For many, taking out graduate student loans for international students is a necessity to finance a postgraduate education in the U.S. or Canada. But once you’re out of school, your financial landscape changes – and so should your loan.
That’s where international student loan refinancing comes in. Refinancing can help you lower your interest rates, reduce monthly payments or release your cosigner. But it’s not as widely available – or as straightforward – as refinancing options for U.S. citizens.
Here’s how it works and what to watch for.
What is student loan refinancing?
Refinancing replaces your existing student loan(s) with a new loan that has different terms – usually a lower interest rate or a longer repayment period.
For international graduates, refinancing can:
Refinancing doesn’t erase private student loans for non U.S. citizens – it restructures them to better fit your current circumstances.
Experience financial empowerment
Get the financial information you need to take charge of your future
Challenges of refinancing for international graduates
Unlike domestic borrowers, international graduates face unique hurdles:
These challenges mean that not every international graduate will find refinancing immediately available. But that doesn’t mean it’s impossible.
Options for refinancing as an international borrower
If you’re exploring refinancing, start by:
For many graduates, refinancing is easier after securing a job in the U.S. or Canada – especially in high-demand fields like STEM or business.
Where MPOWER Financing fits in
MPOWER Financing recognizes that refinancing isn’t just about better interest rates – it’s about unlocking your next chapter as an international graduate.
For refinancing options, MPOWER offers no-cosigner student loans. These loans:
For many international graduates, starting with a flexible, transparent personal student loan without cosignerfrom MPOWER can help reduce payment costs.
MPOWER Financing student loan
A loan based on your future earnings
FAQs
Some lenders offer refinancing for international graduates, but many still require a U.S.-based cosigner or permanent residency.
Limited U.S. credit history, cosigner requirements and lender rules around citizenship often make it harder to qualify for refinancing.
Refinancing means replacing one or more loans with a new one with better terms. Consolidation combines loans into one, but may not lower rates.
Not always. It can lower payments or interest, but if your visa status is still temporary or your job is new, refinancing might be harder to secure with a student loan for non-citizens.
Focus on consistent payments to build credit, track visa transitions and compare lenders that consider your field and future earning potential.
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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