How to handle unexpected financial emergencies as an international student

For international students studying abroad on a budget, managing the financial demands of a postgraduate degree can be particularly stressful. Beyond the high cost of tuition, international students also contend with travel expenses, devalued national currencies and the inaccessibility of financial aid.

With all these pre-existing challenges, things may feel particularly dire when an unexpected financial emergency strikes. However, financial assistance for postgraduate students exists in many forms, from institutional emergency funds to economic hardship employment.

Here’s a summary of the ways you can tackle the financial challenges of studying abroad and how MPOWER’s financial support can help.

 

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Five tips: Financial basics for postgraduate students

It’s important to make use of all the available resources for students studying abroad on a budget. Here are five tips for managing your finances before an emergency strikes:

1. Access financial aid

You may be able to access institutional aid through scholarships, grants and assistantships at your university. Contact your school’s International Student Services (ISS) center and financial aid office to learn more about your options. Additionally, consider talking to your home country’s ministry or Department of Education to inquire about financial assistance for postgraduate students.

You can also apply for international scholarships from private organizations. Check out IEFA, International Scholarships, and MPOWER’s graduate scholarships for opportunities.

2. Make a study abroad budget

Once you’ve reduced your out-of-pocket expenses by applying for financial aid, it’s time to create a thorough study abroad budget. Estimating all of your income and expenses beforehand will help you spend within your means. 

3. Make an emergency fund

Be sure to set aside some money in your budget for emergencies. You should keep your emergency fund easily accessible but separate from the cash you spend everyday. If possible, place the money in a savings account with a high annual yield so your fund naturally accrues over time.

4. Find part-time work

Most colleges and universities offer financial assistance for postgraduate students in the form of on-campus part-time employment. Look over these basic guidelines for F-1 student on-campus employment to make sure you qualify.

To best prepare for financial emergencies, transfer part of each paycheck into your emergency fund.

5. Use MPOWER’s financial support

Cover any outstanding expenses with an international student loan from MPOWER. International students often struggle to access private student loans because private lenders require a U.S. cosigner or collateral. Luckily, select education lenders like MPOWER offer no-cosigner, no-collateral loans for students studying abroad on a budget.

MPOWER wants you to be financially empowered. Check out MPOWER’s online resources for more financial empowerment for postgraduate students.

How to deal with financial emergencies as an international student studying abroad on a budget

Even with all the financial planning in the world, you can’t anticipate everything. If you find yourself facing a major unexpected financial emergency, be it a medical issue or natural disaster, here’s how to access emergency funding and employment as an international student studying abroad on a budget:

What is emergency financial assistance for international students?

Emergency financial assistance provides international students with short-term financial support amidst unexpected financial hardships. You can access these funds through your university or through organizations like the Institute of International Education (IIE).

Every fund has different eligibility requirements and different amounts of funding on offer. You’ll have to prove that grave circumstances demand emergency assistance.

Contact your financial aid office to see if emergency financial assistance for postgraduate students exists at your school.

How to apply for economic hardship as an international student:

If your school does not have an emergency fund, you can still apply for economic hardship employment, which allows students studying abroad on a budget to work up to 20 hours a week off-campus while registered as a full-time student.

To secure financial assistance as a postgraduate student through economic hardship employment, you must: 

1. Schedule a meeting with your ISS center to discuss your circumstances and determine your eligibility.
2. Provide your ISS counselor with the following documents:
   • Severe hardship request form and personal statement (may vary by school)
   • Transcript
   • F-1 visa page
   • I-20 form
   • Completed I-765 form (an application for employment authorization)
3. Your ISS counselor will submit your forms and provide you with a new I-20 form, including your employment recommendation.
4. Send the above documents, as well as your new I-20 and two full-face passport-style photos to the U.S. Citizenship and Immigration Services (USCIS) for review. Confirm your filing location with the USCIS mailing instructions.

Final thoughts: Handling unexpected financial emergencies as an international student studying abroad on a budget

Financial hardship can be scary, but by planning ahead and knowing how to access financial assistance for postgraduate students, you can manage unexpected financial emergencies without sacrificing your education.

For help covering costs at any of MPOWER’s 500+ eligible schools, you can borrow up to US$100,000 with a no-cosigner, no-collateral student loan from MPOWER. All MPOWER customers get automatic access to a U.S. bank account and credit card, helping you develop the financial security you’ll need as a postgraduate student.

To get started with an accessible, fixed-interest rate loan from MPOWER, check your eligibility today.

What to do when your student visa application is denied

What to do when your student visa application is denied

It takes considerable time, money and energy to secure an international student visa for study in the U.S. Receiving a visa application rejection can feel discouraging after months of preparation.

According to the U.S. Department of State, 41% of F-1 international student visa applicants were denied in 2024 –  the highest on record. If you were denied an international student visa, you’ll need to understand the reason for the decision and how to improve your application when you reapply.

