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2025 financial checklist for international students in the U.S.

As 2025 approaches, international students studying in the U.S. should take the time to organize their finances for the upcoming academic and financial year. Whether you’re still in the planning phase or already settled into living in the U.S., being proactive can help set a strong foundation for your future in the U.S.. Here’s a year-end financial checklist to guide you.

For students preparing to move to the U.S. 

Moving to a new country can be both exciting and overwhelming. Your acceptance letter is only the first step to studying in the U.S. Be sure to prioritize the following:

Research the cost of living in your destination city 

The cost of housing, transportation and food varies significantly across the U.S. So, you’ll need to look into the average cost of living where you’ll be studying to create a rough budget.

Prepare to show financial ability to pay for school 

As part of your U.S. visa application, you’ll need proof of financial ability to pay for tuition, books, living expenses and travel while studying in the U.S. To issue Form I-20, your designated school official (DSO) will need financial evidence such as:


You can also ask your private student loan lender for a proof-of-funds letter. MPOWER Financing customers automatically receive a free visa support letter once you’ve submitted your application and supporting documentation.

 

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Review health insurance requirements and options 

The U.S. doesn’t have universal healthcare. Therefore, even basic healthcare services and medications can be expensive. Health insurance requirements vary by university, but many offer their own health insurance plans for an additional cost. Alternatively, you can explore private insurance options with our trusted partners.

For students already studying in the U.S.

The newness might have worn off if you’ve been living and studying in the U.S. for a while. Use this time to plan for the year ahead and make the most of your remaining time as an international student.

Reassess your budget 

Track and adapt your budget based on your spending habits now that you’re in the U.S. Here are some quick budgeting tips for students looking to trim their expenses:


By being mindful of your spending, you can stretch your dollar further and enjoy your time studying in the U.S. without additional financial stress.

Look for additional funding for international students 

Paying for your international education is an ongoing endeavor. Continue to explore scholarships and other funding resources, such as on-campus assistantships and job opportunities for international students.

Manage student loan payments and other financial obligations 

If you’ve taken out international student loans, staying on top of your debt is important. Review your loan terms to see if interest is accruing while you’re in school. Making interest-only payments or partial payments now can prevent your balance from ballooning. Set reminders for payment due dates throughout the upcoming year. Stay in contact with your lender year-round.

Prepare for tax season 

If you earned income in 2024, you’ll need to file a federal tax return and possibly a state tax return (depending on where you live). Even if you didn’t work, you’ll need to at least file Form 8843 as an international student studying in the U.S.

How to get financial help for international students in the USA 

MPOWER Financing offers international student loans to help support your independence at one of our 500+ approved schools in the U.S. or Canada. These funds can be used to pay for up to 100% of your education expenses in the U.S, including living expenses, meal plans and health insurance. Additionally, we don’t require a cosigner or collateral, making it an easy and affordable way to fund your international education on your own.

But MPOWER is more than just a lender. Our Path2Success program provides support every step of the way. This includes a free visa support letter, visa prep course and career services for F-1 students. 

 

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Understanding university options in major U.S. cities: What you need to know

Studying in the United States can shape your lifelong educational and personal journey. Attending a university in a major city –  like Miami, New York City, Houston or San Francisco – can help build a global network for international students in the U.S. And it can also provide a fulfilling experience outside of the classroom. Here’s what to consider when studying in one of America’s major cities.

What are the benefits of studying in a major U.S. city? 

America is often called a melting pot. As an international student, you can take full advantage of this melting of cultures when studying in a large U.S. city. Yes, you’ll spend a lot of time on campus. But don’t overlook the importance of immersing yourself in a major metropolis to grow personally and professionally.

International students studying in major U.S. cities reap the benefits of:

That said, living in a major U.S. city comes with increased costs, and feeling a sense of belonging might take longer.

Top universities and programs to consider for international students in the U.S. 

Let’s explore some of the best universities in major U.S. cities located in some of the most populated states. You can also find some of the most popular degrees based on the 2024 U.S. News & World Report rankings for best graduate schools.

California universities* 

California is synonymous with innovation and creativity. Major cities like Los Angeles, San Francisco and San Diego have diverse neighborhoods and academic opportunities at schools like:

Florida universities* 

If you’re an outdoor enthusiast, Florida’s warm climate and white, sandy beaches might be reason enough to choose a university in one of its major cities. Its history is rooted in Latin culture, which you can experience with its many festivals, restaurants and cultural attractions. Some of Florida’s university options include:

Texas universities* 

As the saying goes, everything is bigger in Texas. It’s the second-largest state in terms of physical size and population. And Texans are certainly big on hospitality. The “Texas Triangle” contains the state’s largest cities (Austin, Dallas-Fort Worth, Houston and San Antonio). It provides ample opportunity for cultural experiences and academic pursuits at schools like:

Universities in New York City* 

New York City is often referred to as the cultural capital of the world. With iconic landmarks like Times Square, Central Park and The Met, you’ll always have somewhere new to explore. It’s also home to some of the most prestigious universities, including:

How to choose the right university for you 

Deciding to study in a major U.S. city requires careful planning and consideration. Consider factors such as program reputation, campus culture and what the city offers outside of school activities. You also need to consider whether you prefer entering your program in the fall versus spring, as the latter can sometimes limit your options.

