Student loans and scholarships for international students from Colombia

Interest among international students from Colombia in studying in the U.S. is at an all-time high, and student loans and scholarships can provide a path toward that goal. 

According to the Open Doors 2022/2023 report, there has been a 12.6% increase in the number of Colombian students pursuing study abroad compared to the previous year. With the increased demand for education abroad, more funding opportunities are needed. Let’s take a closer look at two options: student loans and scholarships.

How can you fund your education abroad?

The primary sources of funding for international students, including those from Colombia, are personal funds such as savings or assistance from family members, universities or current employers. However, some students prefer not to rely on gifts or loans from someone close to them. They prefer to take a loan independently, from a private U.S. lender. 

MPOWER Financing is a private U.S. lender offering educational loans to international students planning to study in the U.S. and Canada. MPOWER loans don’t require a cosigner or collateral and offer competitive interest rates and loan amounts ranging from US$2,001 to US$100,000 total.

How does a student loan differ from a personal loan?

Student loans are financial tools to assist international students from Colombia to cover the costs of their education abroad. These loans cater specifically to the unique needs and challenges faced by students studying outside their home country.

It’s important not to confuse student loans with personal loans, which are versatile and can be used for various purposes, such as consolidating debt, covering medical expenses, making a large purchase and funding education. Student loans are specifically designed to finance education-related expenses like tuition. 

What are the benefits of a student loan?

Student loans often offer more favorable interest rates and flexible repayment options tailored to the unique financial circumstances of students. Like personal loans, some student loans may require a cosigner or collateral, but not all lenders require them. MPOWER Financing, for instance, doesn’t require a cosigner or collateral and determines loan decisions based on students’ future earning potential more than their credit history.

What should I take into account when researching student loans for international students?

First, familiarize yourself with the eligibility criteria. It often includes factors like cosigner requirements and enrollment in an eligible academic program. Make sure to learn about the types of loans available, such as private loans or government-sponsored options. Don’t forget to carefully consider their terms, including interest rates, repayment plans and any associated fees.

Additionally, be aware of the application process and gather all necessary documentation well in advance. It’s important to borrow responsibly and only take out what you need to cover educational expenses.

Stay informed about resources and support services available to international students, including financial aid offices, loan counseling and scholarship opportunities to navigate the complexities of student loans.

Finally, look for student loan lenders that offer additional services catering to international students with other needs. For example, MPOWER Financing student loans automatically include visa support and career guidance through the Path2Success program. Free visa support includes a visa support letter and a visa preparation course. Career services include internship and job search guidance for OPT and H-1B visa sponsored roles, a resume builder and a directory of F-1 eligible job roles for STEM and non-STEM degrees.

Why should Colombian students consider studying abroad in the U.S. or Canada? 

One of the main advantages of studying in the U.S. or Canada is having access to world-renowned universities and colleges with the finest academics and innovative research facilities. Additionally, studying in North America provides students with exposure to diverse cultures, fostering a global perspective that’s increasingly valued in today’s interconnected world. 

Pursuing higher education in the U.S. or Canada opens doors to a wide range of career opportunities for Colombian students. It enhances employability and earning potential upon graduation. Despite the financial challenges, such as student loans, the long-term benefits of an international education often outweigh the initial investment. 

Watch the video below to learn about Andres, an international student from Colombia attending Hult International Business School, his experience abroad and why he chose MPOWER Financing.

Check out the scholarships for international students

In addition to student loans, there are scholarships for international students, offering another avenue of financial support for education abroad. Scholarships are funds awarded to students based on various criteria, including academic merit, financial need, extracurricular achievements or demographic background. Scholarship awards are often based on your achievements or background anywhere in the world, whether it’s in your home country of Colombia or somewhere in the Middle East. Each scholarship will have unique qualifying criteria for you to explore. 

Unlike loans, scholarships are particularly attractive because they don’t require repayment, which reduces the financial burden on students post-graduation. Furthermore, scholarships can often cover a wide range of expenses, including tuition, travel costs and living expenses. They can also provide valuable recognition and opportunities for networking, enhancing students’ academic and professional profiles.

Scholarships represent an invaluable resource for international students, enabling them to pursue their educational goals without accruing significant debt, while also fostering academic excellence and diversity within educational institutions. 

Don’t forget to explore available MPOWER scholarships and research databases like International Student’s scholarship search and College Board to find the scholarship tailored to your unique strengths and aspirations.

MPOWERing women in STEM

The STEM workforce has traditionally been associated with the male population. However, over the last decade, gender diversification within the field has been increasing. According to the National Science Foundation, between 2011 and 2021, the number of women in STEM grew by 31%, compared to a 15% increase for men.