5 common reasons for international student visa denials

Although each student’s situation is unique, there are a handful of reasons why student visa applications are typically rejected.

1. No ties to your home country

As a F-1 visa holder, you must demonstrate your intent to leave the U.S. after finishing your academic program. In other words, you must prove you’re not planning on immigrating to the U.S. after completing your studies. This is referenced as INA section 214(b).

To prove your intent to leave the U.S., your application must include evidence you have strong ties to your home country. For example, this might include a marriage license with a spouse or a deed to property that links you back to your homeland.

2. Insufficient financial funding

Another reason a consulate might deny your student visa application is if you didn’t provide sufficient proof of funds. International visa students must have a financial plan to cover school tuition and the cost of living in the U.S. while completing their studies.

In your application, include supporting financial documentation, like bank statements, scholarship or grant awards, and education student loans. If you’re an MPOWER Financing student, the visa support letter is emailed to you for this purpose.

3. Application issues

There are a lot of moving pieces in an international visa application, including the application form itself and any supporting documents you must provide. If your application or documents are incomplete, have errors or false information, this misstep can result in a rejection.

A denied application that references INA section 221(g) means your visa application, or the required supporting documentation, were incomplete. This code reference might also mean the officer reviewing your application couldn’t determine your eligibility, based on your application and needs more time to process it.

4. Institution or academic goals raises red flags

The school or academic plans that you present might be what sets off alarms. If the institution or program you’re enrolled in isn’t accredited, for example, a consulate officer might find reason to reject your application.  

Additionally, being unable to articulate your academic plan or misrepresenting your intentions for studying in the U.S. might raise suspicions and negatively impact your visa application decision.

5. Unsuccessful visa interview

The F-1 student visa interview takes approximately 10 to 15 minutes, but it’s a major factor in whether your application is approved or denied. A common reason international students are denied a visa is because they presented themselves, or their statements, poorly during the interview.

Be prepared to honestly and confidently discuss your study plans, academic background, finances and plans after graduating from school. Also, make sure you’re dressed professionally, arrive on time and maintain appropriate eye contact with your visa officer during the interview.

What to do if a student visa is rejected?

If your international student visa application was denied, consider these next steps.

Identify the reason for the international student visa denial

Generally, if your application is rejected, you can reapply for a student visa by strengthening your application and repeating the same process. This means more of your time and money (you’ll need to pay another application fee).

To improve your application the second time around, make sure you know exactly why your application was rejected. The consulate officer’s decision might have been due to one or more of the reasons listed above.

If, for instance, the rejection was due to insufficient funds to study and live in the U.S. while you’re in school, find additional sources of savings. If you’ve maximized your out-of-pocket savings from home, consider borrowing an education student loan for study abroad. MPOWER Financing has helped more than 20,000 international students fund their postgraduate studies.

Address the issue thoughtfully and swiftly

When reassessing your international visa application, thoroughly gather all new information that substantially addresses the reason for the denial. Be deliberate about making corrections to any issues from your previous application and do so in a timely manner. If you performed poorly in the visa interview, now is the time to practice your statements.

Students with an MPOWER Financing international student loan can access visa application support to strengthen their visa application. MPOWER offers a free visa support letter as evidence of funding. MPOWER also has partnered with the global visa experts Catalyst Gem to provide resources, including mock interview prep and live Q&A sessions with a knowledgeable F-1 visa counselor.

Although there’s no timeline for reapplying for an F-1 visa, certain situations have a deadline. For example, if the reason for the denial was because of missing supporting documentation, you must submit it within one year from the rejection date to avoid having to re-apply and pay another application fee.

Reapply for an international student visa

Unfortunately, if the U.S. consulate rejects your international student visa application, there’s no formal appeals process for reconsideration. If the denial is due to more than just missing or incomplete documentation, you’ll need to re-do and re-submit your application, complete the visa interview, and pay the US$185 application fee.

Tips for improving your application

Keep these helpful tips for getting an F-1 visa, whether it’s you’re a first-time applicant or you’re reapplying:

• Stay organized. Have a dedicated physical folder that stores all of your application paperwork. Consider organizing this folder by date or category (e.g. proof of funding, proof of non-immigrant intent, etc.) Do the same for digital documents.  
• Keep your interview responses concise. When preparing for your visa interview, practice how you’ll reply to the officer’s questions. Be clear, concise and confident when describing your academic plans, and avoid going off-topic.
• Work with an experienced F-1 visa counselor. Having access to a professional who’s knowledgeable about student visa regulations and processes can give you peace of mind.  
• Stay positive. Facing a student visa rejection isn’t ideal, but remember, you still have options. Keeping your composure helps avoid needless mistakes when addressing application issues, and maintaining an enthusiastic attitude during the interview step sets a positive tone.

