How to create a budget for studying in the U.S.

Studying abroad in the United States can be a life-changing adventure, but you’ll have many different types of expenses to manage. Creating and following a budget will streamline the process and help you make the most of your international experience.

By tracking your income and expenses, you’ll gain control over your finances and avoid spending beyond your means. Here are some tips for how to budget as an international student. 

1. Add up all your income 

Your first step in creating a budget as an international student is reviewing your income. You might be getting money from various sources, such as: 

• • A part-time job, internship or assistantship 
  • Savings 
  • Contributions from parents 
  • Grants
  • Scholarships 
  • Student loans 

Figure out how much money you have coming in on a monthly basis. If your part-time job pays you every two weeks, for instance, then multiply your paycheck by two to get the monthly total. If, on the other hand, your student loan amount covers your full academic year, then divide that sum by the number of months you’re in school to get a monthly average. 

Add up the full amount so you have a clear sense of your total monthly income. 

2. Make a list of your expenses 

Once you’ve added up your income, it’s time to make a list of your monthly expenses. Expenses typically fall into two categories: 

• • Fixed expenses: These stay the same each month and may include rent, utilities and insurance. Your tuition bill may also be fixed and often covers a semester at a time.
  • Variable expenses: These can fluctuate and may include groceries, clothing and entertainment. You can estimate your variable expenses for the full year and divide by the number of months you’re in school to get a monthly average. 

Once you have a list of your monthly expenses, subtract the total from your monthly income. If your expenses exceed your income, you’ll need to cut back on spending or make more money to get out of the red. If you break even, you may still want to adjust your budget so you have some money to put into savings from month to month. 

3. Track your earning and spending 

Once you have a clear sense of your monthly income and expenses, it’s time to put your budget into action. This means tracking your earnings and spending to make sure you’re staying within your means. 

You could use a simple spreadsheet to stick to your budget each month. Here’s a college budget example that could help, but feel free to adjust it to fit your individual needs. 

 

Monthly income	Amount
Wages from a job, internship or assistantship
Savings or contributions from family
Financial aid, such as grants, scholarships and student loans
Other sources of income
Total	$0
Fixed expenses (monthly)	Amount
Rent
Utilities
Phone bill
Health insurance
Transportation
Minimum student loan payments
Other
Total spent on fixed expenses	$0
Variable expenses (monthly)	Amount
Groceries and restaurants
Clothing
Entertainment
Gym membership
Travel and vacations
Streaming services
Other
Total spent on variable expenses	$0
Total expenses	$0
Income remaining (total income minus total expenses)	$0

 

There are also many budget-tracking apps that simplify the process in student budgeting, such as Mint, YNAB and PocketGuard.

4. Find the right budgeting strategy 

Tracking your income and expenses is only one piece of the budgeting puzzle – you’ll also need discipline to spend less than you earn. There are a few budgeting strategies that can help, such as: 

• • 50/30/20 rule of budgeting: This approach has you put 50% of your income toward needs, 30% toward wants and 20% toward savings and extra debt payments.
  • Zero-based budgeting: With this framework, you designate a purpose for every dollar in your budget, whether it goes toward rent, a concert ticket or savings. 

You might have to experiment with different strategies along the way to find one that works for you. Some months are going to be more expensive than others, so make sure to adjust your budget as you go along. 

5. Funnel money into an emergency fund 

If you’re spending all your money each month, you could be left struggling if you run into an unexpected expense. If possible, set aside some money into an emergency fund each month so you have some savings to fall back on. 

Consider opening a high-yield savings account so you’re earning interest on your balance, and explore other tips for saving money. By prioritizing saving money, you’ll be financially prepared if you run into an emergency. 

Bonus tip: Look for ways to save 

As a student, you’re probably living on a pretty tight budget. Fortunately, there are various ways to reduce your spending and boost your savings. Here are some tips for saving money on a daily basis: 

• • Make the most of student discounts: As a student, you might qualify for discounts from major retailers like Amazon and Apple, as well as local stores and restaurants.
  • Opt for meal planning over eating out: Dining out at restaurants and ordering takeout can get expensive fast. By meal planning and grocery shopping, you could significantly reduce the amount you spend on food each month.
  • Buy or rent your books secondhand: New textbooks can also be pricey, so consider shopping second-hand or renting your books with sites like Perlego, eCampus, Chegg, CampusBooks.com and eBay.
  • Live with a roommate or two: Sharing your living space with roommates means you can split the cost of rent, utilities and internet rather than having to pay all the expenses on your own.
  • Seek out free activities in your area: Sign up for a local newsletter to stay updated about free events where you live. If the weather allows, you could also opt for exercising outside so you can skip a pricey gym membership.
  • Limit spending splurges: Finally, try to keep your splurges and impulse buying to a minimum so you’re not breaking your budget. If you tend to shop when you’re stressed out or tired, look for other ways to make yourself feel better that don’t involve spending money. 

Final thoughts: Create a budget for studying in the U.S. to give you peace and guidance

You probably don’t have a ton of wiggle room in your budget studying overseas as an international student, so getting clear on your finances will give you direction. Following a budget and finding ways to save money will give you peace of mind and help you meet your financial goals as you work toward your degree.

For more advice on getting ready, check out these five tips for preparing to study in the U.S. 

How to prepare for international postgraduate study abroad this fall

Planning for international postgraduate study involves more than just academic preparation; it includes financial planning, understanding visa requirements, adapting to a new culture and so much more. Proper preparation can help alleviate potential stress and allow you to focus more on your studies and personal growth. 

Below, you’ll find essential tips to support you through each stage of the process to make your transition as smooth as possible.

Research and choose the right program

Finding a program that fits your academic and career goals is the first step. It’s important to consider not just the reputation of the university, but how the curriculum and faculty expertise align with your interests.

Here are some aspects to consider in choosing the right academic program:

• • Curriculum: Are the courses offered relevant to your career aspirations?
  • Faculty expertise: Do the faculty members hold expertise in your areas of interest?
  • Reputation and ranking: How well is the university recognized in your field?
  • Location: How do the culture, climate and cost of living of the country match your preferences?