MPOWER Financing recognizes the dedication and hard work of women worldwide and strives to close the gender gap with an exclusive scholarship for women in STEM. This scholarship is available annually to all women who have been admitted to or are pursuing a STEM program at an MPOWER-approved school in the United States or Canada. For more information on MPOWER’s efforts, please visit our scholarships for international students page.

Final thoughts: Loans and scholarships for students from Colombia 

As a student from Colombia planning to study overseas, acquiring a private loan and scholarships can help ease the financial burden of school for you or your family. 

You can make your journey abroad memorable and pave the way toward a successful career with an MPOWER Financing student loan. Join other Colombian students like you – apply for an MPOWER loan today!

 

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Student loans and scholarships for international students from Mexico

International students tend to be unable to find funding in their home country for studying abroad, and Mexico is no exception. Still, there are plenty of financing options available elsewhere, including private, out-of-country, school lenders and scholarship providers. 

Let’s take a closer look at available funding sources and how international students can access them.

Fund education your abroad with a student loan from MPOWER Financing 

In the U.S., student loans can be federal or private. Federal loans are available only for U.S. citizens and eligible noncitizens. International students who are on F-1, J-1 or TN visas are not eligible for federal loans. The only option for Mexican students to obtain an education loan to study abroad is from private lenders.

MPOWER Financing is a private lender that specializes in offering loans to international students worldwide. MPOWER’s mission is to help foreign nationals get an education abroad without financial hurdles. That’s why MPOWER loans don’t require a cosigner or collateral, and eligible students are able to borrow between US$2,001 and US$100,000.

How to apply for an MPOWER student loan 

Student loans from MPOWER Financing are available to all foreign nationals who are pursuing or going to pursue undergraduate or graduate programs in the U.S. or Canada. Currently, MPOWER supports students at 400+ schools across North America. In order to apply for a loan, students can fill out an easy online application, which takes minutes to complete. Promptly after that, they’ll quickly receive a conditional loan offer letter.

When to apply for an international student loan 

Approval and disbursement of international student loans can take several weeks or even months. Hence, if you’re planning on applying for a loan, starting the application process early ensures that the necessary funds are available in a timely manner. To determine the appropriate timeline for applying for an international student loan, consider your school’s tuition payment deadline, which is typically set at the beginning of each semester. 

MPOWER Financing offers the flexibility for students, like you, to apply for a loan, allowing you to start the application process as early as 12 months before the program start date and as late as two months before commencement.

The application process includes providing personal information and the necessary documentation, such as enrollment letters and school transcripts. Beginning this process three to four months before the required funds are due helps manage potential delays in approval, enrollment certification and disbursement, ensuring that the financial aspect of education is handled efficiently.

Check out scholarships for Mexican students 

Getting a loan from a private lender isn’t the only funding option for students from Mexico. There are many scholarships available that are based on various criteria, such as academic achievements, program of study, country of origin and others.

For example, the University of Texas at El Paso (UTEP) provides a unique scholarship for international students from Mexico. It allows Mexican students to pay the same amount of tuition as residents of Texas and is available only to students attending UTEP. However, it doesn’t mean that Mexican students can get a scholarship or tuition assistance at UTEP only. 

Make sure to explore MPOWER scholarships, International Education and Financial Aid, College Board and International Student’s scholarship search to get a full spectrum of financial aid available to you.

Final thoughts: Loans and scholarships for Mexican students 

If you live in Mexico and need help financing your education abroad, private student loans and scholarships are your best options for funding. Be sure to look for lenders and scholarship providers that cater to international students. 

MPOWER Financing offers scholarships and no-cosigner loans created with international students, like you, in mind. Besides funding, MPOWER loans automatically include visa support and career guidance through the Path2Success program. Free visa support includes visa support letters and a visa preparation course. Career services include internship and job search guidance for OPT and H-1B visa sponsored roles, a resume builder and a directory of F-1 eligible job roles for STEM and non-STEM degrees.

Interested in an MPOWER Financing loan?

 

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International study programs: Arts and humanities

If an international study program in the U.S. encompassing multiple liberal arts disciplines is intriguing to you, you might consider a bachelor’s degree in arts and humanities. Some colleges and universities whittle their academic programs to specific liberal arts disciplines, while some schools offer arts and humanities as a broad program. 

In this blog post, we’ll explain what to expect from this program during school and after graduation.

About arts and humanities programs 

As an arts and humanities student in an international study program in the U.S., you’re exposed to a breadth of disciplines related to learning what it is to be human across various cultures. You’ll study history, foreign language, religion, gender studies, sociology, psychology, philosophy, literature and more. 

The program develops your communication and leadership skills while sharpening your aptitude for writing, critical reasoning and problem-solving. Some students spend their undergraduate career studying arts and humanities as part of their path toward a professional degree in medicine and law, as well.

Demand for arts and humanities degrees 

Interest in arts and humanities programs has grown year over year. The Institute of International Education’s (IIE) 2023 Open Doors Report found that arts and humanities had a 3.8% increase in enrollment during the 2022-23 academic year compared to the year prior.

