The timeline for Indian students: From loan approval to tuition payment in the U.S.

Studying at a U.S. university is a dream for many Indian students. India became the leading place of origin for international students in the 2023-2024 school year, with 331,602 Indian students pursuing their degree in the U.S.

To turn that dream into a reality, you may need a student loan to pay for tuition and fees. Securing a student education loan can take a few weeks or months, so applying early is key for paying your tuition on time.

Starting the process several months before your tuition bill is due will ensure your funds come through in time.

How to get a student loan for Indian students in the U.S.: Step by step

Here’s the full timeline for getting a student loan for Indian students in the U.S., from your initial application to approval to loan disbursement. Learn how to navigate each step so you can manage your time efficiently and not miss any critical deadlines.

 

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Step 1: Estimate costs  

If you’re applying for the fall semester (which typically begins in August or September and is the most common start date), you should receive your admissions decision in the spring or earlier. At this point, you can start estimating your cost of attendance.

Besides tuition and fees, costs you may need to cover include:

• • Housing, such as a dorm or off-campus apartment
  • Food, whether a dining hall plan or groceries
  • Books and supplies, such as a laptop
  • Transportation and travel
  • Other living expenses, such as a cell phone and clothing

 

Most universities have an estimated cost of attendance on the financial aid section of their websites, but you can adjust the figures to match your lifestyle. Cost may be a key factor when choosing a university.

Step 2: Review your financing options

After you’ve crunched the cost-of-attendance numbers, it’s time to review your financing options. The most affordable payment methods will come from your savings, grants and scholarships.

If you need additional funding, student loans for study abroad could come in handy. As an Indian student, you won’t qualify for federal student loans from the U.S. Department of Education.

However, you can borrow from a private lender, such as a bank or online lender. Some private lenders in the U.S. require you to apply with a cosigner who’s a U.S. citizen or permanent resident.

Good news, MPOWER Financing offers student loans to international students without requiring a cosigner or collateral. Interest rates are fixed and inflation-proof, too, so you don’t have to worry about your payments and borrowing costs increasing over time.

Step 3: Apply for an international student loan

Your next step is to apply for an international student loan. You can apply any time for a private student loan, but you’ll want to get started at least a month before your tuition is due to ensure the funds arrive on time.

For example, if you’ve picked a university by May 1, you could apply for your student loan in May or June. MPOWER Financing lets you apply as early as 12 months before the start of your semester.

You also don’t need your student visa to begin your loan application with MPOWER. However, you will need to provide your visa before securing final loan approval.

It usually takes a few weeks to get your visa, and you can apply for it once you receive your I-20 form from your university. MPOWER provides a free support letter which helps you obtain your I-20 from one of hundreds of universities across the U.S. and Canada.

Step 4: Await student education loan approval

After you’ve submitted your application, you’ll wait for the lender to approve and process your loan. During this time, the lender may ask you to submit additional documentation.

Keep an eye out for any requests from the lender so you can submit these documents promptly. Staying on top of requirements will help the loan process go quickly and smoothly.

The lender may also need to verify your enrollment with your school and certify its official cost of attendance.

Step 5: Loan disbursement and paying your tuition

The final step in the student education loan process is disbursement. Most lenders will send your loan proceeds directly to your university.

The university’s financial aid office will apply the loan to tuition and fees. Then, it will send you any leftover amount for education-related living expenses, such as room, board and supplies.

If you wish to receive funds for living expenses as a direct deposit, you’ll need to open a bank account in the U.S. and provide your account information to the bursar’s office.

Getting an international student loan: Tips for managing your time

The student loan timeline for Indian students in the U.S. varies by lender. MPOWER Financing can perform a final review of your application in three to five business days. The overall length of time also depends on other factors such as document submission.

To avoid a time crunch, start applying for your loan soon after you receive your admission decision and choose a school. For fall intake, this will likely be in April or May. If you’re starting in the spring semester, this may be in October or November.

Here are a few other tips for managing your time efficiently:

• • Create a loan application checklist: Write down everything you need to apply for a loan, such as proof of enrollment, a copy of your passport and anything else the lender requires. MPOWER has a checklist for graduate students that you can use.
  • Write down important deadlines: Find out and record key deadlines, such as when a school requires your enrollment decision and when your tuition bill is due.
  • Use a calendar or planner: Whether you prefer an online calendar or paper planner, a scheduling tool will help you keep track of all these moving parts.
  • Stay in contact with your lender: Respond quickly to requests for additional documents to avoid delaying the loan approval process.

 

MPOWER has helped thousands of Indian and other international students earn their degrees in the U.S. and Canada with study abroad loans. It offers a quick, easy online application process and loans up to US$100,000 with no cosigner or collateral required.

When you get a loan with MPOWER Financing, you’ll also get access to a free visa support letter and visa prep course. Plus, you may qualify for a free credit card and bank account to simplify managing your money in the U.S.

Attending university in the U.S. can be an exciting venture, but it’s also challenging, especially when you’re figuring out your finances. By starting the loan process early, you can reduce stress, compare your options with confidence and make sure your tuition is paid on time.

