Health insurance for international students in the U.S.

Many international students get confused about shopping for health insurance abroad. Don’t worry! We’re here to help. The American health care system differs from other countries around the world. Let’s break down the basics of student health insurance so international students studying in the U.S. can understand it more easily.

Are international students required to have health insurance?

In the United States, international students on an F or M visa aren’t required by law to have health insurance, but many schools require students to have some type of plan. Some schools in the U.S. offer predetermined plans to make the process easier. While it might be convenient, it’s not always the most cost-efficient option or might not meet your health coverage needs.

Currently, there are four insurance requirement categories at U.S. universities. These options vary greatly from one university to the next and are set by your institution:

• • Mandatory: You must take the school’s insurance policy.
  • Mandatory with waiver: You must purchase the school’s plan unless you find an alternative that meets specific requirements set by your school. 
  • Mandatory choice: You’re required to have an insurance plan, but you can choose any plan that meets your school’s requirements. This is the most common type.
  • Optional: You can choose any plan you qualify for, and your school might not even require you to have a plan. 

If your school doesn’t require health insurance for international students, it’s still best to have a plan. Having a policy provides peace of mind so in the event that you become ill or injured, you have coverage! 

What are some of the key benefits students should look for in an insurance plan?

There’s a wide array of insurance plans available offering different coverage. The first step to identifying the key benefits is to look into your school’s requirements. You’ll gain a solid understanding of what your plan must cover.

Here are some key benefits that your plan cover should cover: 

• • Doctor visits
  • Hospitalization
  • Prescriptions 
  • Mental health 
  • Repatriation 
  • Emergency medical evacuation 

Without good coverage for basic medical needs, you may find yourself in financial trouble in the long run. 

It’s also crucial to identify hidden limits. Some insurance companies offer plans with sub-limits that limit the amount they will pay for treatment, even if your total plan limit is higher. For example, you might have US$100,000 coverage per hospitalization, but in the fine print, insurance will cover only US$500 per day.

What health insurance benefits are good to have but are not essential?

If you want or need more than just basic health insurance coverage, there are options. Some companies offer plans for international students that cover organized sports injuries, maternity and preexisting conditions. 

Most health insurance policies for international students focus on assisting with accidents and illnesses – and not providing preventative treatments. That’s why dental, vision, wellness, congenital disorders and self-inflicted and sport-related injuries are commonly excluded from student health insurance plans. These exclusions help keep the cost of insurance affordable.

Make sure the insurance you’re selecting fits not only your budget but also provides good coverage for your medical needs. To dive deeper into the nuances of international student health insurance, watch to learn more:

What’s the timeline to start looking for a health insurance plan?

It’s good to start looking and researching plans when you’re applying to schools because the cost of insurance will be included as one of the expenses you must cover in order to receive your I-20. However, some schools may require you to show proof of insurance for admission purposes. It’s always better to double-check with your school.

When should a health insurance plan start?

Choosing the start date for your plan is important. Most students choose to start their coverage the same month they begin classes. Make sure your insurance begins the day you arrive in the U.S. Some schools have specific date requirements that you need to take into account as well.

Where do I start exploring options for health insurance?

Having a choice when it comes to selecting health insurance is valuable. Fortunately, there are a wide array of plans available for foreign students. 

MPOWER Financing partners with qualified insurance providers to deliver comprehensive health insurance for you. Visit our Student Health Insurance page to learn more and explore available plans. 

Foreign students should prioritize health insurance for a worry-free academic journey abroad. Whether required by a school or not, having coverage is essential. When exploring insurance plans, focus on understanding plan benefits and matching them to your needs. 

International study programs: Computer science and information technology

New data technologies, like artificial intelligence and machine learning, are spurring demand for tech-savvy professionals in the workplace. For this reason, it’s no surprise computer science and information technology – two separate and related programs – are among the most popular international study programs for students from other countries who are studying in the U.S. 

With college costs into the tens of thousands of dollars, it’s important to understand what you might gain from investing in these academic programs before committing. Here’s an overview of what computer science and IT programs involve, the return on investment and career prospects. 

About computer science and IT programs

Computer science is a broad academic discipline, which includes IT as a specialty under its umbrella. Some schools offer these disciplines as a combined undergraduate program. Depending on your college or university, these might be separate areas of study. For example, your school might offer a Bachelor of Science degree in computer science and a Bachelor of Science in computer information technology. 

Computer science 

In general, computer science combines a theoretical and practical approach to computer technology and its systems. As a computer science major, you’ll learn about the various programming languages, like Javascript, Python, HTML, cascading style sheets (CSS), Structured Query Language (SQL). 

You’ll also gain knowledge about computing, computer theory and architecture, operating systems, and software engineering. Computer science includes courses such as introduction to programming, algorithms and data structures, and advanced mathematics. 

With a computer science degree you’re equipped to apply these concepts, algorithms and critical thinking skills toward computing problems in an organization. 

Information technology 

Information technology teaches you about the practical application and management of computing systems and networks. You’ll learn about information infrastructure and installing, setting up and maintaining various hardware and software. You’ll also learn programming languages and testing and troubleshooting techniques to solve real-world problems.

Program requirements vary by institution, but you might encounter courses, like internet technologies and computer architecture, in addition to their respective lab requirements. You might also be required to complete courses related to how humans interact with computers. 