The report states that 15,783 students chose arts and humanities as their international study program. Arts and humanities falls just shy of making the IIE’s top 10 areas of study list.

5 jobs you can get with arts and humanities degrees 

A bachelor’s in arts and humanities affords you diverse career paths, all of which involve skilled communication, problem-solving and teamwork. Here are just a few examples of accessible professions to explore.

1. Public relations specialist 

Public relations specialists try to favorably position the image of public figures, companies, brands and other organizations. 

As a public relations specialist, you’ll write media correspondences, like press releases, media inquiry and interview responses, and speeches. You’ll also research the public’s current opinion about your client, group or company, and you’ll design promotional assets and advertisements to shift opinions toward a desired direction.

According to the U.S. Bureau of Labor Statistics (BLS), public relations specialists earn a median annual wage of US$67,440. Those who were at the top 10% of earners made more than US$128,450 annually. Between 2022 to 2032, demand for public relation specialists is expected to grow 6%. 

2. Technical writer 

When you purchase a product, the packaging might include multiple inserts, such as safety warnings, user manuals, assembly instructions and other guides. A technical writer is responsible for drafting this content to explain technical information in a way that’s clear and accessible to a layperson.

In your work, you’ll need to thoroughly understand the product you’re supplying information about. This requires communicating with product designers and engineers. In addition to writing technical information, you might be responsible for editing the technical writing projects of your peers. 

The BLS states that technical writers earn a median wage of US$79,960 per year, with top earners receiving greater than US$128,110. Technical writers have a positive job outlook that’s projected to grow 7% between 2022 to 2032.  

3. Human resources specialist 

If you enjoy routinely meeting new people and interacting with people at all levels of an organization, a human resources specialist job might be a fit. Human resources specialists use the communication, critical thinking and problem-solving skills they acquired through their degree on a daily basis. 

In this role, you’ll assist with recruiting, screening applicants, preparing contract paperwork and organizing new-employee onboarding. You’re also responsible for maintaining employee records regarding benefits, performance evaluations and compensation all while fostering employee relations on behalf of the company.  

Human resource specialists earn a median salary of US$64,240 annually, though top wages can go beyond US$116,060. Job employment in this profession is projected at a faster-than-average rate of 6% between 2022 to 2032. 

4. Teacher 

If you’re passionate about fostering the development and education of today’s youth, working as a teacher might be your calling. After obtaining an arts and humanities degree, you would need to pursue a teacher’s certificate and could then teach at the primary and secondary school levels. The specific responsibilities you’ll have depend on the grade you teach. Generally, you’re responsible for instructing a group of students in school, creating lesson plans on various subjects, like art, science, reading and writing, and mathematics. 

You’ll also evaluate how well they’re absorbing the information through assignment grading, in-class tests and standardized exams. But academics are just one role that teachers play. Teachers are also charged with managing students’ behavioral development and interaction with their peers. 

Teacher salaries vary by state depending on the grade level taught and whether you teach at a public or private school. Below are the median annual wages for primary and secondary teachers at a public versus private school.

• • Primary-level public school: US$62,190
  • Primary-level private school: US$48,380   
  • Secondary-level public school: US$62,930
  • Secondary-level private school: US$58,640

Between 2022 to 2032, the job outlook for teachers is projected to stay the same. 

5. Event planner

As an event planner, you’re responsible for breathing life into the client’s or organization’s special event. Events you can coordinate span personal and professional gatherings, like weddings and receptions, family reunions, conferences, expos and conventions, and business meetings. 

You’re responsible for coordinating all logistics related to the event, like finding a venue, securing vendor contracts, decor, participant and guest itineraries, transportation and other event-specific requests.   

Event planner salaries vary, depending on whether you’re employed through an agency or run your own small business. In general, event planners earn a median wage of US$52,560, with top salaries reaching beyond US$92,880 per year. If you choose this profession, you can expect its job outlook to climb 8% between 2022 to 2032, according to the BLS.

Final thoughts on arts and humanities degrees 

Earning an arts and humanities degree can be an academically fulfilling pursuit. You’ll be exposed to a range of liberal arts disciplines that enhance your skill set for the job market. 

Securing enough financial aid to study in the U.S. can help you do that. If after exploring other types of financial aid, like scholarships, you need extra aid, consider an MPOWER Financing international student loan.

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International student success story: From the Philippines to a U.S. master’s in business analytics

Maureen (Ree) Lepatan is currently studying business analytics in a U.S. graduate program, but getting there wasn’t easy.

For international students like Ree, finding funding to attend school in the United States is a big financial hurdle. Tuition, fees and living expenses are costly, and many financial institutions don’t give student loans to noncitizens or residents. Fortunately for Ree, her career advisor back home in the Philippines knew about MPOWER Financing, and she was able to apply for and receive a loan to cover her needs.