One of the biggest differences in choosing a large city over a small community is the cost of living and potentially higher tuition costs. So, figuring out how to fund your postgraduate study abroad experience should be part of the initial equation.

Research the cost of living in your desired city, including housing, transportation and daily necessities. To reduce costs, you’ll likely need to consider shared accommodations or living outside the city center. 

Look for scholarships specifically for international students studying in America and grants and assistantships offered by U.S. city universities. Also, consider applying for scholarships with MPOWER and other organizations.

If you still need funds to cover the cost of your international education, MPOWER makes it easy to qualify for private student loans without a cosigner or collateral. Check out our network of schools in the U.S. and Canada to see which colleges and universities are eligible for MPOWER loans.

 

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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.

Study permit essentials: What international students need to know about studying in Canada

Before you can start studying at a university in Canada, you’ll need to obtain your Canadian study permit. Canada requires a study permit for any international student who plans to study for longer than six months. This study permit gives you permission to live, study and work part time in Canada. This guide will walk you through the Canadian study permit application process, so you can confidently prepare to pursue international study in Canada. 

What’s a Canadian study permit? 

A Canadian study permit is an official document from the Canadian immigration authorities that gives permission for international students to study in Canada. It lets you study at a Designated Learning Institution (DLI) – a school that has been government approved to host international students. 

With a Canadian study permit, you may also be allowed to work up to 24 hours per week during the school year. Anyone who’s studying in Canada for longer than six months must have a valid study permit, and you have to show that you intend to leave Canada after your program is over. 

That said, some programs allow you to transition to a postgraduation work permit (PGWP) if you want to work in Canada after graduation and meet eligibility requirements. The cost to apply for a Canadian study permit is CA$150, and the average Canada student visa processing time is 15 weeks. 

Eligibility requirements for a Canadian study permit 

There are a variety of requirements you’ll need to meet to be eligible for a Canadian study permit, such as: 

How to apply for your Canadian study permit, step by step 

The easiest way to submit your Canada student visa application is online. Here are the steps you’ll need to take. 

1. Create your online account 

Start by creating your online account on Canada’s IRCC website. After receiving an invite code, create your account and sign in. 

Once you’re signed into your account, you’ll see a list of documents you must provide to show you’re eligible to travel to and study in Canada. Students from certain countries can alternatively apply through Canada’s Student Direct Stream, which offers faster processing times. 

You may be eligible to use Student Direct Stream to apply for your Canada education visa if you’re a resident of one of the following countries: 

2. Gather and submit your documents 

Along with filling out the Canadian study permit application, you’ll need to provide the following documents as of October 2024: 

Some additional documents you may have to provide include: 

3. Pay the required fees 

It costs CA$150 to apply for a Canadian study permit. You can pay online with a credit card or prepaid card. The IRCC website accepts Visa, MasterCard, American Express, JCB and UnionPay.

4. Provide your biometrics 

You may be required to provide your fingerprints and photo to get your Canadian study permit. It’s best to book an appointment at a biometrics collection site ahead of time to make sure they can accommodate you. 

If this appointment is required, book it as soon as possible to avoid processing delays with your study permit application. The biometrics fee is CA$85 per individual. 

5. Await the decision 

Once you’ve submitted everything, IRCC will review your application and notify you if any documents are missing. You might also be asked to send more information or attend an interview with Canadian officials in your country of residence. 

You can check the status of your application by signing into your account on the IRCC website. Once your study permit application has been processed and approved, you can travel to Canada and begin your studies at university. 

Can international students work in Canada?

Unless otherwise specified, your Canadian study permit allows you to work up to 24 hours per week off campus after your program has started. During scheduled breaks, such as winter and summer holidays, you can work an unlimited number of hours. 

To work in Canada, you’ll need to get a social insurance number (SIN). You can apply for an SIN online here. You’re also allowed to work remotely for an employer in another country. This type of work won’t count toward the 24 hours per week maximum. 

If you want to work in Canada after your program ends, you must apply for a work permit or postgraduation work permit. A postgraduation work permit can allow you to live and work in Canada for up to three years, but only some universities are eligible for these permits. 

Check with your school to find out if your program is eligible for a postgraduation work permit. 

Preparing for your studies in Canada: Final tips 

Once you’ve got your Canadian study permit sorted out, you’re ready to embark on your educational journey in Canada. Studying abroad can be an exhilarating experience, but there can also be challenges with adjusting to the local culture and norms. 

