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International student loans in the U.S.: What you need to know

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For international students in the U.S., finding the right personal education loan is more than just a box to check – it’s a critical piece of your postgraduate journey. Without access to federal loans and traditional U.S. credit systems, you’re navigating an entirely different landscape of financing options.

But that landscape is changing. Lenders increasingly recognize the global demand for advanced education and the unique challenges faced by international students. Today, there are more paths to funding – whether you’re just starting a program or looking to refinance what you already borrowed.

Here’s what to know – and what to watch for – when comparing international student loans in the U.S..

Why do international students need different loan options?

Unlike U.S. citizens, international students on F-1, J-1 or similar visas typically aren’t eligible for government-backed loan programs. That means:

  • No access to federal Direct Loans or PLUS Loans
  • No FAFSA-based aid packages
  • No income-based repayment plans tied to federal loans

Instead, you’re looking at U.S. education loans for international students – offered by banks, mission-driven lenders and some alternative lenders focused on international education.

The biggest hurdle? Many lenders still require a U.S.-based cosigner. For most international students, that’s not an option.

Insert Image alt text hereStudent reading loan approval email on phone in dorm room

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International student scholarships are designed with your needs in mind.

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Key features to look for in international student loans

When comparing loans for students without cosigner options, it’s easy to get lost in marketing language. Here’s what matters most:

  • No-cosigner eligibility: Critical if you don’t have family or close contacts in the U.S.
  • Coverage for total cost of attendance: The best loans cover not just tuition, but also housing, relocation and required health insurance.
  • Variable vs. fixed rate student loans: Fixed rates give you predictable, inflation-proof monthly payments. Variable rates might start lower but can rise unexpectedly.
  • No collateral required: This is essential for students whose families may not have the property or financial assets to serve as collateral on a private loan.
  • Transparent fees: Watch for origination charges or early repayment penalties that can add to the overall cost of the loan.
  • Support for visa and work transitions: Lenders who understand curricular practical training (CPT), optional practical training (OPT) and STEM OPT timelines offer better flexibility post-graduation.

These features help ensure your loan fits not just your financial reality today – but also your career goals after graduation.

Thinking ahead: Refinancing and career impact

For some students, getting an initial loan isn’t the end of the story. If you’ve already borrowed and your financial situation improves (like landing a job in the U.S. after graduation), you may want to explore international student loan refinancing.

Refinancing can:

  • Lower your interest rate
  • Reduce monthly payments
  • Shorten your repayment timeline

However, only a few private student loan lenders offer this to international graduates – so choose a lender that supports this future flexibility from the start.

Insert Image alt text hereStudent on video call sharing loan approval with family abroad

Where MPOWER Financing fits into this landscape

MPOWER Financing is one of the few lenders focused entirely on international. Its loan model was created to address the very barriers traditional lenders put in your way by providing private student loans for non U.S. citizens.

Here’s what makes MPOWER different:

  • No cosigner, no collateral: MPOWER’s loans rely on your future potential, not your past.
  • Loan amounts from US$2,001 to US$100,000: Enough to cover tuition, housing  and other education-related costs for schools in the U.S., and for tuition and other university-invoiced expenses for Canadian schools..
  • Fixed interest rates: Inflation-proof.  And no surprises – what you see is what you repay.
  • Eligibility based on your school and program: MPOWER works with hundreds of universities across the U.S. and Canada, prioritizing fields with strong job potential.
  • Global repayment support: If you return to your home country after graduation, MPOWER still offers repayment solutions and guidance.
  • Free access to Path2Success: A resource hub with resume builders, job search tools for OPT/CPT and budgeting help – designed to make life after graduation smoother.

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FAQs

What’s the difference between private and federal loans for international students?

International students generally aren’t eligible for federal loans. Private lenders, like MPOWER, are your main source of funding.

Do I need a U.S. credit history to qualify?

Not always. Some lenders rely on your program and career potential, not your credit past. MPOWER, for example, doesn’t require U.S. credit history.

Can I use the loan for things beyond tuition?

Yes – many private loans for international students cover living expenses and housing for schools in the U.S. Most private loans for schools in Canada are restricted to tuition and other university-invoiced expenses..

What happens if I leave the U.S. after graduation?

You’re still responsible for loan repayment. MPOWER offers global support to help manage payments from your home country or wherever you work next.

Is refinancing possible for international student loans?

In some cases. It depends on the lender and your postgrad work status. Check if refinancing is an option before choosing a loan.


*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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