Student loans and scholarships for international students from Mexico
International students tend to be unable to find funding in their home country for studying abroad, and Mexico is no exception. Still, there are plenty of financing options available elsewhere, including private, out-of-country, school lenders and scholarship providers.
Let’s take a closer look at available funding sources and how international students can access them.
Fund education your abroad with a student loan from MPOWER Financing
In the U.S., student loans can be federal or private. Federal loans are available only for U.S. citizens and eligible noncitizens. International students who are on F-1, J-1 or TN visas are not eligible for federal loans. The only option for Mexican students to obtain an education loan to study abroad is from private lenders.
MPOWER Financing is a private lender that specializes in offering loans to international students worldwide. MPOWER’s mission is to help foreign nationals get an education abroad without financial hurdles. That’s why MPOWER loans don’t require a cosigner or collateral, and eligible students are able to borrow between US$2,001 and US$100,000.
How to apply for an MPOWER student loan
Student loans from MPOWER Financing are available to all foreign nationals who are pursuing or going to pursue undergraduate or graduate programs in the U.S. or Canada. Currently, MPOWER supports students at 400+ schools across North America. In order to apply for a loan, students can fill out an easy online application, which takes minutes to complete. Promptly after that, they’ll quickly receive a conditional loan offer letter.
When to apply for an international student loan
Approval and disbursement of international student loans can take several weeks or even months. Hence, if you’re planning on applying for a loan, starting the application process early ensures that the necessary funds are available in a timely manner. To determine the appropriate timeline for applying for an international student loan, consider your school’s tuition payment deadline, which is typically set at the beginning of each semester.
MPOWER Financing offers the flexibility for students, like you, to apply for a loan, allowing you to start the application process as early as 12 months before the program start date and as late as two months before commencement.
The application process includes providing personal information and the necessary documentation, such as enrollment letters and school transcripts. Beginning this process three to four months before the required funds are due helps manage potential delays in approval, enrollment certification and disbursement, ensuring that the financial aspect of education is handled efficiently.
Check out scholarships for Mexican students
Getting a loan from a private lender isn’t the only funding option for students from Mexico. There are many scholarships available that are based on various criteria, such as academic achievements, program of study, country of origin and others.
For example, the University of Texas at El Paso (UTEP) provides a unique scholarship for international students from Mexico. It allows Mexican students to pay the same amount of tuition as residents of Texas and is available only to students attending UTEP. However, it doesn’t mean that Mexican students can get a scholarship or tuition assistance at UTEP only.
Make sure to explore MPOWER scholarships, International Education and Financial Aid, College Board and International Student’s scholarship search to get a full spectrum of financial aid available to you.
Final thoughts: Loans and scholarships for Mexican students
If you live in Mexico and need help financing your education abroad, private student loans and scholarships are your best options for funding. Be sure to look for lenders and scholarship providers that cater to international students.
MPOWER Financing offers scholarships and no-cosigner loans created with international students, like you, in mind. Besides funding, MPOWER loans automatically include visa support and career guidance through the Path2Success program. Free visa support includes visa support letters 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.
Interested in an MPOWER Financing loan?