Give yourself plenty of time and patience as you adjust to the new way of life. Make sure to use university resources that can ease your transition, such as an international student services office, academic tutoring, advising and writing help. 

You might also join clubs and participate in extracurricular activities to make friends and have fun outside the classroom. Time management is key, too, so come up with a schedule that will help you balance your courses, activities and social time. 

Finally, don’t forget about the weather. A lot of places in Canada get quite cold in the winter, which you may not be used to if you’re from a warm climate. Arrive prepared with warm clothes to get you through the winter months. One option available is to purchase warm clothes at thrift stores. 

For more guidance, check out our tips to prepare for studying abroad in Canada. 

Get visa support from MPOWER Financing 

Along with providing fixed-rate student loans to help you pay for university in Canada, MPOWER offers visa support through its Path2Success program. We help students navigate the immigration process and support you as you apply for your study permit. 

In partnership with the Canadian immigration experts at BorderPass, MPOWER can connect you with Canadian immigration lawyers and professional immigration experts. Learn more about how our Path2Success program can support you with step-by-step guidance for your journey to Canada. 

Exploring postgraduate universities and funding options in New York

Completing your postgraduate education in the Big Apple can be an exciting and unique experience for students studying in the U.S. The Institute of International Education’s (IIE) 2023 Open Doors Report found that New York is the second most popular state to host international students in the country.

Before finalizing where you’ll study abroad, here’s what to know about the best universities in New York, common admissions steps and financing your education.

Top universities in New York 

Whether you’re studying toward your master’s degree in the U.S. or another postgraduate program, New York is home to a host of high-ranking institutions.

Columbia University

Columbia University is one of eight private Ivy League schools in the U.S. It’s located in Manhattan and is known for its postgraduate programs in business and medicine.

During the fall 2023 term, over 20K international students were enrolled at Columbia University, and over 6,000 were participating in post-graduation optional practical training (OPT).

The cost of enrolling as a Columbia postgraduate student varies by your enrollment year, enrollment status and program. The 2024-25 estimated cost of attendance for full-time students who are pursuing a Master’s of Science program, for example, is US$100K. 

Cornell University

Located in Ithaca, New York, Cornell University is another New York-based Ivy League institution. It’s renowned for its postgraduate programs in computer science, engineering and business administration.

A significant percentage of Cornell’s student population are international students. According to the school, in fall 2023, 26% of its student community (6,745) are international students from 130 countries.

Like other postgraduate programs offered by the top universities in New York, the cost of attendance varies by your program and other factors. For example, tuition for students enrolled in the M.S. Business Analytics program during 2024-25 is US$85K. This figure doesn’t include fees and other expenses, like housing, food and transportation.  

New York University 

New York University (NYU) hosts most of its programs in Greenwich Village in Manhattan, with its engineering school in downtown Brooklyn. 

NYU hosts more than 21,000 international students and scholars from more than 120 countries. It’s known for its postgraduate programs in business, computer science and nursing. 

Your cost of attendance at NYU will vary greatly, based on your program. The total estimated expenses for F-1 and J-1 international students at NYU was US$120K  for those enrolled in the school’s full-time MBA program in 2023. Comparatively, postgraduate students enrolled at NYU’s Tandon School of Engineering were estimated to spend US$74K for the year.

Admissions process when studying in the U.S.

The admissions process, timelines and requirements for study abroad in the U.S. vary by school. If you’re interested in pursuing an advanced education in New York, here are the general admission steps to plan ahead for:

New York-bound: Ways to fund your study abroad in the U.S. 

As you might’ve noticed, having enough funding to support yourself while studying in New York is critical to the university admissions and immigration process. Some students must pull funding from various sources. Below are some options if you need help financing your postgraduate study abroad in the U.S. 

Personal savings 

A majority of international students use personal and family savings as their primary funding source when studying in the U.S. The Institute of International Education’s 2023 Open Doors Report found that over 50%% of international students it surveyed said they paid for school primarily using their own funds.

Although you might have financial reserves available, attending New York’s most prestigious graduate universities comes at a steep cost. For this reason, it’s useful to explore other types of supplemental financial aid to help cover funding gaps. 

University scholarships 

Applying for scholarships is an impactful option for international students in the U.S. Scholarships are considered gift-based financial aid, so they don’t need to be repaid. There are various scholarship program types — like need- or merit-based aid — and each program has different eligibility criteria. 

For example, Syracuse University has previously offered 13 merit-based scholarships for international students, and recipients were determined during the application process. 

The 2023 Open Doors Report found that almost 20% of international students cited U.S.-based university scholarships as their primary funding source. Learn about postgraduate scholarships through the financial aid office of the New York college or university you’re interested in. MPOWER also offers scholarships available to international students across the globe. 

Private student loans 

International student loans are an additional, and common way to finance your postgraduate degree. If you’ve exhausted your personal funds and scholarship opportunities, an international student loan can help you cover the rest of your expenses while studying in the U.S.

