Ten Tips for Managing In-School Payments on Your Loan

A majority of students lean on personal and family funding to support their postgraduate studies in the U.S. According to the Institute of International Education’s 2024 Open Doors report, 54.5% leveraged personal savings, while approximately 40% of students received funding through a current employer or their U.S. university. For some students, borrowing an education student loan is necessary to achieve their academic pursuits.

If you have student loan debt and want to make progress toward paying it off while you’re in school, here are 10 ways to make payments manageable.

1. Familiarize yourself with your loan terms

There are many different types of education loans, so it’s important to understand loan terminology, the features of your loan and what it means for you. For example, your loan might offer loan deferment while you’re enrolled in school or a grace period after graduating. If this applies to your loan, ensure you’re clear on what “deferment” and “grace period” means.

Typically in a deferment or a grace period, you’re not required to make monthly loan payments. This feature can be convenient, but interest typically accrues during this time, which increases your total borrowing cost over time.

2. Establish a realistic budget

While you’re in school, keeping your expenses low allows you to prioritize your in-school loan payments. Setting a practical budget can help you keep track of your finances.

The 50/30/20 budget is a straightforward strategy that’s easily adapted to your unique financial situation. The budget is ideal for students since it establishes broad spending categories for “needs,” “wants” and “savings or debt repayment,” instead of tracking every purchase.

To apply the 50/30/20 budget, follow these guidelines for your monthly income:

• 50% to “needs”: This includes tuition and fees, books, housing, groceries and transportation.
• 30% to “wants”: Non-essential expenses that aren’t critical, like buying a sweet treat, takeout food and entertainment.
• 20% to “savings/debt”: This category is where your in-school education student loan payment falls. Twenty percent of your monthly budget should be set aside to pay for your loan and for emergency savings.

3. Enroll in automatic payments

Some lenders incentivize students to enroll in automatic payments by offering an interest rate benefit. As part of the educational loan requirements for auto pay, you’ll need to provide the lender with a bank account to pull payment from. Typically, you can set a recurring date on which your payment will automatically process each month – either on or before its due date.

The automatic payment feature gives lenders the peace of mind of receiving timely payments. In exchange, they offer a nominal rate discount, like a 0.25% reduction from your loan rate.

4. Consider an on-campus job

On-campus employment lets you offset living and discretionary costs so you can free up funds toward in-school loan payments. Plus, working on campus makes it convenient to go from the classroom or lab, straight to work without worrying about transportation or commute time.

As an F-1 student, your visa allows you to work on-campus for up to 20 hours per week during the active school term. To learn more about restrictions and requirements, contact your designated school official (DSO).

5. Make interest-only payments

Depending on your loan’s repayment options, you might be able to make interest-only payments. Instead of making a full monthly payment – which includes a portion of the principal balance, plus interest charges – you’ll only be responsible for paying the accrued monthly interest while school is in session.

This option keeps your loan balance from growing beyond your original borrowed amount. It also helps you pay off the debt faster, compared to deferring your loan payments until after graduation.  And most importantly, if you make interest-only payments you will minimize the overall interest you pay over the life of the loan, ultimately keeping your borrowing costs low.

6. Apply leftover aid toward your loan

Putting excess scholarship or grant aid toward student loans you’ve borrowed for past years puts a dent in your repayment journey. Scholarship and grant funding doesn’t need to be repaid and is considered gift aid.

This strategy can significantly reduce your outstanding loan balance after leaving your postgraduate program and helps shorten your repayment timeline. Just make sure that leftover aid isn’t needed toward other critical expenses, like rent or tuition.

7. Take advantage of student discounts and resources

Maximizing student discounts is another way to decrease your personal expenses so you can divert more of your funds toward in-school loan payments. Your university student ID can help you unlock discounts for public transportation, local restaurants, entertainment, school supplies and more.

It’s also worth exploring whether your school or the local community around campus offers a food bank. A food bank, or food pantry, is a resource available to students and others in need. A food bank or pantry offers basic food essentials, like uncooked grains, soups and other non-perishables to reduce your grocery bills when there’s a true need.  

8. Get guidance from a financial aid advisor

Your school’s financial aid advisors are knowledgeable about U.S. educational loan requirements. They can explain lending terms, identify funding options and structure a manageable in-school repayment plan with you, based on your repayment goals.

9. Plan ahead with a student loan payment calculator

Using a student loan payment calculator provides a visual breakdown of your loan’s monthly accrued interest, monthly payment amount and total interest paid over the entire loan term. Loan calculators can also illustrate how in-school payments affect your total repayment and interest savings.

Some calculators also show your payments and interest under different scenarios. For example, when making interest-only payments while in school versus deferring all payments until after graduation. This insight can help you plan your finances so you stay on track toward reaching your repayment goal.

10. Communicate with your lender

Ultimately, your lender is your best resource if you have questions or challenges regarding your educational loan requirements. Keep an open line of communication with your loan lender.  

What’s the smartest way to repay student loans?

Whether you have no-cosigner international student loans or another type of education student loan, making in-school payments can help you stay ahead of your student debt. Balancing a school workload and loan repayment can be difficult to manage, but not impossible. Try a handful of the tips above to ease the burden of making payments while you’re still in school.  

5-Step Checklist: Choosing the right international education program for you

With a master’s program loan from MPOWER Financing, you can access the many benefits of studying abroad in the U.S. or Canada, from global networking opportunities to cutting-edge educational institutions. With so many options for your postgraduate degree program, however, choosing the right international study program can be difficult.

If you dream of studying abroad but don’t know how to find the best program for you, here’s a five-step checklist for choosing an international education program. Plus, learn how a no-cosigner international student loan from MPOWER can help you finance your degree.

