FAQs
How can Bangladesh students approach relatives in the U.S. about cosigning a student loan?
How can Bangladesh students approach relatives in the U.S. about cosigning a student loan?When approaching U.S.-based relatives about cosigning, Bangladesh students should first research and prepare a detailed presentation about the specific loan terms, including interest rates, repayment schedules and total cost calculations in both dollars and taka. Schedule a formal conversation rather than making an impromptu request, and clearly explain your academic plans, career goals, and how your degree will translate to employment opportunities. Prepare a comprehensive postgraduation financial plan showing how you’ll manage loan repayments through on-campus jobs, optional practical training (OPT) employment, and potential H-1B sponsorship. Offering additional security measures, such as having your parents in Bangladesh sign a legally binding document promising to reimburse the cosigner if necessary, can also help ease concerns.
What alternative financing options exist for Bangladesh students who cannot secure a cosigner for U.S. education?
What alternative financing options exist for Bangladesh students who cannot secure a cosigner for U.S. education?Bangladesh students without access to a U.S. cosigner have several alternatives beyond traditional loans. MPOWER specialises in no-cosigner loans for international students based on future earning potential rather than current credit history. Additionally, many Bangladeshi students combine multiple funding sources, including merit scholarships from U.S. universities, graduate assistantships which provide tuition waivers and stipends, education bonds from Bangladesh financial institutions and specialised programmes like the Fulbright Foreign Student Program, which offers specific opportunities for Bangladesh nationals pursuing graduate studies in the U.S.
How does having a cosigned U.S. loan impact a Bangladesh student’s financial future when returning to Bangladesh?
How does having a cosigned U.S. loan impact a Bangladesh student’s financial future when returning to Bangladesh?When Bangladesh students with cosigned U.S. loans return home, they face unique financial considerations, including currency exchange risk, as earning in taka while repaying in dollars can significantly increase the effective loan cost if the taka depreciates. International payment transfer fees can add 2-3% to each payment. Credit history established through the cosigned loan doesn’t automatically transfer to Bangladesh’s credit system, though some premium banking relationships with institutions like Eastern Bank Limited or Standard Chartered Bangladesh allow for recognition of international credit history. Students should also consult Bangladesh tax professionals about potential tax benefits under the Bangladesh Income Tax Ordinance for education loan interest payments.
What are the specific advantages of MPOWER’s no-cosigner loans for Bangladesh engineering and technology students?
What are the specific advantages of MPOWER’s no-cosigner loans for Bangladesh engineering and technology students?MPOWER’s no-cosigner loans offer particular advantages for Bangladeshi engineering and technology students through their career path underwriting model that recognises the strong earning potential of these degrees. Bangladesh students in STEM fields qualify for a three-year optional practical training period in the U.S. after graduation, providing extended income opportunity in dollars to repay loans. MPOWER offers interest rate considerations for students from top Bangladesh technical institutions like BUET (Bangladesh University of Engineering and Technology) and IUT (Islamic University of Technology), along with several other criteria to recognise potential future success. Additionally, MPOWER provides career support services including job placement assistance and interview preparation, specifically tailored for international students navigating the U.S. job market, plus networking opportunities with successful Bangladesh professionals in the U.S. technology sector.