Demand for computer science and IT degrees

In general, computer science and IT are top degree choices among international students. The 2023 Open Doors Report by the Institute of International Education revealed that in the 2022-23 school year, 240,230 international students chose computer science as their field of study. This figure accounts for 22.7% of students surveyed and was nearly a 20% increase overall compared to the previous academic year.

The demand for enrollment in computer science programs is so great that some schools are implementing ways to curb overcrowding in classrooms. The University of Michigan, for example, now requires undergraduates to submit a separate application into its computer science program. Acceptance into the program is not guaranteed.  

Based on the latest data from the National Center for Education Statistics, as many as 104,874 computer and information sciences bachelor’s degrees were granted in 2020-21. 

Computer science and IT return on investment (ROI)

The reward of earning your bachelor’s degree in computer science or IT can be different for everyone. You might choose these disciplines because of their future career opportunities or simply because you’re passionate about the subjects. Understanding the ROI from computer science and IT degrees can help you gauge how soon after graduation you might start seeing financial gains.

According to Education Data, students who earned a bachelor’s in computer science or information science saw a 40.3% ROI 10 years after graduation.

As you develop your experience, the ROI of a computer science and IT degree climbs exponentially:

• • 20 years: 229% ROI
  • 30 years: 482% ROI
  • 40 years: 823% ROI

According to Education Data, computer science and IT have the best lifetime ROI at 716.6%, outpacing other popular programs, like business finance, business accounting and electrical engineering.

Five schools with computer science and information technology programs from our list of over 500+ eligible schools*

To ensure a great long-term ROI, select your study abroad computer science or IT program from MPOWER’s list of 500+ eligible schools. MPOWER-eligible schools have rigorous curricula and high alumni earnings, ensuring MPOWER customers studying in the U.S. enjoy professional success after graduation.

Here are five MPOWER-eligible schools with top-ranking computer science and IT programs:

1. University of Southern California (USC)
2. Worcester Polytechnic Institute (WPI)
3. New York University (NYU)
4. University of Texas at Dallas (UTD)
5. Santa Clara University

Each program offers unique benefits for international students studying in the U.S. Santa Clara, located in Silicon Valley, and USC, partnered with tech giants like Google and Facebook to provide students with access to competitive internships and jobs. WPI, on the other hand, is a smaller east coast  school where students work closely with faculty and have ample opportunities for hands-on learning through WPI’s Project-Based Learning approach in the Boston area.

While hunting for your ideal computer science or IT program, narrow your list by clarifying what kind of educational experience you want. MPOWER-eligible programs offer a diverse selection of study abroad experiences. For the opportunity to fund your dream computer science or IT degree with a no-cosigner international student loan, choose your university from MPOWER’s list of +500 eligible schools.

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

5 jobs you can get with a computer science and IT degrees

As complex technology and data systems evolve, the demand for talented and skilled professionals in computer science and IT will increase. The U.S. Bureau of Labor Statistics (BLS) revealed that data occupations are projected to grow rapidly through 2031.

Below are just a few popular career paths these degrees can unlock.

1. Machine learning engineer 

Machine learning is a subset of artificial intelligence (AI). As a machine learning engineer, you’ll research, design and run algorithms that help machines quickly identify patterns as new data emerges. 

Machine learning engineers are key in a range of industries, including manufacturing, finance and health care. According to Indeed salary data, the average base salary in the U.S. for this profession is US$161,531 per year.

2. Computer network architect

As a computer network architect, you’ll support an organization’s data communication network. This includes the planning and implementation of network systems and infrastructures, like intranets and local- and wide-area networks. You’ll also be responsible for testing and upgrading software, hardware and other systems. 

The BLS reports that the median annual wage for computer network architects is US$126,900. Demand for the profession is expected to increase by 4% through 2032. 

3. Computer and information research scientists

Computer and information research scientists are fixers. Through collaboration with data scientists and engineers, they design complex computing models to address computing problems within an organization. Additionally, they develop instructions that tell a machine how to function and analyze its performance. From their experiments, they explain their findings and provide recommendations for new or improved computing solutions.

Generally, a master’s degree is required to enter this profession, but a bachelor’s degree in computer science is a stepping stone toward this career. The median annual wage pay for this career is $136,620, with a faster-than-average job outlook of 23% by 2032.  

4. Computer and information systems manager

Computer and information systems managers are known by many titles, such as IT managers. These managers evaluate the current state of computer-related hardware and software systems. When needed, they identify upgrades and oversee their installation or implementation of these enhancements. Additionally, these individuals commonly manage a team of employees, such as software developers and IT support specialists.

The BLS reports that computer and information systems managers earn a median wage of US$164,070 annually. By 2032, it projects this profession to grow in demand by 15%.

5. Information security analyst

With a bachelor’s degree in computer science and information technology, you can enter the workforce as an information security analyst. In this role, you’ll evaluate an organization’s computer security practices and protections to ensure it keeps its data – and that of its clients and vendors – safe. You’ll investigate networks and the organization’s systems for security breaches. Then, you’ll propose solutions to prevent future attacks and establish data security protocol for the organization.

Information security analysts earn $112,000 per year, according to BLS data. Compared to the demand in 2022, employment for this position is expected to rapidly grow 32% by 2032.