FAQ

How long does it take to get student loan money once approved?

The timeline to get student loan money once approved varies. Some lenders can disburse loans in a few days, while others might take a few weeks. Most lenders send student loan money directly to the school, so you’ll need to wait for your school to apply your loan to tuition and fees before you’ll receive the leftover amount for living expenses.

How long does it take to get a tuition loan?

It can take a few weeks or months to get a tuition loan. The timing depends on your lender, your school and how promptly you provide required documentation during the loan application process.

 

International student success story: From Bangladesh to the University of Delaware

Dipita David’s academic journey reflects both the opportunities and challenges faced by international students. Originally from Bangladesh, she is now embarking on a new educational chapter pursuing a master’s in business analytics and information management at the University of Delaware. Her successful transition abroad was in part thanks to MPOWER Financing, introduced to her by a family friend who had also benefited from MPOWER’s services for their own study abroad experience.

For Dipita, the loan approval process was refreshingly straightforward. By submitting basic documents such as her passport, academic transcript and offer letter, she secured the financial support she needed, enjoying a quick approval process. Financial hurdles can be daunting for international students, often distracting from their academic goals. With MPOWER Financing’s assistance, these barriers are eased, allowing students like Dipita to focus fully on their studies and ambitions.

MPOWER Financing loans for study abroad

MPOWER Financing is a leader in fintech innovation, empowering international students to pursue their studies in the U.S. and Canada with no cosigner, no collateral education loans. Founded by former international students, MPOWER offers a wealth of support services, including loans, scholarships and the comprehensive Path2Success program. This initiative grants students free access to career, visa and financial resources essential for navigating the complexities of international education.

 

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International student resources with Path2Success

Through Path2Success, MPOWER offers targeted support to help students reach their career goals. By partnering with F1 Hire, MPOWER provides guided internship and job search tools that simplify finding visa-sponsored roles, while a resume builder aligns student qualifications with job requirements, boosting application success.

For international students, these resources are indispensable, enabling them to focus on education and career development without the weight of financial worries. Dipita’s story is a testament to the broader experience of international students and highlights the essential role of supportive financial and career services in achieving academic and professional goals.

 

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International student success story: From Ghana to the U.S.

Paul’s academic journey started in the vibrant streets of Ghana’s capital to the bustling U.S. streets, fueled by determination and grit. A former boss from Ghana’s Ministry of Finance introduced Paul to MPOWER Financing. Paul found MPOWER to be a great resource for international students like himself seeking educational support abroad. The application process was smooth and straightforward, a welcome relief during his transition from Ghana to the U.S.

 

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MPOWER Financing student loans for studying abroad

MPOWER Financing is the leading fintech company empowering international students like Paul to attend universities in the U.S. and Canada through loans, scholarships and its Path2Success program, providing free access to exclusive career, visa and financial resources. Former international students founded MPOWER to help promising students from around the world study abroad.

 

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Living in the U.S. as an international student

Living as an international student in the U.S. presents challenges, especially balancing academic demands with financial constraints. Like many peers, Paul grappled with the complexities of finding sponsorships and job opportunities suitable for F1 visa holders. This experience is a shared narrative among international students, who often navigate limited work options and the pressure to excel academically.

Career support for international students with MPOWER Financing

MPOWER Financing understands the importance of securing a career as an international student. Their Path2Success career services offer targeted support to help students reach their professional goals. Partnering with F1 Hire, MPOWER provides guided internship and job search tool directs students to visa-sponsored roles, making job hunting more streamlined and efficient.

A tailored resume builder matches students’ qualifications to specific job requirements, boosting application success rates. Additionally, MPOWER offers support in aligning students’ profiles and skill sets with ideal job openings.

The free comprehensive directory of F-1 eligible roles, covering both STEM and non-STEM fields, helps students identify employment opportunities. MPOWER’s resources ensure international students have the best possible start to their professional journeys.

Building a life abroad as an international student

Paul’s story doesn’t just stop at personal achievement; he’s planning to pursue a Ph.D. that will align his interests in accounting and data analytics. Paul envisions himself in academia or research, aiming to impact the green environment positively.

For international students like Paul, pursuing postgraduate studies in the U.S. is a blend of aspirations and strategic planning. Often, their experiences in the U.S. are marked by opportunities but also the need to carefully manage time, money and resources. For Paul and 20,000+ others, MPOWER has provided not just financial assistance but also peace of mind to focus on what truly matters: their studies and future contributions to society.

Next step for studying abroad in the U.S.

Paul’s story is a testament to the resilience and tenacity required to thrive abroad. With MPOWER, students manage both financial and educational challenges. Advanced education and exciting careers can be yours, too. With determination and the right support, like Paul, you can bridge the gap between dreams and reality. MPOWER makes quality education accessible by removing financial barriers for postgraduate students globally.

 

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How to balance part-time work and academics as an international student

 

International students studying in the U.S. face a host of challenges, from navigating the student visa process to adapting to a new culture, on top of the ordinary pressures of higher education. Those who seek international student job opportunities during their studies may find the demands of working, studying and living abroad particularly overwhelming.

