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Financial aid for international students in master’s programs in the U.S. and Canada

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Earning a master’s degree in the U.S. or Canada can be expensive, but multiple options exist to help manage costs. Financial aid for international students in master’s programs includes scholarships, assistantships and foreign education loans that make higher education more affordable. In this brief overview, we’ll discuss the types of financial aid available, the benefits of private loans and the mistakes to avoid when applying for loans. With careful planning, you can study abroad on a budget and reduce your financial stress.

Types of financial aid

International students in the U.S. and Canada often pay higher tuition than domestic students. Most cannot access government funding or public financial aid programs, making it harder to cover international education expenses. However, there are several types of financial aid for international students in master’s programs in the U.S. and Canada.

  • International scholarships: Universities and private organizations award scholarships based on academic excellence or specific talents. You don’t need to repay these funds. Researching and applying for multiple scholarships increases your chances of receiving financial support.
  • Grants: Universities, nonprofits and government agencies provide grants based on financial need. You don’t need to repay grant funds. Since grants are competitive, check eligibility requirements carefully and apply early.
  • Assistantships: Universities offer teaching or research assistant positions that provide a stipend or tuition reduction in exchange for part-time work. These roles not only help financially but also offer valuable experience in your field of study. Since assistantships are competitive, apply early and highlight relevant experience in your application.
  • Financial aid from your home country: You may find scholarships or low-interest loans for studying abroad that are offered by governments, private organizations or employers in your home country. Check with your country’s education ministry or professional organizations to find out what’s available.
  • On–campus employment: Visa regulations limit work options, but many universities allow international students to work part time on campus. You can use jobs in libraries, dining halls or administrative offices to cover personal expenses. Consult your university’s international student office to understand work limitations and find available opportunities.

If these options don’t cover all expenses, private education loans may be a valuable source to help finance your education.

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Private education loans for international students

Banks, financial institutions and specialized lenders provide private education loans as a primary source of financial aid for international students in master’s programs in the U.S. and Canada. These student loans can help cover tuition and even housing, books and other expenses, making it possible to study abroad even if you don’t qualify for federal aid in your host country. Understanding the types of private loans available to international students can help you choose the best option for your education.

Here are the two main types of private education loans:

  • Loans with a cosigner: Some private lenders require international students to have a cosigner because most lack a credit history in the U.S. or Canada. A cosigner – usually a family member or close friend – takes responsibility for your loan if you cannot make payments. To qualify, a cosigner must be a U.S. or Canadian citizen or permanent resident with a strong credit history and a stable income. However, many international students don’t have family or close contacts in these countries, making it difficult to find a qualified cosigner.
  • Loans without a cosigner: Some lenders offer no-cosigner private student loans for students who lack access to a creditworthy cosigner. Instead of relying on a credit score, lenders evaluate your academic background, field of study, university reputation and future earning potential. No cosigner loans provide a great solution for students who want to study abroad and assert their independence from their family by taking on the responsibility to pay the loan back.

Mistakes to avoid when applying for aid

Applying for financial aid for international students in master’s programs can be complex, and making mistakes along the way can delay or reduce your funding options. Here are some common mistakes:

  • Not considering the total cost of international education: Tuition is just one part of your overall education costs. Make sure to budget for housing, food, books, transportation and personal expenses. Understanding the full financial picture will help determine how much you’ll need in master’s program loans and financial aid.
  • Missing application deadlines: Many international scholarships, grants and loan programs enforce strict deadlines. Missing a deadline often leads to losing valuable funding opportunities. Keep a calendar with important dates and submit applications early to avoid last-minute issues.
  • Over-borrowing: Taking out more than needed can lead to financial stress after graduation. Only borrow what’s required to cover tuition and essential expenses to avoid unnecessary debt.
  • Ignoring currency exchange risks: If you fund your education using income or savings from your home country, currency fluctuations can impact your available money. Consider opening a bank account in the country where you study and researching exchange rate trends to plan for financial stability.
  • Providing incomplete or incorrect information: Incomplete applications delay processing and may lead to rejection. Double-check all forms, ensure required documents are uploaded and review everything before submitting.
  • Failing to research all available scholarships and grants: International scholarships and grants are some of the best ways to reduce your need for loans, because they don’t need to be repaid. Many universities, private organizations and nonprofits offer financial aid for international students in master’s programs. Applying for multiple scholarships can increase your chances of securing funding.
  • Not understanding loan terms and repayment options: Each loan carries different interest rates, repayment plans and conditions. Before accepting a loan, ensure you understand whether the interest rate is fixed or variable, when repayment begins, and if there are penalties for early payments. Choosing the right loan terms can save you money in the long run.
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MPOWER Financing: No-cosigner loans for international students

MPOWER Financing offers no-cosigner student loans for studying abroad. Their innovative approach is designed to help international graduate students overcome the hurdles of securing traditional financing. By focusing on future potential instead of financial history or the need for a cosigner, MPOWER makes it easier for students to pursue their educational dreams.

Here’s what makes MPOWER different:

  • Broad eligibility and tailored loans: MPOWER offers loans to international students from over 200 countries enrolled in more than 500 schools across the U.S. and Canada. Loan amounts range from US$2,001 to US$100,000 to cover a wide range of funding needs including housing, health insurance, a computer and all education-related expenses. For student loans in Canada, funds can typically only be used toward tuition and university-invoiced expenses.
  • Build credit and financial independence: With a loan from MPOWER, students can build a credit history through on-time repayments, paving the way to financial independence in their host country.
  • Streamlined application and fixed-rate student loans: The application process is streamlined and efficient, with a quick eligibility check when students start an application and timely updates after they apply. Fixed interest rates on student loans provide a shield against inflation, ensuring stable and predictable repayment plans.
  • Benefits beyond funding: MPOWER Financing believes that funding international education is only the first step to success – not the last. That’s why every MPOWER student gains access to free career, visa and financial resources through the Path2Success program.
  • Help with the challenges of international students: Founded by two international students, MPOWER’s offerings are based on a deep understanding of the unique challenges international students face. MPOWER is a preferred option for international learners seeking reliable, fair and supportive educational financing.

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FAQs

How can I improve my chances of getting a scholarship or grant?

Applying early, maintaining strong academic performance and showcasing leadership or special talents can improve your chances. Many organizations seek well-rounded students who contribute to their communities.

Are there financial aid options for part-time international students?

Most scholarships and assistantships require full-time enrollment, but some grants and private loans may be available for part-time students. Check with each lender or scholarship provider to confirm eligibility.

What happens if I can’t repay my student loan on time?

Missing payments on a student loan can impact your credit score and lead to penalties. Some lenders offer grace periods or deferment, so always check your loan terms and communicate immediately with your lender if you face difficulties.

What are the key differences between fixed and variable interest rates on student loans?

A fixed interest rate stays the same throughout the loan term, making payments predictable and inflation-proof. A variable interest rate can change over time, which may lower or increase your payments depending on market conditions.

What are study loans without collateral?

Study loans without collateral are education loans that don’t require borrowers to provide assets, such as property or savings, as security. Lenders usually base these loans on the applicant’s creditworthiness, academic performance, or the support of a cosigner. They often have higher interest rates compared to secured loans, as lenders take on more risk.


*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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