Getting a computer science and IT degree

Computer science and IT are highly sought after programs, especially for international students wanting the best ROI potential from their education. However, it’s a competitive area of study to enter, with some schools limiting the number of students who can enroll in their program or additional requirements necessary to enroll.

If you plan on studying for a computer science degree in the U.S., make sure you have sufficient financial aid. MPOWER Financing offers an international student loan that can bridge the gap between your existing aid and the cost of a computer science or IT degree. 

5 things international students need to know about the Canadian health care system

Making the move to Canada for school is a major step – especially if you’re an international student. Aside from your school and studying, you’ll need to learn about this new country, including its health care system.

Before you make the big move, here’s what you need to know about the Canadian health care system and how it impacts you.

1. It’s universal

Canada has a universal, public health care system called Medicare. This publicly funded system comes from taxpayer dollars. Comprehensive coverage is available to everyone, with Medicare covering 100% of the population.

While there are other supplemental programs, like extra coverage for prescription drugs, dental care, eye care, rehab and some other programs, Medicare still covers the majority of vital health insurance for all.

2. There are regional differences

Because the government distributes funds to different provinces and regions, you may see differences in how a territory manages those funds. For instance, some indigenous populations face larger inequities compared to other regions and may need more government and social action than others.

3. It’s not completely free

Because it’s taxpayer-funded, residents pay for Medicare through their taxes, equating to about US$6,500.00 per person.

As an international student, you won’t pay taxes, but you may still have to cover other costs, like specific medications or procedures. You may also pay in the form of your time, since some Canadians face long wait times to see doctors and specialists. It doesn’t cover everything, and many Canadians have supplemental insurance, whether through private employers or other programs, to cover those extra needs.

4. You might have to wait awhile

A 2023 study done by the Fraser Institute found that the average wait time for a medical appointment was 27.7 weeks from referral to receiving treatment. And it varies widely based on the region in which you’re looking to get care, so it’s important to keep wait times in mind. 

If you’re looking for specialist care, you also may want to consider going to another country. It could help you avoid very long wait times to get the health care you need.

5. It’s still growing

Canadian Prime Minister Justin Trudeau is committed to improving the Canadian health care system. According to the Associated Press, last year, Trudeau’s administration proposed distributing CA$196 billion (or US$146 million) to territories and provinces to relieve some of the challenges they’re facing.

This addition would amount to about one-quarter of federal assistance to help territories. While short of the more than one-third they’re asking for, it’s an improvement from what they’ve been experiencing. 

Next steps

There’s a lot to learn when you move to a new country. Going to school is already a big step for international students, and getting sick or injured can be a lot to handle. It might help to be proactive. Try to find out what health care you’re eligible for as an international student and what you need to do for both preventative care and in case of an emergency.

Depending on where you live, you may have to wait longer (or shorter) for health care compared to other regions and territories. And you might have to get additional coverage for other health-related needs, depending on your circumstances. 

Ask your school if you have resources available to you as a student and specifically as an international student. Find out what you need before you need it. That way if something comes up, you’ll know the steps to take to get proper care. 

Health care isn’t always easy to navigate, especially when you’re in a foreign country and aren’t familiar with the laws and processes. Take some time to learn how the Canadian health care system can and will impact you during your stay in the country. 

You may want to sign up for an international health care plan but have peace of mind knowing that if something were to happen, you’re 100% covered in case of an emergency.

5 tips for excelling in computer science studies as an international student

Studying computer science as an international student in the United States presents a unique set of challenges and opportunities. Here are some tips for navigating computer science studies abroad.

1. Master the basics: Build a strong foundation

Understanding the core principles of computer science is crucial. Solidify your grasp on programming languages, algorithms and data structures early on. A robust foundation will serve as a springboard for more advanced coursework. Use online resources to enhance your foundational knowledge or get ahead on topics that you struggle with academically.

2. Leverage campus resources: Join coding clubs and study groups

Engage with the computer science community on your campus. Join coding clubs, study groups or participate in hackathons. Collaborating with peers not only enhances your learning but also provides valuable networking opportunities. Platforms like Meetup can help you find local coding events and groups.

3. Stay informed: Follow industry trends and technological advance

Computer science is a dynamic field that evolves rapidly. Stay abreast of industry trends, emerging technologies and advancements. Subscribe to relevant publications and attend conferences to remain informed and inspired.

4. Seek guidance: Establish relationships with professors and mentors in the computer science industry

Forge meaningful connections with professors and mentors who can help you navigate complex coursework and understand potential career paths. Don’t hesitate to seek advice on academic and professional matters. Platforms like LinkedIn can help you connect with professionals in your field.

5. Time management: Prioritize and plan effectively

Computer science programs can be demanding, requiring effective time management. Create a realistic schedule, prioritize tasks and allocate dedicated time for studying, coding practice and project work. This discipline is key to excelling in your studies. 

Funding your computer science education: Exploring loan options

Securing funding is a crucial aspect of international education. When scholarships and personal finances are not enough, consider exploring loan options. International students can often access student loans to support their academic endeavors. Explore options with private student loan lenders like MPOWER Financing.

MPOWER Financing understands the financial needs of international students and offers fixed interest rates and a discount for automated payments. MPOWER student loans are designed to alleviate your financial worries and support your upskilling and future career in computer science.