Step 1: Identify your academic and professional goals

Before you start searching for a degree program, you need to clarify your academic and professional goals. What are your long-term career aspirations? What academic program will best help you achieve your goals?

If you’re unsure what your professional goals are, start by researching the areas of study you find most compelling. For guidance, turn to MPOWER. Some of the most commonly selected majors among students studying with an education student loan from MPOWER are computer science, data science and engineering.

Step 2: Explore universities and degree programs

Once you’ve determined the area of study you’re interested in, it’s time to explore the academic institutions you can attend with a no-cosigner international student loan from MPOWER. Different schools excel in different areas of study. If you hope to study STEM, you may want to explore the offerings at the Massachusetts Institute of Technology.* If you want to pursue a Master of Business Administration, the MBA program at Boston University* is highly regarded.

Beyond academic offerings, be sure to evaluate universities for factors such as:

• Length of program
• University resources
• Location and campus environment

Your university of choice will be your home for the next few years, so it’s important to choose a school that meets your standards.

*Schools mentioned in this post do not endorse MPOWER’s loans and MPOWER is not affiliated with the schools noted in this message.

Step 3: Compare university reputations

To hone your list, investigate each university’s reputation. Respected ranking systems, such as the U.S. News & World Report College Rankings, can offer great insight, but so can firsthand reports. Try reaching out to students and alumni from each university to get a sense of student satisfaction and alumni success. Do research on rankings, but make sure you choose a university that’s best for you and not just at the top of the list.

To be certain your university will give you the best education outcomes possible, choose your program from the 500+ schools that accept master’s program loans from MPOWER. Evaluated based on factors like graduation rate, graduate employment rate and alumni earnings, MPOWER’s list of eligible schools constantly expands to include the strongest degree programs in the U.S. and Canada.

Step 4: Consider program cost and return on investment

Depending on university location, program duration and school ranking, tuition and living costs may vary widely. Determine which programs you can afford by weighing your total anticipated expenses against your total income, including scholarships and education student loans, using a study abroad budget.

Some programs may be expensive but boast a strong return on investment (ROI) for graduates. When comparing costs, make sure to factor in the average starting salary for graduates in your field and the average long-term ROI.

If you need to bridge the gap between your current funds and your dream postgraduate degree program, a master’s program loan from MPOWER can get you there. MPOWER offers no-collateral, no-cosigner international student loans of up to US$100,000 for those studying at any of MPOWER’s 500+ eligible schools in the U.S. and Canada.

 

Check your eligibility

 

Step 5: Trust your gut

No matter how much research you do, there will be elements of your study abroad experience that you won’t be able to anticipate. When it comes time to make a final decision, trust your instincts.

Final thoughts: Finance the right international education program with no-cosigner international student loans

MPOWER is here to help you study abroad in the U.S. or Canada.. While other private lenders make their loans inaccessible by requiring a U.S. cosigner or a high U.S. credit score, MPOWER offers no-cosigner international student loans based on future earning potential rather than financial history.

Take advantage of all MPOWER has to offer. Check your eligibility today.

 

Avoid These Common Mistakes in Your Student Visa Application

Before you can pack your bags for postgraduate studies in the U.S., you’ll need to apply for your international student visa. A student visa gives you permission to live and study in the U.S., so it’s crucial to get your application right. Even small errors, like forgetting a document or missing a deadline, can lead to delays or outright denials. Here are common application mistakes to avoid so you can have a smooth and successful visa process.

1. Filling out Form DS-160 incorrectly

To apply for your international student visa, you’ll need to fill out Form DS-160 online and submit it to the U.S. Department of State. Most questions are mandatory, and you have to fill out the form in English.

The form asks for detailed information and takes about 90 minutes to fill out. It’s essential to fill it out accurately, as errors can cause your application to be delayed or rejected.

Double-check the form for accuracy before you hit submit. Make sure your personal information, school name, SEVIS ID and other details match what’s on your official records to avoid a student visa rejection.

2. Not paying fees on time

You’ll have to pay two fees to get your U.S. student visa: the visa application fee and the I-901 SEVIS fee. The international student visa application fee costs US$185, while the SEVIS fee is US$350 for F-1 students and $220 for J-1 students.

Both fees must be paid before your interview, and you’ll need to bring your receipts to the visa interview to prove you paid them. Forgetting to pay one or both of these fees could delay your visa application.

3. Scheduling your visa interview too late

To get your international student visa, you’ll need to set up an interview at your local U.S. embassy or consulate. There can be long wait times, so schedule your interview as soon as possible.

You can schedule your visa interview once you’ve been accepted to a university and have received your I-20 form. You’ll also need to complete the DS-160 application and pay visa fees.

Your visa can be issued up to 365 days before your program begins, but you can only enter the U.S. up to 30 days before the start date. If you wait too long to apply, though, you might not get your visa in time.

4. Skipping your interview prep

The interview is an important part of the student visa process, so it’s worth preparing for your visa interview in advance. Review some of the common questions a consular officer will ask, such as:

• What school are you attending, and what do you plan to study?
• How will you support yourself financially in the U.S.?
• What are your plans following graduation?

Your interviewer wants to make sure you’re being honest about your plans, have sufficient funds and will return to your home country after your visa expires. The interview also helps confirm you have the English language skills to study in the U.S.

Skipping out on interview prep could leave you flustered in the moment. Taking the time to get ready – and to review what not to say in a student visa interview – can help ensure everything goes smoothly.

5. Missing documents

You’ll need to bring several important documents to your visa interview. U.S. student visa requirementsinclude:

• Valid passport
• Form DS-160 confirmation page
• Form I-20
• SEVIS fee receipt
• Visa application fee receipt
• Passport-sized photo, if you weren’t able to upload it online

You may also need to provide additional documentation, including:

• Academic records, such as transcripts and standardized test scores
• Proof of funds that show you can cover your educational, living and travel costs
• Proof that you intend to leave the U.S. after graduating  

Download a checklist of all the documents you need, and make sure you have everything on hand before heading to your interview. Missing key documents could disqualify you from getting an international student visa and may mean you have to start the process over again.