However, there are steps you can take to manage these challenges. Read on to discover how to balance part-time work with your postgraduate course load, including international student resources to check out and how MPOWER’s student loan services can mitigate the stress of working and studying abroad.

What do international students struggle with the most?

Many international students struggle financially. In addition to the high price of tuition, international students also have to deal with travel expenses, visa fees, devalued national currencies and the inaccessibility of financial aid.

To cover education expenses, some students apply for part-time international student job opportunities. International students studying in the U.S. may be eligible for a few types of employment, such as:

• Curricular practical training (CPT)
• Optional practical training (OPT)
• On-campus employment

Part-time employment can be a great way to make some extra money and gain professional experience. However, many international students also struggle to meet the rigorous academic standards of their postgraduate programs, and adding a part-time job to the equation can make it even harder to excel academically.

Can international students be part-time students?

You may be tempted to cut back on your course load to make time for a part-time job. However, to maintain F-1 student status in the U.S., international students have to be enrolled in a full course of study.

Working part-time as a full-time student is hard, but not impossible. Here are five tips for balancing work and academics as an international student.

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Five tips for balancing international student job opportunities with academics

1. Know your financial requirements and needs

The more acquainted you are with your financial situation, the better you can tailor your international student job opportunity to your needs.

Remember: your priority as a student is your education. Your job should not interfere with the quality or timeliness of your schoolwork. Be sure to create a comprehensive study abroad budget to calculate how much you need to earn through part-time work, and don’t take on more hours than necessary. Ideally, your job should make space for your education – not the other way around.

If you need help understanding your finances, check out MPOWER’s international student resources on financial literacy.

2. Get organized

When balancing various commitments, it’s important to stay organized. Tools like Google Calendar, Notion and other productivity software applications can help you map out your commitments and deadlines so things don’t fall through the cracks.

You’ll also have to hone your time management skills. There are only so many hours in the day, so be sure to avoid the urge to procrastinate. Time management strategies like the Pomodoro Technique (working in increments of 25 minutes separated by five-minute breaks) can help you enhance your productivity.

3. Don’t be afraid to ask for help

If you’re struggling to balance your international student job opportunities with your academics, you don’t have to struggle alone. Most U.S. universities offer free international student resources like tutoring, writing centers and skill-development workshops. These services can give you the structure and tools you need to manage your commitments.

When you feel the pressure mounting, consider scheduling a meeting with a school counselor, reaching out to a friend or visiting your university’s international student center. Studying abroad is tough. Relying on your community for support can make it easier.

4. Stay adaptable

It’s never worth sacrificing your academic performance for an international student job opportunity. If necessary, consider reducing your work hours or looking for a less demanding job.

If you need extra support, there are other ways to cover some of your education expenses. MPOWER offers international student loans of up to US$100,000 for students studying in the U.S. or Canada and you can apply at any point throughout the year. MPOWER students also gain access to student loan services through the Path2Success program, which provides visa assistance, financial support and career services.

5. Take care of yourself

You will only be capable of your best work when you are healthy and happy. Amidst your many commitments, make sure to carve out time for rest, friends and things you enjoy. Eating well, sleeping enough and connecting with people who have similar experiences will improve not only your study abroad experience but also your academic and professional performance.

Final thoughts: Balancing international student job opportunities and academics

Balancing a part-time job with your academic course load will be a challenge, but by staying organized, informed and open to help, you can take it on. Through it all, remember to prioritize self-care.

For more support, check out MPOWER’sinternational student resources.

 

The financial implications of transferring to a new university as an international student

Regardless of how much time you spent researching a U.S. school and graduate program, the curriculum you chose or university experience you imagined might not be what you expected. Some international students realize that they want to pursue a different academic program or simply don’t enjoy their school’s campus culture or location.

In these situations, you might wonder about the possibility of transferring to a new university. Before making any changes to your educational plan, here’s what you need to know about transferring schools as an F-1 student and how it can financially affect you.

Can an international student transfer to another university?

If your university experience doesn’t work out as you hoped, you have the option of transferring to another Student and Exchange Visitor Program (SEVP)-certified school as an active F-1 student.However, there are serious implications you should consider before taking any action.

You first must be accepted by your desired transfer-in school and meet its criteria for enrollment.

Once you’ve received written confirmation of your acceptance, bring it, along with the new school’s designated school official’s (DSO) contact information and the transfer-in school’s SEVIS code, to your current school’s DSO. You’ll need this information to start the electronic SEVIS record transfer process.

Does it cost money to transfer from one university to another?

Although F-1 students can transfer between SEVP-certified institutions, it can be costly. There are various expenses related to transferring to another university that add up if you’re studying abroad on a budget.

1. Transfer application fees

Just as when you applied to your first school, you’ll face fees to process your application and the official transfer. Graduate program transfer application fees differ between universities, but generally, expect to pay about US$100 or more per application.