Going through the international student visa process more than once can feel stressful. Understanding the reason your application was rejected in the first place can empower you to make corrections the next time, if needed.

Postgraduate universities and funding in Illinois

Illinois, located in the heart of the U.S. Midwest, not only boasts gorgeous natural scenery, the vibrant city of Chicago and some of the best academic institutions worldwide, but also hosts the fifth-largest population of international students in the U.S. With an international student loan without a cosigner from MPOWER Financing, students from across the globe can access Illinois’ low cost of living, high quality of life and ample opportunities for educational and professional development.

Wondering if Illinois is the right place for your postgraduate international education? Read on to discover all Illinois has to offer, academically and beyond, and how an MPOWER loan for studying abroad can help you finance your studies in the U.S.

Why study in Illinois with an MPOWER loan for studying abroad? 

Each year, international postgraduate students flock to Illinois. Many choose to study in Chicago for its diversity, world-class cultural and academic institutions and internship opportunities. Outside of Chicago, students enjoy Illinois’ low cost of living and wide range of outdoor recreational activities.

Illinois has a strong economy with key industries in manufacturing, agriculture, life sciences and information technology. In fact, Illinois is among the top 10 states for IT jobs.

Many of Illinois’ universities, such as the University of Chicago, rank among the top in the country – they also, however, have some of the highest tuition fees in the country.

To make an elite education in Illinois possible, consider funding your study abroad with an international student loan without a cosigner from MPOWER. International students can borrow up to US$100,000 with an MPOWER loan for studying abroad. To get a quick, conditional loan offer, check your eligibility today.

At which Illinois university should I study with an MPOWER international student loan without a cosigner? 

You can finance your education with an MPOWER loan for studying abroad at any of MPOWER’s 500+ eligible schools. MPOWER constantly reevaluates and expands its eligible schools list to ensure it includes the best academic institutions in the U.S. and Canada. Here are some of the top MPOWER-eligible schools* in Illinois and their commonly selected majors:

University of Chicago (UChicago) 

One of the best universities nationally, UChicago emphasizes the importance of free speech, diversity of opinion and interdisciplinary thought. International students compose about 24% of UChicago’s student body. UChicago has particularly strong postgraduate programs in:

• • Business administration
  • Finance and economics
  • Mathematics
  • Public Policy

University of Illinois – Urbana-Champaign (UIUC) 

Located in the charming university town of Urbana-Champaign (voted the best food town in the midwest), UIUC is a large, public research institution committed to creating a high-quality university experience for its students and a positive societal impact on the world. Popular postgraduate programs include:

• • Engineering
  • Accounting
  • Computer science
  • Chemistry

University of Illinois – Chicago (UIC) 

For a more financially accessible option, international students studying in Illinois with an international student loan without a cosigner should consider UIC. UIC aims to provide the widest range of students possible with a top education. Popular postgraduate programs include:

• • Business management
  • Health and medicine
  • Engineering

Funding your Illinois education with loans for studying abroad 

Once you’ve selected your preferred Illinois university, it’s time to determine how to finance your postgraduate degree. Most international students rely on a combination of personal funds, financial aid and student loans for studying abroad.

Financial aid 

Financial aid can be hard to come by for international students studying in the U.S. Most international students are not eligible for federal aid and also struggle to meet the strict eligibility requirements for institutional aid. For instance, though UIUC offers some international student scholarships, they are highly competitive and limited to eligible students.

To reduce your overall expenses, consider exploring on-campus employment, graduate assistantships and externally funded international scholarships. UIC and EducationUSA have compiled lists of scholarships and awards for international students studying in the U.S.

Student loans for study abroad 

If financial aid and personal funds don’t cover the entirety of your study abroad expenses, you can finance the rest of your postgraduate degree with a private international student loan without a cosigner from MPOWER. 

With no required U.S. cosigner, collateral or minimum credit score, MPOWER is a great option for international students without a U.S. credit score. Moreover, by making timely, fixed-interest payments, MPOWER students develop strong credit in the U.S., setting them up for financial success after graduation.

MPOWER students enjoy more than just stable, inflation-proof interest rates and a streamlined loan application process. Every MPOWER student gains access to MPOWER’s Path2Success Program, which offers a range of free visa, financial and career support including a free visa support letter and exclusive visa training, as well as customized job search tools.

To benefit from all MPOWER offers, check out MPOWER’s international student loans without a cosigner today.

Final thoughts: Funding your Illinois education with MPOWER loans for study abroad

From its world-renowned academic institutions to its thriving health and IT industries, Illinois could be the ideal place for you to kickstart your dream postgraduate education and career.

Make that dream a reality with an international student loan without a cosigner from MPOWER. It takes less than a minute to check your eligibility.

 

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

Postgraduate universities and funding in Michigan

If you’re looking for the right place to study abroad on a budget, Michigan ranks within the top 10 most popular U.S. states for international students.