Navigate the international student visa process with confidence

Applying for an international student visa is an important step in your study abroad journey, but it doesn’t have to be overwhelming. By avoiding these common visa application mistakes, you can save yourself unnecessary delays or rejections. Stay organized and review U.S. student visa requirements to give yourself the best chance of securing your visa without complications.

If you need support along the way, MPOWER Financing is here to help. MPOWER offers international student loans without a cosigner so you can finance your education. MPOWER students also have access to its Path2Success program, which offers personalized support for your U.S. or Canada student visa application.

The MPOWER Path2Success program offers a free visa support letter and prep course so you’ll be fully prepared to ace your F-1 visa interview. Other financial benefits include a prequalified U.S. credit card and bank account and expert guidance for F1 students to help you jumpstart your career.

With the right preparation and support, you’ll be a huge step closer to studying in the U.S. and achieving your goals.

 

Learn more

Ten tips to study abroad on limited finances as an international student

Studying abroad on a budget in the U.S. can help you gain expertise in your field, improve your English-speaking skills and develop industry connections that set you on the path for professional success.

For many, however, an international education feels out of reach. In addition to rising tuition prices and the high cost of living in the U.S., international students contend with visa fees, travel expenses and a lack of financial assistance for postgraduate students.

How do you study abroad if you can’t afford it?

If studying abroad seems out of your budget, don’t fear. There are steps you can take to decrease the overall cost of your degree program and education loans for students that can help you cover remaining costs.

Here are 10 tips for studying abroad on a limited budget as an international student:

Study abroad on a budget tip 1: Plan ahead

When it comes to studying abroad on a budget, it’s best to start planning as soon as possible. Give yourself ample time to research programs, save money and apply for scholarships. Don’t wait: start exploring international study programs today!

Study abroad on a budget tip 2: Create a study abroad fund

Consider opening a designated savings account where you can put away a portion of your monthly income to go toward your study abroad budget.

How much money should I set aside for study abroad?

The amount of money you set aside will depend on your financial situation and the cost of your degree program. According to the Education Data Initiative, the average cost of a master’s degree in the U.S. is US$62,820.

This number may seem high, but remember that it doesn’t account for any financial assistance for postgraduate students, which may come in the form of scholarships, assistantships and education student loans. Additionally, this number is only an average – tuition prices vary widely, and it’s possible to find degrees with much smaller price tags.

Study abroad on a budget tip 3: Choose an affordable postgraduate program

Research your postgraduate degree options thoroughly to find a program within your budget. Florida public universities, for instance, have some of the most affordable tuition in the U.S.

To get started, check out MPOWER’s list of 500+ eligible schools, which reflects the best education options in the U.S. and Canada.

Study abroad on a budget tip 4: Consider locations with a lower cost of living

To reduce spending on housing, food and transportation, look for universities in U.S. states with a lower cost of living. Some states with a relatively low cost of living, such as Michigan and Ohio, still have a range of excellent postgraduate programs to choose from.

Study abroad on a budget tip 5: Apply for international student scholarships and grants

Though you cannot qualify for federal aid, there are still ways to access financial assistance for postgraduate students. EduPass has compiled a list of scholarship opportunities for international students, including MPOWER’s graduate student scholarships. EduPass will also direct you to other helpful scholarship search engines like Fastweb.

You should also check out what kind of aid is available at your university, such as departmental assistantships and fellowships.

Study abroad on a budget tip 6: Apply for private education student loans from MPOWER

If savings and scholarships don’t cover all your expenses, an education student loan from a private lender like MPOWER can bridge the gap.

MPOWER wants an elite global education to be as accessible as possible. That’s why they offer a streamlined approval process for no-cosigner, no-collateral student loans of up to US$100,000. Plus, MPOWER’s Path2Success Program provides all customers with holistic student services, from a prequalified U.S. bank account to a directory of F-1 eligible jobs to help you launch your career.

 

Check your eligibility

 

Study abroad on a budget tip 7: Create a study abroad budget

While living abroad, use a study abroad budget to track your funds (such as savings and financial assistance for postgraduate students) and expenses (such as tuition, living expenses and health insurance). Carefully assess your spending to make sure you’re living within your means.

Study abroad on a budget tip 8: Travel affordably

International airfare can be a major expense, but it doesn’t have to be. Some simple steps, such as flying during off-peak seasons, booking indirect flights and using sites to find affordable flights, can drastically reduce prices.

And don’t forget to take advantage of your student status!

Study abroad on a budget tip 9: Find part-time work

As an international student, you can find employment on campus or, occasionally, off campus through special programs like optional practical training (OPT). During the school term, international students can work up to 20 hours per week in the U.S. and 24 hours per week in Canada.

Study abroad on a budget tip 10: Cultivate budget-friendly habits

Save money with budget-friendly habits like cooking your own meals, using public transit, buying used textbooks and hunting for student discounts. Also, be sure to explore free or discounted university resources like medical services, gyms and social events.

Final thoughts: Studying abroad with financial assistance for postgraduate students

If there isn’t enough room in your budget for the study abroad experience of your dreams, consider MPOWER. With fixed interest rates and no prepayment penalties, MPOWER education student loans are perfect for students studying abroad on a budget, giving you both the predictability and flexibility you need to repay your loans without hassle.

 

Get Started

How to Maximize Financial Aid for a Master’s Degree in the U.S.

Earning a master’s degree in the U.S. remains a popular pursuit among international students. According to the Institute of International Education’s (IIE) 2024 Open Doors Report, the number of international students enrolled in a master’s program during the 2023-2024 school year increased by 8.3%, compared to the prior year.