Chances are you’ll apply to transfer to more than one school since you’re not guaranteed admission into your preferred university. In this case, the application fees alone add up to a few hundred dollars. And this doesn’t include other fees related to the application process, like transcript fees and fees to request standardized test scores.

2. Course credit transferability

If you want to change academic direction entirely by changing your concentration, any course credits you’ve already earned from your original program might not transfer toward your new program. Even if you’re sticking to the same postgraduate degree program at your transfer-in school, your existing credits might not apply at the new university.

Plus, you’ll need to retake the appropriate course at your new school, which could prolong your overall educational timeline. A longer timeline creates a domino effect in all other financial areas of your study period, from tuition to housing and more.    

3. Tuition and financial aid changes

Speaking of tuition, after receiving an acceptance and enrolling in your desired transfer school, you’ll face another bill for tuition and required fees for your enrollment period. Depending on your transfer-in university, the cost of tuition and fees might be higher than at your original school since rates vary between institutions.

Additionally, transferring schools might impact your existing financial aid awards. For example, if you received a scholarship from your current school, you might lose any remaining funding once you transfer out.

4. Housing and living adjustments

Housing costs are likely the next-largest expense during a school transfer. If you currently live in on-campus housing, the school might charge an early cancellation fee to terminate the housing contract.  

You’ll also need to consider the difference in the cost of living for a new city or state. For example, the cost of off-campus housing and other everyday goods will be significantly different if you’re transferring from a school that’s in a small, rural town to a university in a large metropolitan area.

If you’re transferring to a school within a competitive housing market, renting a room or apartment, and related expenses, like utilities, groceries and transportation, will likely be higher. Plus, you’ll need to budget for moving expenses, too.

What are the disadvantages of transferring universities?

Transferring universities can result in greater overall expenses, which might be challenging for students who study abroad on a budget. However, finances aren’t the only disadvantage that transferring schools can have on your study experience in the U.S.

Students who want to transfer schools but have a terminated SEVIS record have a few options to transfer schools. One choice is leaving the U.S. and returning under a new F-1 initial entry status through the new school. However, with this approach, students lose the time accrued at the original school, so it won’t count toward eligibility requirements for practical training.

Five-month rule for F-1 transfer

Transferring institutions also demands strategic timing. F-1 students must resume their education at their desired SEVP-certified transfer school within five months of transferring from their initial school. If the new-school start exceeds this time limit, a student risks losing their visa status.

Tips to financially navigate a school transfer

Transferring to a new school involves many moving pieces as a postgraduate student on a budget. Here are a few ways to overcome the financial hurdle.

• Budget ahead. To study abroad on a budget, you’ll need to compare your current school’s costs of attendance against the new school you’re considering. Ensure you’re including hidden costs, like the ones mentioned above, such as housing, moving costs and adjustments in financial aid. Knowing how much your new school and living situation will cost can help you calculate how much financial aid you may need and how much is left over for your discretionary spending.
• Verify your credits transfer. Confirm which of your existing course credits are accepted by your new school, and whether it can move the dial toward your degree requirements. Having as many credits as possible successfully transferred to your new university saves you time and money.
• Seek scholarship opportunities. Explore whether your new school offers financial assistance for postgraduate students. This might be a scholarship program or grant that can help you pay for any additional expenses incurred by transferring schools. MPOWER Financing also supports students through scholarships ranging from US$500 to US$8,000.
• Explore your financial aid options. If your new school’s cost of attendance and other expenses associated with transferring universities are more than your current funding supports, find other sources offinancial assistance for postgraduate students. MPOWER’s student loan services are tailored to your unique needs and don’t require a cosigner or collateral. Plus, MPOWER offers valuable perks, like career services and visa support.

Plan proactively before transferring schools

As an F-1 student studying in the U.S., you’re permitted to transfer schools if your current university isn’t helping you reach your academic goals. However, because this decision can have a big financial impact and requires careful timing, planning your transition as early as possible is key.

How to navigate OPT and CPT as a STEM major

International students enrolled in a postgraduate STEM program in the U.S. might be interested in gaining practical work experience. Students with an F-1 visa can enhance their education with two career training options: curricular practical training (CPT) and optional practical training (OPT). 

STEM students can leverage these programs to get the most out of their academic experience in the U.S., but understanding the nuances between the two pathways is essential.   

CPT for STEM Students 

International students can earn academic credit or units toward the completion of a STEM curriculum through CPT. Under CPT, STEM students get hands-on experience through an internship or co-op opportunity. CPT is only available after completing at least one academic year at a Student and Exchange Visitor Program (SEVP)-certified institution unless your degree program requires immediate participation in CPT. 

To apply, speak to your designated school officer (DSO) to get authorization. You’ll need Form I-20 showing your DSO’s approval for CPT employment. Additionally, your employer must provide a signed letter or agreement acknowledging the employment restrictions under CPT.

The work opportunity can be either part- or full-time hours, but be mindful of how long you participate in full-time CPT. STEM students who engage in 12 months or more of full-time CPT lose access to OPT; however, unlimited part-time CPT is permitted without affecting OPT eligibility.  

