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Choosing the right international student loan company

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Private student loans provide a valuable option for international postgraduate students looking to study abroad on a budget. However, the private education loan lenders market offers a wide range of confusing loan products and services. Some lenders charge high interest rates and rigid repayment terms, creating financial stress for you down the road. That’s why choosing the right international student loan company is so important. The right company will not only provide the funds you need but also offer reasonable repayment options and support throughout your studies and beyond.

Types of international student loans

When it comes to private student loans for international postgraduate students, there are two main options: loans with a cosigner and loans without a cosigner.

  • Loans with a cosigner: A cosigner is someone – usually a U.S. or Canadian citizen or permanent resident – who’s willing to take financial responsibility for the loan if you cannot repay it. This is usually a relative, a close friend or a mentor with strong credit and a good income. Since lenders consider your cosigner’s financial history and net worth in addition to your own, you’re more likely to get lower interest rates and better terms. If you have someone in the U.S. or Canada who meets the criteria and is willing to help, this type of loan can be a great way to save money over time.
  • Loans without a cosigner: If you, like many other international students, don’t have a cosigner, you can look for a lender offering a no-cosigner loan. Instead of basing the lending decision on someone else’s credit, these lenders look at your academic performance, field of study and future earning potential. While they may have slightly higher interest rates, they give you the freedom to finance your education without asking a family member or friend to take on financial risk. If you want to stay independent and avoid putting pressure on loved ones, a no-cosigner loan can be a smart option.
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Comparing international student loan companies

To find an international student loan company, check with your university’s financial aid office, as they often have lists of recommended lenders familiar with the needs of international students. You can also ask friends or family members who’ve studied abroad for recommendations based on their experiences. Another great resource is online lender comparison tools, which allow you to explore different options side by side. The key is to find a lender that not only offers the funding you need but also provides fair terms, reasonable interest rates and great customer support.

Once you’ve identified potential lenders, here’s what to look for when comparing them:

  • Student loan interest rates: One of the biggest factors in choosing a student loan is the interest rate. A lower rate means lower total repayment costs over time. Compare fixed and variable rates – fixed rates stay the same for the life of the loan which provides a hedge against inflation, while variable rates fluctuate with market conditions and could end up costing you more. Some lenders also offer interest rate discounts for automatic payments, which can help you save money.
  • Repayment terms: Loans for study abroad come with different repayment schedules that determine how long you’ll have to repay your loan and what your monthly payments will look like. Some lenders allow you to defer payments while you’re in school, but this ends of costing you more over the life of the loan.
  • Fees and hidden costs: Interest rates aren’t the only thing that affects how much you’ll pay. Watch out for extra fees, like application fees, required insurance, origination fees, late payment penalties and prepayment fees for paying off your loan early. The fewer fees, the better.
  • Customer service: A lender isn’t just providing you with money – they should also be a helpful resource. Check reviews to see if the lender has a reputation for good customer service. Do they offer clear communication? Do they make the application process smooth? Will they be responsive if you need help managing your loan later on? A good lender should be a financial partner, not a source of stress.
  • Extra support: Some lenders offer additional services that can help as you move to a new country or look for job opportunities after graduation. These services may include help with your visa application, finding internships, identifying jobs and preparing your resume.

The benefits of no-cosigner student loans

If you don’t have someone to cosign your loan, it’s best to narrow your search to an international student loan company that offers no-cosigner student loans. Here’s why this type of education student loan can be a game-changer as you work to fund your education.

  • Total financial independence: You don’t have to rely on a family member or friend to secure your loan, allowing you to take full control of your education financing.
  • Less pressure on family and friends: Without a cosigner, you won’t have to ask someone to take on financial responsibility for your education, and you won’t risk damaging your relationship or their credit if you have trouble paying back your loan at some point.
  • Easier application process: With a no-cosigner loan, there’s no need to go through the hassle of finding and verifying a cosigner, making the loan process quicker and more straightforward.
  • A step toward building your own credit: Taking out and repaying a no-cosigner loan can help you establish your own credit history, which will be useful for future financial opportunities.
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MPOWER Financing: A leading international student loan company

As an international student loan company, MPOWER Financing makes student loans based on future potential rather than financial past. Founded by two international students in 2014, MPOWER has helped over 20,000 students achieve their dream of studying in the U.S. or Canada by removing the financial obstacles that international students often face when funding an international education.

MPOWER offers:

  • Fixed rate student loans with competitive interest rates that hedges you against inflation and borrowing amounts from US$2,001-US$100,000.
  • No requirements for cosigners or collateral.
  • No penalties for early loan repayment.
  • Easy application processes, quick conditional offers and seamless disbursement processes.
  • Career services, including a customized intern/job search tool for F-1 students, application support, a resume builder and a directory of F-1 eligible jobs.
  • Visa services, including a free visa support letter and visa prep course.
  • Financial services, including a prequalified U.S. credit card and bank account.

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FAQs

What’s a no-collateral student loan and how does it work?

An international education loan without collateral allows you to borrow money for your education without putting up assets like property or savings as security. Instead, lenders determine eligibility by looking at factors like your academic performance, future earning potential and field of study.

Are international student loans available for postgraduate studies?

Yes! Many lenders offer student loans for postgraduate degrees, including master’s, MBA and Ph.D. programs. Some may have different eligibility requirements or loan limits for postgraduate students, so it’s important to compare lenders carefully.

How can I check if an international student loan company is reputable?

Look for reviews from other students on platforms such as TrustPilot, check if the lender is recommended by your university, and see if they have clear and transparent terms. Avoid lenders with hidden fees, high interest rates or vague repayment policies.

Do international student loans cover living expenses as well as tuition?

Many private lenders allow you to use loan funds in the U.S. for housing, meals, books, health insurance and other necessary living expenses while studying. In Canada, loan funds can be used toward tuition and other university-invoiced expenses.

Can I apply for multiple student loans at the same time?

Yes, you can apply to multiple international student loan companies to compare offers, but make sure to check the terms carefully before accepting a loan to avoid borrowing more than you need.

Can I take out a student loan if I already have one from another lender?

Yes, many lenders allow students to take out additional loans, but it’s important to assess your total debt and repayment ability before borrowing more. Some lenders may have limits on how much you can borrow.


*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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