Financial planning and budgeting

Next, you’ll need a solid financial plan. Understanding the total cost of studying abroad and funding options will help you manage your finances better. Planning your funding early can save you from the stress of last-minute preparations.

Estimate costs: Calculate everything from tuition fees to daily living expenses. It’s important to note that the cost of living can vary significantly depending on the state you choose. Living in an expensive state like California or New York will demand a higher budget for accommodation, utilities and daily expenses compared to more affordable states like Texas or Ohio. Take these differences into account when crafting your budget.

Scholarships and grants: Scholarships and grants are essential tools for easing your financial burden. Scholarships are typically merit-based or need-based awards that provide financial assistance without the need for repayment, while grants are often need-based and aimed at supporting students who require financial help. Some of the benefits of scholarships and grants: 

• • Reduce financial strain: Scholarships and grants can significantly lower the cost of education by covering tuition fees, books or living expenses.
  • Encourage academic excellence: Merit-based scholarships reward students for their high academic performance, motivating them to maintain or improve their grades.
  • Increase accessibility: Need-based scholarships and grants make education more accessible to students from all economic backgrounds.

By thoroughly researching and applying for relevant scholarships and grants, you can substantially decrease the financial challenges associated with studying abroad.

Student loans: MPOWER Financing offers fixed-rate, no-collateral loans between US$2,001 to US$100,000 total. MPOWER doesn’t ask you to back your loan with collateral and doesn’t require a cosigner, allowing you to take out the loan in your name alone. 

In order to meet the student loan eligibility requirements for an MPOWER Financing loan, you’ll need to be: 

• • Admitted to or attending an eligible school (There are more than 500 MPOWER-eligible schools in the U.S. and Canada).
  • A graduate student currently in or about to start a one or two-year program.
  • An international student, DACA recipient, U.S. citizen, refugee or asylum seeker.

If you meet the above criteria, apply now using the button below! 

 

Apply Now

 

Visa and immigration requirements 

Securing your visa and meeting immigration requirements is another hurdle to consider as a potential international student and will require you to plan early. The process often involves gathering a lot of documents and meeting strict deadlines. If you take out a loan with MPOWER Financing, you’re eligible to receive free visa support throughout our Path2Success Program! We help students understand and navigate elements of the F-1 visa process, including their visa interview.

Our visa support services include:

• • A free visa support letter demonstrating students are financially supported for school.
  • A free visa essentials course, so students are fully prepared for their visa interview.

Accommodations 

Your living situation can significantly affect your study experience. It’s important to choose accommodations that meet your needs and budget by researching your area of interest ahead of time.

Common living accommodation options available for international students:

• • University housing: Usually geographically convenient and may include utilities and meal plans.
  • Private rentals: Offers greater independence but can be more complex to arrange.
  • Homestays: Allow for cultural immersion and may be more affordable.

Health care and insurance

Having proper health care coverage is essential to avoid high medical fees. Ensure you select a plan that covers your medical needs while complying with university requirements. Most common health insurance requirements can include:

• • Mandatory enrollment: Many universities require students to enroll in their own health insurance plans.

• • Coverage levels: Policies might specify minimum coverage levels for certain types of care, such as inpatient and outpatient services, mental health care and prescription drugs.

• • Provider network: Some universities require that the insurance plan include access to a network of local healthcare providers.

• • Compliance with visa requirements: For international students, the health insurance must comply with visa-related health insurance requirements.

• • Exemptions and waivers: Universities may allow exemptions or waivers if a student can prove they have equivalent coverage from another plan.

Understanding and meeting these health insurance requirements is beneficial to make sure you have adequate coverage and to avoid any financial penalties or gaps in your insurance. Always review your institute’s specific policies and make sure you are in compliance.

Academic preparation

Getting a head start academically can set you up for success. Familiarize yourself with the academic environment and expectations of your host university.

Academic-strengthening steps to consider:

• • Contact professors and classmates: Use online forums or social media groups to make connections. Establishing a network before you arrive can provide valuable support. Professors can offer guidance on what to expect from their courses and might share supplementary materials. Classmates can share notes, recommend resources and help you integrate into social and academic life more smoothly.
  • Review the curriculum: Familiarize yourself with suggested readings and course structures. Many universities publish syllabi or reading lists in advance. Reviewing these materials can help you get a head start on your studies, identify areas where you might need extra preparation and plan your study schedule effectively. Understanding the course structure in advance ensures you can balance your academic workload with other activities.
  • Understand expectations: Learn about the grading system and unique academic requirements of your host university. Different universities have varying grading systems, assignment structures, attendance policies and participation requirements. Some schools may emphasize original research, while others might focus more on exams and practical applications. Knowing these expectations ahead of time allows you to adjust your study habits and ensures you meet all academic requirements successfully.

Final thoughts: Planning for international postgraduate study goes a long way

Preparing for international postgraduate study abroad involves careful and comprehensive planning. Along with financial, academic and cultural preparations, it’s important to understand the host country’s educational system, secure visas and arrange health insurance. By thoroughly preparing, students can ensure a smooth transition and fully enjoy their international postgraduate study experience.

Postgraduate career tips for international students

Transitioning from student life to a professional career can be challenging, especially for international students. Creating a solid postgraduate career strategy is a helpful way to navigate this transition successfully. A career plan helps you stay focused, increases your chances of landing a job aligned with your career goals and ensures you make the most of the opportunities available. Here are some practical postgraduate career tips to help you on your way.

 

Understand visa and work authorization

Your ability to work in the U.S. hinges on your visa status. It’s important to fully understand your options, such as F-1 Optional Practical Training (OPT), the STEM OPT extension and H-1B visas. Each visa category has its own set of rules, application timelines and eligibility criteria.
Staying well-informed about these options will allow you to plan better and avoid legal complications that could jeopardize your employment prospects. Here are some suggestions:

• • Consult with your international student office: They can provide the latest information and assist you with the application process.
  • Stay updated: Regularly check the U.S. Citizenship and Immigration Services (USCIS) website for updates on visa regulations and requirements.
  • Plan ahead: Start preparing your application documents well in advance to avoid last-minute hassles.