One of the significant hurdles you may face is finding a cosigner for an education abroad loan. MPOWER Financing understands this struggle. With MPOWER,  you have the opportunity to secure your loan independently – no cosigner or collateral required.

Next steps: How to thrive in computer science studies

Thriving in computer science studies as an international student requires a combination of academic dedication and strategic planning. Master the essentials, leverage campus resources, stay informed about industry trends, cultivate relationships and manage your time wisely. 

When needed, explore viable loan options like those offered by MPOWER Financing  where your future earning potential and career trajectory in STEM drive loan application offers. By tackling coursework, career work and your financing you can navigate the challenges and make the most of your educational journey in computer science.

What to do when your Canadian student visa is delayed

Going to school in Canada as an international student means you’ll need to first complete an application for a Canadian visa with Immigration, Refugees and Citizenship Canada (IRCC). Even now, Canada’s immigration system is facing a backlog, and there’s a chance your application could be delayed.

If you haven’t yet applied for a visa and want to expedite the process, potentially avoiding long delays, consider the Student Direct Stream (SDS) program. Our partner TD Bank can help you meet the requirements for the SDS expedited study permit. Learn more here.

Here’s what to do if your Canadian visa is delayed.

1. Check your application status

When you’re completing your application, make sure you follow all the requirements, including providing any fingerprints and photos. Remember you’ll also need to pay the required fee to process your application.

Some things in your application could delay an application, such as:

• • Security and medical screenings
  • Lack of applicant communication
  • Delay in applicant responses
  • A pending interview

There’s also a chance that with a high number of applicants, the IRCC is just behind in processing. But it’s important to make sure you’ve covered all your bases early on in the application process so you don’t cause any delays on your part.

Use the IRCC application status tracker by creating a new account – different from your application account – to check your application status. Keep in mind that when you send in your application and when processing starts are not the same, so your status may not show up right away.

2. Contact the IRCC

If you’re not getting answers to your questions online, reach out to the IRCC. You can make an appointment at a location near you to talk to someone in person about your application. This might be an option if you already live, work or study in Canada. There are also offices all over the world if you’re outside Canada and applying for a visa for the first time.

It may help to fill out an online web form or call a customer care center and keep documentation of your calls. That way you’ll have a paper trail and call log in case you need it. This might help if you have to take the next step of finding legal representation for finding out what’s causing the delay with your visa and application.

3. Get legal help

Hiring an immigration lawyer might be an option, especially if you’ve experienced longer than normal processing times for your visa. You may have to apply for an Order of Mandamus. These orders are heard by officials in federal court who determine if the IRCC is causing unnecessary delays to your application. If they are, the IRCC could be compelled by the court to complete the process.

Next steps

If you’re worried about Canadian student visa delays, take some important steps. First, make sure your application is completed to the best of your ability and there’s nothing on your end holding up the process. 

If you’re starting to face delays, reach out to a local IRCC office or call customer support to find out if there are any outstanding issues you weren’t able to independently find. If you’re still running into issues, you may want to get legal counsel and hire a lawyer. An immigration lawyer can help guide you through the process if your visa gets delayed. Even though this could be an additional expense and more time spent on application issues, it might be your only hope of getting your visa application completed. 

It’s not easy dealing with visa delays, regardless of where you’re from or going. Completing your application as soon as possible is important to getting results before major deadlines approach. You may want to contact your school to see if they have any additional guidance or options for your unique situation or ways to help international students who seek study permits in Canada.

 

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FREQUENTLY ASKED QUESTIONS

How can I check the status of my Canadian student visa application?

You can easily check your Canada visa status by visiting the official IRCC website. Just have your unique application number and personal details ready for updates.

When should I contact the IRCC about my visa delay?

Reach out to IRCC regarding your visa delay if it’s been longer than the estimated processing time given on their website for your visa type. This is important if you haven’t received any updates for a while or if a delay might affect important plans, like an upcoming trip.

Medical school loans for international students

If you’re an international student planning to apply to medical school in the United States, you may find the costs daunting. Besides using savings and scholarships to cover expenses, you can also apply for medical school loans to close the gap. 

Here’s a closer look at your options, including tips for comparing international student loans and how to apply for one. 

How much does medical school cost?

Earning your medical degree can lead you to a fulfilling and lucrative career, but the journey to get there may be expensive. According to data from the Association of American Medical Colleges, the average cost for medical school is US$257,892 at public schools for nonresidents and US$264,704 at private institutions. 

Medical school students also have a variety of additional expenses that students in other programs may not. Some of these include: 

• • MCAT fees and prep: The MCAT is the entrance exam to medical school. It costs US$330 to register for the test. Plus, you may spend hundreds or even thousands of dollars on MCAT prep programs to help you get a good score.
    
  • Medical school application fees: If you apply to medical schools through the AAMC’s application service, you’ll pay US$175 for your first school and US$45 for each additional school. Application fees for schools not in the AAMC system will vary.
    
  • United States Medical Licensing Examination (USMLE) fee: This multistep exam is taken before and during your residency. The fees for all three steps add up to nearly US$2,300. 

On top of your school’s tuition and fees, you’ll also have to factor in textbooks, supplies and general living expenses, including housing and food. 

