Getting a student loan requires research and understanding the different types of loans, such as private international student loans, and important features of student loans such as collateral and cosigners. Each type of loan offers distinct advantages and challenges.
Whether it’s an education loan in the U.S. or Canada, the right financial support can significantly impact your educational experience as an international student and help set you up for success. This guide will help you make an informed choice for study abroad funding.
The process of getting a student loan for international students
Getting a student loan as an international student requires several steps:
Experience Financial Empowerment
Have questions about financing your education? Want to know more about topics like fixed-rate private international student loans?
Challenges in getting student loans for international students
International students may encounter several obstacles when getting a student loan:
Create a financial plan for your international studies
Although student loans can fund a majority of your international education, it pays off to have a broader financial plan. Make sure you consider these factors:
Working with MPOWER Financing
MPOWER Financing is more than just a student loan provider. It’s a mission-driven fintech firm with an objective of eliminating financial barriers to higher education. While getting a student loan is one aspect of their services, MPOWER also extends its support to other essential needs, such as visa and career services. Here’s how MPOWER sets itself apart from other student loan lenders.
Flexible funding: MPOWER’s student loans aren’t limited solely to covering tuition fees. In the U.S. funds can be used for a wide range of expenses, including international health insurance, textbooks, meal plans and housing.
No cosigner or collateral required: What truly sets MPOWER apart from many private student loan lenders is the approach to loan decisions: evaluating your future potential as a student rather than your past financial history. As a result, MPOWER doesn’t demand a cosigner or collateral, making the process more accessible and less burdensome for aspiring scholars.
Understanding your needs: Founded by individuals who were once international students, the MPOWER team has a deep appreciation of the challenges students face when studying abroad.
Comprehensive support for international students: MPOWER Financing believes funding a student’s education is only the first step to success – not the last. That’s why every MPOWER student gains access to exclusive career, immigration and financial resources through its Path2Success program.
MPOWER Student Loan
A loan based on your future earnings
FAQs
Key considerations include understanding the types of loans available, eligibility criteria, interest rates, repayment terms and the impact on credit history.
There are some student loan lenders that offer private international student loans without requiring a cosigner. Students looking to study overseas should also look for lenders that offer no collateral loan, as this can also be a significant burden and risk when looking to study abroad in the U.S. or Canada.
Uncollateralized loans eliminate the need for collateral, making them more accessible for students who may not have significant assets or family funding.
Student loan eligibility for online or part-time programs can vary by lender. It’s important to check with individual lenders about their policies regarding these types of programs.
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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