Create a targeted job search strategy

Applying for jobs without a clear strategy can lead to frustration. Focus on companies with a history of sponsoring work visas and tailor your applications to match the job descriptions closely. Personalize your resume and cover letter for each application to highlight how your skills and experiences fit the role. 

• • Research companies: Identify and research companies that sponsor work visas.
  • Tailor applications: Customize your resume and cover letter for each job application.
  • Use job boards: Use specialized job boards that cater to international students.

Free career-building resources with each MPOWER loan

MPOWER Financing recognizes the challenges of building a professional career in the United States. 

For that reason, MPOWER offers exclusive, free career services for all loan recipients through its Path2Success program.

MPOWER Financing career services, include:

• • A guided internship and job search tool for F-1, OPT and H-1B visa-sponsored roles
  • A resume builder to match targeted job requirements
  • Job application support with profile and skill set match
  • A directory of F-1 eligible job roles for STEM and non-STEM degrees

Leverage university resources

Universities offer resources to support international students transitioning to the job market. Career counseling can provide valuable insights into industry trends, job search strategies and the skills employers seek. Resume workshops and mock interviews can help you present yourself to potential employers in the best possible light. Additionally, job fairs hosted by universities allow you to meet recruiters and learn about job openings.

• • Workshops: Attend resume-writing and interview preparation workshops to hone your skills.
  • Job fairs: Participate actively in job fairs and take the opportunity to network with company representatives.

Optimize your LinkedIn profile

A well-optimized LinkedIn profile can be a powerful tool in your job search. Your profile is an online resume that recruiters and networking contacts can access. A professional photo creates a good first impression, while a compelling headline and summary can capture the attention of potential employers. Listing your skills, experiences and endorsements further increases your credibility.

• • Professional photo: Use a high-quality photo with a neutral background.
  • Compelling headline: Create a headline that clearly states your career goals and specializations.
  • Detailed summary: Craft a summary highlighting your achievements, strengths and what you bring to the table.
  • Skills and endorsements: List relevant skills and ask for endorsements from colleagues, professors or supervisors.

Learn all you can about using LinkedIn in your job search.

 

Network effectively

Networking is one of the most effective strategies for career advancement. Networking as an international student can seem intimidating, but it can help uncover job opportunities and gain insights into your desired industry. Attend industry conferences, alumni events and seminars to expand your professional network. Additionally, making connections on LinkedIn and requesting informational interviews can provide you with invaluable information and contacts.

Here are a few networking opportunities you might consider:

• • Industry events: Make it a point to attend relevant industry events and conferences.
  • Alumni networks: Reach out to alumni already established in your field for advice and mentorship.
  • Informational interviews: Request brief meetings with professionals to learn more about their career paths and industry landscape.

Final thoughts: Postgraduate career tips for international students

Building a career strategy as an international student may seem overwhelming, but careful planning and the right resources can make a significant difference. By understanding visa processes, leveraging university resources, optimizing your LinkedIn profile and creating a targeted job search strategy, you can smoothly navigate the transition from academia to the professional world. 

CPT vs. OPT: What postgraduate international students in the U.S. need to know

Getting work authorization in the U.S. can be challenging for international postgraduate students. Curricular Practical Training (CPT) and Optional Practical Training (OPT) are programs that enable international students to gain hands-on experience in their field of study.

Understanding these programs and knowing how they differ is essential for maximizing their benefits and ensuring compliance with immigration regulations. Discover what international postgraduate students like you need to know about CPT and OPT and how to prepare for a successful experience.

Understanding CPT vs. OPT

CPT and OPT offer valuable opportunities for practical work experience, but have different purposes and requirements. CPT is integrated into the curriculum and is typically a required part of some degree programs, such as internships.

OPT, on the other hand, offers more flexibility and allows students to work in their field of study either before or after completing their degree.

Key differences for postgraduates

Combining work experience with academic pursuits is essential for postgraduate students, especially those in research-intensive programs. CPT is particularly helpful as it offers practical experience that directly relates to one’s research or thesis. For example, a Ph.D. student in engineering might use CPT to engage in a research project with a company that complements their dissertation.

Timing and planning

Postgraduate students often have busy schedules with coursework, research and thesis deadlines. Knowing when to apply for CPT and OPT and integrating these programs into your academic plan can make a significant difference. For instance, using Pre-completion OPT during summer breaks or after completing coursework can help balance academic responsibilities and work experience.

Additionally, finding a job that aligns with your CPT or OPT requires time and effort. Start your job search early, allowing yourself plenty of time to secure a position that fits your field of study and career goals. Utilize your university’s career services, attend networking events and reach out to potential employers well in advance to increase your chances of success.

Eligibility and application process

Both CPT and OPT require students to be enrolled full time for at least one academic year. However, postgraduate students might face extra considerations. For example, Ph.D. candidates must ensure their CPT aligns with their dissertation work, while master’s students should confirm that their CPT or OPT does not interfere with their thesis deadlines.

Applying for CPT and OPT involves several steps. For CPT, students need a job offer related to their field of study and must receive approval from their Designated School Official (DSO).

OPT requires an application to the United States Citizenship and Immigration Services (USCIS), which can take several months to process. It’s best to apply for OPT at least three months before you intend to start working to avoid delays.

Postgraduate students must ensure they don’t exceed the authorized work hours and adhere to all reporting requirements. Knowing the rules for CPT and OPT is key to keeping your status safe.

Available resources and support

Most universities offer extensive resources for international students, including career services and workshops on CPT and OPT. These resources can help you with the application process and finding job opportunities. 

Additionally, organizations like USCIS (United States Citizenship and Immigration Services), NAFSA (National Association of Foreign Student Advisers) and MPOWER Financing provide valuable information on CPT and OPT. At MPOWER Financing every customer gets free career support, including a guided internship and job search tool for F-1 students. Explore a student loan with MPOWER today and leverage both university and external resources to make your CPT or OPT experience successful. 