The Ree dream team

“There are people who really helped me and guided me through – career advisors, coaches and [the] MPOWER team as well,” she says. “A combination of those people [got] me where I am today.”

Navigating the world of borrowing student loans as an international student can be tedious and time-consuming. There aren’t a lot of options and often lenders require that students have a U.S.-based cosigner to get a loan. With MPOWER Financing, you can apply for a loan without a cosigner or collateral and get immediate approval so you can start your education journey right away. 

The cost of being an international student in the United States

Attending college as an international student is extremely expensive. The average cost for an international student to study in America can be anywhere from $6,000 (for community college classes) to more than $55,000 per year, depending on your level of education, the school you’re attending, the program you’re enrolled in and other factors. MPOWER loans let you borrow up to US$100,000 total.

“Going to the U.S. as an international student is a huge, huge investment,” she says. “Not a lot of people can actually afford that, but MPOWER enabled me to have that fund specifically for my education.”

Ree’s return on investment

Ree sees her education in the United States as an investment in her future.

“After investing in my education, I get to upgrade my career,” she says. “I have tons of options. I can go to different places, and I can have [a] higher salary afterwards. And I foresee that the return on investment will be higher.”

She sees herself not only working in data analytics but possibly progressing to become a chief technology officer (CTO) in 10 years’ time. 

“I’m grateful that I have these opportunities ahead of me,” she says.

Paying it forward

Encouraging others who are thinking of studying abroad in the United States comes easy to Ree. She tells others about MPOWER Financing, in particular, because of how her experience has changed the entire trajectory of her education and career.

“It really changed my life because I could have not been in the U.S. if it wasn’t for the support of MPOWER,” she says. “It’s really easy to refer a company if you have a positive experience [with them].”

Ree knows becoming an international student in the U.S. is an undertaking but doesn’t want students to give up.

“It will be a long process, but you will get there,” she says. “And once you get there, then everything is just worth it. Right now, I’m in Boston, and I never thought that I would have a lot of opportunities. The world is my oyster.”

Planning on studying abroad for your master’s degree and interested in a private student loan through MPOWER Financing? 

 

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International student success story: From Pakistan to a master’s in finance in the U.S.

Muhammad Rohan is currently earning his master’s degree in finance at the Hult International Business School in Boston, but he’s already thinking of ways to bring what he’s learned back to his home country of Pakistan.

“The very first thing I want to do here in the U.S. is to learn and establish a business model that I can then scale back to my home country,” he says. “Since Pakistan is a developing country, a lot of opportunities that are here in the U.S. are not there.”

Rohan loves diving into data and analytics, and his experience at Hult encourages growth in business analytics.

“I am currently in my first term at Hult, and it’s not just finance but it’s a mix between STEM and finance,” he says. “We have the basic corporate finance, investments, financial management-related stuff. At the same time, we’re also learning a lot about coding languages and data extraction and how to manage databases. That’s something which is going to be really relevant in the coming years due to the growth of AI and big data.”

Before enrolling in his studies, Rohan faced what seemed like uphill financial challenges to cover the costs of studying abroad in the United States. He shares his story of how he overcame those obstacles to begin his master’s program. 

Finding funding to study abroad

Rohan had saved for college before starting his education in the U.S., but he was still short of his goal. Before applying to graduate school, the Pakistani rupee lost its value against the U.S. dollar. So what he had saved wasn’t enough to cover his education costs. While Rohan was able to get a scholarship, he still needed more funding to pay for school.

Rohan says there aren’t a lot of student loan options for Pakistani students. “In Pakistan, we do not really have the culture of student loans,” Rohan says.

How MPOWER Financing loans help international students 

Because of this, he looked outside of Pakistan, making it a point to explore private student loan lenders who serve international students. Rohan ultimately decided to apply for an MPOWER loan because of the number of  MPOWER-eligible schools (500+), MPOWER’s fixed interest rate loans.

“Being an international student, I looked into MPOWER, and overall it just made more sense,” he says. “The payment process was much more stable, and the best part was that the interest rate was fixed. So I don’t really have to worry about my payments fluctuating month to month or year to year.”

As soon as he received his university acceptance letter, Rohan applied to MPOWER and was approved for a loan, he says. “So that is how I am funding my education.”

Study abroad advice for other international students 

One piece of advice Rohan has for potential international students hoping to study in the United States is to make sure you know what you want to study before arriving in the U.S. 

“Be very sure of what you want to study,” he says. “You don’t just want to waste your money in a program that you may eventually end up not liking.”

Another tip is to have courage and take a risk. It can be overwhelming to study abroad, but he advises students to not be scared of the challenge.