OPT for STEM students

OPT is temporary employment that is directly related to an F-1 student’s major area of study. International students can receive up to 12 months of work authorization. OPT can be performed before (pre-completion) or after graduation (post-completion). If you complete one year of full-time, pre-graduation OPT for the same degree level as post-completion OPT, that standard 12-year period is deducted from your allowed post-completion OPT total. 

Regardless of when you engage in OPT, you can’t start work until after receiving an Employment Authorization Document (EAD) card from the U.S. Citizenship and Immigration Services (USCIS). 

The work performed under OPT can be part or full time, but must be with an employer that’s enrolled in the USCIS E-Verify system and aligns with your degree field. 

To apply for OPT: 

• • Your DSO must recommend you and update your SEVIS record with a new Form I-20 showing their OPT recommendation.
  • Then, you must submit an Application for Employment Authorization (Form I-765) to USCIS and pay the filing fee.

Application timelines depend on which type of OPT you’re interested in. STEM students can apply for pre-completion OPT as early as 90 days before the end of one full academic year. For the standard 12-month post-completion OPT period, you must apply within the first 30 days of receiving your DSO’s recommendation, and apply up to 90 days ahead of graduation. The latest you can submit a post-completion OPT application is 60 days after graduation. 

Once the USCIS approves your application, an Employment Authorization Document (EAD) card will be created within two weeks and mailed. 

STEM OPT Extension 

OPT offers an attractive opportunity for those who graduate in the science, technology, engineering and mathematics fields. STEM OPT jobs for international students can help STEM graduates unlock a 24-month post-completion extension. When your initial post-completion OPT period ends, a 60-day grace period is in effect. You can apply for the STEM OPT extension after the grace period. 

Students seeking the STEM OPT extension must apply within 60 days of receiving the DSO’s OPT recommendation, and up to 90 days before the initial post-completion OPT period expires.

In total, STEM degree holders can remain in the U.S. for a total of up to 36 months to gain practical work experience. However, you can receive an additional 24-month STEM OPT extension for each STEM-degree level earned in the future, like a master’s or doctorate. 

OPT vs. CPT: Key differences for STEM students

Some features of OPT and CPT are similar – for example, the job must directly relate to your area of study and can be fulfilled in a part- or full-time capacity. However, these two pathways have major differences you should be aware of if pursuing postgraduate STEM studies.

OPT	CPT
Can complete before or after graduating	Can only be completed while in school
Recommended by DSO; authorized by USCIS	Approved by DSO
Employment does NOT need to be tied to the program’s required curriculum	Training MUST be tied to academic requirements such as college credit
No employment offer needed	Employment offer letter required
Up to a 36-month duration (initial 12 month term and then 24 month extension)	No limit, but one year of full-time CPT can impact OPT eligibility
Processing time: two to six months	Processing time: approximately two weeks

Getting the most from your OPT or CPT experience

Pursuing OPT or CPT opportunities can help you develop your STEM career. Here are a few tips to ensure your practical training is worthwhile.   

• • Meet with your DSO early. Don’t wait until the last minute to speak with your DSO. Ask about OPT or CPT for international students and how these programs can support your academic and career goals. Discuss the best strategy for your needs, eligibility requirements and application timelines.  

• • Be present at your job. While you’re working in the U.S., take the initiative to connect with your colleagues and managers. CPT and OPT offer a valuable networking opportunity to build meaningful relationships with professionals in your industry. Stay curious by asking questions, and be open to new and challenging tasks while on the job. 
  • Plan for the future. Ensure you stay compliant with visa requirements while engaged in CPT or OPT. You’ll also want to remember key timelines – like the dates you’re allowed to apply for the STEM OPT extension – before your authorized training period expires.

FAQs

Does CPT affect STEM OPT?

Yes. CPT can affect a student’s STEM OPT eligibility if the student completes 12 months or more of full-time CPT. 

Can STEM students have three years of OPT?

Yes, the initial OPT term is 12 months, and a STEM OPT extension provides an additional 24 months.  STEM OPT jobs are for international students who graduate and work in a STEM field qualifying for a total OPT period of three years.

What are STEM programs for OPT?

International students who enroll in a field of study within the sciences, technology, engineering or mathematics are eligible for the STEM OPT extension. See the U.S. Department of Homeland Security’s STEM degree program list to see if your school’s program qualifies, or speak to your designated school officer.

How to use CPT to gain work experience as a business major

Curricular practical training, known as CPT, allows international students to work in their chosen field while enrolled in an undergraduate or postgraduate program, creating an international student job opportunity. 

International students studying business in the U.S. can use CPT to enhance their resumes, build a professional network and apply what they’ve learned in the classroom to real-world situations. Here’s how to apply for CPT, how CPT can jumpstart your career in business and how MPOWER can help you make the most of your CPT experience.

CPT for international students authorization process

You can use CPT as an international student to supplement your postgraduate education and gain practical experience. Here are the steps for gaining CPT authorization:

1. Determine your eligibility

In order to qualify for CPT, you must be a full-time F-1 student at a Student and Exchange Visitor Program (SEVP)-certified college or university. Your school must consider employment to be an integral part of your academic curriculum. 