 

Apply Now

 

Final thoughts: CPT vs. OPT

Both CPT and OPT are beneficial for postgraduate international students to gain work experience in the U.S. By understanding the differences, planning effectively and using available resources, students can make the most of these work opportunities. Taking proactive steps to explore and secure CPT and OPT positions can improve your academic and professional journey in the U.S.

International student success story: From Bangladesh to Adelphi University

For international students, getting a world-class education often comes with financial challenges. Mohammad Helal, a dedicated student from Chattogram, Bangladesh, faced financial hurdles as he pursued a master’s in supply chain management at Adelphi University in the U.S. 

Read on to learn more about his journey and how an MPOWER Financing loan helped him overcome these challenges.

From dreams to reality

From a young age, Mohammad believed an international education would significantly benefit his career. “I had a dream since I was a child that I would study abroad,” he says.

By the time Mohammad was ready to study in the U.S., he already had a master’s degree and had worked in banking in Bangladesh for seven years. But he aspired to even further career development. “One degree abroad will help me in my career development,” he explains. “That’s why I am doing a master’s in the USA.”

How MPOWER Financing helped Mohammad

Paying for his studies abroad was a challenge for Mohammad. He needed funds not only for his education and living expenses, but also to support his family, who planned to join him in the U.S.

In his search for financial support, Mohammad discovered MPOWER Financing, which provides student loans in Bangladesh to international students studying in the U.S. and Canada. “When I started thinking about how to manage my financial situation,” he recalls, “I had some personal funding, but needed extra money. I started Googling for opportunities and found MPOWER.”

Mohammad gained clarity and a solution for his funding needs by talking with MPOWER’s knowledgeable representatives. After learning about  the process of getting an international student loan in Bangladesh, he decided to proceed with MPOWER and submitted an online application. 

Mohammad remembers the relief he felt when he received his loan approval. “I was very excited and happy. MPOWER’s support made it possible for me to come to the U.S. and focus on my education without financial worries.”

The challenges of studying abroad

Moving to the U.S. has been full of adjustments for Mohammad. “For me, the U.S. is challenging because of its new location,” he said, reflecting on the cultural shifts and getting used to a new environment. Though the transition was tough, he saw it as a chance for growth.

Plans for the future

Mohammad remains optimistic and grateful for the opportunity to study in the U.S. and receive world-recognized education. After graduation, he plans to gain experience in the U.S. job market before deciding on his next move – whether to return to Bangladesh, stay in the U.S. or move to another country. 

Why Mohammad recommends MPOWER Financing

Mohammad’s story is not just about following his aspirations but also about overcoming obstacles with careful planning and support. He says MPOWER Financing made a significant impact on his career and recommends it to fellow students facing similar challenges.

“I have already suggested MPOWER to three of my close friends. Those who want to come to the U.S. for a better education can benefit greatly from MPOWER Financing.”

Mohammad’s experience shows the importance of financial support in achieving educational dreams. MPOWER Financing has been more than just a lender – it enables many students like Mohammad to aspire, achieve and succeed internationally. If you’re ready to take the next step in your educational journey, discover how MPOWER Financing can help you achieve your goals.

 

Apply Now

International study programs: Math

Pursuing a graduate degree in mathematics can deepen your knowledge of complex mathematical concepts and models applicable toward a future career in multiple industries.

Math is an international study program that is a popular option, and as a STEM discipline, is eligible for a 24-month STEM OPT extension upon earning your master’s degree or Ph.D. 

Here’s what to expect with a mathematics graduate program and possible career options to explore. 

About math programs

A master’s degree in mathematics typically involves one to two years of education. As a graduate student, you can expand your knowledge and skill in pure mathematics or select a program that offers other specializations. Some of these specializations include mathematics education, mathematical statistics and actuarial science. 

Each college and university sets its own graduate math curriculum. During your studies, you’ll gain an understanding of complex proofs and theorems, linear analysis, statistical machine learning, differential equations and more.

Examples of courses you might encounter include complex variables, advanced calculus, dynamical systems and algebraic geometry. Through this advanced coursework, you’ll develop abstract and applied mathematical problem-solving skills.

Depending on your program, you might be required to write a master’s thesis on an approved topic or undergo comprehensive examinations as part of graduation criteria.

Demand for math degrees

Like other graduate STEM majors, mathematics is a popular pursuit among international students. The Institute of International Education’s (IIE) 2023 Open Doors Report shows that mathematics, along with computer science, was the most sought after field of study in the 2022-23 academic year growing 20% compared to the previous school year.

More than 29K mathematics degrees were conferred in the United States during 2022, according to the latest figures from Data USA. 

The heightened interest in mathematics graduate programs is understandable given the degree’s potential return on investment (ROI). In its most recent 2022 study on graduate degree ROI, The Foundation for Research on Equal Opportunity found that 41% of master’s degrees in mathematics offer a positive return of US$500,000 to US$1 million by age 45, relative to the full cost of obtaining a master’s degree. 

Five schools with math programs from our list of over 500+ eligible schools*

For international mathematics students looking for the right place to study in the U.S., MPOWER’s eligible schools list contains a diverse array of prestigious mathematics programs.

Here are five MPOWER-eligible universities to consider:

University of North Dakota (UND)

UND offers a two-year MS in mathematics, a Master of Applied Science (MAS) in mathematics and a Master of Education (MEd) in mathematics. Mathematics graduate students at UND become analytical thinkers and benefit from UND’s research partnerships with organizations in aerospace and engineering.

Ball State University

Ball State’s graduate mathematics program boasts small class sizes, dedicated faculty and a flexible program. Mathematics students studying in the U.S. at Ball State can choose to pursue an MS, which requires a thesis, or a Master of Arts (MA), which doesn’t.

University of Northern Iowa (UNI)

UNI is committed to experiential learning and research opportunities. Six months after graduating, 97% of UNI mathematics students have secured work in their field or entered a Ph.D. program.

Illinois State University

To accommodate student interest and need, Illinois State offers a very flexible master’s program in mathematics. Students can choose from a selection of “sequences,” which include subjects such as actuarial science and biomathematics. This allows them to become specialists in their areas of interest.