Home to several competitive postgraduate programs, college-friendly towns and a strong job market, Michigan offers all the benefits of a U.S. education at a significantly lower cost than other popular states like California and New York.

Read on to discover the advantages of studying in Michigan, which postgraduate universities to consider and how an MPOWER international student loan without a cosigner can help you unlock all Michigan has to offer.

 

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Why study in Michigan with an MPOWER loan for studying abroad?

Michigan is a diverse and student-friendly option for students studying abroad on a budget, with over 100 colleges and universities and a steadily growing population of international students. Michigan students enjoy the breathtaking scenery of the Great Lakes and Michigan’s affordable cost of living, which is below the national average.

Ann Arbor, home to the elite University of Michigan, has been ranked as the best college town in the U.S. for its idyllic beauty, energetic student body and tech industry. 

At which Michigan university should I study with an MPOWER international student loan without a cosigner?

An MPOWER loan for studying abroad can help you fund your postgraduate education at some of Michigan’s top universities. The MPOWER-eligible schools in Michigan boast renowned faculty, cutting-edge resources and great professional development opportunities. Here are three top MPOWER-eligible Michigan universities* and their most commonly selected majors.

University of Michigan – Ann Arbor

The University of Michigan is one of the largest public research institutions in the country, known for its academic excellence and school spirit. Popular postgraduate programs include:

• Master of Business Administration
• Public policy
• Engineering
• Social work
• Education

Michigan Technological University 

For a diverse selection of rigorous STEM programs, the opportunity to participate in real-world, hands-on learning and a beautiful vista of Lake Superior, international students studying abroad on a budget should consider Michigan Technological University. Popular postgraduate programs include:

• Computer science
• Civil engineering
• Environmental science
• Business 
• Data science

University of Detroit Mercy

Located in the growing city of Detroit, the University of Detroit Mercy is a Catholic university for students looking for a holistic academic and spiritual education. Detroit Mercy offers a strong liberal arts education with popular postgraduate programs in:

• Health and medicine
• Nursing
• Architecture

 

While looking for the right postgraduate university in Michigan to study abroad on a budget, be sure to consult MPOWER’s list of 500+ eligible schools. MPOWER constantly updates its schools list to include the strongest postgraduate programs in the U.S. and Canada.

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

Funding your Michigan education with loans for studying abroad

Despite Michigan’s low cost of living, studying abroad in the U.S. is a significant expense. This database lets you compare the tuition rates and living costs for various Michigan colleges and universities.

If your funds fail to cover your preferred postgraduate program, financial aid, scholarships and an MPOWER international student loan without a cosigner can help you finance your degree.

Financial aid 

International students studying abroad in the U.S. aren’t eligible for federal or state financial aid. However, international graduate students can still apply to their university department for scholarships, fellowships and assistantships. The Michigan Technological University, for instance, provides specific fellowships for students researching engineering, biology and aerospace. The University of Detroit Mercy offers teaching and research assistantships for international graduate students, as well as reduced tuition for qualifying MBA applicants.

Students should also explore databases such as EducationUSA, Scholarship Finder and MPOWER’s graduate student scholarships for scholarships external to their universities.

Student loans for study abroad

Scholarships and assistantships, while helpful, are highly selective. Most international students studying abroad on a budget cannot cover tuition and living expenses with financial aid alone.

To bridge the gap between your financial aid and your education expenses, you can borrow up to US$100,000 from MPOWER. MPOWER’s international student loans don’t require a cosigner or collateral, simplifying the loan application process. MPOWER is invested in your academic future; that’s why MPOWER awards loans based on your future potential instead of your financial history. 

To kickstart your international education with an MPOWER loan, check your eligibility today.

Final thoughts: Funding your Michigan education with MPOWER loans for study abroad

For an elite postgraduate education in a welcoming U.S. college town, be sure to explore all the MPOWER-eligible universities in Michigan. MPOWER will support you through your international education and beyond, from visa support services before you embark to career services after you graduate.

It takes less than a minute to check your eligibility.

How international students can build and maintain a strong credit score in the U.S.

Building and maintaining a strong credit score for international students is crucial for accessing financial opportunities during and after your studies in the United States. Unlike many countries, the U.S. has a credit score system that plays a significant role in lending decisions for housing, cars, credit cards and other money matters.

Unfortunately, your financial history from your home country doesn’t usually transfer to the U.S. – making it essential to establish a credit history as soon as possible. Keep reading to learn how to build and maintain a strong credit score for international students. 

What’s a credit score and why does it matter for international students? 

Your credit score is a numerical representation of your financial health. It helps lenders evaluate how likely you are to repay the money you borrow. The higher the credit score, the more confident lenders are that you’ll make timely payments on loans, credit cards and other financial obligations.