Off-campus international student job opportunities like CPT become available after one academic year of full-time enrollment. Some exceptions may exist for postgraduate programs that require immediate employment as part of their curriculum.

You must use your CPT authorization before you graduate. 

2. Find a job opportunity that aligns with your curricular goals

CPT for international students must not only align with, but also be required by your course of study. To find an appropriate CPT opportunity, start your job hunt early. Make use of your university’s career counselors and networking events.

MPOWER customers can find their CPT opportunity using MPOWER’s F-1 internship and job search tool. To streamline your CPT authorization process and make the most of your CPT opportunity, become an MPOWER customer. With MPOWER, you can finance your degree at any of MPOWER’s 500+ eligible schools with a no-cosigner, no-collateral loan for up to US$100,000.

3. Use your school’s established process to request CPT

 A designated school official (DSO) will review your application, confirm your eligibility and authorize your CPT. You must wait until the designated start date on your CPT authorization to begin your international student job opportunity.

For more information on CPT for international students, check out the resources from organizations like USCIS, NAFSA, and MPOWER.

The importance of CPT for international students in business

CPT can enhance the education and career readiness of a student in any field, but students pursuing a postgraduate business degree may find the program particularly useful.

The job market can be oversaturated with highly qualified business graduates. CPT can help international students gain the competitive edge they need to secure their dream jobs after graduating.

To maximize your professional growth with CPT as an international student in business, you can:

• • Network: Expand your professional contacts in your industry, seek out mentorship and plant the seeds of future job opportunities.
  • Develop new skills: Work on your professional communication, leadership, time management and teamwork.
  • Adapt: Use your international student job opportunity to gain a better understanding of the work culture in the U.S.

CPT for international students FAQs

Can I use CPT for a full-time job?

Yes – with CPT for international students, you can work up to 40 hours per week. However, if you choose to work full time at your CPT opportunity for 12 months or more, you’ll lose your eligibility for OPT later on. To ensure your future OPT eligibility, it’s best to work part time (20 hours or less per week) or less than 12 months.

Can I apply for CPT for a job that is not related to my major field of study?

No – your CPT international student job opportunity counts toward your credits for your degree; therefore, it must align with your major field of study. To find a compatible opportunity, you can utilize your school’s career center, network with your professors and browse CPT employer sponsorship lists such as MyVisaJobs.

Can you start a business with CPT?

For the most part, no – CPT for international students requires you to work for an employer other than yourself. However, if you are a business or entrepreneurship major committed to starting a company through your CPT, there may be ways to do so.

If you have an American citizen co-founder, you can help them passively (without payment) while they get the startup off the ground. Once you’ve incorporated the company in the U.S., applied for an EIN number, secured a U.S. mailing address and acquired a business license, you may be able to apply for CPT authorization with your company, so long as the company and your position there align with your degree program.

There are no guarantees you’ll gain CPT authorization for your startup. For clarification, contact a DSO at your college or university.

Final thoughts: Using CPT for international students to gain work experience as a business major

In a competitive, relationship-oriented industry like business, gaining work experience during your studies can significantly improve your chances of securing a dream role after graduation. 

MPOWER customers find the best CPT international student job opportunities with MPOWER’s unique career services. Explore MPOWER’s loan options today to gain access to competitive interest rates and holistic support for your CPT experience.

Common mistakes international students make when applying for an education student loan

From understanding loan terms to properly assessing funds and expenses, students navigating the education student loan process face a steep learning curve.

If you’re applying for an international student loan, this may be the first major financial decision of your life. MPOWER Financing wants you to tackle this process fully informed. Read on to discover the ins and outs of the loan application process, common mistakes to avoid and why you should consider financing your postgraduate international education with a no-cosigner international student loan from MPOWER.

 

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How do loans work for international students?

International students have a variety of loan options. Of the available private education lenders, NerdWallet and CNBC identify MPOWER’s no-cosigner international student loan as the best private loan option for postgraduate international students studying in the U.S.

You can use education student loans to cover all education-related expenses during your study abroad journey in the U.S., including tuition, housing, books and health insurance. In Canada, loan funds can cover tuition and any other university-invoiced expense.

Here are the major steps of the education student loan process for international students:

1. Identify potential lenders for your education student loans

Research potential education lenders. Different loan options will have different loan terms such as:

• • Interest rates
  • Repayment plans
  • Loan fees

 

Some education lenders may offer unique benefits. For instance, All MPOWER students gain access to MPOWER’s Path2Success Program, which provides international students with visa support, financial empowerment and career services.

Research your options thoroughly and identify the education student loans with the terms and conditions that best suit your needs.

2. Check your eligibility for your educational student loans

Make sure you meet your education lender’s criteria, from visa requirements to academic performance. Some lenders may also require a minimum credit score or a U.S. cosigner. 

3. Can international students get student loans without a cosigner?

MPOWER understands that international students without credit or an available U.S. cosigner may struggle to qualify for most private student loans in the U.S. and Canada. That’s why MPOWER offers no-collateral, no-cosigner international student loans with no minimum credit score requirement.

