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Educational loan requirements for international students

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A graduate degree from a university in the U.S. or Canada can open doors to incredible academic and career opportunities, but it may come with a hefty price tag for international students. Tuition, housing and other expenses add up quickly, and financial aid options are limited compared to those available for domestic students. While international scholarships can help, they’re highly competitive and rarely cover the full cost of education. Fortunately, private educational loans offer a way to finance your studies, but they aren’t available to everyone. Before you apply, it’s important to understand the educational loan requirements for different types of funding sources.

Types of international education loans

As an international student studying in the U.S. or Canada, you won’t qualify for federal student loans, which often come with lower interest rates and flexible repayment terms. However, private lenders such as banks, credit unions and other financial institutions offer loans for international students. Choosing the right loan requires careful research – you’ll want to do an education loan comparison to review the educational loan requirements and find the best interest rates and repayment terms.

The two main types of private student loans available are those that require a cosigner and those that don’t.

  • Education loans with a cosigner: A cosigner is typically a U.S. or Canadian citizen or permanent resident with a strong credit history and reliable income who agrees to take financial responsibility for the loan if you cannot make payments. Loans with a cosigner often come with lower interest rates because lenders see them as less risky. Cosigners are usually a family member, close family friend or mentor – someone with a strong interest in the student’s success. However, many international students don’t have these kinds of close contacts in the U.S. or Canada.
  • No-cosigner education loans: Some lenders specialize in offering loans that don’t need a cosigner, though these usually have stricter educational loan requirements. Lenders who offer no-cosigner private student loans base their decisions on things like your previous academic success, your field of study, the reputation of your chosen university and your earning potential after you graduate. Essentially, no-cosigner international student loans recognize your future potential for success, rather than your past credit history and current financial status.
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Educational loan requirements of private lenders

When you apply for a private education loan in the U.S. or Canada, you’ll need to meet certain requirements, and these vary depending on the lender. Here’s what you need to know about the key educational loan requirements and how they apply to you:

  • Proof of enrollment: Before you can get a loan, you’ll need to show that you’re officially accepted to or enrolled in an eligible program at a recognized university. This usually means providing a letter of admission or an enrollment verification document from your school. Whether you’re studying full time or part time, lenders want to make sure you’re actually pursuing a degree before they approve your loan.
  • Valid student visa: A valid student visa proves you’re legally allowed to study in the U.S. or Canada. Since lenders want to be sure you’ll stay in the country for the duration of your studies, this is one of the most critical educational loan requirements. If you’re still in the process of getting your visa, check with the lender to see if you can conditionally apply for a loan while you wait for approval.
  • Financial documentation: Education loan providers want to make sure you’ll be able to manage the cost of living and studying abroad and that you’ll be able to start making payments on the loan when needed. That’s why they may ask for bank statements, tuition invoices or proof of existing funding to ensure you can pay for any remaining costs your loan won’t cover. Keeping these documents handy will make the application process smoother.
  • Identification documents: You’ll need to provide valid identification, such as a passport and sometimes a national ID or driver’s license. This helps lenders verify your identity and ensures your loan application is processed securely.
  • Credit history or cosigner: Many lenders require international students to have a credit history in the country where you’re studying. If you don’t have a credit history, some lenders will require you to have a cosigner, but you may be able to qualify without a cosigner.

How to choose a student loan provider

Every student loan provider has its own set of educational loan requirements, so you should take the time to research your options and find the one that works best for you. Some lenders even offer valuable benefits like visa assistance or career support to help you succeed after graduation. Choosing the right private student loan provider for your international student loan can make a big difference in how manageable your finances are during and after your studies. Here’s what to look for as you compare lenders and private education loan rates:

  • Student loan interest rates: The interest rate is one of the most important things to consider when taking a loan. A lower rate means you’ll pay less over time to borrow money, and the type of interest rate, fixed vs. variable is important too. Some lenders offer fixed rates with predictable, inflation-proof payments, while others have variable rates that fluctuate with the market.
  • Loan terms: Look at how long you’ll have to repay the international student loan and whether the repayment period is flexible. Some lenders offer shorter terms with higher monthly payments or longer terms with lower monthly payments, so choose what fits your financial situation best.
  • Repayment options: Find out when repayment starts and what repayment plans are available. Some lenders allow interest-only payments while you’re in school, while others require full payments right away. Also, check if the lender offers a grace period after graduation, giving you time to find a job before making full payments.  Note, if you delay payment your loan still accrues interest, which means the cost over the life of the loan is higher.  
  • Additional fees: Some lenders charge application fees, origination fees, required insurance, late payment fees or early repayment penalties that can add up to a significant cost. Make sure you understand all potential costs before you commit to a loan.
  • Lender reputation: Do some research to ensure the lender is legitimate and trustworthy. Look for customer reviews on sites such as TrustPilot, ratings on financial websites and lender rankings to see how reliable they are.
  • Support services: Since international students may have unique questions and needs, check whether the lender offers strong customer support, including easy-to-reach representatives, multilingual support and guidance on the loan process.
  • Extra benefits and services: Some lenders go beyond just offering loans. Look for valuable benefits like free career services, visa assistance or networking opportunities that can help you succeed beyond school.
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MPOWER Financing: Loans and services for international students

MPOWER Financing helps students finance their education at more than 500 eligible universities across the United States and Canada. MPOWER provides no-cosigner loans for international students, as well as a range of support services and other benefits to help eliminate the traditional barriers to pursuing study abroad.

When working with MPOWER, international students can count on:

  • Access to no-cosigner loans: To remove the obstacles that confront most international students when seeking funding, MPOWER’s educational loan requirements do not include a cosigner or collateral.
  • Fixed, competitive interest rates: MPOWER offers loans from US$2,001 to US$100,000, with fixed interest rates that will never increase, offering a hedge against inflation.
  • A simplified online process: The fully digital application process lets students manage their application and loan from anywhere in the world. MPOWER has made it possible to check eligibility in 30 seconds and has streamlined the process of applying for a loan and receiving funds.
  • More than just financing: Along with no-cosigner loans, MPOWER offers free visa assistance, career coaching and financial resources to help students succeed after graduation. The Path2Success program includes services like resume reviews, job search guidance and professional mentorship.

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FAQs

Can I apply for a private student loan before being accepted into a university?

For most lenders, proof of enrollment or admission is one of the key educational loan requirements for a loan. However, some lenders may offer conditional approval based on expected acceptance into an eligible program.

Can I use a student loan to cover expenses beyond tuition?

Yes, most private student loans in the U.S. can be used for expenses like housing, meal plans, transportation, books and health insurance, but the lender may have limits on what is covered. In Canada, loan funds can be used toward tuition and any other university-invoiced expenses.

How long does it take to get approved for a private student loan?

The approval process varies but typically takes a few days to several weeks. Some lenders offer fast online pre-approvals, while other lenders require additional verification and documentation.

What financial aid is available for international graduate students?

Financial assistance for postgraduate students in the U.S. or Canada includes scholarships, grants, fellowships and university-based financial aid awarded based on merit, research contributions or financial need. Graduate students may also qualify for teaching or research assistantships, work-study programs or employer sponsorships, which provide stipends or wages in exchange for work. For those needing additional funding, private student loans with or without a cosigner are available.


*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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