The most widely used credit scoring model in the U.S. is the FICO score. FICO scores range from 300 to 850, with higher scores indicating better creditworthiness. Several factors from your credit history reports are used to determine your overall credit score, including:

• • Payment history (35%). This is the most important factor as it shows whether you’ve made timely payments on your credit cards, international student loans and other debt.

• • Amount owed (30%). This factor looks at the total amount of debt you have compared to your available credit. So, it’s important to keep your credit account balances low to maintain a healthy score.

• • Credit history length (15%). Lenders prefer borrowers with a longer credit history as it shows you have experience managing debt. This is why you’ll want to start building your credit history early in your study abroad journey.

• • Types of credit (10%). Having a diverse mix of credit – such as student loans, retail accounts and credit cards – is ideal for showing you can manage different kinds of debt responsibly.

• • New credit (10%). This factor evaluates whether you’ve opened multiple new lines of credit in a short period. Too many credit applications are generally viewed as risky behavior.

Having a good credit score for international students means greater financial freedom. It can help secure rental housing and car loans. In addition, it can also open the door to better terms for financial products like credit cards and personal loans. Ultimately, a strong credit score can help give you the ability to build long-term financial security in the U.S.

How can an international student build credit in the U.S.? 

Building credit in the U.S. can be challenging for international students. The key is to start early and take intentional steps to not only establish but maintain a good credit score. Here are some smart ways to build a good credit score for international students:

1. Open a credit card. Start by applying for a secured credit card, which requires a refundable deposit (e.g., US$500) as collateral in exchange for an equivalent line of credit. Alternatively, consider opening a student credit card, which is designed for new credit users. Note secured cards often have low credit limits and high interest rates.
2. Become an authorized user on a family card. As an authorized user, you can benefit from the cardholder’s positive payment history. However, any negative payment behavior on their part can also impact your credit score.
3. Pay bills on time. This is one of the most effective ways to improve your credit score. Setting up automatic payments for recurring bills like rent, utilities and phone services is a great way to ensure you don’t miss a payment.
4. Monitor credit reports. Regularly review your credit reports from Equifax, Experian and TransUnion to stay on top of your credit progress and to catch errors or fraud early.
5. Consider making in-school payments on student loans. Making interest-only payments while you’re in school can help to build a positive credit history and show other lenders that you’re responsible with managing debt.
6. It’s important to always use credit responsibly. Ideally, you want to keep your credit utilization low (e.g., only use under 30% of your available credit) and avoid applying for too many credit accounts in a short time. Above all, never treat credit as free cash to prevent any debt from spiraling out of control.

Building a financial foundation for your future in the U.S. 

We understand building a credit score for international students comes with many hurdles. That’s why MPOWER Financing offers features like automatic payments (includes a 0.25% interest rate discount) to help you stay on top of your student loan payments, in addition to our free career support training and tools for internship and job search.

Postgraduate universities and funding in Massachusetts

Home to some of the most prestigious educational institutions in the world, one of the strongest state economies in the U.S., and a vibrant culture, it’s no wonder so many international students choose to study abroad on a budget in Massachusetts.

Budgeting for your international study program in Massachusetts requires some planning. Most students require a combination of financial aid, savings and student loans for studying abroad. Read on to discover how an MPOWER international student loan without a cosigner or collateral can help turn your dream of studying in Massachusetts into a reality.

 

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Why study abroad in Massachusetts with an MPOWER loan for studying abroad? 

According to the 2024 Open Doors Report, Massachusetts is the fourth most popular U.S. state for international students studying abroad on a budget. Here are some of the reasons Massachusetts is such an appealing option for students across the globe:

• • Academic excellence: International students studying in Massachusetts can pick from a wide selection of world-renowned academic institutions like Harvard, MIT and Tufts.

• • Quality of life: From the picturesque beauty of Massachusetts’ historical college towns to the vibrant art and culture in Boston, Massachusetts offers a high quality of life no matter where you choose to study.

• • Career opportunities: Massachusetts’ many Fortune 500 companies and startups, especially in industries like finance and biotechnology, offer excellent networking, internship and job opportunities. 

At which Massachusetts university should I study with an MPOWER international student loan without a cosigner? 

With the abundance of competitive colleges and universities in Massachusetts, it can be hard to determine which school is the right fit for you. Luckily, MPOWER’s list of 500+ eligible schools can help. MPOWER evaluates every school based on factors like graduation rate and alumni employment, ensuring that every MPOWER-eligible university offers the best education outcomes possible.

Here are three top MPOWER-eligible Massachusetts universities* and their most commonly selected majors.

