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No-cosigner international student loans

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When you’re an international student in the U.S. or Canada, financing the cost of your education can be a big concern. Schools in North America can be expensive and, as an international student, you won’t have access to the same kinds of federal financial aid as your U.S. or Canadian classmates.

The good news is there are plenty of options for overseas education loans. The not-so-good news is most lenders require a U.S.-based or Canadian-based cosigner to qualify. However, you can find lenders that offer international student loans without a cosigner, making it easier to cover the cost of studying abroad.

This brief overview provides a guide to no-cosigner international student loans, their benefits and how to find and apply for one.

What are no-cosigner loans?

International students in the U.S. and Canada don’t qualify for federal student loans, so they have to look for other options like private loans from banks or financial companies. However, many private lenders will only loan money to borrowers with a solid credit history, which most international students don’t have yet.

Alternatively, to reduce their risk, lenders can ask for a cosigner who is typically a U.S. or Canadian citizen who agrees to share responsibility for the loan. That means if you can’t make your payments, they’ll have to pay back the loan for you. As an international student, finding a cosigner can be tough, especially if you don’t have close family or friends in the country willing to take on that risk.

That’s where no-cosigner international student loans come in. Some lenders offer loans without a cosigner. These companies base their lending decisions on your academic history and future job prospects rather than your financial situation or credit history. This means they trust you’ll be able to pay back the loan after you finish school and start working.

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The benefits of loans without a cosigner

No-cosigner international student loans offer several advantages over loans that require a cosigner.

  • You can stay financially independent: Taking a loan without a cosigner allows you to manage your loan independently. You won’t need to rely on friends or family to guarantee your loan.
  • You won’t jeopardize relationships: If repayment of your loan becomes difficult at some point, no-cosigner loans will let you avoid jeopardizing relationships with friends or family or affecting their credit score.
  • The loan will cover most or all educational expenses: You can typically use a no-cosigner loan to pay for any aspect of your education in the U.S. – tuition, books, fees, living expenses, meal plans, and even transportation. In Canada, a loan typically covers tuition and any other university-invoiced expense.
  • You’ll start building a credit history: By taking a loan in the U.S. or Canada and making timely monthly payments, you can start building a strong credit history that will give you more financial flexibility in the future.

Applying for no-cosigner international student loans

Here are the steps involved in applying for no-cosigner international student loans.

  • Research and compare lenders: You can find options for no-cosigner loans online. Along with the terms and interest rate of each loan, be sure and research the lender’s reputation and read customer reviews. Some lenders are easier to work with and may offer special assistance for international students.
  • Make sure you’re eligible: Before applying, be sure to closely review the eligibility requirements for the lender to make sure you qualify. Some no-cosigner private student loans have certain conditions based on the school you’ve selected or your field of study.
  • Lock down an interest rate: The interest rate on your loan determines the amount you’ll have to pay on top of the original loan amount. The higher the interest rate, the more the loan will cost over time. Fixed-rate loans have an interest rate that stays the same throughout the life of the loan and are inflation-proof, while the interest on variable-rate loans will change as economic market conditions fluctuate. Variable-rate loans may start off lower than fixed-rate loans, but they may increase over time and become more expensive.
  • Gather your documents: Most lenders will want to see your academic records, proof of admission and financial documents.
  • Apply for the loan: Each lender has their own application process, and many will allow you to submit your application online.
  • Review and sign your loan agreement: If your loan is approved, you should carefully review the documents and make sure you understand all the terms before signing, especially the interest rate and repayment obligations.
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MPOWER Financing: No-cosigner international student loans made easy

MPOWER Financing is a leading provider of no-cosigner international student loans. Founded by two former international students who understand the challenges international students face, MPOWER offers a simple, accessible and transparent process that takes the stress out of applying for student loans for studying abroad.

When you work with MPOWER, you can count on:

  • No barriers to funding: MPOWER removes the common obstacles students face, making it easy to apply for loans without a cosigner or collateral. This gives students financial independence and ensures their families’ assets remain secure.
  • Fair and predictable loan terms: MPOWER offers fixed-rate loans ranging from US$2,001 to US$100,000, providing support for students seeking to study abroad on a budget.
  • A streamlined online process: MPOWER’s fully digital application process makes it easy to check eligibility, apply for a loan and receive funds. Students can check their eligibility in 30 seconds and complete the entire process from anywhere in the world.
  • More than just financing: Along with no-cosigner international student loans, MPOWER provides visa assistance, career coaching and financial resources to help students succeed after graduation. Their Path2Success program includes services like resume reviews and job search guidance.

With MPOWER, students don’t just get a loan – they get the support they need to reach their educational and career goals.

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FAQs

How do lenders determine eligibility for no-cosigner loans?

Lenders usually look at your future earning potential, academic performance and the reputation of your university. They often focus on students in high-demand fields like engineering, tech and healthcare, where job prospects are strong after graduation.

Can I use a no-cosigner loan to cover both tuition and living expenses?

Most no-cosigner loans in the U.S. cover tuition as well as living expenses like housing, food and transportation. Just make sure to check with your lender to confirm the total loan amount will cover everything you need.

Are interest rates higher for no-cosigner loans?

Since lenders take on more risk when lending money without a cosigner, interest rates can be higher. However, rates vary depending on the lender, your academic background and your future earning potential. It’s always a good idea to compare offers to find the best deal.

What kind of financial aid is available for international students pursuing a master’s degree in the U.S. and Canada?

There are a few options when it comes to financial aid for international students’ master’s degrees. Many universities offer scholarships, grants and assistantships that can help cover tuition and living expenses. Some private lenders also provide student loans, including no-cosigner options, based on academic performance and future earning potential. Additionally, organizations and government programs may offer funding opportunities, so it’s worth researching all available options to find the best fit.


*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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