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Postgraduate international student loans

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Ready to take on postgraduate studies in the U.S. or Canada? Postgraduate loans can make it happen. These financial tools help international students like you cover tuition, living expenses and other costs. This article breaks down the process of getting a postgraduate international student loan, from researching your options to repayment. Let’s dive in.

Step 1: Researching your postgraduate international student loan options

Before applying for a postgraduate loan, you should research and understand the options available as an international student. Here’s how to approach the process:

Identify loan providers

International students in the U.S. and Canada have access to private student loans and institution-specific loans. Federal loans are generally unavailable, but private lenders specialize in offering loans tailored to international students.

  • Private loans: Offered by banks, credit unions or specialized lenders, these postgraduate education loans can help cover tuition, living expenses and other fees. Some lenders require a U.S. or Canadian cosigner, while others provide no-cosigner loans based on your future earning potential.
  • Institution-sponsored loans: Some universities offer institutional loans to international students. These can come with favorable terms but may be limited in availability. Check with your university’s financial aid office for details.

Compare student loan interest rates and loan terms

When comparing loans, look at:

  • Fixed-rate student loans vs. variable interest rates: Fixed rates remain constant, while variable rates fluctuate based on market conditions.
  • Loan repayment periods: These vary from lender to lender. Consider how long you’ll have to repay the loan and whether payments are deferred until after graduation.
  • Loan amounts: Ensure that the loan covers both tuition and living expenses if needed.

Check eligibility requirements

Eligibility criteria for postgraduate international student loans can differ depending on the lender. Some require a cosigner, while others focus on your future career prospects and the reputation of your degree program. Research lenders that cater specifically to international students for easier applications. Some specialized lenders, like MPOWER, also offer career and visa support services for international students.

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Step 2: Prepare for the loan application

Once you’ve identified potential lenders, the next step is gathering all required documentation and submitting your application.

Gather required documentation

Postgraduate international student loans generally require specific documents to verify your identity, financial situation and academic standing. These may include:

  • Proof of admission to a postgraduate program in the U.S. or Canada
  • Financial documents (bank statements, proof of income or your cosigner’s financial documents if required)
  • Academic history or transcripts
  • Personal identification, such as a passport and visa information

Submit the application

Most lenders allow online applications. During the application process:

  • Double-check that all documents are submitted.
  • Provide accurate contact details.
  • Carefully review the loan terms and make sure they align with your financial plans.

Once submitted, the review process typically takes a few weeks. Some lenders may require an interview or additional information.

Step 3: Managing your postgraduate international student loan during studies

While studying, you may or may not be required to make payments, depending on your loan terms.

Deferment options

Many postgraduate international student loans offer deferment, meaning you won’t have to begin making payments until after you graduate. However, interest may accrue during this period which can dramatically increase the overall cost of the loan.

Budget for living expenses

Even with a loan, it’s essential to follow good practices for study abroad budgeting. Factor in housing, food, transportation and insurance when planning your loan amount and confirm with your lender if you’re able to borrow funds for those items.

Repayment strategies

Repaying your loan is a crucial part of the process, and it’s important to plan ahead for how you’ll manage this debt after graduation.

Understanding your repayment terms

Most loans offer a grace period of 6-12 months after graduation before repayment begins. Review your repayment plan carefully:

  • Standard repayment: Fixed monthly payments over a set term, typically 10 to 20 years.
  • Graduated repayment: Payments start lower and gradually increase over time.
  • Income-based repayment: Payments are adjusted based on your income after graduation.

Consider refinancing

Once you’ve secured a stable job, refinancing your loan can help lower your interest rate or monthly payments. Many lenders offer refinancing options, which could save you money over the loan term.

Build your credit history

Repaying your loan on time is part of how to build credit in the U.S., which is crucial for future financial decisions, such as securing a mortgage or car loan.

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About MPOWER Financing

MPOWER Financing offers a unique and holistic approach to supporting international students, making the financial and personal aspects of studying abroad more manageable.

  • Flexible loan options for postgraduate needs: MPOWER’s loans are designed to cover more than just tuition. Postgraduate students can use funds for housing, textbooks, meal plans and even international health insurance, making it easier to manage all aspects of life while pursuing an advanced degree in the U.S.
  • Inclusive, accessible loan terms: MPOWER understands the unique financial situations of international postgraduate students. With no cosigner or collateral required, and a focus on the student’s future potential rather than past financial history, MPOWER opens the door to financial support for a diverse range of students.
  • Expert guidance for postgraduate international students: As a company founded by former international students, MPOWER recognizes the complexities of studying abroad. They offer tailored advice to help postgraduate students navigate critical areas such as securing the right international health insurance, meeting both personal and university requirements.
  • Holistic support beyond loans: MPOWER’s assistance goes beyond just financing. They offer resources and guidance to help postgraduate international students adjust to life in a new country, manage financial planning and prepare for long-term success in their careers and personal lives.

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FAQs

What’s the difference between cosigner and no-cosigner loans?

Cosigner loans require a U.S. or Canadian citizen or permanent resident to guarantee the loan. No-cosigner postgraduate student loans assess your future earning potential and academic background instead.

How do I choose between a cosigner and no-cosigner loan?

A cosigner loan typically offers better terms, such as lower interest rates, but requires a U.S. citizen or permanent resident to cosign. No-cosigner loans, on the other hand, are more accessible for international students without local financial support but may come with higher interest rates. Compare lenders and consider your long-term financial situation before deciding.

How do I manage loan repayments after graduation?

After graduation, students usually use savings or secure a job that allows them to pay back the loan. If you’ve graduated and struggle to pay off your loan, many postgraduate international student loans offer a grace period before repayments begin. This extra time helps students explore new payment solutions.

What happens if I can’t repay my loan on time?

If you anticipate difficulties in repayment, contact your lender immediately. Many lenders offer deferment or forbearance options in cases of financial hardship, but missing payments without communication can harm your credit score.

*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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