Montclair State University

Montclair State University was named the third-best U.S. college for women in mathematics. International students pursuing a Master of Science (MS) in mathematics at Montclair State can study pure mathematics or mathematics education to prepare for careers in industry, government and education.

Each postgraduate mathematics program has different resources, curricula and graduation requirements. To find the program that best suits your academic and professional goals, check out MPOWER’s list of 500+ eligible schools. MPOWER constantly updates its eligible schools list based on criteria like alumni graduation rate and earnings so that MPOWER loans can support international students studying at the strongest postgraduate programs in the U.S.

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

Five jobs you can get with a math degree

A graduate degree in mathematics offers career opportunities in various industries – from STEM jobs to math education. Below are five jobs a math degree can unlock.

1. Statistician

As a statistician, you’ll gather necessary data by creating surveys and polls and designing experiments. Using the data results you’ve gathered, you’ll apply mathematical models and techniques to solve an organization’s problems. Based on your computations, you’ll identify patterns and relationships from the data and validate your findings.

The U.S. Bureau of Labor Statistics (BLS) reports that the median annual wage of a statistician as of May 2023 is US$104,110. Those who work as a statistician in computer systems design or related fields earn a median wage of US$140,850 per year. Between 2022 to 2032, this profession is projected to grow 30%.

2. Actuary

Actuarial work is commonly found in insurance companies. They’re responsible for calculating how much risk and uncertainty will cost an organization or agency. Actuaries leverage their knowledge of finance, math and statistics to assess risk levels and offer policy guidance based on their findings. 

The median salary of an actuary is US$120,000 as of May 2023, according to the BLS. This profession is projected to grow 23%, faster than average math-related degrees from 2022 to 2032.

3. Economist

Economists combine their passion for mathematics with finance. As an economist, you’re responsible for developing data-gathering methods and analyzing your collected data through various statistical tools and methods and mathematical models. Based on your analysis, you’ll deliver fiscal or monetary projections and trends to key stakeholders at your organization. 

The BLS reports the median annual wage of an economist in May 2023 was US$115,730. Those who work in scientific research and development services earn a median income of US$140,940. The job is projected to grow 6% from 2022 to 2032; although this is slower than other jobs you could get with a math degree, it’s still faster than average for all occupations.

4. College math professor 

Working as a postsecondary teacher can be a rewarding profession. You’ll interact directly with college-level students and develop a level-appropriate course curriculum to instruct your class. In addition to teaching, college math professors assess students’ information retention through graded assignments, exams and other work.

Postsecondary teachers, in general, earned an average median salary of US$84,380 as of May 2023, according to the BLS. College mathematical science teachers earned a median wage of US$81,020. The highest-paying institutions are typically private colleges, universities and professional schools. Demand for this role is positive with projected job growth at 8% from 2022 to 2032.

5. Financial analyst

Financial analysts develop investment strategies for businesses and organizations to boost profits. They recommend various investments, like stocks and bonds, analyze their performance and make recommendations on how to pivot their financial approach. The role involves evaluating historic and current trends. It also involves assessing an organization’s financial statements. 

According to the BLS, a financial analyst earned a median wage of US$99,890 in May 2023. Those working in securities, commodity contracts and other financial investments earned a higher median wage at US$115,480. Between 2022 and 2032, job growth for financial analysts is projected to grow 8%.

Final thoughts: Getting a math degree in the U.S. 

A graduate degree in mathematics can help you develop your passion for complex computations in math and statistics. It’s a degree applicable to various industries, like health care, technology and finance.

Before you can secure a lucrative career leveraging your advanced math education, however, you’ll need to determine how you’ll pay for your graduate program. If you’ve maximized your grant and scholarship opportunities, an international student loan can provide extra funds. Learn how an MPOWER Financing international student loan can help.   

International study programs: Mechanical Engineering

Earning a master’s degree in mechanical engineering is a desired academic pursuit among international students for the postgraduation career opportunities, ability to apply for a 24-month extension of your STEM optional practical training (STEM OPT) right after graduation, and earning potential. 

If you want to deepen your knowledge and skill in mechanical engineering through a master’s international study program, here’s the type of curriculum you can expect as well as job opportunities after graduating.

About mechanical engineering programs

A master’s degree in mechanical engineering prepares students for complex engineering roles in the private and public sector. It also provides a pathway toward research-based professions for students who plan on pursuing an academic career. 

The curriculum you’ll face when enrolling in a Master’s of Science (MS) program in mechanical engineering varies between schools. Generally, you’ll enhance your knowledge in designing and manufacturing thermal devices and their processes, and other mechanical systems. This enhanced learning is achieved through a multidisciplinary curriculum that includes advanced mathematics, scientific principles, design and specialized technology.

Some programs offer emphasis areas or disciplines that students can choose from, like mechanical system design, robotics and thermo-fluids. Coursework includes applied heat and mass transfer; engineering analytical methods and analysis; and kinetics and material structure and their properties. 

During your studies, completing a master’s thesis or research project might be a requirement of your school’s mechanical engineering MS program. An MS in mechanical engineering can also advance your knowledge in this field toward a doctor of philosophy (Ph.D.) in mechanical engineering. 

Ultimately, this advanced degree is designed to support your real-world skills. For instance, if you work in the aerospace industry, you can leverage knowledge acquired from your mechanical engineering graduate program to troubleshoot inefficiencies or issues of planetary surface exploration devices, like a rover. 

Demand for mechanical engineering degrees

According to the U.S. Census Bureau’s most recent data in its 2022 American Community Survey, nearly 32% of students who earned a bachelor’s degree in mechanical engineering went on to get a master’s degree. 

The 2023 Open Doors Report by the Institute of International Education (IIE) assessed international student enrollment at the graduate level. It found that during the 2022-23 academic year, graduate program enrollment among international students increased by 21% compared to the prior academic year. 

As many as 202,801 students enrolled in an engineering field of study, according to IIE’s report, an almost 8% increase compared to 2021-22 school year.

Five schools with mechanical engineering programs from our list of over 500+ eligible schools*

For help navigating your options for a postgraduate degree in mechanical engineering, be sure to consult MPOWER’s eligible schools list. MPOWER considers schools that offer the most competitive mechanical engineering programs for students studying in the U.S. 