4. Determine the amount you need to borrow with your education student loan

It’s important to borrow enough to cover your education expenses without accidentally overborrowing and landing yourself in unnecessary debt down the line. Carefully add up your education expenses. Then, subtract all your existing funding, from personal savings to financial aid to anticipated income. The result should be the amount you need to borrow.

You can borrow up to US$100,000 with MPOWER to cover your education expenses. When you apply, MPOWER asks you to list your funding sources to help you determine the right amount for your no-cosigner international student loan.

5. Gather documentation 

You’ll need to provide:

• • Admission letter to a college or university
  • Passport
  • Proof of residence
  • Financial documents

6. Fill out the education student loan application

Fill out your loan application carefully. If you submit an inaccurate or incomplete application, you risk delaying the process or having your application rejected. Consider asking a family member or friend who has been through the loan process before for assistance.

What are three considerations when getting a student loan?

A no-cosigner international student loan from MPOWER can make your dream of studying in the U.S. possible. All loans, however, come with the following considerations:

• • Interest accrual: The nature of a loan ensures that you will eventually pay back more than you originally borrowed.
  • Deferred financial goals: The challenge of following your repayment plan might cause you to defer other financial goals, such as buying a house.

• • Default is serious: Defaulting on your student loan payments can have serious financial consequences.

 

Despite these thoughts, most students studying in the U.S. choose to take out student loans. It is noteworthy that MPOWER makes its loan decisions based on a student’s future earning potential and the program of study a student will be pursuing. As a result, MPOWER has confidence in an approved student’s ability to handle education loan repayment.

With proper financial education and planning, you can take out education student loans without compromising your future credit or life plans.

Common mistakes to avoid when applying for an education student loan

Overlooking the fine print

Review every loan offer carefully. Make sure you understand the implications of your loan’s terms. Missing key details, such as a sizable application fee or strict repayment conditions, can create undue financial challenges down the road.

Misunderstanding interest rates

The interest rate is one of the most important details of your loan offer. It’s important to know your loan’s interest rate and understand whether it’s variable or fixed.  Fixed interest rates are a hedge against inflation, which can be important in unpredictable times. 

That said, the interest rate isn’t the only important condition of your loan offer. Don’t select an offer based on interest rate alone and neglect to consider fees, repayment terms and customer service, which all contribute to your borrowing experience.

Missing tuition deadlines

Though most private education student loans don’t have application deadlines, your college or university will have tuition deadlines, likely at the beginning of each semester. To secure the necessary funds in time, MPOWER suggests you apply for your student loans as soon as you apply to a school.

To apply for a no-cosigner international student loan from MPOWER, check your eligibility today.

Final thoughts: Avoiding common mistakes when applying for a no-cosigner international student loan

If you feel daunted by the student loan process, you’re not alone. You can peruse MPOWER’s blog for more information about applying for education student loans and to learn about the advantages of financing your education with a no-cosigner international student loan.

How Indian students can prepare financial documents for their international student visa interview

When planning to study in the United States, one of the biggest hurdles is preparing financial documents for your international student visa. As an Indian student, you must demonstrate you have sufficient financial resources to cover your tuition, living expenses and other related costs. Without clear proof of your ability to pay for your education in the U.S., your visa application could be delayed or even denied. Therefore, you want to have a firm understanding of which documents you need and how to present them to ensure a smooth visa application process.

What is acceptable proof of funds for a U.S. student visa?

You must provide proof of funds for your international student visa application in order to show you can financially support yourself during your studies in the U.S. This includes showing funds to cover not only tuition and fees but also living expenses, health insurance and travel costs.

The U.S. government requires financial documentation that demonstrates you have enough funds to cover at least the first year of your education. They specifically look for consistent, reliable documentation that shows funds are readily available to prevent gaps in funding for your education while overseas. This includes supporting documents detailing the sources of funding, such as personal or family savings, scholarships and international student loans.

What are the documents required for a U.S. visa interview in India?

As an Indian student planning to study in the U.S., you must prove you have sufficient financial resources to cover the cost of attendance. There are a number of ways to show proof of funds for a U.S. visa application, including:

• • Bank statements. These need to be recent bank statements, ideally from within the last three months.

• • Sponsorship letters or affidavits of support. If a family member or friend is sponsoring you, their letter should detail their financial commitment to your studies and any supporting financial statements. 

• • Financial aid letters. If you receive a scholarship, grant or other form of financial aid, submit the award letters that outline the amount and terms.

• • Proof of student loans. If you secure an international student loan, you’ll need to show the amount and terms. MPOWER Financing makes it easy by providing a free visa support letter as part of its student loans services.

• • Letter from an employer. If you have a job or internship lined up, you can use a letter from your employer that shows your annual salary.

 

It’s common to submit more than one proof-of-funds document if you’ll be using multiple funding sources. Most international students use a combination of family savings, scholarships and loans for study abroad.