Boston University (BU) 

A large, private research university located in the heart of Boston, BU offers its students a wealth of real-world learning opportunities. Popular postgraduate programs include:

• • Business
  • Information science
  • Health and medicine
  • Communication

University of Massachusetts – Amherst (UMass Amherst) 

Located in the student-friendly college town of Amherst, UMass Amherst is known for its commitment to public service, social justice and sustainability. The affordability of Amherst makes UMass an excellent choice for students studying abroad on a budget. Popular postgraduate programs include:

• • Public health
  • Artificial intelligence
  • Engineering
  • Environmental science
  • Computer science

Harvard University 

No list of Massachusetts schools would be complete without Harvard, a leading academic and research institution worldwide. Some of Harvard’s most renowned postgraduate programs include:

• • Law
  • Medicine
  • Business administration
  • Design
  • Education

To see which Massachusetts postgraduate programs can be funded by an MPOWER international student loan without a cosigner, check out MPOWER’s list of eligible schools. The list is always expanding to reflect the best international study programs possible.

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

Funding your Massachusetts education with loans for studying abroad 

After you’ve decided which MPOWER-eligible Massachusetts university to attend, it’s time to organize your study abroad budget. An international education in the U.S. can be pricey, so it’s important to explore all your funding options:

Financial aid 

International students, though ineligible for federal or state financial aid, can cover some of their university expenses through merit scholarships, work study, fellowships and assistantships. 

Resources such as EducationUSA, College Board and FastWeb provide robust scholarship databases for international students hoping to study in the U.S. MPOWER also offers a number of graduate student scholarships.

Scholarships, however, tend to be highly competitive. Students should also explore the financial aid options offered through their chosen university or department. UMass Amherst and Harvard, for instance, offer aid in the form of department-specific assistantships, whereas international master’s students at BU can apply for the Wheelock general scholarships.

For help planning your student abroad budget, check out this database, which compiles the international student aid provided at various educational institutions across Massachusetts.

Student loans for study abroad 

For most international students studying abroad on a budget, financial aid and personal savings only cover part of their study abroad expenses. That’s where MPOWER comes in. MPOWER Financing provides international student loans without requiring a cosigner or collateral. Unlike other loan providers, MPOWER offers a flexible, accessible and streamlined loan application process.

Through its Path2Success program, MPOWER also provides holistic support throughout your study abroad journey. From providing you with a free visa prep course to securing you a prequalified U.S. bank account, MPOWER makes your international education as smooth as possible.

Check your eligibility today to borrow up to US$100,000 from MPOWER.

Final thoughts: Funding your Massachusetts education with MPOWER loans for study abroad 

MPOWER-eligible Massachusetts universities offer an unparalleled education for students studying abroad on a budget. If your funds can’t quite cover your Massachusetts postgraduate experience, an MPOWER international student loan without a cosigner can get you there. It takes less than a minute: Get started today.

Three things to know before picking an education lender in 2025

With the rise of tuition costs, loans have become necessary for most students studying in the U.S. If you’ve decided to pursue an international study program and need an education lender, it’s important to familiarize yourself with your options, find loan terms that work for you and borrow from a provider you trust.

So what criteria should you look for when choosing an education lender? Here are some important things to know before taking out a student loan for study abroad in 2025 and how a no-cosigner international student loan from MPOWER compares to other loan options.

 

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What to know before getting a student loan for studying abroad? 

Choosing a student loan for studying abroad is a personal decision; the loan type and terms that work for somebody else might not be right for you. Before picking an education lender in 2025, Here are three things to consider:

1. Public vs. private loans 

Most U.S. citizens start the loan application process by applying for public federal loans. However, public loans are not available to international students studying in the U.S. Luckily, select private lenders like MPOWER offer student loans for studying abroad to international students.

U.S. applicants tend to prefer public loans because they don’t require a credit check. MPOWER differs from other private loan providers because MPOWER does not require its applicants to have a U.S. credit history or credit score. MPOWER grants loans based on your future earning potential rather than your financial history.

2. Loan terms 

Every loan will have different terms. It’s best to prequalify with multiple lenders, compare their terms, and select the best option for you. Some factors to consider are:

• • Interest rates: Your loan’s interest rate will determine how much you’ll pay in the future, so the lower the rate, the better. Interest rates can be fixed or variable. Fixed rates are predictable and inflation-proof, enabling you to budget and plan more easily.  Variable rates may start lower than fixed rates, but variable rates are unpredictable and you may pay more in interest over the life of the loan.
  • Repayment period: Most private student loans for study abroad, like MPOWER, have standard 10-year repayment plans. The shorter your repayment period, the less you’ll pay in the long run.  Look for loans where there is no prepayment penalty, so you can pay off your loan when it’s convenient for you. 
  • Fees and penalties: Check whether your loan options have an application fee, required insurance, origination fee or prepayment penalty.
  • Cosigner requirement: Most U.S. private education lenders require a U.S. cosigner. Unlike other loan providers, MPOWER offers no-collateral, no-cosigner international student loans. That means you won’t have to find a U.S. citizen to sign off on your loan, nor will you have to put any personal assets up for collateral.