Here are five MPOWER-eligible schools to consider:

1. Georgia Institute of Technology (Georgia Tech)

Known for its technological innovation and connection to Atlanta’s aerospace, robotics and automotive industries, Georgia Tech is ranked among the top engineering programs nationwide. Georgia Tech students studying mechanical engineering develop methods of advanced analysis and work collaboratively to publish cutting-edge research.

2. Lehigh University

Lehigh’s master’s in mechanical engineering emphasizes interdisciplinary education and hands-on practical experience. International students studying in the U.S. at Lehigh work alongside internationally renowned faculty as they make innovative discoveries in the field of mechanical engineering.

3. Michigan Technological University (Michigan Tech)

Michigan Tech is a premier engineering school in the Midwest. Students in Michigan Tech’s engineering program benefit from extensive research opportunities related to robotics, materials science, sustainability and more. Small classes allow for intimate mentoring from professors, and the broad coursework affords students flexibility within the program.

4. Texas A&M University

Texas A&M’s mechanical engineering program is one of the largest in the country. In Texas A&M’s world-class laboratories, students can apply their knowledge to areas like materials science, thermodynamics and energy systems.

5. University of Dayton

The Department of Mechanical and Aerospace Engineering at the University of Dayton offers a well-rounded mechanical engineering program. Students work with industry giants at research facilities and learn from academic leaders in the classroom, where they have the opportunity to concentrate in engineering mechanics, energy, materials, thermofluids or robotics.

For international students studying in the U.S., top-ranking schools like Lehigh and Georgia Tech, with their myriad industry connections and robust alumni networks, can set you up for a lucrative and meaningful career as a mechanical engineer. MPOWER is committed to providing international students with access to the best academic programs the U.S. and Canada have to offer. To jumpstart your engineering career in the U.S., check out MPOWER’s list of 500+ eligible schools today.

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

Five jobs you can get with a mechanical engineering degree

In addition to gaining advanced knowledge and skills in the area of mechanical engineering, earning a master’s degree can help advance one’s career and gain competitive wages. If you’re curious what kind of work you can do with a mechanical engineering degree, here are just a few options and their salaries.

1. Radar signal processing engineer

Radar signal processing engineers are tasked with researching, designing, testing and implementing signal processing algorithms for radar systems. You’d identify inefficiencies and discrepancies of new or existing algorithms while ensuring that systems adhere to compliance and regulatory requirements. 

According to ZipRecruiter data, the national average annual salary for a radar signal processing engineer is US$131,250. The top 90th percentile of workers in this profession earn US$147,000 per year.

2. Mechanical design engineer

If you enjoy being an integral part of a product’s or system’s mechanical design from beginning to end, a career as a mechanical design engineer might be a fit. You’ll perform industry and competitive research to stay on top of new processes and techniques, design new products or improve upon existing ones using specialized software like 3D modeling and AutoCAD and test prototypes you’ve created.

ZipRecruiter states that the national average salary for mechanical design engineers is US$91,578. Engineers in the 90th percentile making US$122,500 per year on average are considered the top earners.

3. Principal mechanical engineer

Principal mechanical engineers are senior-level mechanical engineers. They typically have a graduate degree and an average of eight or more years of experience in the field. Many mechanical engineers work in the manufacturing sector, though this profession is broad and can be found in other industries, like health care and aeronautics. 

As a principal mechanical engineer, you’ll research, create, validate and support new and existing designs and systems for clients. Additionally, as the principal on a team, you’re responsible for communicating across various engineering teams and potentially managing the project timeline and budget. 

According to Glassdoor data, the average annual salary for a principal mechanical engineer is US$154,977. Top earners, however, can make an average base salary as high as US$187,000.

4. Thermal and fluids engineer

Thermal and fluids engineers are specialists in thermodynamics, fluid mechanics and heat and mass transfer. With this knowledge, they create, maintain and repair mechanical systems that convert heat-based energy through fluids into other energy forms. You’ll assess how heat within a mechanical system works in conjunction with other systems through modeling and other predictive methods.

The national average annual pay of a thermal and fluids engineer, according to ZipRecruiter, is US$104,528. However, mechanical engineers with an MS degree could earn more competitive wages; top earners in the 90th percentile of the profession earn US$160,500 per year. 

5. Architectural and engineering manager

Architectural and engineering managers take the lead in coordinating and directing plans for products, processes and systems. As an architectural and engineering manager, you’ll also be charged with hiring, training and managing a team and determining equipment needs and budgets for project proposals. In addition to setting objectives and delegating responsibilities to various staff, you’re also responsible for collaborating with other teams with a stake in the project.

According to the U.S. Bureau of Labor Statistics, the median annual wage for this job is US$165,370 with the highest earners making more than US$233,590 per year.

Final thoughts: Getting an engineering degree in the U.S. 

Earning an MS degree in mechanical engineering is a strong step to gaining depth in this area of study and opening doors to potential career advancement later on. Whether a mechanical engineering master’s degree is worth it, however, depends on the concentration you pursue, the industry you work in and the real-life experience you develop by the close of your graduate program.

Paying your way through this academic path can be challenging, especially if you’ve already maximized other gift-based financial aid, like grants and scholarships. If you need more financial aid to pay for school, an MPOWER Financing international student loan can help cover funding gaps for your graduate program. 

Benefits of making student loan payments while in school

When you take out a student loan for university costs, some lenders postpone repayment until after you graduate, while others have borrowers begin monthly payments while in school. 

Although putting off payments may sound appealing, there are several benefits of in-school loan payments. Even small payments can cut down on interest and prevent your balance from ballooning over the years you’re in school. 

Here’s a closer look at the types of student loan payments you might make during school, along with the benefits of doing so. 

What kind of student loan payments can I make while in school?

