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Studying in the U.S. or Canada is a dream for many international students living in other parts of the world. However, the cost of studying in the U.S. and Canada can make it difficult to afford an education, especially since international students don’t have access to the same types of federal financial aid as U.S. or Canadian students. That’s where private education loan lenders can make a difference. These lenders can be banks, credit unions and other financial institutions that offer a variety of loans that can help when your personal savings and family contribution won’t cover the cost of education.

Types of  private education loan lenders

There are two types of private education loan lenders in the U.S. and Canada: lenders that provide loans with a cosigner and lenders that offer no-cosigner loans.

Student loans with a cosigner

Since most international students don’t have an established credit history in the U.S. or Canada, they represent a greater risk for private lenders. Because of this, many lenders require international students to have a cosigner. A cosigner is a U.S. or Canadian resident with good credit, a reliable source of income and who’s willing to make payments for a time or to repay the loan in full if you cannot. While some international students have relatives or family friends who are willing to be a cosigner, the cosigner requirement can be a barrier for many students.

Student loans without a cosigner

Some financial companies offer no-cosigner loans. These private education loan lenders are willing to take your previous academic success and your future income potential into account when deciding whether to loan you money. They may also look at your field of study, the reputation of your university and other factors that aren’t related to your financial status. When you get an education student loan without a cosigner, you can manage your loan independently, avoid jeopardizing the credit scores of your friends or family and begin building your own credit history in the country where you’re studying.

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Finding a private education loan lender 

Follow these tips to identify lenders willing to offer loans with or without a cosigner.

  • Search the web: The internet is a great resource when seeking lenders for international student loans services.  Here are a few sites to check out: IEFA.org, Internationalstudentloan.com, Internationalstudent.com.
  • Colleges and universities: Be sure to check with the schools where you hope to study. Many will have resources dedicated to helping international students find help to finance their education.
  • Consult your network: A great place to start looking for private education loan lenders is to ask your friends and family who’ve taken out loans. Be sure to ask what they liked or disliked about each lender, how convenient the application process was and how helpful the lender was during the repayment process.
  • Look for loans at home: Your local government or financial institutions may offer loans for students who wish to study overseas.
  • Read reviews: Once you’ve narrowed your choices to several lenders, read reviews to get the opinions and experience of previous customers.

Comparing private education loan lenders

As you search for a private education loan lender, you’ll find a wide variety of companies offering different types of loan products. Here are the things you want to consider as you decide which lender is right for you.

  • Interest rates: Private education loan rates vary widely. The interest rate and repayment terms are two critical elements to review. Fixed interest-rate loans offer predictable payments that will be the same from start to finish and are inflation-proof, while variable-rate loans will adjust the interest rate as market conditions change. That may allow you to pay less now, though future payments may rise causing you to pay more over the life of the loan.
  • Term of the student loan: This is how long you have to pay it back. A standard repayment term is 10 years, but different lenders offer different terms. A shorter term will make your payments higher, but you’ll get out of debt sooner and save on overall interest. A longer term means smaller payments, but a higher total cost for your loan.
  • Repayment options: Some lenders will require that you begin making payments immediately, while others will allow you to defer payments or make interest-only payments until you’ve graduated. It is important to note that interest will continue to accrue even if you defer payments, so you will pay more over the life of the loan.
  • Fees: Private education loan lenders charge a variety of fees such as origination fees, application fees, insurance fees and may have prepayment penalties. Be sure you understand the reason for each fee and add it to the total cost of the loan as you compare options.
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MPOWER Financing: a student-focused private lender

MPOWER Financing is an education loan company that’s transforming the way international students secure funding for postgraduate education. Unlike traditional lenders that require cosigners collateral or a U.S. credit history, MPOWER evaluates students based on their future potential, making education financing more inclusive and accessible.

Here’s what you get when you choose MPOWER for an international student loan without a cosigner.

  • Fixed interest rates with discounts: MPOWER loans come with transparent, fixed interest rates, helping you plan your budget with confidence. When you enroll in automatic payments, you can qualify for a 0.25% interest rate discount, lowering your total repayment costs. Plus, you’ll never have a prepayment penalty for repaying your loan early.
  • A fast and easy process: MPOWER offers a digital process that makes applying for a loan fast and easy. If you qualify, you’ll get a conditional loan offer quickly, too.
  • Loans at hundreds of top-ranked schools: MPOWER offers loans for studies at 500+ U.S. and Canadian schools.
  • Benefits beyond financing: MPOWER is committed to your long-term success. Their Path2Success program offers career development resources, including resume-building workshops, job search assistance and networking opportunities. Additionally, MPOWER provides visa guidance and scholarships, ensuring students receive support at every stage of their journey.

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FAQs

What’s a private education loan?

A private education loan is a loan from a bank or financial institution that helps cover school-related expenses. Unlike federal loans, which aren’t available to international students, private loans are available to fund schools and select lenders provide loans without a cosigner or collateral.

Are there private education loans specifically for international students?

Yes. Some lenders, like MPOWER Financing, offer private loans designed for international students, with no collateral or no-cosigner requirements. These loans are based on your future earning potential rather than your current financial status. The loan can cover tuition, living expenses and other education-related costs.

What are the benefits of choosing a private education loan?

Private education loans give you flexibility – they offer different loan amounts and competitive interest rates which makes them a great option for international students who need financial support.

What’s the main benefit of a no-cosigner loan?

A no-cosigner loan allows international students to get funding without needing a U.S. or Canadian resident to guarantee the loan. This makes the process simpler and gives you more financial independence.

What financial assistance is available for international students pursuing postgraduate degrees in the U.S. or Canada?

In the U.S. and Canada, financial assistance for postgraduate students from other countries is more limited, but there are options. Many universities offer scholarships, grants and assistantships that can help cover tuition and living expenses. Private student loans are another option, with some lenders, like MPOWER, who offer no-cosigner loans based on academic performance and future earning potential.


*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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