“It’s really challenging, but at the same time, it is possible here,” he says. “The United States has always been the land of opportunity, and it still is. And I believe that if I am putting in hard work, if I am developing the skills, getting down and doing the work, this [is a] challenge I can easily overcome. And also – with greater risk comes greater return.”

 

International student success story: From Nepal to Texas Tech

Roshan Bhandari graduates from Texas Tech University this spring, proud that he’s not only earning a master’s degree in industrial engineering in the U. S., but also that he is becoming financially independent through the help of a no-cosigner student loan from MPOWER Financing.

Pursuing a master’s degree to compete in the job market

Roshan earned his bachelor’s degree in mechanical engineering back home in Nepal and then taught engineering to undergraduate students. He then realized that to do well in a competitive job market, he would have to pursue a master’s degree. 

“In this world, I think just having an undergrad degree is not sufficient with the market being more competitive,” Roshan says. “I felt like I needed to get a master’s degree in a field that is relevant to the current job market. If someone has a master’s degree, he has a better chance to get a job. So that’s why I had my interest in doing my master’s in industrial engineering. I had a few options to go to different countries, but I chose the U.S. for my master’s because of its reputation and [because] engineering is very good here.”

Getting help through an MPOWER Financing student loan

Roshan moved to the U.S. and completed two semesters in a master’s program and also interned at a Houston chemical company. “I had to move to Houston, and that added a lot of expenses. That’s why I needed student loans – because I didn’t want to rely on my parents any further. I thought I should be financially independent.”

As he explored financing his education, Roshan looked at all of his funding options, including student loans.

“I searched online for ‘student loans for international students,’ and MPOWER popped up,” he says. An MPOWER Financing loan is a fixed-rate student loan that doesn’t require a cosigner,  and it has other advantages, he says: “MPOWER turned out to be the one (lender) that was easy, that required less paperwork, and it had great reviews as well, so that made me want to go with MPOWER.” 

Using his knowledge to share with others 

Even though Roshan is in Texas now, going to school and working as an intern, he plans to help others in Nepal in the future.

“I think one day I would like to go back to Nepal with the experience that I gained,” he says. “I like working [in the U.S.], having gained knowledge in the field of engineering. And I think I’ll go back and spread what I’ve learned back to Nepal.”

For now, he’s taking in the diversity of his school and learning from other students who are in similar fields. The community of peers he’s building is helping him academically in the present and will also help him professionally as he works toward a career after he graduates.

“I get to meet people from all around the world when I work for my company,” he says. “[Getting to meet] new people, learning new things – that’s what excites me looking forward.”

Roshan is working hard and hopes his parents take notice.

“I hope that they are proud,” he says. “From childhood to this point, they’ve helped me in every step – for my school, my college. And they supported me for my U.S. education, as well. I think for them, seeing their son going to an American university, [earning] his master’s in engineering there – I think they must be very proud.”

 

How to build your Canadian credit score as an international student in Canada

Having good credit is important, but it’s hard to build credit without credit. It’s not always easy for international students in Canada to build their credit scores. However, there are ways to make it happen. 

1. Find a student credit card 

Student credit cards are geared toward students who don’t necessarily have much of a credit history (a record of how you’ve paid debts). Student credit cards are best for those who are credit invisible or don’t have a high credit score to qualify for other types of credit cards. 

If approved, you may have a low or limited maximum credit limit. But having one and using it responsibly helps build your credit. You can make purchases using the card and then pay off the card in full at the end of the month. 

To be responsible with your card, only make purchases you could pay for without your credit card. This helps ensure you don’t overspend, carry a balance and get into credit card debt. Keep in mind that not all issuers report to the major credit bureaus in Canada. So find the ones that report to Equifax and Transunion.

2. Consider a secured credit card 

A secured credit card is a card where your deposit acts as your credit limit. Many issuers have minimum amounts you can deposit at varying levels, depending on your income and what you can afford.

You can use your card up to the maximum limit and once you pay off your card, you can do it again. Doing this for a few months will build up responsible credit card use and potentially make you eligible for moving over to a traditional credit card. Most credit card issuers return your deposit as well after you make the move.

Make sure you select a card that reports to the major credit bureaus in Canada: Equifax and Transunion. This is an important step, because without having this documented record of your responsible credit usage, you won’t be able to benefit from your prior history and lay the foundation for enabling access to other credit options in the future.

3. Keep a low credit utilization 

Your credit utilization is how much credit you carry from month to month compared to how much is available to you, usually expressed as a percentage. The higher your credit utilization, the more risk you present in being able to repay your outstanding balances as agreed. Lower utilization means you’re responsible with credit and issuers are more likely to extend additional loans to you. 

Keeping your utilization under 30% is great, but the lower, the better.

