Student loans and scholarships for international students from Colombia
Interest among international students from Colombia in studying in the U.S. is at an all-time high, and student loans and scholarships can provide a path toward that goal.
According to the Open Doors 2022/2023 report, there has been a 12.6% increase in the number of Colombian students pursuing study abroad compared to the previous year. With the increased demand for education abroad, more funding opportunities are needed. Let’s take a closer look at two options: student loans and scholarships.
How can you fund your education abroad?
The primary sources of funding for international students, including those from Colombia, are personal funds such as savings or assistance from family members, universities or current employers. However, some students prefer not to rely on gifts or loans from someone close to them. They prefer to take a loan independently, from a private U.S. lender.
MPOWER Financing is a private U.S. lender offering educational loans to international students planning to study in the U.S. and Canada. MPOWER loans don’t require a cosigner or collateral and offer competitive interest rates and loan amounts ranging from US$2,001 to US$100,000 total.
How does a student loan differ from a personal loan?
Student loans are financial tools to assist international students from Colombia to cover the costs of their education abroad. These loans cater specifically to the unique needs and challenges faced by students studying outside their home country.
It’s important not to confuse student loans with personal loans, which are versatile and can be used for various purposes, such as consolidating debt, covering medical expenses, making a large purchase and funding education. Student loans are specifically designed to finance education-related expenses like tuition.
What are the benefits of a student loan?
Student loans often offer more favorable interest rates and flexible repayment options tailored to the unique financial circumstances of students. Like personal loans, some student loans may require a cosigner or collateral, but not all lenders require them. MPOWER Financing, for instance, doesn’t require a cosigner or collateral and determines loan decisions based on students’ future earning potential more than their credit history.
What should I take into account when researching student loans for international students?
First, familiarize yourself with the eligibility criteria. It often includes factors like cosigner requirements and enrollment in an eligible academic program. Make sure to learn about the types of loans available, such as private loans or government-sponsored options. Don’t forget to carefully consider their terms, including interest rates, repayment plans and any associated fees.
Additionally, be aware of the application process and gather all necessary documentation well in advance. It’s important to borrow responsibly and only take out what you need to cover educational expenses.
Stay informed about resources and support services available to international students, including financial aid offices, loan counseling and scholarship opportunities to navigate the complexities of student loans.
Finally, look for student loan lenders that offer additional services catering to international students with other needs. For example, MPOWER Financing student loans automatically include visa support and career guidance through the Path2Success program. Free visa support includes a visa support letter and a visa preparation course. Career services include internship and job search guidance for OPT and H-1B visa sponsored roles, a resume builder and a directory of F-1 eligible job roles for STEM and non-STEM degrees.
Why should Colombian students consider studying abroad in the U.S. or Canada?
One of the main advantages of studying in the U.S. or Canada is having access to world-renowned universities and colleges with the finest academics and innovative research facilities. Additionally, studying in North America provides students with exposure to diverse cultures, fostering a global perspective that’s increasingly valued in today’s interconnected world.
Pursuing higher education in the U.S. or Canada opens doors to a wide range of career opportunities for Colombian students. It enhances employability and earning potential upon graduation. Despite the financial challenges, such as student loans, the long-term benefits of an international education often outweigh the initial investment.
Watch the video below to learn about Andres, an international student from Colombia attending Hult International Business School, his experience abroad and why he chose MPOWER Financing.
Check out the scholarships for international students
In addition to student loans, there are scholarships for international students, offering another avenue of financial support for education abroad. Scholarships are funds awarded to students based on various criteria, including academic merit, financial need, extracurricular achievements or demographic background. Scholarship awards are often based on your achievements or background anywhere in the world, whether it’s in your home country of Colombia or somewhere in the Middle East. Each scholarship will have unique qualifying criteria for you to explore.
Unlike loans, scholarships are particularly attractive because they don’t require repayment, which reduces the financial burden on students post-graduation. Furthermore, scholarships can often cover a wide range of expenses, including tuition, travel costs and living expenses. They can also provide valuable recognition and opportunities for networking, enhancing students’ academic and professional profiles.
Scholarships represent an invaluable resource for international students, enabling them to pursue their educational goals without accruing significant debt, while also fostering academic excellence and diversity within educational institutions.
Don’t forget to explore available MPOWER scholarships and research databases like International Student’s scholarship search and College Board to find the scholarship tailored to your unique strengths and aspirations.
MPOWERing women in STEM
The STEM workforce has traditionally been associated with the male population. However, over the last decade, gender diversification within the field has been increasing. According to the National Science Foundation, between 2011 and 2021, the number of women in STEM grew by 31%, compared to a 15% increase for men.
MPOWER Financing recognizes the dedication and hard work of women worldwide and strives to close the gender gap with an exclusive scholarship for women in STEM. This scholarship is available annually to all women who have been admitted to or are pursuing a STEM program at an MPOWER-approved school in the United States or Canada. For more information on MPOWER’s efforts, please visit our scholarships for international students page.
Final thoughts: Loans and scholarships for students from Colombia
As a student from Colombia planning to study overseas, acquiring a private loan and scholarships can help ease the financial burden of school for you or your family.
You can make your journey abroad memorable and pave the way toward a successful career with an MPOWER Financing student loan. Join other Colombian students like you – apply for an MPOWER loan today!
