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Getting an international student loan without a cosigner

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Embarking on an educational journey abroad is an exciting endeavor. Yet, as an international student in the U.S. or Canada, securing the necessary funds can be a significant challenge. Federal funding is typically not available for foreign students, and scholarships are highly competitive. There are plenty of private lenders willing to loan you money, but they usually require a cosigner – someone who’ll be responsible to pay if you cannot. That leaves no-cosigner international student loans as one of your better options. This brief overview looks at the various financing possibilities for international students, covers the details of an international student loan without a cosigner and explores ways to get one.  

Financing options for  international students

As an international student trying to study abroad on a budget, you have several financial assistance options in the U.S. or Canada:

  • Private loans: Offered by banks, credit unions and specialized lenders, these loans can cover expenses such as tuition, housing and books. However, many private lenders require some kind of collateral or a cosigner – typically a U.S. or Canadian citizen or permanent resident – to mitigate their risk. These educational loan requirements can be a significant barrier if you don’t have a qualified cosigner.
  • Institutional loans: Some universities offer loans directly to students. These loans often come with favorable terms but may have limited availability and specific eligibility criteria. It’s essential to check with your university’s financial aid office to see if such loans are available.
  • Home country loans: Financial institutions in your home country might offer foreign education loans for studying abroad. When considering these loans, it’s crucial to compare currency exchange rates, transaction fees and repayment plans to ensure they align with your financial situation.

Given the challenges associated with finding a cosigner, international student loans without a cosigner have become vital resources for many students.

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All about international student loans without a cosigner

International student loans without a cosigner provide financial assistance without the need for a U.S.- or Canada-based cosigner. These loans assess your eligibility based on factors such as academic success, career path and possible future earnings. This approach allows lenders to focus on your potential rather than your current financial status.

When considering applying for an international student loans without a cosigner, consider the following factors:

  • Loan term: Understand the length of the student loan and how it aligns with your financial plans.
  • Repayment options: Look at the repayment requirements such as interest-only payments while in school or grace periods before payment begins after graduation.
  • Fees: Be aware of any origination fees, late payment penalties or prepayment penalties.
  • Lender reputation: Research the lender’s history, customer reviews and support services to ensure they are reputable and supportive.

No-cosigner private student loans can cover a variety of educational expenses in the U.S., including tuition, fees, housing, books, meal plans, transportation and other related costs. In Canada, loans typically cover tuition and any other university-invoiced expenses.

How to get a loan without a cosigner

Securing an international student loan without a cosigner involves several steps:

  1. Research lenders: Identify student loan lenders that offer international student loans without a cosigner. Pay attention to their eligibility criteria, loan terms and interest rates.
  1. Compare student loan products: Evaluate different loan options to find the one that best fits your needs. Compare factors such as student loan interest rates, repayment terms and additional benefits.
  1. Complete the application: Gather the necessary documents, which may include proof of enrollment, academic transcripts and identification. Fill out the application accurately and thoroughly.
  1. Await approval: After submission, the lender will review your application. If approved, you’ll receive a loan offer detailing the terms and conditions.
  1. Accept the loan: Review the loan offer carefully. If it meets your needs, accept the terms to proceed with disbursement.

Throughout this process, maintain open communication with the lender and promptly provide any additional information they may require.

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International student loans without a cosigner  from MPOWER Financing

MPOWER Financing specializes in providing student loans to international students without requiring a cosigner or collateral. MPOWER offers flexible student loan amounts, competitive fixed interest rates and an easy application process. With over 500 eligible U.S. and Canadian schools, MPOWER is dedicated to helping international students achieve their educational goals.

Benefits of working with MPOWER include:

  • Tailored loan amounts: Borrow from US$2,001 to US$100,000 to cover your educational expenses in the U.S. including tuition, housing, books, computer and other education-related costs. In Canada, loans can only be used towards tuition and any other university-invoiced expenses.
  • Competitive fixed interest rates: Enjoy the stability of fixed rates that are inflation proof and will never increase.
  • Easy application process: Experience a quick and straightforward application with no need for a cosigner and no upfront costs.
  • Quick conditional offer: Receive a conditional loan offer in a matter of days.
  • Additional benefits and services: Take advantage of free visa support letters, career services and the opportunity to build your U.S. credit history through on-time payments.

By focusing on your future potential, MPOWER helps you to pursue your educational dreams without the need for a cosigner.

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FAQs

What’s an international student loan without a cosigner?

A no-cosigner international student loan doesn’t require a citizen or permanent resident of the U.S. or Canada to cosign the loan. Instead, lenders base loan decisions on factors like academic performance and future earning potential.

What expenses are covered by international student loans without a cosigner?

No-cosigner loans can often cover many educational expenses, including tuition, housing, books and other related costs in the U.S.

What are the main benefits of an international student loan without a cosigner?

No-cosigner loans provide financial independence, eliminating the need to find a qualified cosigner and allowing students to build their own credit history while funding their education.

Are interest rates higher for international student loans without a cosigner?

Generally, yes. Since lenders assume more risk by offering loans without a cosigner, interest rates may be slightly higher than those for loans with a cosigner. However, rates vary by lender, and a fixed interest rate will protect you from market volatility.

What kind of financial aid is available for international postgraduate students?

In the U.S. and Canada, financial aid for international students in master’s or doctoral programs is more limited, but there are options. Many universities offer scholarships, grants and assistantships, which can provide partial or full funding. Private student loans are also available, including no-cosigner options, as explained in this article. Additionally, some nonprofit organizations and government programs offer funding for international students.


*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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