No-cosigner private student loans for Bangladesh students studying abroad

If you’re a Bangladesh student lacking private savings for education in the U.S. or Canada, consider no-cosigner private student loans. Education loan providers offer these loans based on your academic history and projected career path instead of needing a cosigner or collateral. This guide gives you a quick look at the challenges of funding your international education and the perks of no-cosigner loans.

1. A sharp increase in Bangladeshi students studying abroadThe number of Bangladeshi students studying abroad has been steadily increasing. As of the latest data from UNESCO for 2023, 49,151 Bangladeshi students are currently enrolled in higher education abroad, a significant rise from 33,139 in 2016.Source: University World News
2. Median living expenses in popular international student cities:International students from Bangladesh looking for affordable options in the U.S. often consider cities like Raleigh, North Carolina; Pittsburgh, Pennsylvania; Houston, Texas; St. Louis, Missouri; and Atlanta, Georgia. Raleigh offers a low average tuition fee of around US$19,500 (BDT 1,900,000) and a monthly cost of living of US$1,150 (BDT 114,000), making it an attractive choice for those seeking quality education at a lower cost.Source: 8 Most Affordable Cities for Studying in the US – Shiksha
3. Projected industry employment growth (2023–2033)The professional, scientific and technical services sector is projected to be the fastest-growing industry sector in the United States from 2023 to 2033. This growth is primarily driven by increased demand for computer systems design and related services, reflecting the expanding need for client-based IT solutions.Source: U.S. Bureau of Labor Statistics – The fastest growing industry sector, 2023–33: Professional, scientific, and technical services

Bangladesh students pursuing a degree in the U.S. or Canada frequently find it challenging to finance their education. The cost of a graduate degree can be quite high, and Bangladesh students are typically not eligible for financial aid from the U.S. or Canadian governments. While private education loans are an option, most students don’t have a strong credit history, making lenders more hesitant to loan them money. As a result, many loans available to Bangladesh students come with high interest rates and strict repayment terms that make life after graduation more difficult financially.

Some institutions offer private loans to Bangladesh students who have a cosigner – someone who agrees to pay the loan if the student cannot. Cosigners must be U.S. or Canadian residents. They must have a strong credit score and the financial means to pay back the loan, if necessary. For Bangladesh students who don’t have relatives or close family friends in the U.S. or Canada, finding a cosigner can seem impossible. That’s where no-cosigner private student loans can be invaluable.

No-cosigner private student loans are loans that don’t require a guarantor to cosign the loan agreement. Rather than relying on the credit history of a student or cosigner, these loans are based on the student’s potential, academic performance and projected future income. An international student loan without a cosigner allows you to:

• Avoid family financing. With a no-cosigner loan, you won’t have the awkward task of asking friends or family to take responsibility for your financial situation.
• Stay independent. No-cosigner private loans let you avoid the risk of harming someone else’s credit or straining a personal relationship if repayment becomes difficult.
• Comprehensive coverage. Typically, no-cosigner loans can be used for all education-related expenses in the U.S. including tuition, books, fees, room and board, insurance, transportation and other costs of pursuing your degree. In Canada, loan funds can be applied to tuition and any other university-invoiced expenses.

When you’re considering an international loan – with or without a cosigner – it’s wise to thoroughly research your options before you pick a lender. Here are a few tips to guide your search.

• Compare interest rates: Student loan interest rates determine the amount of money you’ll have to pay in addition to the original loan amount. Rates can vary widely from one lender to another. Fixed interest rates will stay the same over the life of the loan, while variable rates will change as the economy rises and falls.
• Understand eligibility: Lenders have different requirements that Bangladesh students must meet to be considered for a loan. If you’re looking for no-cosigner private student loans, be sure to check whether you meet the minimum criteria for academic standing, field of study and future earning potential.
• Check repayment terms: Private loans come with a variety of repayment terms. Some lenders may allow you to delay payment until after you graduate. Others may offer shorter repayment terms which can help you save on interest or longer terms which can lower your monthly payment.
• Calculate the total cost: The total cost of your loan includes the original amount borrowed, plus the interest on the loan and any fees charged by the lender. Determining the total cost, or the annual percentage rate (APR) will help you directly compare loans between different lenders.
• Consider reputation and additional benefits: Not all lenders are the same. Some provide more assistance and services for Bangladesh students. Certain lenders offer added features such as visa support and career services to help you transition to the workforce after your studies.

MPOWER Financing is an international student loan company offering no-cosigner loans that help to remove the hurdles Bangladesh students often face when financing their education. By simplifying the financing process and providing greater flexibility, MPOWER helps Bangladesh 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 (BDT 11,127,000) with competitive, fixed interest rates that will never increase over the term of your loan. We make it easy to apply for higher education student loans and provide quick conditional loan offers. MPOWER student loans for postgraduate degrees can fund up to 100% of your educational expenses, including the cost of housing and education-related expenses in the U.S. In Canada, loans can cover tuition and any university-invoiced expense.

In addition to no-cosigner international student loans, MPOWER offers comprehensive student loan services and resources to help Bangladesh students make the transition to living and working in the U.S. or Canada. MPOWER offers a variety of international scholarships available for students in certain fields of study. And its Path2Success programme offers visa, career and financial services to help guide you through each step of your educational journey – from finding the right school to applying for work after graduation.