3. Lender reputation 

You’ll be entering a financial relationship with your lender for the next decade or more, so choosing a lender with a good reputation is important.

Several publications, including NerdWallet, have voted MPOWER the best education lender for international students. Drawn to MPOWER’s competitive interest rates and flexible application process, students across the globe choose study abroad loans from MPOWER, borrowing up to US$100,000 to cover the costs at any of MPOWER’s 500+ eligible schools in the U.S. and Canada. 

MPOWER aims to provide its customers with the best education and career outcomes possible. That’s why MPOWER provides visa and career support through its Path2Success program.

To understand why so many students across the globe trust MPOWER, explore loan options today.

What’s the most important financial consideration when deciding whether to take out an education loan to study abroad? 

The most important thing to remember before taking out a study abroad loan is to borrow responsibly. You should never borrow unnecessary funds, because your loan will compound with interest over time. Make sure to:

1. Research your chosen course of study, career options and average starting salary. Whether you choose to study finance, data science or art will make a difference in your future earnings. Don’t borrow any money you won’t be able to repay later.
2. Compare tuition prices at your preferred universities. Choose a school that fits realistically within your budget.
3. Determine exactly how much you need to borrow. Some lenders, like MPOWER, will have you list your funding during the application process so you don’t accidentally overborrow.

Final thoughts: Choosing an education lender for study abroad loans in 2025 

Student loans for studying abroad can make your dream of studying in the U.S. a reality. By considering all your options and making an informed decision, you set yourself up for a lifetime of academic and financial success.

When choosing an education lender in 2025, consider a no-cosigner international student loan from MPOWER endorsed by thousands of positive Trustpilot reviews. Find out why many consider it the best loan option for international students studying in the U.S. 

 

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How to find master’s program loans for international students in the U.S.

Master’s program loans are an essential resource for international students looking to finance their education in the United States because International students don’t generally have access to federal financial aid. While scholarships and personal savings can help, international student loans are often a necessary and reliable way to cover the cost of a master’s degree and living expenses in the U.S.

With the right resources and understanding of available master’s program loans, you can streamline your efforts to pay for your international education.

 

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How much is a typical master’s program in the U.S.?

The cost of a master’s program in the U.S. varies significantly depending on the school, location, and field of study. International students can expect to pay anywhere from about US$44,640 to US$71,140 per year in tuition and fees alone, according to the Education Data Initiative. However, this amount doesn’t include living expenses, such as housing, transportation, food and health insurance. The total cost of a master’s degree in the U.S. can be upwards of US$100,000 for a two-year program.

It’s important to factor in these additional costs when budgeting for your education as they can significantly affect your overall financial plan. Master’s program loans can help make these high costs more manageable by spreading payments over time after graduation.

Top options for master’s program loans

Since there are limited options for financial aid for international students pursuing a master’s, most students turn to loans to fill the financial gap. Here are some of the most common loan options:

• • Government loans or institutional financial aid. Depending on your home country, you might have access to government-backed loans that can be used for study abroad in the U.S. Alternatively, some universities offer financial aid for international students in master’s programs, which might include need-based loans, grants, work-study or assistantship opportunities.

• • Private student loan lenders. Private student loans are a great way to secure funding for postgraduate studies through a bank, credit union or online lender. However, international students often have issues qualifying for private student loans without a U.S. credit history or a creditworthy cosigner.

• • No-cosigner international student loan. Some private lenders, such as MPOWER Financing, recognize the unique challenges international students face when it comes to securing private financing. They offer international student loans that don’t require a cosigner or collateral.

How international students can apply for master’s program loans

Applying for an MPOWER international student loan is fast and easy. To get started:

1. Check your eligibility. You must be an international student, DACA recipient, U.S. citizen, refugee, or asylum-seeker within two years of graduating or about to begin a one- or two-year program. Additionally, you must be admitted or attending one of the 500+ approved schools.
2. Submit your online application. MPOWER has a 100% digital application for its no-cosigner and no-collateral loans. You’ll need to submit a government-issued ID (e.g., passport) as part of the application process.
3. Receive a conditional offer. You’ll then receive an immediate, conditional offer decision.
4. Upload documents. After receiving a conditional offer, you’ll be directed to upload certain documents to the MPOWER Portal. This might include financial documents, academic paperwork (e.g., transcript or admission letter), and a resume. 
5. Gain final approval. Once all uploaded documents are validated, you’ll receive final loan approval within six to eight business days. MPOWER will also provide a free visa support letter if needed.
6. Funds are disbursed. After your school certifies your enrollment status, MPOWER will send the final loan documents to sign. Your international student loan funds will then be disbursed directly to your school.

The importance of choosing the right master’s program loans

The right master’s program loan can make all the difference when figuring out how to fund your postgraduate studies in the U.S.

