Embarking on an educational journey abroad is an exciting endeavour. Yet, as a Pakistani student in the U.S. or Canada, securing the necessary funds can be a significant challenge. Federal funding is typically not available for foreign students, and scholarships are highly competitive. There are plenty of private lenders willing to loan you money, but they usually require a cosigner – someone who’ll be responsible to pay if you cannot. That leaves no-cosigner international student loans as one of your better options. This brief overview looks at the various financing possibilities for Pakistani students, covers the details of an international student loan without a cosigner and explores ways to get one.
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Financing options for Pakistani students
As a Pakistani student trying to study abroad on a budget, you have several financial assistance options in the U.S. or Canada:
Given the challenges associated with finding a cosigner, international student loans without a cosigner have become vital resources for many Pakistani students.
All about international student loans without a cosigner
International student loans without a cosigner provide financial assistance without the need for a U.S.- or Canada-based cosigner. These loans assess your eligibility based on factors such as academic success, career path and possible future earnings. This approach allows lenders to focus on your potential rather than your current financial status.
When considering applying for an international student loan without a cosigner, consider the following factors:
No-cosigner private student loans can cover a variety of educational expenses in the U.S., including tuition, fees, housing, books, meal plans, transportation and other related costs. In Canada, loans typically cover tuition and any other university-invoiced expenses.
How to get a loan without a cosigner
Securing an international student loan without a cosigner involves several steps for Pakistani students:
Throughout this process, maintain open communication with the lender and promptly provide any additional information they may require. It’s also important to consider how currency conversion might affect your repayment when planning your finances.
International student loans without a cosigner from MPOWER Financing
MPOWER Financing specialises in providing student loans to international students, including those from Pakistan, without requiring a cosigner or collateral. MPOWER offers flexible student loan amounts, competitive fixed interest rates and an easy application process. With over 500 eligible U.S. and Canadian schools, MPOWER is dedicated to helping Pakistani students achieve their educational goals.
Benefits of working with MPOWER include:
By focusing on your future potential, MPOWER helps Pakistani students to pursue their educational dreams without the need for a cosigner.
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FAQs
A no-cosigner international student loan doesn’t require a citizen or permanent resident of the U.S. or Canada to cosign the loan. Instead, lenders base loan decisions on factors like academic performance and future earning potential. For Pakistani students, this is particularly valuable as finding a qualified cosigner in North America can be difficult.
No-cosigner loans can often cover many educational expenses, including tuition, housing, books and other related costs in the U.S. Pakistani students should calculate their total expenses carefully, as costs of living in major U.S. and Canadian cities can be substantially higher than in Pakistan.
No-cosigner loans provide financial independence, eliminating the need to find a qualified cosigner and allowing students to build their own credit history while funding their education. For Pakistani students, these loans also offer an alternative to the collateral-based education loans typically available from Pakistani banks.
Generally, yes. Since lenders assume more risk by offering loans without a cosigner, interest rates may be slightly higher than those for loans with a cosigner. However, rates vary by lender, and a fixed interest rate will protect you from market volatility. Pakistani students should compare these rates with those offered by Pakistani banks to determine the most cost-effective option.
In the U.S. and Canada, financial aid for international students in master’s or doctoral programs is more limited, but there are options. Many universities offer scholarships, grants and assistantships, which can provide partial or full funding. Private student loans are also available, including no-cosigner options, as explained in this article. Additionally, some nonprofit organisations and government programs offer funding for Pakistani students. The Pakistani government also offers certain scholarship programmes for students studying abroad.
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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