One option for postgraduate students is MPOWER Financing’s no-collateral international student loan. It offers loan amounts between US$2,001 to US$100,000 at a fixed interest rate, and there’s no cosigner requirement to qualify. MPOWER has supported over 20,000 students in their study abroad journey and may be able to support you as well, check to see if you are eligible. 

 

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Creating a successful study abroad experience in New York

New York is home to some of the nation’s most esteemed and competitive universities.

Choosing to study abroad in the U.S., especially in New York’s diverse and bustling environment, can be a rewarding postgraduate experience.

If you think New York is the place for you to pursue your postgraduate education, then we recommend you’re convinced that advancing your education in New York is right for you, preparation is key you research schools offering  the academic programs that best align with your career goals, verify each school’s graduate admissions requirements and deadlines, and ensure you have proof you can support your education while in the United States.

Navigating an F-1 visa: Preparing for the spring semester in the U.S.

The typical academic year at U.S universities is divided into two semesters: fall and spring. The fall semester usually runs from September to December, while the spring semester goes from January to May. In between, you’ll usually get a three- to four-week long winter break, during which you can relax, travel and prepare for your spring studies. As an F-1 visa student in the U.S., here are some steps you can take to prepare yourself for a successful spring semester.

Learn about your legal requirements 

Your F-1 visa should be valid throughout the course of your program  –  these student visas often last up to five years, depending on the expiration date provided by your university. So while you don’t have to renew your visa along the way, you do have to continue fulfilling U.S. study visa requirements. 

For example, your passport should be valid at least six months into the future (ideally at least six months past the end of your program). If it’s set to expire, head to your country’s consulate in the U.S. or in your home country to renew it. 

Your I-20, a form your school provides to help you get a visa, should also be valid and accurate. And if you leave and re-enter the U.S., your I-94 record should correctly identify your status as an  F-1 visa student. 

As long as your records and passport are accurate and up-to-date, you shouldn’t have any issues with maintaining eligibility for your  F-1 student visa. 

Take a full course load 

As an F-1 visa student, the U.S. Department of Homeland Security says you’re responsible for “fulfilling the purpose for why the Department of State issued you your visa” and “following the regulations associated with that purpose.” 

In terms of academics, that means maintaining a full-time course of study each term, attending all your classes, and maintaining full-time academic progress. Think twice before withdrawing from a class, as doing so could mean you drop below full-time enrollment. 

If you’re struggling with your courses, speak with your designated school official (DSO) about your options. You may be able to reduce your course load in certain circumstances or qualify for an extension of your program of study. 

Stay in touch with your DSO 

Your DSO is the person to talk to if you have questions about the legal requirements of your international student visa or are experiencing challenges with your program. Reach out to your DSO if you’re interested in any of the following: 

If your DSO can’t help, you also have the option of emailing the Student and Exchange Visitor Program (SEVP) at sevp@ice.dhs.gov. ​​ 

Comply with student visa and work guidelines

If you want to work part time while you’re in school, make sure you’ve gained authorization from the appropriate party. This might be your DSO, or it could be the U.S. Citizenship and Immigration Services (USCIS). 

F-1 visa students may be eligible for curricular practical training (CPT) or optional practical training (OPT) after their freshman year. However, working without the proper authorization could mean forfeiting your  F-1 visa and having to leave the U.S. immediately. 

Plan your courses and credits 

You know you have to maintain a full course load in the spring semester to fulfill your F-1 visa requirements, but you may not know exactly what to take. Speak with your DSO and international student services office about your options and credit requirements. 

You might also have an academic advisor who can guide you on which courses to take to fulfill requirements for graduation and your major. Beyond that, look for courses that align with your personal interests and goals. 

You might also speak to fellow students about their course recommendations or experience with a certain class or professor. Being thoughtful about the courses you select can help ensure you have a fulfilling spring semester. 

Get involved on campus 

Spring is a great time to dive into campus life, make friends and experience American culture. Seek out clubs and organizations that align with your interests. Whether you’re into sports, theater, singing, art, board games or another hobby, you’ll likely find a group of like-minded peers. Many schools also have international student clubs that organize events and provide support as you adjust to life in the U.S. 

Keep an eye out for cultural festivals that will give you a firsthand experience of American traditions, too. Holidays and events like St. Patrick’s Day, Passover, Easter and Earth Day can be a great way to connect with others and immerse yourself in the culture. You might also look for opportunities to get off campus and explore your local surroundings. 

All of these activities can help you make friends, have new adventures, and enrich your experience in the U.S. Plus, they could provide a much-needed break from studying. 

Make the most of international student resources 

Adapting to campus life in the U.S. as an international student can be challenging. Make the most of campus resources to get guidance and assistance along the way. 

Your international student services office can help you out, and you may find other useful resources, too, such as free academic tutoring, mental health support and career services. 

