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Master’s degree funding

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International students have several options to fund their master’s degrees in the U.S. or Canada. These financial resources can help cover tuition and living expenses across various graduate programs, from MBAs to engineering. This guide outlines different funding sources, including grants, assistantships, fellowships and loans. Understanding these options will help you plan your finances and focus on your studies.

How can international students acquire master's degree funding?

International scholarships

Scholarships for master’s programs are a widely recognized form of financial aid that don’t require repayment. They can be awarded based on merit, need or specific criteria related to your field of study. Although competitive, scholarships are an essential part of funding your education.

  • Merit-based scholarships: Awarded for academic excellence or other achievements
  • Need-based scholarships: Given to students who demonstrate financial need
  • Field-specific scholarships: Targeted at students in particular disciplines like STEM, business or the arts

Grants

Grants, like scholarships, don’t need to be repaid, though recipients may need to meet and maintain certain criteria. Grants are often awarded based on financial need, academic achievements, or specific research projects. They can come from governments, universities or private organizations.

  • Research grants: These are available for students proposing innovative research aligned with the grantor’s interests.
  • Project-specific grants: These may cover specific educational expenses like thesis projects or fieldwork.

Assistantships

Assistantships provide both financial support and professional experience. They typically involve part-time work at your university in exchange for a stipend, tuition waiver or both. This option is especially valuable for graduate students looking to gain relevant work experience.

  • Teaching assistantship (TA): Involves helping with undergraduate courses, grading or leading discussion groups.
  • Research assistantship (RA): Focuses on supporting faculty research, often within your field of study.

Fellowships

Fellowships are prestigious awards that often include a stipend, tuition coverage and additional resources for professional development. They’re usually granted to students with exceptional academic records, research potential or leadership qualities.

  • Institutional fellowships: Offered by universities to attract top students
  • External fellowships: Provided by government programs or private organizations, often with specific eligibility criteria

Student loans

Loans are a common method of funding education, especially for international students. While they must be repaid, loans offer flexibility in covering tuition and living expenses. Private student loans are most accessible for international students, particularly loans that don’t require a cosigner.

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Tips for securing master’s degree funding

Start your search early

Begin looking for funding opportunities well in advance of your program’s start date. Many scholarships for master’s programs, grants and fellowships have early deadlines, and securing funding early can reduce stress as you approach your start date.

Diversify your funding sources

Don’t rely solely on one type of funding. Apply for a mix of international scholarships, grants, assistantships and loans to maximize your chances of securing the necessary financial support.

Tailor your applications

Customize your applications for each funding source, emphasizing your unique qualifications and how they align with the goals of the scholarship, grant or assistantship.

Seek guidance from your university

University financial aid offices and international student advisors can provide invaluable support during the application process, helping you identify and apply for the most relevant funding opportunities.

5 common mistakes when seeking master’s degree funding

1. Overlooking lesser-known funding sources

Many students focus solely on well-known scholarships or loans and miss out on smaller grants, fellowships or assistantships that could provide significant support.

How to avoid it: Research thoroughly and explore all available funding options, including those offered by smaller organizations or specific to your field of study.

2. Missing deadlines

Applying for funding requires careful attention to deadlines. Missing a deadline can mean losing out on a valuable opportunity to fund your education.

How to avoid it: Create a calendar with all application deadlines and set reminders well in advance. Submit your applications early to avoid last-minute issues.

3. Underestimating the total cost of education

Some students fail to account for all expenses, such as living costs, books, supplies and hidden fees, leading to insufficient funding.

How to avoid it: Calculate the total cost of your education, including all possible expenses. Use this estimate to guide your funding applications and ensure you’re seeking enough support.

4. Taking on excessive loan debt

Relying too heavily on loans without considering repayment terms and interest rates can lead to financial difficulties after graduation.

How to avoid it: Only borrow what you need and carefully compare loan options. Consider the long-term implications of loan repayment and seek advice from financial aid counselors. Make sure you follow good study abroad budgeting practices.

5. Not applying to multiple funding sources

Some students limit themselves to applying for one or two scholarships or grants, reducing their chances of securing adequate funding.

How to avoid it: Apply to as many relevant funding opportunities as possible. Diversifying your applications increases your chances of receiving multiple awards.

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About MPOWER Financing

MPOWER Financing offers an innovative approach to educational loans specifically designed for international graduate students who often face hurdles in securing traditional financing. By focusing on your future potential rather than financial history or the need for a cosigner or collateral, MPOWER broadens the horizon for global learners. Here’s what makes MPOWER different:

  • Broad eligibility and tailored loans: Catering to students from over 200 nationalities enrolled in more than 400 schools across the U.S. and Canada, MPOWER’s loan packages are inclusive and comprehensive, offering amounts ranging from US$2,001 to $100,000 to cover a wide spectrum of master’s degree funding needs.
  • Build credit and financial independence: A unique advantage of MPOWER’s student loans is the opportunity for you to build a U.S. credit history with every on-time payment, paving the way to financial independence in your host country.
  • Streamlined application and fixed rates: The application process at MPOWER is designed for efficiency, with a quick eligibility check when you start an application and timely updates post-application. The fixed interest rates on student loans provide a shield against economic fluctuations, ensuring stability and predictability in repayment plans.
  • Benefits beyond funding: MPOWER Financing believes that funding your international education is only the first step to success – not the last. That’s why every MPOWER student gains access to exclusive career, visa and financial resources through its Path2Success program.
  • Understanding international student challenges: MPOWER’s offerings are rooted in a deep understanding of the unique challenges international students face, particularly being unable to secure a cosigner. MPOWER is a preferred option for international learners seeking reliable, fair and supportive educational financing.

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FAQs

What’s the difference between scholarships and fellowships?

Scholarships are generally awarded based on merit or financial need and cover tuition and sometimes living expenses. Fellowships typically offer a stipend, tuition coverage and additional professional development resources and are often more competitive and prestigious.

Can I combine different funding sources to cover my expenses?

Yes, many students use a combination of scholarships, grants, assistantships and loans to fully fund their education. Be sure to check the terms of each funding source to ensure there are no restrictions on combining awards.

Are there loans available for international students without a U.S. cosigner?

Yes, some lenders offer no-cosigner loans specifically for international students. These loans typically consider your future earning potential rather than your credit history or the presence of a cosigner.

How can I find assistantships and fellowships at my university?

Check your university’s graduate school or departmental websites for information on available assistantships and fellowships. Faculty members and academic advisors can also provide insights into these opportunities.

*Rates as low as 9.99% (10.89% APR) available only for the fall 2025 semester, and you must submit your application by January 31, 2025. This interest rate and APR includes a 0.25% discount for automatic recurring payments and a 0.75% discount from our limited-time early planner promotion.

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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