Although a master’s degree is the most sought after graduate level among students, the cost necessary to complete your education can be an obstacle. If you’re curious about where to find financial aid for international students’ master’s programs, here’s what to know.

How can I get my master’s if I can’t afford it?

As an international student, you’re ineligible for federal financial aid. The IIE reports that 54.5% of international students primarily used personal and family funds to pay for a U.S. education. However, not everyone has the means to pay for a postgraduate program out of their own pocket.

If you find yourself in a similar situation, here’s how to maximize financial aid as you study toward a master’s degree in the U.S.

1. Explore university-sponsored scholarships and grants

Some colleges and universities offer institution-based financial aid in the form of scholarships and grants. This type of student aid can be awarded based on academic merit or financial need. Scholarships and grants are also considered gift aid and don’t need to be repaid.

Eligibility criteria varies between scholarships and grants. Some examples might include a minimum GPA requirement and letter of recommendation. In addition to exploring the institution’s scholarships and grants for international students, ask your academic department whether it sponsors scholarships for students enrolled in its programs.

Some of these financial aid opportunities have limited awards so applying early is a wise strategy.

2. Research external scholarships and fellowships

Additional access to scholarships is available through third-party sources, like private organizations, professional associations and nonprofit groups. External scholarships might be based on academic excellence, financial need or other specific criteria like studying in STEM. See the valuable scholarships available to MPOWER students.

Fellowships are another valuable source of financial aid for postgraduate international students who are pursuing their master’s degree. A fellowship involves research or training that aligns with the student’s academic or professional pursuits. Programs can be highly competitive, offering a stipend, tuition and travel expenses. Students participating in a fellowship might also have additional requirements to fulfill, like a teaching requirement or publishing a research project.  

3. Consider graduate assistantships

Universities often provide graduate assistantships and require part-time work in exchange for a partial tuition waiver, or tuition credit, and stipend. These opportunities can be a teaching, research or administrative assistantship, though the latter is not very common.

You’ll assist a professor or university administrator with tasks such as grading, leading class discussions or other clerical support that’s within your academic department. This gives students an opportunity to get hands-on experience and mentorship during the school session.

Typically, students must have met minimum requirements for assistantship eligibility, such as having a certain number of credit hours completed.

4. Leverage funds from home country sources

Research the funding options provided by your home country as early as possible. Inquire whether your home government offers scholarships or subsidized education student loans to its citizens studying abroad.

If you’re already employed back home and are pursuing a master’s degree to advance your career and skills, your employer might offer a financial assistance program to its employees. Also, explore funding options for international studies through independent organizations, like nonprofit groups.

5. Seek out international student loans

Some students find that, despite exhausting all other funding possibilities, they don’t have enough financial resources for their master’s degree. No-cosigner private student loans can offer the aid you need to avoid disrupting your studies.

Some lenders, like MPOWER Financing, don’t require a cosigner to qualify for an international student loan. A cosigner is an U.S.-based individual who has good credit and is included in the student loan agreement as a back-up payer if you don’t repay the loan.  

How much money can I borrow for a master’s degree?

How much you can borrow with an education student loan depends on your qualifications, like your earning potential, and varies between lenders. As an example, MPOWER Financing offers fixed-rate international student loans from US$2,001 to US$100,000.

 

Check your eligibility

6. Budget living expenses in the U.S. wisely

Another way to stretch any financial aid awards you’ve received is to keep your expenses low while studying for your master’s degree in the U.S. The cost of living in the U.S. varies widely, depending on which city and state your school is located.

Find ways to reduce costs for recurring expenses, like housing, transportation, food and other essentials. Through your university ID, for example, you might get a student discount on a computer, public transportation pass and entertainment.

Housing is a significant cost to consider, too. If you’ve decided to live off campus, research the surrounding neighborhoods near school to find an apartment that’s safe yet affordable. A common strategy is sharing housing costs – including monthly rent and utilities – among one or more roommates.

Combining funding options toward a master’s degree

There’s no rule that says financial aid for an international student master’s program has to come from one source. Diversifying your financial aid by piecing together two or more of the funding options described above can help you pay for your postgraduate education goals.

 

MPOWER Financing securitizes $313.2 million of international student loans

Earns A-Rating on senior notes for loans made to international students attending leading American and Canadian Universities.

WASHINGTON D.C., MAY 12, 2025 — MPOWER Financing (“MPOWER”), a mission-driven fintech firm and the leader in international student financing, today announced the completion of its second securitization, MPOWER Education Trust 2025-A (“MPOWR 2025-A”). The $313.2 million collateral pool is composed of U.S. dollar-denominated, fixed-rate loans made to international students attending leading American and Canadian universities.

The securitization size exceeds MPOWER’s inaugural securitization of $215.2 million in 2024, and allows MPOWER to continue to scale loans issued primarily to graduate international students at more than 500 leading colleges and universities across the United States and Canada.

Key deal elements:

• • The nearly 50% increase in collateral pool size over MPOWER’s inaugural ABS reflects the company’s robust year-over-year growth and reinforces its commitment to being a repeat, programmatic issuer in the ABS market.
  • All three bond classes were oversubscribed despite a larger deal size and ongoing bond market volatility, underscoring investor confidence in the credit quality of MPOWER’s loan portfolio and demand for global graduate STEM talent in North America.
  • A number of investors from the 2024 securitization participated in MPOWR 2025-A, while several new investors expanded the investor base.

Deutsche Bank Securities Inc. served as the Structuring Agent and Joint Bookrunner, with Goldman Sachs & Co. LLC as Joint Bookrunner. 

