Studying overseas can be a dream come true, but it often comes with a hefty price tag. For international students aiming to study in the U.S. or Canada, securing the right financial aid is essential to make that dream a reality. From international scholarships and grants to loans and work-study opportunities, understanding the financial aid landscape can help you fully fund your international education without overwhelming debt. In this article, we’ll dive into the most viable financial aid options, how to combine them, and give tips for ensuring your education is well-funded.
Types of study abroad financial aid for international students
International scholarships
International scholarships are one of the best forms of financial aid because they don’t need to be repaid. They’re awarded based on merit, talent or specific criteria like your field of study or nationality. Here are some common types of scholarships for international students:
Tip: Research and apply early! Many scholarships have deadlines months in advance of your study abroad start date.
Grants
Grants, like scholarships, don’t require repayment and are usually based on need or special circumstances, though you may need to meet and maintain certain criteria. While U.S. or Canadian government grants are often unavailable to international students, you can find options through universities or international organizations.
Private international student loans
Private student loans are another option, but they come with repayment obligations and interest rates. These loans are typically provided by private banks, credit unions or specialized lenders. They often require a cosigner, but some education loan providers offer no-cosigner loans that assess your future earning potential instead.
Work-study programs
Work-study programs allow international students to work part-time while studying. Depending on your visa, you may be able to work on campus for up to 20 hours per week, which can help cover living expenses.
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Navigating study abroad financial aid options
Scholarships and grants: Competitive but worthwhile
While international scholarships and grants are highly competitive, they’re the most viable options because they don’t require repayment. Applying for multiple scholarships and seeking out niche grants related to your country or field of study can increase your chances of securing this aid.
Loans: A necessary option for many students
For many students, international student education loans are necessary to fully fund their education. Private loans, especially no-cosigner options, provide flexibility, but it’s crucial to understand the long-term financial commitment involved.
Work-study: Helpful but limited
Work-study programs can help offset living expenses, but they’re unlikely to cover a significant portion of your tuition. However, they can help you manage day-to-day expenses and gain valuable work experience in the process.
4 mistakes to avoid when seeking study abroad financial aid
1. Not applying for enough scholarships
Many students focus on one or two large scholarships and neglect smaller, lesser-known awards. This limits your chances of securing aid.
Solution: Apply for a mix of large and small scholarships. Smaller awards add up and can make a significant dent in your costs.
2. Overestimating loan amounts
It can be tempting to take out a larger loan than necessary, but this leads to higher debt down the road.
Solution: Calculate your exact financial needs, including tuition, fees and living expenses and avoid borrowing more than you need.
3. Neglecting deadlines
Missing scholarship or grant application deadlines can disqualify you from receiving aid.
Solution: Keep a calendar of all financial aid deadlines and submit applications well before they’re due.
4. Failing to research all available aid
Many students overlook financial aid opportunities from international organizations or their home country.
Solution: Look beyond university financial aid packages. International organizations, nonprofits and even your home country’s government may offer scholarships or grants.
Why MPOWER Financing?
Studying abroad is a life-changing adventure, but financing it shouldn’t be a roadblock. MPOWER Financing offers innovative financial aid solutions designed for international students, ensuring you have the support you need from start to finish. Whether it’s covering tuition, securing housing, or managing day-to-day expenses, MPOWER’s got your back – without the red tape of traditional lenders.
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FAQs
Yes, but options like government aid are often unavailable. International students can access scholarships, private loans, grants from universities and work-study programs to help fund their education.
Start by researching scholarships offered by the university you’re applying to, then branch out to external scholarships and international organizations. Online platforms like ScholarshipPortal and IEFA’s scholarship database can also help you find scholarships specific to your background.
Yes, several lenders specialize in no-cosigner loans for international students, focusing on future earning potential rather than credit history or requiring a cosigner.
The best approach is to secure as many scholarships and grants as possible, then use loans to cover any remaining costs. Add work-study opportunities if available to offset 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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