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Education student loans for international students

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Attending a college or university in the U.S. or Canada is an exciting prospect for many international students. However, the high cost of education in these countries can be a big obstacle to getting a degree. Most international students aren’t eligible to receive financial aid or loans from the U.S. or Canadian governments. That means higher education student loans are often the best option for financing your education. This guide offers a brief overview of the challenges you may encounter when applying for loans, the types of college education student loans available, and the benefits of no-cosigner loans.

The challenge of getting higher education student loans

As an international student in the U.S. or Canada, you’re likely to face several hurdles when you apply for financial aid or loans:

  • Limited eligibility: Many loan programs backed by federal governments are available only to domestic students, which means international students have fewer options. There are some scholarships and grants available for international students, but these are often limited and highly competitive.
  • Higher interest rates: Lending institutions often consider international students to be a higher risk, so they often charge higher interest rates when lending money. Interest rates for international students may also be affected by the lack of a credit history and the lender’s uncertainty about your prospects for employment after graduation.
  • Lack of a cosigner: Most lenders require you to have a cosigner. This must be a citizen of the U.S. or Canada with a good credit history and the financial ability to pay back your loan if you cannot. If you don’t have relatives or family friends who live in the country where you want to study, this can be a major obstacle to qualifying for higher education student loans.
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Types of higher education student loans

Despite the challenges of finding financial aid or loans, you’ll likely have several good options for education student loans.

  • Private student loans: These are loans offered by private lenders and banks that specialize in helping international students finance their education. You can usually use a private loan to pay for all aspects of your education in the U.S., including tuition, living expenses and other academic costs. In Canada, a private student loan can be used to pay for tuition and other expenses invoiced by your school. The terms, interest rates, fees and educational loan requirements vary widely, so it’s important to closely compare offers from different lenders. While most private lenders require a cosigner when lending to international students, some lenders make it possible to finance your education without a cosigner.
  • University–sponsored loans: Some universities offer loan programs designed specifically for international students. These loans may have more favorable terms, like lower interest rates or flexible repayment options, and they may not always require a cosigner.
  • Home country loans: If a loan from a U.S. or Canadian lender is not an option, you might look for loans from banks in your home country. If you have an established credit history or financial relationships at home, you may qualify for loans with lower interest rates and better terms than products from lenders in another country. Be sure to check whether the lender in your home country will allow you to defer payment until you have completed your studies abroad.

The benefits of no-cosigner loans

If you don’t have relatives or close family friends in the U.S. or Canada who are willing to cosign your loan, no-cosigner loans can be a great option. Companies that offer no-cosigner loans base their lending decisions on your academic history and career prospects rather than your financial status or credit history.

No-cosigner international student loans offer several benefits over other financial options.

  • Financial independence: With a no-cosigner loan, you won’t need to ask friends and family in the U.S. or Canada to take a financial risk by cosigning your loan. No-cosigner products allow you to get financing based on your own potential and future career earnings.
  • Establishing a credit history: Making timely payments on your no-cosigner loan can help you establish a credit history and strong credit score in the country where you’re studying.
The benefits of no-cosigner loans

MPOWER Financing: Higher education student loans and more

MPOWER Financing is an education loan company that provides no-cosigner loans and a variety of visa, career and financial services for international students. MPOWER  helps promising students who find it difficult to get financing from traditional lenders because they don’t require you to have a cosigner, credit history or collateral when taking a loan. MPOWER bases lending decisions on your academic success and career path, using innovative forward-looking credit models.

Loans from MPOWER can be as low as US$2,001 and as high as US$100,000 total. With an easy application process, fast approval decisions and interest-only payments while you’re in school, you can use your loan funds to pay all your education costs, including living expenses in the U.S.

Along with financial assistance for postgraduate students, MPOWER offers scholarships, visa support, career services and other student loan services designed to help you succeed in your studies and in your transition to the workplace.

MPOWER Financing student loan

A loan based on your future earnings

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FAQs

How long does it take to get a higher education student loan approved?

The approval process can take a few weeks, depending on the lender and the documents provided. To see if you’re eligible to apply for an MPOWER Financing loan you can get started today.

What’s the interest rate for international student loans?

Interest rates vary by lender and can be fixed or variable. The interest and principal payments on fixed-rate loans stay the same throughout the term of the loan, while payments on variable-rate loans may rise and fall as the markets change.

Can DACA students get higher education student loans?

Yes. Some lenders, including MPOWER, offer loans for DACA studentswho meet specific eligibility criteria.

What happens if I can’t repay my loan?

If you face difficulties repaying, you should contact your lender immediately to discuss repayment options and avoid penalties.

Can I use my higher education student loan for living expenses?

Yes, in the U.S. many postgraduateeducation student loans can be used to cover housing, food and other living expenses. In Canada, your loan funds can cover tuition and any other education expenses invoiced by your university.


*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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