MPOWR 2025-A consisted of three tranches of notes. Morningstar DBRS (“DBRS”) & Kroll Bond Rating Agency (“KBRA”) rated the Class A Notes ‘A’(sf)/‘A’(sf), respectively. DBRS rated the Class B Notes ‘BBB’(sf) and Class C Notes and ‘BB(low)’(sf). The securitization’s investors include blue-chip names spanning asset management, pension plans, and insurance funds.

Strong demand amid a shifting landscape

International graduate students continue seeking educational opportunities in the U.S. and Canada. Advanced degrees in STEM, AI, business, and healthcare remain highly sought-after by employers.

“MPOWER is proud to be at the forefront of ensuring that the best and brightest students—from across the globe—have access to the financing they need to realize their educational dreams,” said Manu Smadja, Chief Executive Officer of MPOWER. “Investors recognize the value of this diverse student segment:  ambitious, resilient, and contributing to the global economy in critical sectors like STEM and new paradigms driving business, such as AI. By supporting them, we are strengthening our business model and fueling innovation and economic growth in North America.”

“This securitization speaks to the growing demand for high-quality student financing,” said Jatin Rajput, MPOWER’s Chief Financial Officer. “Our loans are fixed-rate, generate cash flow even while students are still in school, and are disbursed directly to universities. That structure reduces risk and gives investors the transparency and predictability they seek. Our second securitization further validates our status as a repeat issuer and underscores the demand for international student loans as an asset class among institutional investors.”

About MPOWER Financing

MPOWER Financing, headquartered in Washington, D.C., and with employees worldwide, is a mission-driven fintech company and the leading provider of global education loans. Its proprietary algorithm analyzes overseas and domestic credit data as well as future earning potential to serve promising international students. MPOWER works with over 500 top universities across the U.S. and Canada to provide financing to students from over 200 countries. For more information, visit www.mpowerfinancing.com.

Exploring postgraduate universities and funding options in Ohio

Ohio may not be the first state that comes to mind when you imagine studying in the U.S., but the Buckeye State is one of the top destinations for international students studying abroad on a budget. Ohio’s competitive academic institutions, low cost of living and natural beauty attract students from across the globe.

Learn more about why so many international students choose to study at a top Ohio university and how an MPOWER international student loan for postgraduate degrees can support you.

Why study abroad on a budget in Ohio?

If you’re an international student looking to study in the U.S. without breaking the bank, Ohio’s may be the place for you. The state’s relative affordability and Midwestern hospitality ensure that international students enjoy a high quality of life.

Many students studying abroad on a budget flock to schools in the dynamic cities of Columbus, Cleveland and Cincinnati, which offer exciting cultural institutions like the Rock & Roll Hall of Fame in Cleveland. Outside of major cities, international students at Ohio’s smaller liberal arts colleges enjoy an intimate campus culture and exploring the outdoors.

Despite the relatively low cost of living in Ohio, many international students struggle to pay for a postgraduate degree with personal funds alone. If you need help covering costs, consider funding your degree with an MPOWER student loan for postgraduate degrees. With MPOWER, you can borrow up to US$100,000 at a fixed, competitive interest rate without a cosigner or collateral.

Check your eligibility for an MPOWER education student loan today.

 

Learn more

 

Best MPOWER-eligible Ohio universities for studying abroad on a budget

You can fund your education with an MPOWER student loan for postgraduate degrees at many of Ohio’s top universities, including:

The Ohio State University (OSU)

Located in the capital city of Columbus, Ohio, OSU is one of the largest public universities in the U.S., known for its robust academics, popular football team and respected Wexner Medical Center. Popular postgraduate programs include:

• Biological and agricultural engineering
• Analytical chemistry
• Nursing
• Supply chain management

Case Western Reserve University

This private research institution in Cleveland is ideal for students studying abroad on a budget who want a small campus community with access to a big city. It is known, in part, for its special association with the Cleveland Clinic, which prepares students for clinical practice and research in the health sciences. Popular postgraduate programs include:

• Health sciences
• Aerospace engineering
• Accounting

University of Cincinnati (UC)

UC, located in the employment hub of Cincinnati, is the global founder of cooperative education. Students can participate in the school’s renowned co-op program, which emphasizes real-world learning. Popular postgraduate programs include:

• Business management
• Finance
• Applied economics
• Computer engineering

 

Over 500+ eligible schools in the U.S. and Canada accept MPOWER education student loans. MPOWER evaluates all the institutions in its network based on graduation rates, postgraduate employment rates and alumni earnings, setting you up for academic and career success.

Funding your Ohio education with a student loan for postgraduate degrees

Once you’ve decided to pursue your postgraduate education at an MPOWER-eligible Ohio university, it’s time to figure out how to fund your degree program. So what funding options are available for international students studying abroad on a budget?

Financial aid

International students, while not eligible for federal or state financial aid, can apply to their universities for institutional aid in the form of scholarships, grants, fellowships and assistantships. Case Western and UC offer limited departmental assistantships and fellowships. International students at OSU can apply for certain grants and scholarships, but eligibility is restricted to students of particular backgrounds and academic interests.

OSU also provides students with a database of internal and external funding opportunities, ScholarshipUniverse. Students might also wish to pursue scholarship search engines such as MPOWER Financing Scholarships, Study Abroad, FinAid, eduPass and IEFA.

Education student loans for international students

Seeing as international student financial aid is often very limited and selective, you may choose to cover your education with a no-cosigner, no-collateral student loan for postgraduate degrees from MPOWER.

MPOWER is more than your typical education lender. Because MPOWER wants to see you succeed, all MPOWER customers gain access to MPOWER’sPath2Success program, which will guide you through the student visa process, set you up with a U.S. credit card and bank account and provide you with specialized career services for international students.

Final thoughts: Studying in Ohio with an MPOWER student loan for postgraduate degrees

With financial support from an MPOWER education student loan, experience Ohio’s welcoming atmosphere, top-notch postgraduate degree programs and diverse employment opportunities. MPOWER customers enjoy a streamlined loan process and comprehensive support, both during your education and after you graduate.