Consider whether there are any clubs you want to join or extracurricular activities you’d like to try in addition to your studies. Engaging in campus life is a great way to adjust to the new culture, meet new people and make the most of your time studying in the U.S. 

Learn more about student visa and immigration basics for international study in the U.S. or Canada. 

International study programs: MBA

An MBA is a desirable graduate-level degree for young professionals hoping to climb the corporate ladder, develop leadership skills or pivot to another career. 

For those looking to study abroad in the U.S., it can be hard to know whether an international education in business management will support their career goals. Here’s what to expect from an MBA program, tips for applying and possible career options beyond school.

What’s an MBA program? 

A Master of Business Administration (MBA) is a graduate program, typically two years long, where students become skilled leaders and networkers. Students learn quick and accurate data analysis, business fundamentals and many important soft skills. 

Courses you might encounter in an MBA program include: 

While MBAs typically have broad core curriculums, most programs offer concentrations in various subjects such as business analytics and technology management. Abundant networking possibilities, internships and experiential learning opportunities also contribute to the value of MBA programs. 

What are the benefits of getting an MBA in the U.S.? 

According to the 2024 GMAC Corporate Recruiters Survey, employers continue to express high demand for U.S. MBA graduates in 2024.

MBAs can offer significant return on investment (ROI), but it varies widely between programs. Though it may seem wise at first to avoid costly tuition fees, US News reports that graduates from high-ranking programs earn starting salaries three times higher on average than those who graduate from low-ranking schools.

The initial cost may be higher, but an MBA from a top U.S. institution can pay off in a big way. If your funds fall short, MPOWER offers no-cosigner, no-collateral private loans for students studying at MBA programs in the U.S. and Canada. To help you land a competitive starting salary, MPOWER students get access to exclusive professional development services. These include networking tips, resume building and an F-1 eligible job directory.

For support financing your international education and jumpstarting your dream career in the U.S., apply for an MPOWER loan now.  

How to prepare for an MBA program in the U.S.

An MBA is a huge financial and time commitment. Before commencing your international education, consider the following:

Choose the right program for you

Many applicants rely heavily on MBA rankings when determining which schools to apply to. While rankings are valuable, don’t neglect to consider other important factors such as location, available concentrations, school culture and program length.

Once you’ve found the right programs, check if they’re in MPOWER’s list of 500+ schools for loan eligibility. MPOWER-eligible schools are evaluated based on graduation rate, postgraduation employment rate and alumni earnings. Find your school to determine whether your selected program is available for an MPOWER loan.

Reflect on your career goals

Most MBA applications require a statement of purpose (SOP) in which applicants state their case for admission. There’s no perfect format for an MBA SOP; every school’s prompt will be slightly different. A compelling SOP should clearly state your career goals, why an MBA is crucial for your success, why you belong at that particular school, and what you will contribute. Before applying, clarify your ambitions, talents and why this is the right time in your career for an MBA.

Determine how to finance your MBA

Tackling the financial burden of a top U.S. MBA program can be intimidating. Most students require a combination of loans, scholarships and savings to finance their MBA; however, many lenders don’t accept loan applications from international students. 

MPOWER helps you receive your MBA through no-cosigner and no-collateral international student loans with competitive interest rates and no prepayment penalty. For additional funding, apply for MPOWER’s international MBA scholarship. 

Three jobs you can get with an MBA

An MBA can unlock a wide array of job opportunities for international students. Here are three jobs for MBA graduates with high compensation and excellent job growth forecasts: 

Computer and information systems manager

Annual base pay range: US$105,000-US$182,000

Computer and information systems managers employ technical expertise and managerial competency to direct the technological activities in an organization. They must have the necessary communication skills to coordinate with executives and negotiate with vendors as well as the technical skills to oversee the maintenance of complex computer systems. 

Personal finance advisor

Annual base pay range: US$71,000-US$132,000

Personal financial advisors help manage their client’s money and financial futures. They use interpersonal and analytic reasoning skills to create budgets and retirement plans, offer investment advice and help clients navigate taxes, insurance and mortgages. 

Medical and health services manager

Annual base pay range: US$80,000-US$135,000

Medical and health services managers direct and coordinate the business activities of healthcare facilities such as hospitals and nursing homes. As detail-oriented problem solvers, they keep meticulous records and make sure organizations comply with regulations.

Final thoughts: Getting an MBA in the U.S.

No matter your passion or academic background, an MBA can give you the necessary network, knowledge base and leadership skills to achieve your career goals. 

If you plan on studying in the U.S. and need help financing your MBA program, learn how an MPOWER international student loan can support your education at any of the top MBA programs in the U.S.

Exploring postgraduate universities and funding options in Toronto

More international students are choosing to advance their education in Canada thanks to its safe, multicultural environment and reputation for a quality education. 

According to the Canadian Bureau for International Education, more than 1 million international students were studying in Canada by the end of 2023. The province of Ontario, whose capital is Toronto, hosts the greatest percentage (52%) of study-abroad students.

