Student Loans for Postgraduate Degrees

Paying for a postgraduate degree in the U.S. or Canada is often a challenge for international students. The cost of an international education can be pretty high and there are fewer options from other countries when it comes to financial assistance for postgraduate students. However, international students can take advantage of several good options when seeking student loans for postgraduate degrees. This guide offers an overview of the challenges you may face when financing a postgraduate degree in the U.S. or Canada, the types of doctoral or master’s program loans available and the advantages of no–cosigner student loans.

The difficulty of securing international student loans

In many fields, getting a postgraduate degree in the U.S. or Canada is an essential first step for a successful career. Yet, postgraduate tuition may be much higher than in other countries, especially if you’re studying law, medicine, business or STEM-related subjects. Depending on the location of your school, the cost of living can also be quite steep.

Federal financial aid from the U.S. or Canadian government is typically unavailable for international students, making student loans for postgraduate degrees the most likely funding source. However, since international students usually do not have collateral to offer and little credit history in the U.S. or Canada, many lenders require a cosigner for any loans. A cosigner is a citizen or permanent resident who agrees to take on the responsibility for repaying the loan if you cannot. This requirement can create a significant barrier to financing a postgraduate degree for international students who don’t have family or close friends in North America.

Fortunately, several lenders provide no-cosigner student loans for postgraduate degrees. When combined with other funding sources, these student loans can help international students cover the cost of their education.

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No-cosigner student loans for postgraduate degrees

As an international student, you’ll want to first look for international scholarships, grants, fellowships and teaching assistantships to help fund your postgraduate degree in the U.S. or Canada. When these sources don’t fully cover the cost of education, no-cosigner student loans may be the best option.

A no-cosigner loan is a student loan that does not require a U.S. or Canadian citizen to guarantee the repayment. Rather than basing loan decisions on your credit history or financial net worth, lenders of no-cosigner loans evaluate things like your academic history, field of study and job prospects. These loans are offered because lenders have confidence you’ll succeed in your chosen career and have the financial success to repay your loan.

With an international student loan without a cosigner, you can:

Stay in control of your finances: Without a cosigner, you’ll be solely responsible for your decisions about your job and finances.

Maintain good relationships with friends or family: These loans let you avoid the awkward conversations of asking someone to cosign a loan, and they avoid straining relationships if you have difficulty repaying after graduation.

Cultivate your credit history: By taking a no-cosigner loan and making regular payments on the interest while you’re in school, you can build a credit history and a strong credit score more quickly.

Choosing the right no-cosigner student loan

Here are some things to keep in mind as you compare no-cosigner student loans for postgraduate degrees.

Eligibility: Each lender has different eligibility requirements, which might include your enrollment status, credit history and program of study.

Student loan interest rates: The amount of interest you pay will greatly impact the total cost of your loan. The lower your rate, the less you’ll pay over time. With a fixed-rate student loan, you’ll pay the same amount each month, which helps in budgeting and protects against inflation, while the payments for a variable-rate student loan may go up or down as the financial markets change.

Term of the loan: This is the amount of time you’ll have to repay the loan. Longer terms reduce your monthly payments, while shorter terms reduce the total amount of interest you’ll pay.

Repayment options: These vary by lender. Some may allow you to defer payment until you’ve graduated, or they may require interest only payments while you’re in school.

Lender reputation: Be sure to read reviews for each education loan company. Some lenders are better suited to working with international students than others.

MPOWER Financing: No-cosigner loans for postgraduate degrees

MPOWER Financing is one of the leading providers of student loans for postgraduate degrees. Founded by two international students who understand the financial challenges of studying abroad in the U.S. and Canada, MPOWER is dedicated to making it as easy as possible to check eligibility, apply and receive payment on an international student loan.

Here’s what makes MPOWER an excellent choice for international student loans for postgraduate degrees.

Flexible funding: MPOWER offers loans ranging from US$2001-US$100,000, providing funds in the U.S. that can cover tuition, housing, health insurance and other education-related expenses. In Canada, loans typically cover tuition and any other university-invoiced expenses.

Fixed interest rates: MPOWER’s competitive interest rates offer inflation-proof financial predictability. When you enroll in automatic payments, you may receive an additional 0.25% interest rate discount.

Fast and easy application process: MPOWER’s fully digital system streamlines the application process, allowing for quick delivery of conditional loan offers.

Benefits for success: MPOWER’s student loans services provide access to international scholarships, visa support and career services to help you throughout your academic journey and beyond.

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FAQs

How do I choose between a cosigner and no-cosigner loan?

A cosigner loan typically offers better terms, such as lower interest rates, but requires a U.S. citizen or permanent resident to cosign. No-cosigner loans, on the other hand, are more accessible for international students without local financial support and may come with higher interest rates. Deciding between these types of loans is usually dependent on whether a student has someone in the U.S. or Canada they feel comfortable asking to assume the risk and responsibility of being a cosigner.

How do I apply for a no-cosigner loan?

To apply for a no-cosigner loan, research lenders that cater to international students. You’ll need to provide documentation such as proof of admission to a U.S. university, financial information and identification. These loans are often based on your future earning potential.

Can education loans cover living expenses in addition to tuition?

Yes, most education loans for international students studying in the U.S. are designed to cover tuition and fees and living expenses such as housing, food, transportation and health insurance. In Canada, loans typically cover tuition and any other university-invoiced expenses.

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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Student loans for postgraduate degrees