Jumpstart your international education with MPOWER. It takes less than a minute to get started.

 

Check your eligibility

Exploring postgraduate universities and funding options in Pennsylvania

From its vibrant cities and beautiful scenery to its elite universities and rich history, Pennsylvania has much to offer international students looking for a dynamic study abroad experience. However, if you’re hoping to study abroad on a budget, you may struggle to cover the expenses associated with studying for a postgraduate STEM degree in the U.S.

Read on to determine whether Pennsylvania is the right study abroad destination for you and the benefits of funding your education with an MPOWER international student loan for postgraduate degrees.

Why study abroad on a budget in Pennsylvania?

Pennsylvania is a popular destination for international students. It is home not only to some of the best universities in the U.S., but also to great cultural institutions and recreational opportunities. Students studying abroad on a budget in the lively cities of Pittsburgh and Philadelphia can access many museums and theaters for free or at a discounted rate, while those studying in more remote towns may enjoy exploring Pennsylvania’s 100+ state parks.

The cost of living in Pennsylvania may be higher in cities like Pittsburgh and Philadelphia. These cities, however, offer the best internship and employment opportunities in the state, especially in the health care, biotechnology and finance sectors.

With an MPOWER student loan for postgraduate degrees, you can bridge the gap between your funds and the cost of a premium Pennsylvania education. Unlike other education lenders, MPOWER loans don’t require a cosigner or collateral, so you may qualify for an MPOWER education student loan even if you don’t qualify with other lenders. It takes less than a minute to check.

 

Learn more

 

Best MPOWER-eligible Pennsylvania universities for studying abroad on a budget

For help determining the right Pennsylvania university for you, check out MPOWER’s list of 500+ eligible schools.

Here are some of the top MPOWER-eligible universities in Pennsylvania and their commonly selected majors:

University of Pennsylvania (UPenn)

Known as the “Social Ivy” for the active social lives of its students, this intellectually rigorous Ivy League school is one of the oldest academic institutions in the U.S. It’s known, in part, for the Wharton School, one of the best business schools in the world. UPenn’s top postgraduate programs include:

• International business
• Finance
• Marketing

Pennsylvania State University (Penn State)

Students studying abroad on a budget at this top public research institution benefit from the school’s strong academics and passionate sports culture. Popular postgraduate STEM programs include:

• Supply chain management and logistics
• Materials engineering
• Industrial engineering

Carnegie Mellon University (CMU)

CMU is not only an elite technical school but also a leader in the arts. Though located in the city of Pittsburgh, CMU still has a strong campus culture with a large selection of student organizations and campus traditions. Popular postgraduate programs include:

• Computer science
• Electrical engineering
• Artificial intelligence
• Robotics and automation engineering

Funding your Pennsylvania education with a student loan for postgraduate degrees

An international education in the U.S. can be pricey, so it’s important to explore all your funding options from financial aid to education student loans.

Financial aid

Financial aid can be hard to come by for international students studying in the U.S. Fortunately, international students wanting to study abroad on a budget can explore scholarship opportunities through resources such as iefa.org, eduPass, FastWeb, International Study Abroad and MPOWER’s list of graduate student scholarships.

However, as scholarships are often very competitive, students should also seek financial support through their university departments. UPenn, Penn State and CMU all offer departmental assistantships, fellowships and grants.

This database shows which schools provide international students with financial aid in the state of Pennsylvania.

Education student loans for international students

Though scholarships and assistantships can certainly reduce your overall expenses, they likely won’t cover the entirety of your tuition, fees and living costs. Private student loans for postgraduate STEM degrees can cover the rest.

With a no-cosigner, no-collateral MPOWER international student loan, you can borrow up to US$100,000 to finance your study abroad experience in Pennsylvania. MPOWER wants to invest in your success. That’s why MPOWER offers loans based on future earning potential rather than financial history.

To help you make the most of your international education, all MPOWER customers gain access to the Path2Success program, which provides comprehensive student support, from visa assistance before your studies begin to career services after you graduate.

Final thoughts: Studying in Pennsylvania with an MPOWER student loan for postgraduate degrees

Pennsylvania is a great option for students looking for access to active cities, the great outdoors and some of the nation’s top universities to boot.

To finance your Pennsylvania education with an education student loan that doesn’t require a cosigner or collateral, choose MPOWER. You can check your eligibility in under a minute.

 

Check your eligibility

Understanding Educational Loan Application Requirements: A Step-by-Step Guide

Planning on studying in the U.S. involves many moving parts, especially if you need additional student aid to pay for school. When applying for a private education student loan from a U.S. lender, you’ll want to know about the lender’s educational loan requirements and how to get started.

What are the requirements for a student loan?

As an international student, you’ll need to meet at least the lender’s minimum education student loan requirements to be a qualified applicant. Each lender has its unique lending guidelines that it adheres to when deciding whether to approve a loan application.

However, lenders, like MPOWER Financing, generally have a few common education loan requirements you should be aware of:

• • Academic transcripts and test scores. You must provide your educational history, including copies of transcripts or diplomas from U.S. universities you attended previously, if applicable. You also must provide your standardized test scores (for example, GRE, GMAT, LSAT, MCAT, or NBDE) and English proficiency test scores.
  • Proof of admission to a recognized institution. When applying for an education student loan, lenders also ask for a copy of the admission letter to the school plan to attend. Many lenders, like MPOWER, have a list of approved schools and academic programs that meet the lender’s education loan requirements.
  • Valid visa status. All international students who want to study in the U.S. and borrow a private student loan must have a valid visa status. (Students can apply for funding before a visa is granted, but will need a valid student visa to enroll and receive funding.)
  • Proof of identity. Provide a color copy of your valid passport, in addition to a secondary form of identification, like a national ID or driver’s license.
  • Proof of residence. Students who are already in the U.S. must provide proof of a U.S. address. For example, a utility bill, rental lease, an addressed letter from the university or a bank statement can fulfill this requirement.
  • Proof of funding sources. Lenders will also ask for proof that you funds to contribute to your education costs, including personal bank statements, pay stubs or scholarship award letters.

