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Private international student loans

Private international student loans are loans designed to meet the unique financial needs of international students, like you. Specifically, these loans help you overcome obstacles in securing traditional funding due to lack of collateral or a cosigner.

What are private international student loans?

Private student loans are loans for university students that are offered by private lenders and differ significantly from government-funded loan programs. They’re crafted to support you in financing your education overseas, focusing on the specific challenges you face.

  • Eligibility and requirements: Student loan eligibility for private international student loans typically depends on your creditworthiness. Lenders often require a cosigner with a strong credit history.
  • Loan terms and conditions: The terms of private student loans, such as interest rates and repayment schedules, vary widely among lenders.
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Benefits of private international student loans

Private international student loans are a vital financial solution for you, since, as an international student, you cannot access federal loans or other standard financial aid options.

  • Global reach and inclusivity: These loans enable you to secure funding for your studies in the U.S. or Canada, regardless of your home country. Private loans break down financial barriers for students globally.
  • Tailored financial support: Private lenders often provide loans that can comprehensively cover educational expenses, an important consideration for international students. Expenses include tuition fees and other necessary costs like accommodations, textbooks and meal plans ensuring a more holistic approach to funding education.
  • Adaptable loan structures: Private lenders understand the varied financial backgrounds and future prospects of international students and offer a range of loan structures. You can find loans suited to different career trajectories and interest rate options to accommodate the financial realities of challenging economic backgrounds.

Choosing the right private international student loan

Selecting an appropriate private international student loan is a decision requiring a comprehensive evaluation of factors, including:

  • Interest rates: Compare interest rates offered by different lenders. Look at both variable rates and fixed rate student loans, so you understand how each can affect the total cost of the loan over time. Fixed rates provide stability in repayments, while variable rates can fluctuate with market changes.
  • Repayment terms: Consider how long you have to start repaying the loan after graduation and whether there are options for deferment in case of financial hardship. Some lenders offer grace periods or allow for interest-only payments during studies, which can ease financial pressure.
  • Lender reputations and support services: Research lenders’ historical service reputation, customer reviews and the support they offer international students, such as guidance in applying for a visa, opening a bank account or knowing how to find part-time work in a new country.
  • Additional fees and penalties: Apart from the principal amount and interest, loans typically require additional fees like origination fees, processing fees or penalties for early repayment. Be aware of these potential extra costs and factor them into your decision-making process.
  • Personal and educational goals: Consider how well the loan aligns with personal and educational objectives. This includes evaluating whether the loan amount covers all necessary expenses and if the repayment schedule aligns with career and income expectations post-graduation.

By thoroughly assessing the options for student loans, you can make an informed decision to meet your educational funding needs and support your long-term financial health and career goals.

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Why choose MPOWER Financing?

A student loan through MPOWER Financing allows you to study overseas on your terms. One of the key advantages of MPOWER’s international loan offerings is the absence of a collateral requirement. This means your family’s assets are not at risk, even if you encounter a challenge repaying the loan.

In contrast to collateral-based loans, where a lender might claim the pledged assets if repayments are delayed for 90 days or more, MPOWER’s no collateral loans provide a safeguard. This approach ensures  your family’s assets remain available for other purposes, offering peace of mind.

MPOWER’s commitment extends beyond loans to also include visa and career services through the Path2Success program. Visa services include a free visa support letter and 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.

Explore your student loan eligibility with MPOWER today and take a significant step towards educational independence.

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FAQs

How do private international student loans differ from scholarships and grants?

Unlike international scholarships and grants, which are typically awarded based on merit or need and do not require repayment, private international student loans are borrowed funds that must be repaid with interest. Loans provide more substantial and flexible funding but come with the responsibility of repayment over time.

Can private international student loans be used for part-time studies or online programs?

The eligibility to use private international student loans for part-time studies or online programs varies by lender. Some lenders may allow it, but it’s important to check the specific terms and conditions of each loan to ensure it aligns with your study program.

What happens if I face financial difficulties and struggle to make loan repayments?

If you encounter financial difficulties, it’s crucial to communicate with your lender immediately. Many lenders offer options like deferment or forbearance, allowing temporary suspension or reduction of payments under certain circumstances. However, policies vary, so understanding your lender’s terms before taking a loan is important.

Are there any specific tips for managing the repayment of private international student loans effectively?

Effective management of loan repayment includes creating a budget to track expenses, exploring options for refinancing for better terms, as well as making payments on time to avoid additional fees. It’s also beneficial to pay more than the minimum amount when possible to reduce the principal faster.

Can changes in immigration status affect my eligibility or terms of a private international student loan?

Changes in immigration status can potentially impact the terms or eligibility of your loan. It’s essential to review the lender’s policy regarding changes in immigration status and communicate any such changes promptly to understand how they might affect your loan agreement.

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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