If you’re thinking about completing a postgraduate study abroad program in Toronto, here’s what to know about the area’s top schools, what to expect with the admissions process, and study abroad advice for a successful experience.

University options in Toronto, Canada 

There are many colleges and universities for international students to consider in Toronto, but these are the three most notable universities, depending on your postgraduate goals.  

University of Toronto 

The University of Toronto offers more than 200 postgraduate programs and is best known as a research powerhouse in fields like medicine and artificial intelligence.

The institution had nearly 6,000 enrolled international graduate students during the fall 2023-24 academic year. Students’ top three home countries were China, India and the United States. 

Tuition costs for international graduate students range from CA$6,210 to CA$46,270 for the 2024-25 school year. This range, however, doesn’t include required non-academic fees.

York University 

York University is a globally recognized research institution offering three campuses to choose from. Its postgraduate programs include health, engineering, business and more.

There are more than 9,600 international students across all academic levels studying abroad at York University in Toronto. The top home countries of its international student population include China, India and Iran.

Tuition and fees for full-time international students are up to CA$43,300, however, costs can vary depending on your graduate program and the academic year or term of your enrollment.

Toronto Metropolitan University 

Formerly Ryerson University, the Toronto Metropolitan University offers graduate programs in engineering and architectural science, science, management and more.

More than 4,000 international students from over 140 countries choose to study abroad at the university during the fall 2023-24 year. 

Full-time tuition and ancillary fees for postgraduate study abroad students vary, based on your chosen graduate program. For example, the students enrolled in the school’s Master of Applied Science Aerospace Engineering program can expect to pay CA$29,289 for the fall 2024-25 academic year, while those pursuing a master’s in data science and analytics can expect tuition and fees at CA$27,219.

Toronto’s postgraduate study abroad admissions checklist 

Once you’ve identified a postgraduate program in Toronto that aligns with your academic and long-term career goals, you’ll need to prepare for Canadian admissions requirements. 

In addition to meeting the university’s academic and language requirements, international students must satisfy Canadian immigration and financial verifications. This includes obtaining a Canada study permit. 

MPOWER Financing has partnered with BorderPass to smooth the study permit application process. MPOWER Financing customers can access an exclusive BorderPass rate to receive study abroad advice from Canadian law professionals, as well as deadline reminders and status updates throughout the process.

Additionally, you must prove you have sufficient funds for tuition and to cover your cost of living while studying in the country.

Funding options for your postgraduate study-abroad education

Students can leverage their personal savings and monetary support from family back home. However, not all students and their families can do so. If you need additional funding sources to pay for your postgraduate education, there are a few options to consider.

Apply for scholarships and grants 

Scholarships and grants are financial aid that doesn’t need to be repaid after leaving school. Each program has different eligibility and application requirements. You can find these aid opportunities through government-sponsored scholarships and university-funded scholarships and grants.

For example, the Canadian Bureau for International Education offers the Global Affairs Canada International Scholarships Program. The program’s Study in Canada Scholarships offer graduate recipients a scholarship award valued at CA$12,700 for five to six months of graduate-level study or research in the country. 

If you were accepted into a Toronto-based university, learn about its available scholarship programs for international students. The University of Toronto, for example, offers a handful of scholarships, including the International Scholar Awards and In-Course Scholarships. 

Search for on-campus jobs and assistantships 

Finding part-time work while studying abroad can be challenging, but it’s possible. To get started, visit your campus’s international students office or career center to browse available part-time jobs on campus. These opportunities often have flexible work schedules that might better fit with your busy postgraduate workload.

Postgraduates can also look into teaching or research assistantships. In these roles, you’ll assist faculty and staff with various tasks and projects, depending on your appointment. 

Explore an international student loan from MPOWER Financing 

An international student loan from MPOWER Financing offers fixed-rate loans for up to US$100,000. This private funding can help you pay for academic costs as well as living expenses while studying in Toronto. 

As an MPOWER customer, you don’t need a cosigner or collateral to secure the loan. Plus, you can access benefits, like an interest rate discount for signing up for autopay and services through our Path2Success program. See if you’re eligible for an MPOWER loan today.

Living in Toronto as a postgraduate study-abroad student 

Living in a new country requires preparation and planning. It’s no different when pursuing a postgraduate study abroad program in Toronto. On top of paying for tuition, fees and mandatory supplies related to your curriculum, you’ll also need to budget in advance for certain expenses.

This includes on- or off-campus housing, utilities, meals, transportation and health care. Read more on how to successfully plan for life while studying in Toronto. 

Having a smooth postgraduate study abroad experience in Toronto 

Meeting Canada’s study permit requirement and your preferred university’s academic criteria will help your chances of starting your postgraduate study abroad journey. But seeing your academic goals through to graduation also involves securing adequate financing to support your education. 