4. Start paying back your student loans 

Your student loans may already live on your credit report. The sooner you start to pay regularly on that debt (even a little bit), the sooner you’ll see your credit score improve. The more you can pay down your student loans now, the less you’ll have to pay back once you graduate. MPOWER Financing student loans allow you to make monthly, interest-only payments while in school and for the following six months after graduation. 

5. Create a spending plan 

College students get a lot of flack for being broke and without a lot of extra cash. And while that’s true for many students, there are ways you can live within your means.

Start by creating a spending plan. List out all of your expenses, including monthly bills like your phone bill and car insurance. Then put in your discretionary expenses, like dining out, groceries and gas. Include anything that varies in cost but you can average out over the last few months. Use your bank or credit card statements to help you get an idea of how much you’re spending here.

Then write out all your income sources, whether that’s money from student loans, a job, parental support or something else. Use your income to help craft your expense goals. 

Next, use your budget to figure out how to live within your means while also using other resources. For instance, use a credit card to pay for groceries and gas and then make regular, on-time payments on that card every month. 

Your spending plan is a living, breathing document. While it can take a bit of time to set up, you won’t want to set it and forget it. You’ll want to fill in your expenses often to see if you’re on track each month, living within your means. Things happen and expenses can change, as well, so it’s good to review and update your spending plan categories and planned spending regularly, whether that’s every week, month or few months, to stay the course. 

6. Check your credit score 

Check your credit score and report – even if you’re just starting out on your Canadian credit journey. Being credit invisible can make it difficult to get started, but seeing your starting point helps you figure out next steps. It also helps you see what creditors see.

Try to check your credit score regularly, even if it’s monthly. Some credit bureaus update scores weekly, and you might see fluctuation more often than every month. Keeping tabs on your credit score is a good way to see if you’re on the right track.

Next steps: Building your credit score in Canada 

International students can build up their credit score in Canada a few different ways, but it might take some time to get things going. Try to get and use a line of credit any way you can, whether that’s a secured credit card or a student credit card.

Try to pay down any debt you’re carrying right now, even student debt. Making small and manageable payments while you’re in school means there’s less you’ll pay when you graduate. Create and manage your spending plan, even if you don’t earn a lot of money right now. Following a spending plan to take care of your financial needs and live within your means each month is one of the best ways you can become financially solvent and be in a good position to grow your credit score, even as an international student in Canada.

International student success story: From Brazil to Harvard University

Michael Cerqueira is originally from Brazil, and even though he recently graduated from Harvard he always knew he wanted to return home to bring major change to his community.

“I went to Harvard University with great clarity that I would go back to Brazil,” Michael says. “All my dreams, my career [and] the way to impact the world is connected with Brazil.”

Michael graduated with a master’s degree in public administration. Now he works with major groups in Brazil to encourage others from his country to study in the U.S. to make a difference in their communities. Here’s how MPOWER Financing helped him pursue his education and how he’s telling others to follow a similar path.

Finding student loan funding

Education expenses are high for international students, and Michael expected to pay a hefty amount. A master’s degree in public education at Harvard costs upwards of nearly US$92,000 a year. Luckily for Michael, he had some help.

“The process of studying abroad is very expensive,” he says. “I got a series of scholarships but was missing part of the living costs, which are important. MPOWER entered and supported me.”

Michael received funding from private businesses as well as nonprofits in Brazil to cover some of his expenses, and his MPOWER student loan filled the remaining funding gap, so Michael could complete his education during his two years at Harvard.

How to take advantage of studying abroad in the states

Borrowing money can hold a lot of potential international students back from making the leap to studying in America. Michael says some Brazilian students are hesitant to borrow money through American loans because the conversion rate isn’t favorable to them. But taking out a loan is worth the cost in the long run, he says.

“I would never stop taking advantage of the opportunity to study abroad because you don’t want to get the loan,” Michael says. “My invitation to Brazilians is not to let this be an impediment for you to study abroad.”

Michael didn’t have to start repaying his loan until he graduated. And he’s been able to comfortably make loan payments since he’s currently working with The Lemann Foundation, one of the groups that helped cover the cost of his education at Harvard. Keeping his U.S.-based bank account also has helped streamline the repayment process.

“MPOWER is a very simple solution, because it’s all online,” he says. “It’s very competitive in terms of interest. Payment conditions are also flexible.” 

Right now, MPOWER Financing offers student loan interest rates starting at 12.99% (13.98% APR) or 12.74% (13.72% APR) with an auto pay discount.

Putting that education to use right away

Michael always knew he’d head back to Brazil once he finished his master’s at Harvard, and now he’s working directly with his community and sharing with others how valuable it can be to become an international student.

“Today I’m working on increasing the number of Brazilians who study abroad and representing the diversity of Brazil,” he says. “I’m talking about black Brazilians and Brazilians of low socioeconomic consistencies [and] working with The Lemann Foundation to be able to increase this number of Brazilians studying abroad.” 