Every lender sets its own rules, so check with yours about what kind of payments you can (or have to) make while in school. Typically, you’ll have one or all of the following options: 

• • Interest-only student loan payments: These payments cover the interest that accrues on your student loans. Let’s say, for example, that you borrow US$15,000 at a 10% interest rate. With this rate, your loans would accrue about US$4 in interest per day, so you’d be making interest-only payments of about US$125 per month.
  • Partial monthly student loan payments: Some lenders ask you to make partial payments each month, often in the amount of US$25 monthly. While this amount may not be enough to cover accruing interest, it can cut down on the interest charges that are adding up on your loans.
  • Full monthly student loan payments: Another option is full monthly payments right away. This means that you’ll be paying back both your interest charges and principal loan balance. For example, if you borrowed US$15,000 at a 10% rate, your full monthly payments would be about US$198 on a 10-year term. 

Whatever terms you have and approach you take, you’ll usually make payments on a monthly basis from your bank account. Consider setting up auto payments so you don’t have to manually schedule payments each month while you’re busy writing papers and studying for exams. Using auto pay may also score you a discount on your interest rate, which could save you money on your student debt. 

What are the benefits of making student loan payments while in school?  

Although you might prefer to forget about your student debt for a few years, there are several benefits to making loan payments while in school. 

Cut down on student loan interest charges 

Student loans accrue interest all the time, so you could end up paying back substantially more than you borrowed in the first place. If you pay off some or all of the interest while you’re in school, however, you can seriously cut down on your overall borrowing costs. 

You may also be able to prevent interest from capitalizing after you graduate, which can make your loans even more expensive. Interest capitalization happens when interest is added onto your principal balance, and it often occurs at the end of a no-payments-due grace period.

If you pay off the interest charges while you’re in school, though (rather than deferring payments completely), your principal balance won’t balloon. You’ll owe the same amount after you graduate as when you borrowed in the first place. 

Speed up your student loan repayment timeline 

Making payments while you’re in school can also get you out of debt faster. If you wait to make payments until after you graduate, you could end up paying your student loans for 10 years or longer. In fact, the average borrower takes over 20 years to pay back their education debt. 

But starting payments earlier means you get a jump start on debt repayment. Let’s say during your freshman year you take out a student loan with a 10-year term. If you make full payments right away, you’ll be out of debt six years after you graduate. That’s four years sooner than if you waited to start paying until after you left school. 

Even partial or interest-only payments can shave time off your repayment schedule. Plus, paying back your student loans faster can reduce the amount of interest you pay in the long run. 

Build your credit history 

Many students, and especially international students, don’t have much of a credit history yet. If your lender reports your in-school payments to the credit bureaus, though, you’ll start building a positive credit history through timely repayment.  

Establishing your credit history can help you build a good credit score, which is based on factors like on-time payments on loans. Having a good credit history and score can make your postgraduation life a lot easier. 

Having good credit can help you rent an apartment, buy a car, open a credit card, get a mortgage or take out a loan with reasonable rates. On the flip side, having bad or nonexistent credit can be a major obstacle in your adult life. 

Protect your postgraduation finances 

Making a dent in your student loan balance with in-school payments can protect your future finances. You’ll have less debt to deal with upon graduation, which could allow you to spend more time finding a job you love or using your income for other goals. 

You won’t be unprepared for your student loan bills after graduation, since you’ll already have been dealing with them from the beginning. 

Things to know about making student loan payments while in school 

Although there are a number of financial benefits, how can you make payments on your student loan while you’re still in school? You’ll need to come up with a clear plan to cover your payments. 

One step that can help is creating a budget or spending plan. Keep track of your monthly expenses, along with any earnings you have from a paid internship or part-time job. You may have to spend less in certain areas to save money for your student loan payments, but it’s possible. 

Mark your payment due dates on your calendar and consider setting up automatic payments if they won’t overdraw your bank account. If your student loans have a variable rate, you also need to factor in potential fluctuations in your rate. 

Variable rates can change due to market conditions, which can in turn affect your monthly payments. Revisit your budget on a regular basis to make any needed updates or readjust your spending plan.  

How do MPOWER Financing in-school loan payments work? 

If you take an MPOWER Financing student loan you’ll make interest-only payments while in school and for six months after graduation. After this period ends, you’ll start making full payments on your principal and interest charges. 

With MPOWER, you won’t have to worry about variable rates making your loan more expensive. All of MPOWER’s loans come with fixed rates that stay the same over the life of your loan. 

MPOWER also doesn’t require a cosigner or collateral and specializes in helping international students pay for school in the U.S. or Canada. You can borrow up to US$100,000 total to pay for tuition, fees and living costs in the U.S. or tuition in Canada. 

How do I calculate my in-school student loan payment? 

To see what your payments will be during and after school, check out MPOWER’s loan payment calculator. Along with the loan calculator, the Get a Loan page also shares information on MPOWER loans for international students pursuing a master’s degree. If you’re looking to study abroad in the U.S. or Canada, you can start a loan application to check your eligibility in under a minute.

 

Apply Now

How to make payments on your student loan while in school

Starting to pay your student loan while you’re still in school may seem like a challenge, but it’s definitely possible and a good idea in the long run, especially as an international student.

Making in-school loan payments prevents your loan balance from ballooning while you’re earning your degree. Plus, timely payments help you build a positive credit history in the U.S. Credit-building will come in handy if you want to rent an apartment, buy a car or take out another loan in the future.

If you have a student loan requiring in-school payments, there are a number of benefits. Here’s a closer look at the advantages of in-school loan payments, along with how to make payments as a student. 

Why paying your loan while you’re in school is a good idea 

Although it might be tempting to ignore your student loans until after you graduate and start working full time, there are several benefits to making payments while in school. These include: 

• Paying off the interest as it accrues: Student loans accrue interest right away, which means you pay back more than the amount you initially borrowed. If you can pay off the interest right away, you can reduce your costs of borrowing and prevent your balance from growing while you’re in school.
• Getting out of debt faster: Getting started on debt repayment right away means you’ll pay off your student loans faster than if you postponed payments until after you graduated. Less time in debt also means smaller interest charges overall.
• Reducing your postgraduation debt burden: When you make in-school payments as a student, you won’t have as much student debt to deal with after you graduate. You can feel more financially secure and less burdened by your student loans while you start your career and transition into the next phase of your life.
• Building your credit history in the U.S.: When you make payments on your loans, those payments are reported to the major credit bureaus in the U.S. Over time, your timely payments will help you build a positive credit history and score. Having an established credit score can make your postgraduation life a lot easier when it comes to renting an apartment, applying for a credit card or taking out another loan. 

