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Introduction to study abroad scholarships

Studying abroad is an enriching experience that broadens horizons, fosters cultural understanding and enhances personal growth. However, the cost associated with international education can be a significant hurdle for many students. This is where study abroad scholarships come into play. These scholarships for education, offered by various organizations, universities and companies like MPOWER Financing, are financial awards that do not need to be repaid. They can significantly reduce the financial burden of studying abroad, making it a more accessible opportunity for students worldwide

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Types of study abroad scholarships

If you’re seeking international study programs in the U.S. or Canada, several types of scholarships and financial aid options are available. These can significantly reduce the financial burden of your studies.

Merit-based scholarships:
These scholarships are awarded based on a student’s academic, artistic, athletic or other abilities and often factor in an applicant’s extracurricular activities and community service record.

Need-based scholarships:
These scholarships are awarded based on the student’s financial need. They often require applicants to provide information about their family’s income.

Student-specific scholarships:
These are scholarships for students who qualify based on factors such as gender, race, religion, family and medical history, or many other student-specific factors.

Destination-specific scholarships:
These are scholarships offered by a country to students planning to pursue a study program in that particular country. They are awarded as an incentive for students to study in that country instead of elsewhere. For example, some schools offer specific scholarships for African students to study in the U.S.

Program-specific scholarships:
These are scholarships offered by individual study programs to attract students to that program. They are often awarded based on academic and personal achievements.

Subject-specific scholarships:
These are scholarships offered by study programs or institutions to students based on their particular major or field of study. They require the student to enroll in subject-specific courses while abroad. These can include stem scholarships and international MBA scholarships.

Remember, each international student scholarship has its own eligibility requirements and application process, so it’s important to read the guidelines carefully. Also, start your search early and apply to as many relevant scholarships as possible to increase your chances of receiving financial aid.

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MPOWER's study abroad education loans

MPOWER Financing provides scholarships for international students. These international student scholarships are available to students accepted or enrolled in a full-time degree program within MPOWER-eligible schools in Canada and the U.S.

  • Monthly Scholarship Series: These scholarships offer awards between US$1,000 and US$2,000. They are available to students currently enrolled in or accepted to a full-time degree program at an MPOWER-eligible school. The topics for submission change each month, encouraging students to engage with various themes and ideas.
  • MPOWER Global Citizen Scholarship: This scholarship offers awards between US$2,000 and  US$10,000. It is open to students currently enrolled in or accepted to a full-time degree program at an MPOWER-eligible school. The Global Citizen Scholarship recognizes students committed to making a difference in their communities and the world.
  • Women in STEM Scholarship: This scholarship offers awards between US$1,000 and US$6,000 for women in STEM fields currently enrolled in or accepted to a full-time degree program at an MPOWER-eligible school. This scholarship aims to support and encourage women to pursue education in STEM fields.
  • MPOWER MBA Scholarship: This scholarship offers awards between US$2,000 and US$10,000. It is open to MBA students currently enrolled in or accepted to a full-time degree program at any school MPOWER supports. The MBA Scholarship recognizes the potential and dedication of future business leaders.
  • MPOWER Refugee Scholarship: This scholarship offers awards between US$1,000 and US$3,000. This scholarship is specifically for students who are fleeing harsh conditions from around the world and coming to the U.S. or Canada for a better future.
  • MPOWER 追梦永不息 Scholarship: This graduate student scholarship offers awards between US$500 and US$5,000. It is open to Chinese international graduate students currently enrolled in or accepted to a full-time degree program at an MPOWER-eligible school.
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Strategies for applying to study abroad scholarships

Applying for scholarships requires a strategic approach, especially for international students:

Apply early: Many scholarships for students have early deadlines. Start your search early and make sure to submit your applications on time. Some scholarships may also process applications on a rolling basis, meaning the scholarship may have already closed if you wait until the deadline.

Apply for several scholarships: Don’t limit yourself to applying for just one scholarship. The more scholarships you apply for, the higher your chances of securing the financial aid you need, lessening your student loan burden.

Tailor your application: Make sure your application aligns with the scholarship’s objectives and criteria. Tailor your essays and letters of recommendation to highlight why you are the best fit for the scholarship.

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Why choose MPOWER?

MPOWER Financing, besides being a loan provider, has a mission to support students. With an approach centered around student needs, offering support at various stages of your educational journey (from scholarships to career services), MPOWER aims to assist you.

What sets the MPOWER team apart is its focus on your future, not your present or past – offering no-collateral loans without requiring a cosigner. Additionally, a variety of international student scholarships are available to help fund your education overseas. By choosing MPOWER, you’re selecting a partner committed to assisting you through the financial aspects of your education journey, allowing you to focus on your future.

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FAQs

What is a study abroad scholarship?

A study abroad scholarship is a financial award given to students to help cover the costs of studying abroad. These scholarships do not need to be repaid.

Who can apply for MPOWER Financing’s scholarships?

MPOWER’s student scholarships are available to international and DACA students who are accepted or enrolled in a full-time degree program at a U.S. or Canadian MPOWER-eligible school.

What makes MPOWER different from other student loan lenders?

MPOWER does not require a cosigner or collateral for their loans, making its loans more accessible for international and DACA students. MPOWER also offers a range of scholarships specifically designed for these students.

What strategies can I use when applying for scholarships?

Some strategies include applying early, applying to several scholarships and tailoring your application to align with the scholarship’s objectives and criteria.

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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