He is continuously telling others that investing in the opportunity to study in the U.S. has a great return rate. 

“Don’t be afraid to apply,” he says. “Don’t give up, because no matter how difficult the process is, no matter how expensive it is, there are several possibilities and organizations that will support you.”

Student loans and scholarships for international students from Brazil

Studying abroad has always been attractive for students around the globe, and Brazilian students are no exception. According to the Open Doors 2023 report, Brazil is the leading country in Latin America with students pursuing a college education in the United States. 

Thousands of Brazilian students move to the U.S. each year to earn undergraduate or graduate degrees. Michael Cerqueira, an MPOWER ambassador from Brazil, says he knows why.  “Studying abroad is always a very important aspect of your career path. This gives you new perspectives; (it) improves your networking, improving your chances as you look for work.” 

As a Brazilian international student, you might wonder how to finance your education abroad. Fortunately, there are multiple available options worthy of consideration. Below, we’ll explore private student loans and scholarships for international students in the U.S.

Student loans for international students 

As an international student, your best option for funding is a loan from a private lender. The requirements for international students to get a student loan differ from lender to lender. The majority of lenders require clients to have a cosigner and to be within a specific number of years from their graduation date.

As an international student in a foreign country, including Brazil, finding a cosigner can be a struggle. MPOWER Financing understands and designed its loans so they don’t require collateral or a cosigner. That means you won’t need to ask a person to take full responsibility for your loan if you fail to repay it.

What Brazilians should know about an international student loan from MPOWER Financing

MPOWER provides student loans for undergraduate and graduate students from across the globe who plan on studying in the U.S. and Canada. The company was founded by former international students who understand the complexities and obstacles students face when pursuing an education abroad. 

Each MPOWER loan student can borrow between US$2,001 and US$100,000 with repayment terms of 10 years. MPOWER’s interest rate is always fixed, which means students don’t have to worry about fluctuating market conditions or devaluation because the loans are in U.S. dollars.

In addition to funding, students with MPOWER student loans automatically have access to visa support and career services through the Path2Success program, which helps students before, during and after their study abroad journey.

If you’re considering applying for an MPOWER student loan, make sure to use the student loan prequalification tool to check how much funding you qualify for. The amount will depend on your future potential, program and university choice. The tool lets you simultaneously compare funding options at up to eight schools.

Is a student loan for an international student from Brazil a good idea?

Choosing a student loan as an international student from Brazil can be a strategic and beneficial investment in your future. By opting for financial assistance, you open doors to a world-class education in the United States, exposing yourself to a diverse and dynamic learning environment. This experience not only enriches your academic journey but also allows you to immerse yourself in the U.S. market, gaining valuable insights and connections that can significantly contribute to your professional growth. 

Viewing the loan as an investment underscores the notion that education is a powerful asset. It’s an asset that empowers you to discover your full potential and cultivate skills that are not only personally fulfilling but also highly sought after in the global job market. 

In this video, Michael talks about his experience leaving Brazil to study abroad in the United States and why getting a loan was the right decision for him.

Scholarships for international students

In addition to student loans, there are many scholarships available for international students to fund their education. Scholarships are based on various criteria like academic merit, financial need, leadership qualities and extracurricular achievements.

The best perk of obtaining a scholarship is that you don’t have to pay it back. Make sure to check available MPOWER Financing scholarships and research databases like International Student’s scholarship search and College Board to find the best one for you.

Final thoughts: Private loans and scholarships for Brazilian students

A private student loan can be an investment in your future, allowing you to study in the United States, expand your opportunities and build connections in a new country. Scholarships don’t need to be paid back and allow you to fill any financial gaps in your educational expenses. As a Brazilian student excited by the idea of studying abroad, you should know there are financial resources to explore, and it’s possible to fund your education in the U.S.!

Interested in an MPOWER Financing loan?

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11 tips for overcoming nervousness about your F-1 visa interview

Before you can study in the United States as an international student, you’ll need to complete an F-1 student visa interview, and it’s natural to feel anxious about the process. Fortunately, there are plenty of steps you can take to calm your nerves and go into the interview feeling confident.

If you’re wondering, “How can I stop being nervous about my F-1 interview?” Here are some ways to overcome your anxiety and put your best foot forward.  

1. Learn about the student visa interview process

Preparing for your F-1 visa interview is one of the best ways to overcome nervousness. Specifically, you can make sure you understand what type of visa you’re applying for and what happens during an F-1 visa interview. 

Remember that your interviewer is not trying to trick you or prevent you from studying in the U.S. Their main goal is to find out what your academic plans are and how you’ll support yourself financially through school. 

Preparing yourself to speak on both subjects will help you feel more confident going into the interview.

2. Gather all your visa application documents

Understand the student visa requirements and make a checklist of all the documents you need to bring with you on your F-1 visa interview day. These include your passport, visa application and financial statements. Having everything organized and accessible will prevent unnecessary stress. 

