Student Loans for Kenyan Students in the U.S. & Canada

Finding student loans in Kenya to study abroad can be tricky. Many lenders require collateral – something of value like property or assets that the lender can take if the loan is not repaid. Other lenders require a cosigner – someone with verifiable income and a strong credit history who promises to pay back the loan if you cannot.

But there are other ways to fund your education if you’re a student from Kenya pursuing a degree in the U.S. or Canada. In this article we’ll outline other funding sources, including no-cosigner loans and what they cover and how to apply for a no-cosigner education loan from MPOWER Financing.

How to finance your study abroad

There are several types of financial aid for international students available to Kenyan students studying in the U.S. or Canada.

Scholarships. Scholarships are usually awarded to students based on merit or academic success. These are financial awards that do not need to be paid back.
Grants. Grants typically provide funding based on financial need. They do not need to be repaid as long as the requirements of the grant program are met.
Work-study. Some colleges allow international students to participate in work-study programs where they receive financial assistance in exchange for performing certain jobs.
Fellowships. Typically offered to graduate students, fellowships provide financial assistance while also helping international students increase their professional and academic skills through research, training or other pursuits.
Student loans. When money received from scholarships, grants, fellowships and work-study opportunities doesn’t cover the entire cost of education, student loans can help a great deal. Loans must be paid back, typically with interest and added fees.

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Types of international student loans in Kenya

Kenyan students aren’t usually eligible for student loans from the U.S. federal government. That means private loans from banks and other financial institutions are likely the best option.

When comparing loans for study abroad, you’ll find lenders offering two types of private international student loans.

Student loans requiring a cosigner or collateral

Because lending money to students can be risky, lenders often require some kind of collateral or a cosigner on the loan. This lowers the risk of financial losses for the lender if the student can’t repay the loan. For many students, however, finding enough collateral can be difficult since the cost of college in the U.S. and Canada can be quite high. Finding cosigners can be hard, too, since they must be residents of the U.S. or Canada who are willing to take on the responsibility of paying back the loan if the student defaults.

Student loans without a cosigner or collateral

No-cosigner student loans are available from select lenders in the U.S. and Canada. These lenders make loans based on a student’s future potential rather than the presence of collateral or a cosigner. That means students don’t need to rely on their parents or families to help pay for the cost of their education.

What expenses do international student loans cover?

When you apply for student loans in Kenya to study in the U.S. or Canada, the money can be used to cover most of your educational expenses.

Tuition will likely be your largest expense each year. The money from student loans is usually sent directly to the college or university to cover tuition. Loans for study at eligible schools in Canada will cover tuition costs, while loans at U.S. schools will cover tuition as well as other costs, such as:

Room and board. Your student loan can help cover the cost of dorms and meal plans on campus or the cost of renting an apartment off campus.
Fees. At many schools, you may have fees for technology, health insurance, activities, recreation centers and even fees to cover the cost of special services for international students.
Books and supplies. The cost of books as well as computers, printers, notebooks and other supplies should be covered by your student loan.
Travel. If you will be traveling to school from an off-campus location via car, bus, train or ridesharing services, the cost of your commute can be paid for by your loan. Most loans will also help pay for your flights home during school breaks.
Miscellaneous. Expenses for meals, clothing, cell phone plans and other costs of studying abroad may also be covered by your student loan.

MPOWER: No-cosigner international student loans

When you’re looking for no-cosigner international student loans in Kenya, consider everything that MPOWER Financing has to offer. MPOWER offers student loans for studying overseas that don’t require a cosigner or collateral. MPOWER loans may be used for study at 400+ schools in the U.S. or Canada. Kenyan students may borrow up to US$100,000 total at competitive interest rates to achieve their goal of getting a degree abroad.

When you work with MPOWER Financing on getting a student loan, here’s what you can expect:

Discounts: Get a 0.25% interest rate discount when you make payments automatically.
Educational options: MPOWER loans support students at 400+ schools in the U.S. and Canada.
Fixed interest rates: Your rates won’t change, and your monthly payment will remain the same.
10-year repayment: After you graduate, you’ll be able to pay back your loan over 10 years, with no penalties for paying off your loan early. There are no penalties for prepaying your loan.
Interest-only payments at the start: You’ll only need to pay the interest on your loan while you’re at school and for six months after graduation.
Visa support: We provide a free visa support letter and a visa prep course, so you can be fully prepared for your visa interview through MPOWER’s Path2Success program.
Financial services: Once approved for an MPOWER loan you are prequalified for a U.S. credit card and no-minimum-balance bank account, so you’ll have access to U.S. currency immediately once you enter the country.
Career services: An MPOWER loan also includes a guided internship/job search tool for students with F-1 and H-1B visas and OPT. MPOWER also provides job application support, a resume builder and a directory of F-1 eligible job roles for STEM and non-STEM degrees to help jump-start your search.

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FAQs

Am I eligible to apply for an MPOWER loan?

To apply for MPOWER Financing student loans from Kenya, you’ll need to be an undergraduate or graduate student within two years of graduating – or a student about to begin a one- or two-year program – admitted to or attending one of 400+ approved schools in the U.S. or Canada.

How do I apply for an MPOWER student loan in Kenya?

Since the MPOWER Financing loan application is totally online, it’s easy to apply for student loans from Kenya. Check your eligibility and learn more about how to apply for student loans.

When should I apply for an international student loan in Kenya?

It may take several weeks or a few months to get your student loan, so it’s best to start the process early. At most schools, you’ll need to pay for tuition before classes start. Apply two to three months before school begins to ensure that your funds are available in time.

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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Student loans in Kenya for study abroad