help cover the cost of attendance with fewer barriers than traditional private loans. Competitive, fixed-rate loans are available from US$2,001 to US$100,000, helping international students to fully finance their tuition and living expenses while in the U.S.
With flexible repayment terms and support throughout the application and visa process, MPOWER ensures international students can achieve their education dreams.