Tips for preparing financial documents for your international student visa

Preparing your financial documents for your international student visa application requires careful attention and organization. Here are some practical tips to ensure you submit accurate documentation to avoid delays in processing:

1. Ensure all documents are recent and updated. Financial documents – including bank statements, loan approval letters and scholarship award letters – are current and reflect your most recent financial situation.
2. Provide clear and concise information. Avoid clutter or unnecessary details that may confuse the visa officer. The more straightforward the information, the better your chances of approval.
3. Organize documents by category. Organize your financial documents into clear categories such as “personal savings,” “scholarships” and “student loans” to help the visa officer easily navigate your application.
4. Prepare translations. If any of your documents are not in English, ensure you provide certified translations of those documents.
5. Show consistency. Double-check information matches across all documents. For example, if you include a sponsorship letter, make sure the amount matches figures shown in your sponsor’s bank statements. Any discrepancies can raise questions and slow down the approval process.
6. Get help from professionals. If you’re unsure about the process, seek professional advice to help meet visa requirements.

MPOWER Financing helps international students navigate the visa process. 

How MPOWER can help you with your international student visa

MPOWER Financing understands that securing an international student visa can be a complex process. MPOWER offers comprehensive student loans services to help international students like you access the funds you need to study in the U.S.

In addition to offering no-collateral loans for study abroad, MPOWER Financing also provides free visa support letters to assist you in meeting visa requirements. MPOWER works with you to ensure your documentation is complete and accurate, helping you avoid delays in the visa application process.

MPOWER has partnered with the global visa experts at Catalyst GEM to offer an exclusive and free visa support course. The reason: One out of every three prospective international students currently fails the visa process and a key factor is a lack of adequate preparation. The F-1 Visa Essentials Preparation Course is a customized online course to help you understand all the elements of the F-1 visa process and maximize your chances of a positive outcome. For an additional fee, Catalyst Gem can conduct mock interviews that provide you feedback so you’re fully prepared for your visa interview.

MPOWER also offers it’s Path2Success program which includes financial services and career support specifically for international students – ensuring you have the tools and resources you need to succeed both during your studies and after graduation.

Smart ways to manage student loan payments for international students

There are several smart ways to reduce the total cost of a private education loan. A large student loan can lead to significant monthly payments and cause your balance to grow quickly, making it harder to stay on top of your finances in a new country. However, there are several repayment strategies you can use to minimize the overall cost of your student loans — starting with reducing your interest rate.

How can I reduce the interest rate on my student loan?

Reducing private education loan rates can significantly lower the total cost of your loan. One of the easiest ways to reduce your interest rate is by enrolling in automatic payments. Many lenders offer an interest rate discount (e.g., 0.25%) when you sign up for their auto pay program. While this might seem like a small reduction, it can result in noticeable savings over time.

What strategies can you use to reduce the total cost of a student loan?

Reducing the total cost of your student loans isn’t just about lowering your interest rates. It’s also about being strategic with your loan repayment plan and overall financial habits. Here are some practical strategies to help reduce your education student loan costs:

1. Take advantage of discount programs for private education loan rates

As mentioned, automatic payments can offer an interest rate discount. In addition, some lenders offer loyalty discounts for borrowers who maintain a relationship for an extended period. Some even offer graduation incentives. So, always ask about available discounts or promotions for your situation.

2. Make extra payments on your student debt

Paying more than the required minimum each month can help reduce the cost of your student loans over time. Even small extra payments can make a big difference. Just make sure the extra payment is a “principal-only payment” to ensure it goes directly toward reducing your loan balance rather than future payments.

3. Create a detailed budget

Managing your student loan repayment begins with having a clear understanding of your finances. Creating a detailed budget helps you see where your money is currently going and how you can allocate more money to pay down your student loans faster. Additionally, a well-structured budget can help you avoid missing payments, which could negatively affect your credit history and make it harder to reduce your private education loan rates through refinancing in the future.

4. Monitor your credit score

Your credit score is one of the most important factors in determining your interest rate on loans. Maintaining a good credit score can help you qualify for lower private education loan rates or better refinancing terms. So, it’s important to make on-time payments and regularly check your credit report to spot any errors or fraud. Watching your credit score rise can also motivate you to continue making smart financial decisions!

5. Build financial literacy

Educating yourself about personal finances can empower you to make informed decisions about managing your student loans and beyond. There are many free resources available online, along with opportunities through university support services.

MPOWER Financing offers free financial empowerment resources to help international students throughout their study abroad experience. Here are just a few for quick reference:

• • Info about no-cosigner international student loans
  • Tips for budgeting for study abroad
  • Live webinars to ask all your international study questions

 

Financial literacy tools are literally at your fingertips – from social media to online finance platforms to this very blog. You just have to be willing to explore and find what resonates with you.

Managing education student loan repayment the smart way

Managing your student loan repayment requires a combination of strategies. Remember that every little bit counts. Whether it’s taking advantage of an autopay discount, finding ways to make extra payments or sticking to a healthy budget, these actions can reduce your private education loan rates and build long-term financial stability as an international student.

Explore MPOWER Financing’s resources today and take control of your student loan repayment and financial future!