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Student loan services for international students

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Studying abroad in the U.S. or Canada is an exciting way to get a degree. However, depending on the college or university you choose, education costs can easily add up to US$70,000 or more per year. Since international students typically don’t have access to financial aid available from the U.S. or Canadian governments, private student loans services may be the best option if you need financial help. This guide offers a brief look at different types of private student loans services and how to choose a lender.

Types of private student loans services

Private education loans are educational loans offered by private lenders, such as banks or financial institutions, rather than by governments or universities. In the U.S., these loans can be used to cover the cost of tuition, housing, fees, books and other school related costs – depending on the lender. In Canada, these loans can typically cover tuition and any other university-invoiced expenses.

There are two basic types of private student loans services.

International student loans with a cosigner

International students are considered a higher risk by many lenders. That’s usually because they have no local credit history, their future employment prospects might be uncertain, and they don’t own property or assets to offer as collateral.

For this reason, most private lenders in the U.S. and Canada require international students to have a cosigner. This is someone who legally agrees to repay the loan if you’re unable to make payments. Cosigners must be U.S. or Canadian residents, have a strong credit history, and demonstrate they can repay the loan if you cannot. Unfortunately, many students don’t have friends or family in the U.S. or Canada they can turn to for this kind of financial help.

No-cosigner loans

Some lenders offer loans that don’t require a cosigner. These companies base their lending decisions on your academic performance and future potential, rather than your current financial status. Education loan providers offering no-cosigner student loan services may evaluate factors like your academic history, your course of study, the reputation of the school you’ve chosen, and your potential for income after graduation.

No-cosigner private student loans offer several benefits over loans with a cosigner. They allow you to stay financially independent – you won’t need to rely on friends or family to help finance your education. In the U.S., you can use a no-cosigner student loan to pay for tuition, housing, fees, transportation and other educational costs.

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How to choose a student loan provider

When considering different student loan services, you’ll want to carefully compare the details of different products as well as the reputation of each lender.

  • Lender reputation: Some lenders have a stronger reputation than others, and certain companies cater more to the needs of international students. Before you choose a loan, be sure to research the lender’s history, look at customer reviews and evaluate the support services they offer.
  • Interest rates: The interest rate on your student loan will determine how much money you’ll need to pay on top of the original amount you borrow. The higher the interest rate, the more money you’ll pay over time. Fixed-interest rates allow you to make the same predictable payment each month, while the payment for variable-rate loans may fluctuate as the economic markets rise and fall.
  • Terms and conditions: The terms of the loan include the repayment period, or the number of years you’ll have to pay back the loan. Some loans allow you to make interest-only payments until you’ve graduated. Loans may also come with a variety of fees, including application fees, late fees and prepayment penalties you’ll be charged if you prepay your loan early.

When doing an education loan comparison, calculating the annual percentage rate – interest rates plus all the fees – will help you compare the total cost of loans from each lender.

Additional international student loan services

In addition to loans, some lenders offer special services for international students. These services are designed to help you successfully make the transition to becoming a student in a new country or find jobs and internships. International student loan services may include:

  • Visa services: Navigating the visa process can be complicated and time-consuming. Some lenders provide student loan services that help you understand these requirements, collect the documentation you’ll need, and even help you prepare for your visa interview.
  • Career services: Lenders with career services may be able to help you search for and identify internship and job opportunities, improve your resume and prepare for job interviews.
  • Financial services: Some lenders may offer credit card and bank accounts to help you get started in your new university and country.  
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MPOWER Financing: Student loan services for international students

MPOWER Financing is a provider of international student loan services, dedicated to helping international students from around the world pursue their dreams. Founded by two former international students, MPOWER offers no-cosigner loans based on your future potential, not your financial past.

MPOWER international student loan services include:

  • No-cosigner international student loans:Offering loans up to US$100,000, with fixed rates, an easy application process, quick approvals and no prepayment penalties
  • Visa support: Including a free visa support letter, visa preparation course, and access to personalized mock interviews, live Q&A webinars, and opportunities to talk with former U.S. visa officers about your application
  • Career services: Including access to career counseling, resume-building workshops, interview preparation resources, job search tools and a large network of MPOWER alumni who have successfully found jobs in the U.S. and Canada.
  • Financial services: Offering prequalified bank accounts and U.S. credit cards to ensure you’ll have access to currency immediately after you enter the country

MPOWER Financing student loan

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FAQs

What expenses can student loans services cover?

This will vary by lender, but commonly in the U.S., student loans can cover tuition, housing, books and other school-related expenses such as transportation and personal costs. In Canada, loan funds can cover tuition and any other university-invoiced expenses.

What are the typical educational loan requirements for international students?

Most lenders require proof of enrollment in an accredited institution, financial need documentation, and  visa information.

What repayment options are available for private student loans?

Repayment options vary but may include interest-only payments while in school and prepayment restrictions.

How does borrowing affect my credit score?

Responsible borrowing and timely repayments can help you establish a strong credit score, while missed payments may negatively impact it.

What happens if I can’t repay my student loan on time?

Most lenders offer deferment or forbearance options to help students facing financial difficulties, but it’s important to contact your lender as soon as possible if you can’t pay on time.


*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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