International Graduate Student Loans in the US and Canada

Graduate programs can be expensive, especially for international students, and while international scholarships and personal savings can help, they often don’t cover the full cost. That’s where international graduate student loans come in, providing the financial support needed to bridge the gap and ensure you can focus on your studies without financial stress. This article will help you understand your options and navigate the loan process.

Why consider international graduate student loans?

International graduate student loan programs can help pay for the high costs of a graduate university program in the U.S. or Canada. Here are some of the common reasons you might consider an international graduate student loan

Covering high tuition costs: Graduate programs, especially in business and medicine, can have significantly higher tuition fees than undergraduate programs. International student loans can help manage these costs over time.
Living expenses: In the U.S., loans can also cover living expenses, such as housing, food, transportation and international student health insurance, allowing you to focus on your studies without worrying about day-to-day expenses.
Building credit history: Timely repayments on a student loan can help you build a credit history in your host country, which can be beneficial for future financial endeavors, such as securing a mortgage or car loan.

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Types of international graduate student loans

Private loans

Private loans are offered by banks, credit unions, education loan providers and other financial institutions. These loans often require a cosigner who is a U.S. or Canadian citizen or permanent resident. Student loan interest rates for private loans can vary. They may be fixed or variable depending on the lender.

Pros: In the US, private loans can cover the full cost of education, including tuition, living expenses and other related costs.
Cons: May require a cosigner with a strong credit history. Interest rates can be higher than other loan types, particularly if you don’t have a cosigner.

No-cosigner student loans

Fortunately, some lenders offer no-cosigner loans specifically for international students. These typically consider your future earning potential rather than your current financial status or credit history in the host country.

Pros: Eliminates the need to find a cosigner. Designed with international students in mind, often with favorable terms.
Cons: May have stricter eligibility criteria and higher interest rates compared to loans with a cosigner.

4 factors to consider when choosing an international graduate student loan

Student loan interest rates

Interest rates can significantly impact the total cost of a student loan. Fixed interest rates remain constant throughout the loan term, while variable rates can fluctuate based on market conditions. Make sure you understand the implications this could have on the total cost of the loan.

Repayment terms

Repayment terms vary by lender, including options for deferment, interest-only payments, or immediate repayment. Consider how these terms align with your financial situation during and after your studies.

Loan amounts

Ensure the loan amount is sufficient to cover all your educational and living expenses. Some loans have minimum and maximum borrowing limits, so it’s crucial to verify your needs will be met.

Loan eligibility and requirements

Different education loan providers have varying eligibility criteria, including your enrollment status, program of study, and credit history. Some loans are only available to students in certain fields, such as STEM or business programs, so make sure to choose a loan that fits your academic profile.

How to apply for an international graduate student loan

Research your options: Start by researching the various student loan types available to you. Compare interest rates, repayment terms and eligibility requirements to find the best fit for your needs.
Prepare your documentation: Lenders will typically require documentation such as proof of enrollment, financial statements and identification. If a cosigner is required, their financial information will also be needed.
Submit your application: Once you’ve chosen a loan, submit your application through the lender’s website. Ensure all information is accurate and complete to avoid delays.
Review and sign your loan agreement: If approved, carefully review the loan agreement before signing. Make sure you understand the terms and conditions, including interest rates and repayment obligations.
Manage your loan responsibly: Once your loan is disbursed, it’s essential to manage it responsibly. Make timely payments, stay in contact with your lender and follow good study abroad budgeting practices.

The MPOWER Financing difference

Choosing MPOWER Financing is opting for a supportive entity in your educational journey abroad. MPOWER isn’t merely a student loan provider; it’s a collective effort initiated by former international students, with a focus on facilitating financing for international students’ education as well as visa, career and financial services to increase a student’s success.

No cosigner or collateral required: Unlike some lenders, MPOWER doesn’t ask for a cosigner or collateral for our loans. The MPOWER team believes in your potential and is willing to invest in your future.

Career strategy services: MPOWER offers more than just financial support. It facilitates career strategy services that help you identify internships and jobs that are eligible for individuals on student visas. MPOWER is here to help you navigate the job market and make the most of your degree.

Support for international and DACA students: MPOWER’s primary customers are international and DACA students studying in the United States and Canada. Your unique challenges are understood, and there’s a commitment to providing solutions tailored to your needs.

Scholarships for global leaders: MPOWER offers a variety of international student scholarships designed to support future leaders from around the globe. Scholarships range from US$1,000 to US$10,000, providing substantial financial support for students.

Monthly scholarship opportunities: MPOWER offers unique monthly scholarship opportunities with varying topics like back to school and how you’ve tackled a challenge to better yourself or your community. This means more chances for you to secure financial support for your studies.

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FAQs

Can international students get loans without a cosigner?

Yes, some lenders offer no-cosigner loans specifically designed for international students. These loans typically evaluate your future earning potential rather than relying solely on credit history or a cosigner.

What are the interest rates like for international student loans?

Interest rates vary depending on the lender, loan type and whether or not you have a cosigner. It’s important to compare rates and understand how they will affect the total cost of your loan.

How much can I borrow with an international student loan?

Loan amounts vary by lender but generally cover tuition, living expenses and other educational costs. Be sure to check the borrowing limits to ensure the loan meets your financial needs.

What happens if I can’t make my loan payments?

If you’re having trouble making payments, contact your lender immediately. Some lenders offer deferment or forbearance options that temporarily reduce or pause your payments.

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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International graduate student loans