How to pay off your student loan while in school 

It might be easier than you think to make monthly in-school payments. If, for example, you were approved for a US$40,000 education loan from MPOWER Financing and you’d obtained your student visa to study in the U.S., you could cover payments through a .25% auto payment discount and income from a job. Specifically, along with your studies, you might be hired for a paid co-op internship, which earns the money you need to make interest-only, monthly payments in the amount of US$240.

You can see exactly how much your in-school payments will be through a lender’s payment calculator, like this MPOWER Financing loan payment calculator. 

The tool will reveal what your monthly payments will be in school and during full repayment. 

When it comes to paying off your student loans while in school, here are the general steps you’ll need to take: 

• Review your loan agreement: Every lender sets its own requirements, so read over your loan agreement to see what payments are due while you’re in school and when. A lender may require interest-only payments, or you might get to choose among interest payments, US$25 per month payments or full monthly payments.
• Connect your bank account: Your next step is sending payments from your bank account. You can usually do this online by creating an account with your lender or loan servicer and providing your banking details. Make sure you’re using the official website before sharing any sensitive information.
• Consider using auto pay: If you have enough money in your account, consider setting up automatic payments from your bank account each month. Using auto pay will mean you can “set it and forget it,” and you won’t have to worry about missing any bills while you’re busy studying for an exam or writing a research paper. What’s more, you might score a discount on your interest rate by using auto pay. For instance, MPOWER Financing loans currently offers a 0.25% discount by opting into auto pay.
• Review your budget and income: Finally, look over your budget and any sources of income to make sure you have the funds for your in-school payments. You might earn money from a paid internship. You could also work a part-time job. Earning some money as a student can help you afford student loan payments, along with books, groceries and other costs that come with attending school in the U.S. 

Information about MPOWER loans 

MPOWER Financing offers student loans up to US$100,000 total to help international students earn their degree in the United States or Canada. If you take an MPOWER student loan you’ll make interest-only payments while you’re in school and for six months after you graduate.

Your in-school payments will pay off the interest that accrues on your loans from the beginning, so you won’t have to worry about your loan balance growing while you’re in school. Plus, your timely payments can help you build credit in the U.S., which could have major benefits for your finances (and life) in the future. 

Wherever you are on your educational journey, learn more about MPOWER’s student loans for international students here.

Ready to take the next step?

 

Apply Now

Resume writing tips for international students

Entering the U.S. job market as an international postgraduate student can be challenging, but a well-crafted resume can significantly enhance your job search strategy. Here are some resume writing tips for international students like you to help highlight your strengths and align with U.S. job market expectations.

Find job-specific keywords for your resume 

Tailor your resume to each job by carefully reading the job description and identifying key terms and phrases. These keywords often relate to specific skills, qualifications and experiences the employer is seeking. Incorporate these keywords to ensure you write a resume that passes through Applicant Tracking Systems (ATS) and catch the hiring manager’s attention.

Prepare different resumes for each job 

Understand the specific requirements of each company and position you apply for. And then make sure to customize your resume for each job application to reflect the unique qualifications and experiences that make you the best fit for that role. A clear and concise resume that addresses the employer’s needs will stand out more than a generic one.

Avoid using an objective statement 

Objective statements are considered outdated and often take up valuable space on your resume. Unless you’re making a significant career change, it’s better to use this space to highlight your skills and accomplishments. Consider using a professional summary that briefly outlines your key qualifications and what you bring to the table.

Justify serial “job-hopping” 

How do you justify job-hopping on your resume? If you have a history of changing jobs frequently, address this proactively on your resume. Provide a brief explanation for each transition, focusing on positive reasons such as career growth, relocation or pursuit of new challenges. This helps potential employers understand your career path and reduces concerns about your stability.

Highlight your educational background 

As an international postgraduate student, your education is a significant asset. Be sure to prominently feature your academic achievements, relevant coursework and any research or projects pertinent to the job you’re applying for. This can demonstrate your expertise and dedication to your field.

Showcase relevant experience 

Even if your work experience is limited or primarily outside the U.S., highlight the relevance of your previous roles to the position you’re applying for. Focus on transferable skills and accomplishments that are applicable in any context, such as teamwork, problem-solving and communication skills.

Include professional development and certifications 

Pursuing additional certifications and courses can make you stand out from other candidates. Highlight any professional development activities, such as certifications, workshops or online courses relevant to the job. This shows potential employers your commitment to continuous learning and professional growth.

Use campus resources 

Leverage the career services offered by your university. Many institutions provide resume reviews, mock interviews and networking opportunities specifically designed for international students. These resources can provide valuable feedback and help you refine your resume.

Leverage online networking platforms 

LinkedIn and other professional networking platforms are excellent tools for showcasing your resume and connecting with potential employers. Make sure your LinkedIn profile is up to date and reflects the same information as your resume. Engage with industry-specific groups and participate in discussions to increase your visibility.

Personalize your networking approach

When reaching out to potential contacts, personalize your messages. Mention common connections, shared interests or specific reasons for wanting to connect. A tailored approach shows genuine interest and can lead to meaningful professional relationships.

MPOWER Financing career and resume support 

If you have an MPOWER Financing student loan consider exploring MPOWER’s free Path2Success program, which offers career support services, including:

• A guided internship and job search tool for F-1, OPT and H-1B visa-sponsored roles
• A resume builder to match targeted job requirements
• Job application support with profile and skill set match
• A directory of F-1 eligible job roles for STEM and non-STEM degrees

Path2Success

Final thoughts: Resume tips for international students

By following these tips and using available resources, you can create a compelling resume that effectively showcases your skills and experiences, increasing your chances of landing your dream job in the U.S. job market.

Start refining your resume today to take the next step toward your professional goals as an international postgraduate student in the U.S.