How to pay for medical school

As you consider ways to pay for medical school in the United States, here are some sources of funding that could help: 

• • Grants and scholarships: Grants and scholarships are a type of gift aid that you can put toward medical school and generally don’t have to be paid back. While international students aren’t eligible for federal grants because they’re not U.S. citizens, they can still apply to opportunities from private organizations. Plus, your school may offer institutional financial aid to lower your costs.
  • Savings: If you or your parents have savings earmarked for your education, you could put that money toward your medical school costs.
  • Income: Earning money from a part-time job can also help offset your living expenses. Students with an F-1 visa can work up to 20 hours on campus while school is in session.
  • International student loans: Borrowing funds to pay for medical school is also an option. You’ll have to pay back the amount you borrow with interest, but you may be able to defer or make reduced payments while you’re in school and for a few months after you graduate (see information about MPOWER Financing international student loans).

 

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Where to find medical school loans for international students

Nearly three out of four students take out student loans for medical school, according to the AAMC. While international students are not eligible for federal student loans, they can find medical school loans from private lenders.

Each lender sets its own rates, terms and eligibility requirements. For example, some lenders require that international students apply with a cosigner who’s a U.S. citizen or permanent resident. Others have strict credit and income criteria, which can be tough to fulfill if you don’t have a credit history in the U.S.

MPOWER Financing offers medical school loans

MPOWER Financing makes the process easier by providing medical school loans for international students, no cosigner or collateral required. You can borrow from US$2,001 to US$100,000 on your own, without having to enlist anyone else to share your debt. 

MPOWER’s student loans have fixed interest rates, so you can estimate your borrowing costs upfront and won’t have to worry about your rate increasing in the future. As you pay your loan back with timely payments, you can also build your credit in the U.S.

Along with providing student loans for medical school for international students, MPOWER Financing also offers visa support and career guidance. MPOWER Financing supports students at more than 500 schools in the U.S. and Canada. 

How to compare medical school loans

Before applying for a student loan, it’s worth learning the basics on how student loans work and then shop around and compare your options. Here are some loan features to consider as you search for the best loan for you. 

• • Interest rate: Finding a competitive interest rate is a top priority, as it can reduce the amount you pay over the life of your loan. You may also prefer a fixed interest rate, which stays the same, over a variable one, which can fluctuate with market conditions. Plus, find out if the lender offers any opportunities for interest rate discounts.
  • Fees: Along with comparing interest rates, find out if the lender charges any fees, such as an origination or administrative fee, that could make one loan more expensive than another.
  • Repayment terms: Find out how long you have to pay back the loan and when your first payments are due. For instance, some lenders offer a grace period while you’re in school. 
  • Monthly payments: Estimate your monthly payments on your student loan and consider whether they’ll fit into your projected future budget. With MPOWER Financing loans, you can visit our Get a Loan page and scroll down to see our loan payment calculator to crunch the numbers.
  • Financial hardship protections: It’s also worth seeing if the lender offers any flexibility if you run into trouble paying your student loans down the line.
  • Cosigner requirements: Finally, consider whether the lender requires you to apply with a U.S.-based cosigner and whether that approach would work for you. 

How to apply for a medical school loan for international students

The application process for medical school loans will vary by lender, but these are the general steps you’ll want to take: 

• • Research lenders: Put together a list of lenders that provide student loans for international students. Compare what they offer to determine which lender would be best for you.
    
  • Prequalify, if the option is available. Some lenders let you prequalify for a loan, so you can check your rates and terms with no obligation or impact to your credit.
    
  • Fill out an application. Once you’ve chosen a loan, you can fill out an application with your personal and financial details. You’ll likely need to provide some documentation to verify your identity and medical school enrollment. If you’re applying with a cosigner, that person will need to provide their information, too.
    
  • Receive your loan: Your lender may send your loan to your school’s financial aid office. After applying the money to tuition and fees, the office will send the remaining amount to you to use on living expenses and supplies. 

As you can see, it takes some work to find and apply for an international student loan. Start the process early so you get approved in time for your upcoming semester. 

International student success story: Financing dental school in the U.S.

Several years ago, Nathalia was an international student from Brazil, pursuing a dental residency at the University of Michigan. All was going well in her studies until she realized she needed additional funds to cover her tuition. It took some time to find a solution, but Nathalia’s determination helped her find the funds to finish her program. Her story is a testament to the strong spirit of international students in pursuit of education. 

 

Navigating financial challenges as an international student

After her first year of dental residency, Nathalia knew she wouldn’t have enough money to continue her education, so she decided to apply for a loan from a U.S. bank. 

Unfortunately, this decision led to a disappointing discovery – international students have limited options when it comes to educational loan financing in the United States. Most of the banks Nathalia approached require a cosigner before granting student loan financing. A cosigner, typically a family member or friend, plays a major role in the loan application process and needs to be a U.S. permanent resident or citizen. Cosigners vouch for the student’s ability to repay the loan and agree to assume financial responsibility if the student faces repayment challenges. 

Finding a qualified cosigner for an educational loan was nearly impossible for Nathalia and added more stress to an already stressful situation.

“I was really sad and frustrated that I would not be able to keep learning and doing the program I enjoyed so much because of money,” Nathalia says.