3. Review common visa interview questions and practice answering

If you’re worried about fumbling your answers in front of your interviewer, it’s wise to practice them before your interview. There are several common interview questions you can prepare for, including: 

• • What university are you going to?
  • Why did you choose that school? 
  • Why do you want to study in the U.S.?
  • How long are you planning to stay in the United States? 
  • How will you support yourself financially during school? 

Your interviewer wants to make sure you’re a legitimate student and won’t overstay your visa. Fulfilling these essential requirements will help you pass your interview. 

4. Practice with mock visa interviews

Along with preparing your answers to common questions, you can ask a friend, parent or teacher to do a mock visa interview with you. This mock interview can help you practice speaking in a face-to-face interview, answering questions in the moment. With enough practice, you’ll see your nervousness about the process start to melt away. 

5. Watch visa interview videos online

There are lots of YouTube videos with tips on the F-1 visa process, like this one from MPOWER with visa officers. Watching videos from trusted sources is a great way to prepare and find out what to expect. Get started with our video on the top 10 things you should know about the F-1 visa process. 

6. Choose and lay out what you’ll wear the night before

If you’re already nervous about your F-1 visa interview, the last thing you want is to scramble to get dressed beforehand. Take some time the day before your interview to lay out your outfit. Dressing up can also help you feel more confident and show your interviewer you’re taking the process seriously. 

7. Plan your route to the visa interview

Getting lost on the way to your interview would also add anxiety to an already intimidating process. Plan out your route in advance and give yourself plenty of time to arrive in case of delays. If the embassy or consulate isn’t too far from where you live, you could also try out the journey a few days before your interview so you know what to expect. 

8. Prioritize sleep and nutrition

A lack of sleep and low blood sugar can create anxiety in your body. Try to get seven to eight hours of sleep the night before your interview. Eat a balanced breakfast that will help you stay alert and energized. Don’t forget to stay hydrated with water, too, so you don’t get brain fog while you’re trying to answer your interviewer’s questions. 

9. Take deep breaths

Another way to get calm before your F-1 visa interview is to take deep breaths. Deep breathing exercises are an effective way to relax your body and mind. Taking several deep breaths before your interview can send a message to your body that you’re safe and reduce your sense of anxiety about your visa interview. If you’d like some guidance, you could use a meditation app like Headspace or Calm.

10. Challenge negative thoughts

When you’re feeling anxious, you might get bombarded with negative thoughts about how the interview process will go. You might be worried about messing up your answers or making a bad impression on your interviewer. But remember, those critical thoughts are not reality. 

Try replacing those thoughts with positive affirmations and visualizations. Tell yourself, “I will succeed at my interview” and “I am prepared to answer any questions that come my way.” Being your own cheerleader will help you feel less nervous and more confident. 

11. Take your time

If you’re not a fluent English speaker, your main source of stress may be completing the interview in English. While the interviewer does want to see that you have sufficient language skills to complete your academic program, they’re not expecting you to have perfect English language skills. 

Don’t worry if you need to gather your thoughts before answering or ask for clarification on a question you don’t understand. Stay positive, answer honestly and show your interviewer that you’re a genuine and eligible applicant for an F-1 visa. 

Visa interview support for students with MPOWER loans

If you apply for and accept an MPOWER Financing loan, you’ll be automatically enrolled in MPOWER’s Path2Success program, which includes free visa support services, such as a free visa support letter and a visa preparation course that helps you understand all the elements of the F-1 visa process, including the interview, to maximize your chances of a positive outcome.

MPOWER has partnered with the global visa experts at Catalyst GEM to offer this exclusive visa support course because one out of every three prospective international students currently fails the visa process, and a key factor is a lack of adequate preparation. 

The online course includes eight units with topics, such as interview scheduling and interview prep as well as sample visa documents, application step instruction and how to discuss your MPOWER loan during the interview process.

For a fee, you’ll have the opportunity to upgrade your experience in one of two ways. The first option is two 30-minute mock interviews with a trained and experienced F-1 visa counselor, on-demand email support for any questions and access to webinars with live Q&A support.

The second option is a premium package through Argo Visa t for personal coaching with a former visa officer for your interview. Custom coaching can help you with  a prior rejection or developing a tailored strategy for a complicated case.

With an MPOWER Financing loan, students have access to Argo and a free visa letter. It only takes a few minutes to apply. Click the link below to apply.

 

Learn more

 

Final thoughts: Preparation helps with visa interview nervousness

Whether you choose to get additional outside help or use the 11 tips described above by yourself, you’ll be able to calm your nerves for the interview. By taking the time to prepare your answers, practice beforehand and think positively, you can overcome your nerves, get approved for your F-1 visa and start packing your bags for university in the U.S.