Learn how an MPOWER Financing international student loan can help you fund your postgraduate education. 

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

Budget-friendly ways to enjoy the holiday season in the U.S.

For international students studying abroad on a budget, the holiday season can be an expensive time of year. It might seem impossible to afford gifts and celebrations, and increased travel prices may inhibit you from flying home to see family.

In a season dedicated to community and cheer, it can feel disorienting to be disconnected from loved ones. However, there are ways to navigate this season without breaking the bank or your spirit. Here are five fun, budget-friendly holiday ideas for international students in the U.S.

International student tip: Explore free and affordable local holiday events 

Though it’s hard to miss out on family traditions back home, embrace the opportunity to experience the holidays in the U.S. Many towns and cities host free and affordable holiday events like markets, tree lightings, festivals and parades. These are great places to take in the holiday spirit, try seasonal food and connect with your surrounding community on a budget.

The holiday season is also a perfect time to explore your neighborhood. Take advantage of your time out of the classroom to check out local museums, movie theaters and parks. Be sure to carry your ID with you, as many places offer student discounts.

International student tip: Volunteer 

Volunteering may be the most rewarding affordable holiday activity for international students. It doesn’t cost a thing, and it’s a great opportunity to connect with others over a common cause. 

This holiday season, consider volunteering at a local soup kitchen, charity or place of worship. Serving hot meals or participating in a toy drive can give you a sense of joy and gratitude in what may otherwise feel like a lonely season, helping you manage the holiday stress by centering on what’s really important.

International student tip: Hunt for holiday deals 

The holiday season may be expensive, but most U.S. stores and organizations also offer great holiday deals! You can hunt for bargains at big box stores, local shops or online. Remember to plan ahead: Wisely utilizing holiday discounts can help you maintain your study abroad budget for the year.

Apply for an MPOWER Financing loan if you need help financing your international education. MPOWER offers no-cosigner, no-collateral private loans for international students studying in the U.S. and Canada.

 

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International student tip: Connect with community 

Odds are, you aren’t the only international student staying in the U.S. this holiday season. Even if you don’t observe the same holidays, consider hosting a gathering of friends. Cut costs by having everyone bring their own traditional holiday dish or beverage.

You can also connect with your school’s larger international student community. Check out the international student resources at your MPOWER-eligible school. They likely host free, culturally-specific events for students spending the holidays in the U.S.

Spending time with friends and loved ones is what the holiday season is all about. You can still find meaningful connections and support abroad.

International student tip: Create your own traditions 

Throughout your academic journey, you may spend a few holiday seasons abroad. To make each season more homey than the last, check out these tips for international students looking to create their own, budget-friendly traditions:

If you struggle with your mental health over the holidays, remember you’re not alone. Check out your university’s health and counseling resources for support.

International student tip: Prioritize self-care

Take care of yourself this holiday season with affordable, community-oriented activities.

Spending the holidays abroad as an international student can be stressful and expensive. But, with a little intention, they can also be a time for exploration, connection and self-care.

While looking for inexpensive ways to enjoy the holiday season, don’t forget to start budgeting for the next year of your education. Apply for an MPOWER loan today to secure our lowest rates of the year!

International student success story: From Nigeria to George Washington University

Many international students are familiar with the financial challenges of studying abroad. Ibrahim, a student from Nigeria at George Washington University, faced a daunting reality: his scholarship didn’t cover all his needs. This unexpected financial gap threatened his plans to study in the U.S., but he was able to find a solution with MPOWER Financing.

From challenge to the solution

Ibrahim was thrilled when he received his admission to George Washington University. However, he quickly realized his scholarship offer didn’t cover all his expenses. This issue of partial funding is common among international students eager to study abroad, yet full funding is often hard to secure. In his search for a solution, Ibrahim turned to his friends for advice. They introduced him to MPOWER Financing. He was particularly impressed with MPOWER’s no-cosigner and no-collateral loan, a significant advantage since he had no substantial assets to offer as collateral.

Securing the future 

The straightforward terms of MPOWER’s loans provided Ibrahim immediate relief. With fixed monthly payments, he could plan his finances with certainty. This predictability proved invaluable, especially when securing an on-campus job proved difficult during his first semester. The loan covered not only his tuition fees but also his living expenses, ensuring he could continue his studies without financial worry.

Cultural perspectives on credit

Ibrahim says that back in Africa, there’s widespread apprehension about borrowing. Many fear the repercussions of debt, often worrying about repayment. Ibrahim was no exception. MPOWER’s straightforward approach and absence of requirements such as a cosigner, makes funding more accessible for international students.
“Many people don’t really know that a loan can go a long way to assist you in whatever you’re doing,” Ibrahim says.

Advice from Ibrahim on student loans in Nigeria

Reflecting on his experience, Ibrahim now sees MPOWER as an important resource for international students in the U.S. and Canada. He appreciates how MPOWER’s student-friendly policies ease the transition for those new to a foreign land. He has already recommended MPOWER to three close friends, praising its role in helping students concentrate on what truly matters.

