Study abroad financial aid: Funding education in the U.S. or Canada

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:

  • Merit-based scholarships: These are awarded to students who demonstrate academic or extracurricular excellence.
  • Need-based scholarships: Financial need is the primary criterion for these scholarships, and many institutions and organizations offer them to international students.
  • Field-specific scholarships: Certain industries and academic fields offer scholarships to attract top talent, especially in STEM, business and the arts.

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.

  • University grants: Some universities offer grants specifically for international students, which are worth exploring during your application process.
  • Private and nonprofit grants: Various international organizations and foundations offer grants for students from specific countries or for those studying particular fields.

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.

  • Cosigner loans: Require a U.S. or Canadian resident to back your loan, which can be difficult for international students to secure.
  • No-cosigner student loans: Available from certain lenders, these loans focus on your academic performance and potential future income, making them more accessible for students in fields like engineering or business.

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.

  • On-campus jobs: Universities often offer part-time jobs in libraries, cafeterias and administrative offices that can supplement your income.
  • Off-campus opportunities: Through programs like Optional Practical Training (OPT) and Curricular Practical Training (CPT), students on F-1 visas may qualify for off-campus work in their field of study.
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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.

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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.

  • No cosigner or collateral required: MPOWER eliminates traditional barriers by offering loans that don’t require a cosigner or collateral. This makes it easier for international students to access the funds they need without relying on financial support from family or sponsors.
  • Funding beyond tuition: MPOWER’s financial aid covers more than just tuition fees. In the U.S., students can use their loans for essential expenses such as housing, books, meal plans and health insurance, ensuring they have the financial support needed to fully focus on their studies abroad. For students studying in Canada, MPOWER loans can be used to cover tuition.
  • Fixed interest rates and flexible repayment options: MPOWER provides competitive, fixed-rate student loans that give students a clear and predictable repayment schedule. With the option to qualify for a 0.25% interest rate discount through automatic payments, students can manage their repayments with ease.
  • Fast and convenient online application process: MPOWER’s fully digital platform ensures a quick and streamlined application process. Students can check their eligibility within seconds, receive fast approval, and access the financial aid they need without the complications of lengthy paperwork.
  • Support beyond financing: MPOWER offers more than just financial aid. Through its Path2Success program, students gain access to free career services, visa support, and discounts on essential resources like textbooks and travel, helping them adjust to life abroad and build a strong foundation for future success.

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FAQs


Can international students get financial aid in the U.S. or Canada?

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.

What’s the best way to find scholarships for international students?

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.

Are there loans available for international students without a cosigner?

Yes, several lenders specialize in no-cosigner loans for international students, focusing on future earning potential rather than credit history or requiring a cosigner.

How can I combine different types of financial aid?

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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