MPOWER helps to ease the financial and logistical burden for students from all over the world. No-cosigner student loans can help cover the cost of attendance with fewer barriers than traditional private loans. Competitive, fixed-rate loans are available from US$2,001 to US$100,000, helping international students to fully finance their tuition and living expenses while in the U.S.

With flexible repayment terms and support throughout the application and visa process, MPOWER ensures international students can achieve their education dreams.

Postgraduate universities and funding in Ontario

Ontario is a sought-after destination for international students studying abroad on a budget. Diverse and student-friendly cities like Toronto and Ottawa offer some of the country’s best universities, and the cost of living in Canada is lower than in other English-speaking countries like the U.S.

However, tuition fees and living expenses can still add up. If you’re considering pursuing your postgraduate education in Ontario but aren’t sure how to fund it, MPOWER offers international student loans without cosigners or collateral. 

Here are the benefits of studying abroad in Ontario and how MPOWER can make it possible.

Why study in Ontario with an MPOWER loan for studying abroad?

More immigrants settle in Ontario than in any other Canadian province, drawn to its welcoming atmosphere, bustling cultural centers and high quality of life. 

Ontario’s two biggest cities, Ottawa and Toronto, are home not only to several high-quality academic institutions, including University of Toronto and Queen’s University, but also to lively arts scenes and great job opportunities. Canada’s capital and financial center, respectively, international students studying abroad on a budget in Ottawa and Toronto will enjoy great opportunities for professional development.

At which Ontario university should I study with an MPOWER international student loan without a cosigner?

MPOWER-eligible schools offer some of the best learning outcomes in Ontario. MPOWER’s proprietary algorithm evaluates higher-learning institutions based on factors like alumni employment rate and earnings so that all MPOWER customers can receive the best education and career development possible.

Here are three top MPOWER-eligible Ontario schools* and their most commonly selected majors:

University of Toronto

With a student population of approximately 100,000 and ranked the best university in Canada, the University of Toronto has a broad range of rigorous postgraduate study options. In particular, it’s a leader in computer science, biology and physics research. Popular postgraduate programs include:

• • Health and medicine
  • Business
  • Engineering
  • Computer science

Queen’s University

For a more intimate university experience, international students studying abroad on a budget should consider Queen’s University. Located in the lakeside city of Kingston, Queen’s University is known for its tight-knit student body and strong academics. Popular postgraduate programs include:

• • Business administration
  • Engineering
  • Finance

McMaster University

McMaster University is known for its research in the health sciences and its problem-based learning methods. It offers postgraduate programs across six areas of study, including:

• • Health sciences
  • Business
  • Social sciences
  • Engineering

 

By studying at an MPOWER-eligible school, you can benefit not only from MPOWER’s international student loans without a cosigner, but also from MPOWER’s visa, financial and career support through the Path2Success program. 

To find the program that best suits your academic and professional goals, check out 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. 

Funding your Ontario education with student loans for studying abroad

Canada may be a more affordable study-abroad option among English-speaking nations, but an international postgraduate education is still a major expense. Canadian postgraduate degrees can cost as much as CA$40,000 per year. Be sure to consider all your available funding options, from financial aid to student loans for studying abroad.

Financial aid 

International students studying in Ontario can browse scholarship opportunities through EduCanada. Eligibility for different scholarships varies. Students can also explore financial aid offerings from their chosen academic institutions. At the University of Toronto, Queen’s University and McMaster University, international students are automatically considered for entrance awards and scholarships upon admission, but the available funds are limited and competitive. In addition, students can work on campus to subsidize their tuition.

Student loans for study abroad

For most international students, Canadian financial aid packages and personal savings are insufficient to cover their total educational expenses. An MPOWER international student loan with no cosigner or collateral can make up the difference.

With MPOWER, you can borrow up to US$100,000 to fund your study abroad tuition and university-invoiced expenses. MPOWER loans have fixed interest rates and no prepayment penalty, making your repayment plan as simple as possible.

MPOWER students studying in Ontario also benefit from immigrant support through MPOWER’s Path2Success program and partnership with BorderPass. From visa support before you arrive to career services after you graduate, MPOWER will be with you every step of the way.

 

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Final thoughts: Funding your Ontario education with MPOWER loans for study abroad

Ontario’s friendly cities, low cost of living and elite academic options make it a magnet for international students studying abroad on a budget. To finance your Ontario education with an international student loan that doesn’t require a cosigner or collateral, consider MPOWER. It takes less than a minute to get started.

Canada Study Permit Q&A with Immigration Experts

Thinking about studying in Canada but unsure about the study permit process? Join our discussion with expert immigration guests to learn about study permits, visas, and essential documents. We’ll answer common questions about the application process, financial requirements, permit extensions, and post-graduation options.