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study abroad

education loans

Studying abroad is a dream for many students around the world. It provides an opportunity to experience a new culture, gain a global perspective and receive a high-quality education. However, financing this dream can be a significant hurdle for many. This is where educational loans for studying abroad come into play, especially for international students looking to study in the U.S. or Canada.

Educational loans are a type of financial aid designed to help students pay for their post-secondary education and the associated fees, such as tuition, books and supplies and living expenses.

Study abroad education loans for international students

When it comes to education loans for international students, there are two main types: federal loans and private loans.

Federal loans

Federal student loans are financed through U.S. government programs. They often have lower interest rates and flexible repayment options. Here’s the catch: They’re usually unavailable to international students, though, there are exceptions. For instance, children from families with T non-immigrant status are eligible for federal loans. But for most international students, federal loans may not be an option.

Private loans

Private lenders like banks, credit unions and fintech companies provide private student loans. These loans can be available to international students and often require a U.S. citizen or permanent resident to cosign the loan. Some lenders, like MPOWER Financing, offer international students no-collateral loans and no-cosigner student loans.

Depending on the lender, private loans can cover up to 100% of the cost of education, including tuition, books, supplies, housing and more. This makes them a good option if you’re having trouble securing other forms of financial aid.

The interest rates, fees and repayment terms can vary widely among private lenders. Some private lenders offer loans specifically tailored for international students. These loans can be a great way to pay for college, but it’s crucial to do your homework before signing on the dotted line. For example, many lenders offer variable rate international student loans, but fixed rate student loans tend to be safer for international students since they offer consistent, fixed repayment terms.

Remember, the terms of private loans can be complex. They can have high-interest rates and may require a cosigner or collateral. Also, make sure you understand the repayment terms and whether there are penalties for early repayment. Always read the fine print and consider getting advice from a financial advisor before signing any agreement for a study abroad education loan.

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MPOWER's study abroad education loans

MPOWER Financing offers a unique solution for international students, providing loans from US$2,001 to US$100,000 at competitive fixed interest rates. The best part? No cosigner or collateral required. MPOWER believes in your future potential and bases its loans on your future earnings.

MPOWER also offers more than just education loan financing. It supports students at over 400 top universities in the U.S. and Canada and also offers visa support letters, career development guidance and resources on topics that matter to international students.

Here’s a closer look at what MPOWER offers:

No cosigner or collateral needed
MPOWER believes in your potential. That’s why no cosigner or collateral is required.

Competitive fixed interest rates:
MPOWER offers competitive fixed interest rates. This means your rate won’t change over the life of the loan. Plus, you can lower your rate when you sign up for automatic payments.

Loan amounts from US$2,001 to US$100,000:
Whether you need a small loan or a larger one,  you’re covered.

Six-month grace period:
While in school and for six months after graduation, you’ll make interest-only payments.

Career support:
Get offers career support to help you land a job after graduation.

Visa support letters:
MPOWER provides a free visa support letter.

Scholarship opportunities:
MPOWER offers a variety of scholarships for international students to help you fund your education.

Prequalification for a U.S. credit card and bank account:
All students approved for an MPOWER student loan are prequalified for a U.S. credit card and bank account through MPOWER’s  partnership with Zolve.

With MPOWER, you’re not just getting a loan. You’re getting a partner committed to helping you succeed in your academic journey and beyond.

Things to be wary of when looking for private loans

While private loans can be a viable option for international students, it’s important to be cautious. Interest rates can be high, and some lenders require a cosigner or collateral, which can burden your family with your debt. It’s also crucial to understand the cost of student loans and whether there are penalties for early repayment. Always read the fine print and consider consulting with a financial advisor before signing a loan agreement.

Choosing MPOWER

When it comes to your study abroad education loan, MPOWER Financing is your trusted partner. More than just a loan provider, MPOWER is a community dedicated to empowering international and DACA students. This unique approach to student financing removes the barriers of cosigners and collateral. MPOWER believes in your potential and invests in your future. Choose MPOWER and confidently step towards your dream of studying in the U.S. or Canada.

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MPOWER Financing Student Loan

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FAQs

Can I get an education loan to study abroad?

Absolutely! Many financial institutions and fintech companies provide education loans for international students in numerous countries, including the U.S. and Canada. The first step is to apply.

Is financial assistance available for studying abroad?

Yes, for many students, studying abroad is only possible with financial assistance. Education loans for international students can make this possible by funding the cost of school – everything from the books you need to the cost of living on campus. Many organizations and institutions also offer scholarships to students who plan to study overseas. You do not need to have already been accepted into a program to be considered for a scholarship award, but you do need to apply early.

What documents and personal information should I prepare when I apply for an MPOWER loan?

The specific documents required may vary, but you should be prepared to provide proof of admission to a supported school, proof of identity and financial information.

What can the loan be used for?

Loans for studying in the U.S. through MPOWER Financing can be used to fund your international education expenses, including tuition, books, supplies and living 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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