How to get a student Loan: Step-by-step

If you’ve determined you fulfill the general educational loan requirements described above, you might be ready to start the application process. Here’s a step-by-step guide to securing international student loan funding.

1. Research and compare lenders

Making time to research a handful of education student loan lenders can help you find the best offer for your financing needs. In addition to having different educational loan requirements, lenders charge different fixed or variable interest rates and fees, and have varying minimum and maximum borrowing limits.

For example, some lenders require a cosigner or collateral to secure the loan, while others, like MPOWER Financing, offer fixed-rate, no-cosigner private student loans.

2. Gather required documents

After comparing multiple lenders and choosing the best one for you, review the lender’s educational loan requirements. Put together any necessary supporting documentation, including academic and financial documents that you’ll need for your application.

3. Fill out a loan application

Applying online  is a convenient and fast option. It takes just 30 seconds to determine your eligibility with MPOWER and about 30 minutes for the complete application.

If you can’t finish your application in one sitting, you can typically save your progress and return to it at a later time.

4. Wait for conditional approval

After submitting your application, the lender will review your information and determine whether you meet its requirements. If you do, your loan application might be conditionally approved. Conditional approval means your application is approved, pending supporting documents or steps.

If you receive conditional approval, your lender will provide a list of items or steps you must complete before final approval.

5. Submit the requested information and sign the agreement

Provide any requested information or documents to your lender and wait for confirmation that it doesn’t require any additional paperwork. The lender will review your submitted documents and confirm whether it’s prepared to finalize the loan.

If it is, you’ll receive the loan agreement, which states your loan details – including principal amount, loan rate, repayment term, repayment options and more. Carefully read the agreement and ensure you understand what you’re agreeing to; if you’re comfortable moving forward, sign the agreement.

Three common loan application hurdles

Getting a loan through a traditional bank can be challenging as an international student for a few reasons.

Lack of credit history

Banks and lenders often refer to a loan applicant’s U.S. credit history to determine their likelihood of repaying the loan. A credit history details past and current borrowing behavior, including payment history, and the applicant’s unpaid debt liability.

International students who want to borrow an education student loan for the first time might not have a U.S. credit record. In these situations, some lenders require applicants to add a U.S. cosigner with strong credit and reliable income on the application. Being a cosigner, however, is a serious financial responsibility, so finding a willing participant can be a hurdle for international students. Some lenders, like MPOWER, offer education funding without the need for a cosigner.  

Unfamiliar legal and financial terminology

The U.S. financial terms might differ from those of your home country, which can present a learning curve during the loan application process. Additionally, you’ll want to fully and clearly understand the legal terminology in an application or loan agreement so you know what you’re agreeing to upon signing a contract. This can be a challenging and time-consuming hurdle to get past.

Visa uncertainties

Ultimately, a key educational loan requirement is to be enrolled in a recognized U.S. school and academic program. However, a student’s enrollment eligibility is also contingent on having an active student visa – or at least, having a student visa that’s in progress and will be secured by the time school starts.  

However, the immigration process operates on its own timeline, independent of loan application deadlines. If a lender is uncertain about your visa status, it could delay or halt the student loan process entirely.

Practical tips for a streamlined application process

• • Document organization: Create a checklist of requirements and supporting documents, and their submission timelines. If you need to request copies of documents from a third party, include their average turnaround time, too.
  • Understanding terms: Familiarize yourself with common loan terminology that you’ll see when shopping around for an education student loan. Some of these terms include “principal,” “APR,” “grace period,” “deferment,” and “fixed or variable interest.”
  • Start the process early. Generally, you can start the education loan application process even if your visa status is still in progress. Keep in mind that loan funds won’t be disbursed until your visa is approved.
  • Meeting deadlines: With the help of the checklist you made earlier, line up deadlines so that school enrollment, your visa application and student loan application sync up as much as possible. Successfully enrolling for your school term and having an approved visa ready might help you minimize any funding delays.

• • Choose a lender that’s dedicated to your success. MPOWER makes the loan process simpler by not requiring a cosigner or collateral, so you can assert your independence. And MPOWER goes further to support  students through exclusive internship and job search resources during school as well as access to a free bank account and credit card so you can access local funds easily.

Make an informed decision before borrowing student loans

Every lender adheres to its own rules regarding educational loan requirements. Generally, you’ll need to meet the lender’s academic, visa and financial requirements to qualify, in addition to providing supporting documents proving your eligibility.

Fortunately, if you need extra funds to pay for school, MPOWER makes the loan application process easy with a simple online form. See if you qualify for MPOWER Financing’s no-cosigner private student loan.

 

How Nigerian students can secure funding for STEM programs abroad

Over 20,000 Nigerian students pursued higher education in the U.S. in the 2023-24 academic year, with the majority focusing on STEM fields. STEM (science, technology, engineering and math) programs dominate among international students, accounting for 56% of all enrolled students.

Enrolling in a STEM program abroad is an exciting opportunity, but it may also present a financial challenge. Fortunately, there are plenty of opportunities for STEM scholarships and study abroad loans for Nigerian students heading to the U.S. or Canada.

If you’re a Nigerian student looking to finance your STEM education, read on to learn about your options for scholarships and loans for study abroad.  

