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Financing your
education as an international student

Studying in the United States or Canada is an exciting opportunity. Many students from around the world dream of learning in these countries and others. International education can offer top schools, great teachers and a chance to make lifelong connections with people from all over the world. But paying for school can be tough. It’s more than just tuition; there are living expenses, books and more. MPOWER is here to guide you through the maze of financing your education abroad.

How can international students finance their education?

The pursuit of higher education in countries like the U.S. and Canada is desirable for many international students. However, financing this dream is complex and requires planning, understanding and navigating various financial avenues.

Here’s an in-depth look at the options and challenges:

Loan options
Traditional banks often shy away from offering education loan financing to international students due to the perceived risks associated with a student’s lack of credit history or cosigners. However, the landscape is changing with private lenders and student loan financing companies, like MPOWER Financing, which specialize in international student loans. Some institutions recognize international students’ unique needs and potential, offering more flexible terms and conditions. Interest rates and repayment terms can vary widely, and students must carefully evaluate these factors to understand the long-term financial implications of financing their education.

Scholarships
Scholarships for international students are a valuable resource, providing an opportunity to finance your education without the need for repayment. Universities often provide merit-based or need-based scholarships specifically tailored for international students. Additionally, various organizations, foundations and even governments offer scholarships based on specific criteria such as region, field of study or background. The competition for scholarships can be fierce, and early research, preparation and application are essential to securing these scholarships for international students.

Working as a student
Many countries allow international students to work part time during international study programs. This not only provides an additional source of income but also offers valuable work experience. Opportunities may include on-campus jobs, internships or co-op programs. Understanding the legal restrictions and obtaining the necessary work permissions is crucial to comply with visa regulations.

Government grants and financial aid
Some governments offer financial aid programs specifically designed for international students. These may include federal or state/provincial grants, loans or work-study opportunities. Navigating these programs requires a thorough understanding of the student loan eligibility criteria, application processes and compliance requirements.

Financial planning and budgeting
Beyond these specific financing options, international students must also consider broader financial planning and budgeting. This includes understanding the cost of living in the host country, managing currency exchange rates, planning for insurance and healthcare costs and developing a comprehensive budget covering all aspects of life abroad.

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More challenges of financing your education as an international student

Paying for school in another country isn’t just about finding the funding. There are additional challenges that can make it confusing and difficult, especially for international students, like you.

These challenges include:

No cosigners
Many student loans require a cosigner, someone who promises to make timely loan payments if you can’t. Finding a cosigner in a new country can be difficult. This can stop you from finding the student loan financing you need.

High interest rates
If you don’t have a credit history in the country where you study, you might have to pay higher interest rates on your student loan. This means you pay more money back later. It’s important to understand this before you agree to an international student loan.

Finding scholarships
Student scholarships are great, but finding scholarships takes time and requires hard work. You have to search, apply and sometimes interview. And there’s no guarantee you’ll get one. Starting early and being persistent can help.

Work rules
Working while studying in another country can help you pay for your international education. But different countries have different rules. Some might not let you work at all. Others might limit how many hours you can work. Understanding these rules is key to planning your budget.

Currency exchange rates
Money can change value between countries. If your home country’s money loses value, you might need more of it to pay for school. This can be a surprise cost that’s hard to plan for.

Health insurance
Health insurance for international students can be expensive. Some countries require you to have health insurance. Others don’t, but getting sick without insurance can cost a lot. Understanding healthcare costs and planning for them is important.

Living costs
Rent, food, travel and related expenses can vary depending on where you live. Understanding these costs and planning for them can help you avoid surprises.

Language barriers
If you’re studying in a language that’s new to you, understanding all the rules and forms for student loans, scholarships and more can be even more difficult. Finding help in your language can make this easier.

Legal requirements
Different countries have different laws about loans, work and more. Understanding these laws and following them is very important. Breaking a law, even if unintentionally, can cause big problems.

Financing your education in another country requires an understanding about a whole new set of rules, laws and ways of doing things. But don’t worry, with careful planning and the right help, it is achievable.

Financing your education with MPOWER

Founded by international students, MPOWER Financing is here for students like you. The MPOWER team understands that getting an international education loan has its challenges. That’s why MPOWER  doesn’t ask for a cosigner or collateral. It offers international student loans, career help through its Path2Success program, student scholarships and financial empowerment resources to teach you about managing money in a new country. MPOWER also works with top schools in the U.S. and Canada to make sure you have what you need.

Why choose MPOWER?

MPOWER Financing helps with the challenges international students face when thinking about studying abroad. Here’s how:

  • Flexible funding options: MPOWER gives fixed rate student loans from US$2,001 to US$100,000 total with fair interest rates. With autopay, you can get up to 0.25% off the interest rate. If you have loans from other lenders, you can still apply for an MPOWER loan. In addition, there are no extra charges if you pay back early.
  • No cosigner or collateral needed: MPOWER gives loans based on your future potential, and does not ask for a cosigner or collateral. This makes getting a loan easier. Also, paying on time helps build your credit history.
  • Fast and easy process: All steps to get a loan with MPOWER are online, making it easy for everyone around the world. The approval is quick and the money is sent directly to your school, eliminating costly foreign exchange fees. You can check if you can apply in just 30 seconds.
  • Help along the way: MPOWER gives free visa support letters, career advice and a chance for a conditional loan offer quickly. If you need help with your student loan, the team is available from start to end.
  • Scholarships and more services: Besides loans, MPOWER has scholarships and other help for both undergraduate and graduate students. There’s also a special career program called Path2Success for students receiving MPOWER loans which helps with internships and job search preparation.

MPOWER Financing makes it simpler for international students to handle money matters while studying abroad.

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FAQs

What are the main options for financing your education as an international student?

International students typically have several options for financing their education, including personal or family savings, scholarships and grants from universities or private organizations, private student loans, part-time work, sponsorships and crowdfunding platforms.

How can I find scholarships suitable for my field of study and background?

Start by researching student scholarships offered by the university you plan to attend, as they often have specific funds for different fields and backgrounds. Additionally, explore online scholarship databases, consult with your school’s financial aid office and seek out community organizations or professional associations related to your field. Remember to apply early and meet all the requirements.

What should I consider when choosing a student loan for studying abroad?

When considering a student loan for studying abroad, evaluate factors such as the interest rate (fixed or variable), loan terms, repayment options, student loan eligibility criteria (e.g., credit history, cosigner requirements), fees, currency exchange rates and the lender’s reputation. It’s essential to read the loan agreement carefully and understand all obligations and potential risks.

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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