Education loan providers

Student loan interest rates

Understand the interest rates offered by financial loan services. Compare fixed vs. variable rates:

• Fixed-rate student loans: Remain constant throughout the life of the loan, offering stability and predictability in your monthly payments.
• Variable rates: Can change based on economic conditions, potentially leading to higher costs over time. It’s important to understand how often the rate can change and the maximum rate possible.

When considering interest rates, calculate the potential long-term costs under different scenarios to determine which option best suits your financial situation.

Repayment terms

Different loan providers offer various repayment terms. Consider:

• Deferment options: Some loans allow you to defer payments while you’re in school, which can help you manage finances during your studies.
• Immediate repayment: Starting repayment immediately during the in-school period can reduce overall costs since you pay down some or all of the interest accruing while you’re in school. After graduation (or after a grace period after graduation) you’ll be required to make principal and interest payments on your outstanding loan balance.
• Income-driven repayment: Payments based on your income after graduation can make loans more manageable but may extend the repayment period and increase the total amount paid.

Understanding the repayment terms and how they align with your financial situation and career prospects is essential for choosing the right loan.

Cosigner requirements

Many private lenders require a U.S. or Canadian cosigner, which can be a significant barrier. A cosigner is often required to guarantee the loan repayment. Look for study abroad financial aid that offers no-cosigner loans if you cannot find a suitable cosigner.

Loan amounts and coverage

Ensure the loan amount offered is sufficient to cover your tuition, living expenses and other education-related costs. This can be particularly important for master’s degree funding where costs may be higher. Some providers may have limits on how much you can borrow. Verify that the loan can cover all your financial needs, including textbooks, equipment and travel costs if necessary.

Support services

Some loan providers offer additional support services, such as career counseling, financial planning and immigration and visa advice. These services can be incredibly beneficial during and after your studies. Access to these resources can help you navigate the complexities of studying overseas and ensure you’re prepared for life after graduation.

The financial aspects of international education can be complex, but MPOWER Financing streamlines this process with a unique approach to no-cosigner, no-collateral private education loans for international students. Here’s what sets MPOWER apart in the landscape of education financing:

• Tailored loan packages: MPOWER offers international student loan amounts ranging from US$2,001 to US$100,000 total, accommodating a wide spectrum of educational expenses, from tuition fees to the cost of living in the U.S. Student loans are designed with your future in mind, providing just what’s needed without overburdening you with debt.
• Fixed and fair interest rates: Student loan interest rates are fixed, protecting borrowers from market fluctuations. You benefit from clear, predictable repayment plans. With auto pay options, there’s an opportunity to obtain a rate discount, reducing the money you pay in interest over the loan’s lifetime.
• No need for cosigners or collateral: One of the most significant barriers for international students is removed by MPOWER’s loan structure, which is a no-cosigner, no-collateral loan model. This opens doors for students who might otherwise be unable to secure funding.
• Path2Success: MPOWER Financing believes funding a student’s education is only the first step to success. That’s why every MPOWER student gains access to exclusive career, immigration and financial resources through its Path2Success program.