An unexpected break from her program 

Faced with these financial barriers, Nathalia decided to temporarily pause her studies. She returned to her home in Brazil, determined to work and save enough money to cover her tuition. 

However, she soon realized her savings would be insufficient to fund her entire education. Nathalia was frustrated and afraid she wouldn’t be able to finish the dental program she had started and enjoyed. She started looking for other ways to secure the funds she needed to continue her education. 

Finding a solution to education loan financing

After exhausting every possibility, Nathalia’s story took a remarkable turn. She reached out to a contact in the U.S. Congress who shared a list of 20 institutions known for assisting with educational loan financing. Nearly every company rejected her application for not meeting their eligibility requirements, including not having a cosigner or U.S. residency. Only one out of the 20 lenders offered reassuring support: MPOWER Financing.

MPOWER: Making student loan financing a reality

Nathalia’s experience with MPOWER has had a transformative impact on her life. With MPOWER’s support, Nathalia was able to continue her dental residency at the University of Michigan and gain top-notch skills to treat her future patients. Today, Nathalia is excited to contribute to research on oral diseases, a field in which she aspires to make a significant impact.

Inspiration for other international students

Nathalia heartily recommends MPOWER to other international students facing similar financial challenges: 

“I hope my story can serve as a source of motivation for students all around the world to pursue their dreams. They should know that they can count on MPOWER to turn those dreams into reality.”

Nathalia’s journey exemplifies the spirit of international students who strive to overcome the hurdles in their way. It also highlights the critical role organizations like MPOWER play in helping students worldwide pay for college.  

Applying for an MPOWER loan is an easy and straightforward process. Check if you’re eligible for a loan today! 

Demystifying the Payoff Statement

If you’re contemplating refinancing your international education loan for more favorable terms, your current loan servicer will require a “payoff statement” – also referred to as a “payoff quote,” “payoff letter,” “settlement letter” as well as “foreclosure letter.” 

Let’s unravel the mysteries of the payoff statement and its significance.

What is a payoff statement?

A payoff statement is a document delineating the complete amount necessary to settle your student loan debt in full including:

• • A payoff amount: This is the sum required to entirely settle your student loan debt. It includes the principal balance (the initial amount borrowed plus any accrued interest) and any interest and penalties accumulated since your last payment.
    
  • A good-until date: This is the deadline until which the payoff amount is applicable. Most of the lenders give a table with the daily expected outstanding loan amount. Please ensure that your letter is valid for 15 days from submission date.
    
  • Account details: Your original loan provider should include details of the account to which you or your prospective refinancer should put money in to close the original loan account, i.e. account number, branch, etc. 

When is a payoff statement needed?

There are multiple scenarios where a payoff statement is required:

• • Early student loan repayment: If you intend to settle your student loans ahead of schedule, acquire a payoff statement to ensure the entire payment is made without any residual interest for the subsequent month.
    
  • Student loan refinancing: During the process of refinancing your student loans, your new lender may necessitate a payoff statement from your existing lender to verify the precise amount required to clear the debt.

How to acquire a payoff statement?

To secure a payoff statement, you can either retrieve it from your lender’s online portal or contact your lender to request a copy. We have listed a few lenders and their processes here to help.

Prodigy Finance (US): Here is a quick guide on how to settle/close off your loan with Prodigy Finance. 

Public sector banks (India): For PSBs like State Bank of India (SBI) and Bank of Baroda (BoB), you need to reach out to your home branch for a letter from the branch manager. Typically these banks have a standard template for home loan refinancing which they modify for your education loan.

Private lenders (India): With all Indian private banks as well as Non-Banking Financial Companies (NBFCs), you need to reach out to their central support team asking for “foreclosure statements.” Here’s the contact information for common private lenders in India to help you get started: 

• • IDFC Bank: banker@idfcfirstbank.com
  • HDFC Credila: support@hdfccredila.com
  • Avanse: wecare@avanse.com
  • Auxilo: customercare@auxilo.com
  • InCred: care@incred.com
  • Kuhoo: connect@kuhoo.com
  • Leap Finance: contact@leapfinance.com

For U.S. federal student loans, visit your loan servicer’s website or contact them directly. 

Why refinance your student loan?

If you have the opportunity to gain better loan terms with a new lender , it can yield several advantages:

• • Interest reduction: You may reduce the amount you pay in the long term by preventing the accumulation of additional interest.
    
  • Monthly budget liberation: You may reduce your monthly loan payment which will  increase your disposable income.
    
  • Selective tax benefits: You may qualify for tax benefits by moving your loan to the country where you work.
  • Building credit history through timely repayment:. Since your credit history does not always move with you across borders, you should plan to build a credit history where you intend to spend a significant part of your career.

Closing thoughts

Actively managing your student loans is a crucial component of your financial journey. Securing a payoff statement is a vital step if you are contemplating early loan repayment, loan refinancing or purchasing a residence. Remember to evaluate multiple lenders if you are considering refinancing your student loans and bear in mind that you may forfeit federal safeguards such as income-based repayment plans and student loan forgiveness programs.

Once again, congratulations, and best wishes on your financial journey!

What’s next?

Apply with MPOWER to refinance your international student loan at refinance.mpowerfinancing.com

If you have already started with your application, track and upload the documents on our dashboard. 

