Medical student loans for international students

Diving deeper into medical student loans

Medical student loans can cover costs like tuition, living expenses and books depending on the lender. For international students, these loans can be a lifeline. They provide the funds for students, like you, to chase your dreams in a new country. But getting a medical student loan as an international student can be tough. Traditional lenders often ask for a credit history or a cosigner. Many international students don’t have these.

Don’t worry! Let’s review the different types of medical school loans, including one option that helps students cover medical school costs without a credit history or cosigner.

Types of loans for medical students

There are a number of loan options available to medical students:

• Federal student loans: These are loans from the U.S. government usually available only to U.S. citizens and permanent residents. As an international student, you must look at private loan providers to cover your educational expenses. You can also explore medical scholarships in addition to loans to help cover the cost of financing your education.
• Institutional student loans: Some medical schools offer their own loans. These are often limited and competitive. These loans may offer better terms than private loans, but they usually only cover a portion of the cost.
• Private student loans: These are loans from banks or other private lenders. They often require a cosigner and a good credit history. The interest rates can be high, and the repayment terms may not be as flexible as federal loans.
• MPOWER Financing private student loans: MPOWER Financing offers loans to international students studying in the U.S. and Canada without the need for a cosigner or credit history. All loans are fixed-rate student loans, meaning your payment stays consistent and predictable for the life of your student loan repayment.