“To avoid all those troubles, take a loan, make your life easier. So that you can focus on what really matters, which is graduating with a good grade and getting a job,” he says.

Final thoughts

Ibrahim’s journey from financial uncertainty to stability illustrates the critical role of financing solutions like MPOWER’s student loan. For those facing similar challenges, MPOWER Financing offers a way to overcome challenges and achieve educational aspirations without compromising on academic focus. If you’re ready to take the next step in your educational journey, discover how MPOWER Financing can help you meet your goals. 

 

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How to monitor your credit report while studying abroad in the U.S.

Building a positive credit history in the U.S. can make life a lot easier, especially if you’re planning to stay in the U.S. after you graduate. Without good credit, it can be tough to open a credit card, buy a car, rent an apartment or qualify for low-interest loans. 

Fortunately, there are steps you can take while you study abroad to establish your credit in the U.S., such as obtaining a credit card and paying your student loans on time. Along the way, you can monitor your credit report and score to make sure your efforts are paying off. 

Learn more about how to monitor your credit as an international student, so you can improve your financial health and set yourself up for future success. 

What’s a credit report? 

Your credit report sums up your financial history in the U.S. There are three main credit bureaus that collect information on your personal credit history to generate your credit report — Equifax, Experian and TransUnion. 

Your creditors, such as credit card companies and student loan providers, send information to the credit bureaus about your accounts and payment history. Future lenders review your credit report to assess whether you’re a responsible borrower. 

The information in your credit report can impact your ability to qualify for a loan, rent an apartment and buy insurance. Some companies also check out your credit report when considering whether to hire you for a job. 

What’s a credit score? 

A credit score is a number between 300 and 850 that represents the information on your credit report. Lenders and credit card companies also consider your credit score when you apply for a new account. 

The higher your score, the easier it will be to qualify for loans and access affordable rates and terms. There are several types of credit scoring companies out there, but the one that lenders rely on the most is your FICO score. 

Your FICO score is calculated based on the following categories: 

4 ways to monitor your credit in the U.S. 

It takes time to build good credit, but you can monitor your progress along the way. Here are four ways to stay on top of your credit in the U.S. 

1. Review your credit report for free 

You can request a free copy of your credit report on a weekly basis from each of the three credit bureaus at AnnualCreditReport.com. On your credit reports, you’ll get a bird’s-eye view of your various accounts, such as student loans or credit cards. However, your credit report does not show your credit score. 

Review all the information on your report to make sure it’s accurate. Creditors get things wrong sometimes, so it’s possible you could see an error on your report. If you spot a mistake, try disputing it with the credit bureau. You can also call your creditor about the issue. 

Mistakes or unusual accounts on your credit report can also be a sign of identity theft. If you find mysterious accounts in your name. It could be a sign someone has stolen your personal information. In that case, you’ll want to freeze your credit and file a report with the Federal Trade Commission. 

2. Use a free credit monitoring service 

Although your credit report won’t show your credit score, you can find your score elsewhere. For instance, there are several free credit monitoring services you can use to check your scores and monitor them over time. 

Some free credit monitoring services include: 

Note that some of these services show your VantageScore, rather than your FICO score. Although the scores will likely be similar, it’s the FICO score that most lenders look at when you apply for a loan or credit card. 

3. Check your scores through your credit card company 

If you have a credit card in the U.S., you may get a free credit score when you sign into your credit card account online or via their mobile app. Many credit card companies will provide your credit score for free and can notify you if they detect changes to your score. 

4. Pay for a credit monitoring plan 

Paying for a credit monitoring plan is also an option if you’re looking for robust identity theft monitoring. However, it’s probably not necessary unless you’re particularly worried about identity theft or have been a victim of it in the past. You can find paid plans from various companies, including: 

Tips for building credit as an international student 

As you monitor your credit in the U.S., here are some steps you can take to improve it over time. 

It usually takes several months to establish a credit score and even longer to build good credit. By paying back your loans on time and managing your finances carefully, you can establish positive credit in the U.S. Review free copies of your credit report on a regular basis and use a credit monitoring service to track your progress and watch your credit score improve over time.

 

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*Rates as low as 9.99% (11.16% APR). This interest rate and APR includes a 0.25% discount for automatic recurring payments.

DISCLAIMER – Subject to credit approval, loans are made by Bank of Lake Mills or MPOWER Financing, PBC. Bank of Lake Mills does not have an ownership interest in MPOWER Financing. Neither MPOWER Financing nor Bank of Lake Mills is affiliated with the school you attended or are attending. Bank of Lake Mills is Member FDIC. None of the information contained in this website constitutes a recommendation, solicitation or offer by MPOWER Financing or its affiliates to buy or sell any securities or other financial instruments or other assets or provide any investment advice or service.

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