International study programs: Business management

Business management is a popular international study program, offering graduates a long-term return on investment. If you’re considering which course of study to pursue as an international student, here’s what you should know about the benefits and challenges of earning an undergraduate business degree. 

About business management programs

Business management students learn how to plan, manage, and direct processes within a business or organization effectively. The curriculum is generally a blend of theoretical and practical study. You’ll explore subjects in business administration, finance, marketing, management, information systems, accounting and ethics. 

Through this coursework, you’ll sharpen your analytical understanding in a variety of business scenarios and deepen your critical thinking and problem-solving skills. You’ll also strengthen your communication technique and cultivate leadership abilities so you thrive in a team-oriented workplace. 

These personal and professional traits taught through a business management program helps you become an asset to an organization’s or business’s success. 

According to research by Statista, business management was in the top three fields of study during the 2022-23 academic year. Programs are competitive, but they can be an entryway into a variety of industries after graduation.

Completing a major that offers a diverse curriculum and employment versatility can help justify the cost of studying in the U.S.

Demand for business degrees in management

Business is the most sought after field of study among students, both at the bachelor’s and master’s program levels. 

The National Center for Education Statistics found that business degrees, including business management, were the highest-ranking field of study for bachelor’s degrees granted in 2021. In total, 391,400 business degrees were conferred to undergraduate students in the U.S., accounting for 19% of all degrees granted that year.

A bachelor’s degree in business was also among the top two areas of study for nonresident U.S. students who earned their degree, according to NCES data. 

Business management return on investment (ROI)

The return on your higher education investment highly depends on your area of study, school and the post-graduation career and industry you ultimately land in. A 2022 report by Georgetown University’s Center on Education and the Workforce evaluated the median earnings of students with a bachelor’s degree in business administration, management and operations. This data factored in students’ earnings and their debt payments.

It found that two years after earning their degrees, business management students made a median net earning of US$44,400.  

Education data calculated the ROI for business degrees over time. It found that 10 years after obtaining a bachelor’s degree in business, business students saw a -28.3% ROI. Every decade thereafter had exponential ROI growth as professionals advance in seniority within their careers:

• • 20 years: 68% ROI
  • 30 years: 197% ROI
  • 40 years: 371% ROI

Future growth in an industry also matters when choosing a lucrative field of study for long-term ROI. Georgetown University’s Center on Education and the Workforce found that business services is among the top industries expected to grow between 2021 to 2031. This is the second-highest ranked industry in its study with a projected increase of 25.5 million new jobs in the field. This greater demand can lead to competitive wages later as you gain experience in the workplace.

5 jobs you can get with a business management degree

A business management degree provides international students with a multifaceted curriculum and essential professional skills. Thanks to this academic preparation, graduating in business management enhances your adaptability in the job market. 

Below are just a few popular career options that this degree can unlock.

1. Project management specialist

Project managers oversee the details of various projects within an organization. They lead a team through task planning, keeping the unit on schedule and communicating updates and guidance with the organization at large. They act as the quarterback for the organization, supervising projects from their inception through completion.

U.S. Bureau of Labor Statistics (BLS) data reports that the median annual wage for project management specialists was US$95,370. It has a positive job outlook and is expected to grow 6% between 2022 to 2032.

2. Management analyst

A management analyst observes an organization’s processes and provides suggestions on how to optimize them. They interact with personnel at all levels to get a thorough understanding of current practices and procedures. A part of their work is also required to evaluate data reports to see what areas of the organization are, or are not, functioning effectively. 

These roles might operate in-house, though some management analysts function as an independent consultant. The median annual wage for this occupation is US$95,290, according to the BLS, with a projected job growth of 10% through 2032.

3. Market research analyst

A market research analyst examines an organization and its customer needs to help the company reach its sales conversion and retention goals. They research the climate of the industry and competitor performance to determine market trends and forecasts.

With this data, market research analysts develop and present reports to the organization or its stakeholders. They also collaborate cross-departmentally with engineers, sales teams and more, delivering data-based information that informs other areas of the business.

Market research analysts earn a median annual wage of US$68,230. The BLS job outlook forecast projects high demand in this profession as it’s expected to grow 13% percent from 2022 to 2032.  

4. Director of operations

A director of operations is responsible for an array of functions within an organization. This includes managing a key business division of the company and focusing on ways to support the organization’s growth and profits. 

Operations directors do so through budgets, service or product optimizations, hiring and training mid-level leadership, and analyzing performance reports. As a top-level executive, they formulate policies and procedures and aid in business strategy.

According to the BLS, the median wage of top executives in this role earn US$100,090 per year. The projected job growth of this profession is 3% between 2022 to 2032.

5. Financial manager

If you enjoy digging deep into numbers, a career as a financial manager might be for you. In addition to your business management degree, professionals must typically work in a related business or financial role for at least five years.

As a financial manager, you’ll lead an organization’s finances and provide recommendations to keep them aligned with the business’s long-term objectives. The day-to-day responsibilities include reviewing financial reports, business activities, budgets and other financial aspects of the business. You’ll identify cost-cutting opportunities and create reports on how the company can maximize its profits. 

Financial managers earn a median annual wage of US$139,790. The occupation is expected to grow much faster than average at 16% through 2032.