STEM scholarships for Nigerian students

A variety of scholarships are available to Nigerian students who want to earn their STEM degree abroad. Applying for scholarships can seriously pay off, since, unlike study abroad loans for Nigerian students, you don’t have to pay scholarships back, though you may have to meet and maintain conditions. Here are some opportunities to explore.

Scholarships to study in the United States

• Fulbright Foreign Student Program: The Fulbright program provides funding for graduate students. Not only will Fulbright scholars get tuition assistance, but they’ll also get a stipend for housing and travel.
• AAUW International Fellowships: AAUW offers scholarships from US$20,000 to US$50,000 to women pursuing a master’s, doctoral or postdoctoral degree in the U.S.

Scholarships to study in Canada

• Banting Postdoctoral Fellowship: This fellowship provides up to CA$70,000 per year for two years to postdoctoral students researching health, natural sciences, engineering, social sciences or humanities.
• Lester B. Pearson International Scholarship: This scholarship enables outstanding international students to study at the University of Toronto. To apply for this scholarship, you’ll have to be nominated by your school.
• Ontario Graduate Scholarship (OGS): This merit-based scholarship provides up to CA$15,000 annually for two years to master’s and doctoral graduate students at an eligible university in Ontario.  
• Study in Canada Scholarship: This program provides funding for short-term study or research exchanges. It offers up to CA$12,700 and is available to students from various countries, including Nigeria.
• Vanier Canada Graduate Scholarship: This award offers up to CA$50,000 each year for three years for doctoral studies at a Canadian university. Selection criteria include academic excellence, research potential and leadership ability.

Scholarship opportunities for both the U.S. and Canada

• Mastercard Foundation Scholars Program: This program provides scholarships to students, primarily from Africa, facing social and economic barriers to education. It’s available at three universities in the U.S. – Arizona State University, UC Berkeley and the University of Colorado – and two in Canada – McGill University and the University of Toronto.
• MPOWER scholarships: MPOWER Financing offers scholarship awards to international students accepted or enrolled in a full-time degree program at a U.S. or Canadian MPOWER-eligible school. The Women in STEM Scholarship, for example, provides up to US$5,000, while the MPOWER Global Citizen Scholarship award offers up to US$8,000. MPOWER’s monthly scholarship series also awards US$1,000 to three students on the last day of every month. Learn more about MPOWER’s scholarship awards.

Study abroad loans for Nigerian students

Although scholarships are worth pursuing, they can be competitive and may not cover your full cost of attendance. If you need more funding for your STEM degree, student loans for study abroad can help fill the gap and cover the remaining costs.

Unlike scholarships, you have to pay back student loans, with interest. You might find a loan through a bank in your home country, or you could borrow from a lender in your destination country.

MPOWER Financing, for example, offers up to US$100,000 in student loans to international students pursuing their degree in the U.S. or Canada.

MPOWER’s no-cosigner international student loans have fixed, inflation-proof interest rates and a 10-year repayment term, so you don’t have to worry about your student loan payments increasing over time.

Eligibility requirements for international student loans

The eligibility requirements for an international student loan vary by lender. Some lenders want to see that you have a minimum annual income, credit score and a cosigner who’s a U.S. citizen or permanent resident.

MPOWER Financing specializes in international student loans and recognizes that a cosigner requirement can be a major hurdle for Nigerian students. That’s why it doesn’t ask for a cosigner or collateral to qualify for a loan.

Instead, it bases your approval on alternative factors, such as your academic merit and future potential. You can check your eligibility in just 30 seconds, then apply for a loan online and receive a conditional offer within days.

Tips for applying for an international student loan

As you pursue a student loan, consider these tips to make the process as seamless as possible.

• Start early: Securing a student loan can take several weeks or months, so start the process well before your tuition is due. Once you’ve chosen a program, you can start researching lenders and applying for a loan.
• Compare interest rates and terms: If you’re comparing multiple loan options, look for one with a low interest rate, few fees and repayment terms that work for you. A fixed interest rate can be helpful if you don’t want your loan costs to increase over time.
• Gather your documentation: Find out what documents you must provide to the lender. These may include proof of enrollment, academic transcripts and, once you’ve received it, your international student visa. MPOWER has a checklist of documents for graduate students that you can check out.
• Keep in touch with your lender: Your lender may ask for additional documents along the way. Make sure they have your updated contact information, and respond promptly to avoid any delays with the borrowing process.
• Review the details of repayment: Find out if you need to start making payments right away, and develop a budget that includes this obligation. Check out your loan’s monthly payments so you’ll be prepared to pay it back.

Find no-cosigner international student loans for Nigerian students with MPOWER Financing

MPOWER Financing funds loans up to US$100,000 for Nigerian and other international students looking to study in the U.S. or Canada. As mentioned, MPOWER doesn’t require a cosigner or collateral, so you don’t have to worry about finding someone to cosign your loan.

Plus, making on-time payments on your MPOWER loan will help build your credit history in the U.S. A positive credit score can make it easier to rent an apartment, open a credit card or qualify for loans.

Along with no-cosigner international student loans, MPOWER helps Nigerian students through the student visa application process with a free Visa Essentials course and access to mock interviews with visa experts. MPOWER’s financial resources and team of experts can help ease your stress and turn your STEM education dreams into a reality.

FAQ

Are Nigerians eligible for MPOWER Financing?

Nigerian students are eligible to apply for a loan with  MPOWER Financing. You’ll need to be accepted or enrolled in an eligible school. MPOWER supports students at hundreds of schools across the U.S. and Canada.

How can international students fund their studies?

International students can fund their studies with various financing options, including savings, scholarships and international student loans.

What is the DAAD scholarship for Nigerian students?

The German Academic Exchange Service (DAAD) scholarship provides funding for students from Nigeria and other countries to study for their degree in Germany. Some DAAD scholarships are designed specifically for students pursuing their master’s degree in a STEM discipline.