Getting a business management degree

As the leading area of study in the U.S., a degree in business management offers strong long-term ROI. However, that ROI might not come immediately after graduating from school. 

Although it can present lucrative career and earnings opportunities later, studying business management in the U.S. can be expensive. If you need additional funding to pay for school, consider an international student loan through MPOWER Financing.  

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What is an international student loan?

An international student loan is a private loan for students studying in a country other than their own. These loans cover tuition and fees and can also be used toward living expenses, like housing, if you’re studying in the United States. 

If you need financial assistance for studying abroad, here’s what to know about an international student loan.

How does an international student loan work?

Since international students aren’t U.S. citizens and, therefore, aren’t eligible for federal financial aid from the U.S. Department of Education, the next option might be to apply for a private international student loan. You can find this type of loan through private lenders. 

MPOWER Financing and Sallie Mae are lenders that offer international student loans. Your school might also offer institution-sponsored student loans for international students and is a good place to start your search. 

How do I qualify for an international student loan?

Different lenders have different loan requirements. Some lenders require a cosigner who’s a U.S. citizen, or they require a guarantee of payment, like collateral, to get a loan. A cosigner is a person who agrees to take legal and financial responsibility for repaying your loan if you can’t. 

Due to this major responsibility, a cosigner is usually someone you’re close to and with whom you have a trusted relationship, such as a parent or other close relative. Additionally, your cosigner must meet income and credit criteria, which differs between lenders.

Not all lenders require that international students have a cosigner or collateral. For example, MPOWER Financing doesn’t require its applicants to secure a cosigner or provide collateral for its student loans. 

Receiving and using the funds

International student loans are closed-end installment loans. This means you’ll get a fixed lump sum disbursement of the funds upfront. Interest charges accrue on the loan periodically, which is your cost for borrowing the money. 

The loan funds can be used for tuition and fees, textbooks and school supplies. In addition, funds can also be applied toward living expenses, like housing, utilities and food, while you’re studying in the U.S.

Repaying an international student loan

Generally, you must start making payments each month immediately upon disbursement. Some lenders allow you to hold off on making payments while you’re in school. Additionally, lenders might provide a limited grace period after leaving school when payments aren’t due.

Although you’re not required to make a loan payment during these periods, loan interest still accrues. Some lenders, like MPOWER Financing, require you to make interest-only payments while in school and for the first six months after graduation so that interest doesn’t accrue.

How to apply for an international student loan

Each lender has its own application process. Generally, when applying, you’ll fill out the lender’s application form. You will need to provide documents related to your immigration status, enrollment status and income or asset information. For example, you’ll need your student visa, financial documents (e.g., job acceptance letter or bank statements) and school transcripts or acceptance letter.

If you’re applying with a cosigner, they must provide their own income details and current debts they’re repaying. Some lenders require a hard credit check, which can lower your credit score. Lenders perform a credit check to learn about the cosigner’s past borrowing and repayment habits.

The lender might ask for copies of supporting documents confirming the details of your formal application. This might occur before the lender makes its loan decision or shortly afterward, if you’re approved. Submit any requests for these documents as soon as possible to avoid delays. 

If you’re approved, the funds might be disbursed to your school’s financial aid office or sent directly to you.

Alternative financing for international students

International students have other financial aid sources to explore aside from private education loans. Taking advantage of financial opportunities through your institution, third-party entities and employment can help you pay for school.

• • School-sponsored financial aid. Scholarships are financial awards that don’t need to be repaid. Some schools offer scholarships and grants specifically for international students. For example, the University of Alabama offers the International UA Competitive Admissions Scholarship worth US$6,000 up to the cost of tuition. Visit your school’s financial aid office to learn about its scholarship programs.
    
  • Third-party scholarships and grants. You can also find a variety of scholarships and grants through external organizations. These programs can be need or merit based, and they’re available for students with certain academic pursuits, interests and backgrounds. You can also explore MPOWER Financing scholarship opportunities.
    
  • On-campus employment. You might qualify for on-campus, part-time employment, which would help you cover some of your school and living expenses. You can work up to 20 hours per week during the school session and work full time (40 hours/week) during vacation months. Speak to your designated school official to learn more about guidelines and limitations.

Financing your education with an international student loan

Although you likely don’t qualify for federal loans as an international student, private international student loans can help make studying in the U.S. possible. Some lenders require a qualified cosigner who’s a U.S. citizen, but some, like MPOWER Financing, do not require cosigners at all. Compare international student lenders to find an offer that suits your needs.

Conversely, if an international student loan isn’t right for you, consider the alternatives, including a combination of scholarships, grants and part-time empoyment. Extra funds – no matter how small in amount – go a long way to paying for school fees, books, supplies and day-to-day living costs.

FAQs: International student loans

How do international students pay for college?

International students can pay for college through private student loans, scholarships and grants. Certain students who are approved to work on campus can also use their earnings toward education costs.

Who gives loans to international students?

Private financial institutions, like banks, credit unions and online lenders, offer loans to qualified international students. Students can also ask their school about available institution loans that are available to international students.

Why can’t international students get federal financial aid?

Federal financial aid through the U.S. Department of Education is available only to U.S. citizens and eligible noncitizens. Generally, international students studying in the U.S. don’t qualify for federal aid. However, they might have access to international student loans through private lenders.