Act now! Lock in rates as low as 9.99% (10.89% APR)* for the fall 2025 semester!

What are no-collateral student loans?

Navigating the world of student loans can be a daunting task, especially for international students. One term that often comes up is “no-collateral loans.” But what exactly does this mean, and why is it important for international students?
No-collateral loans, also known as unsecured loans, don’t require an asset (like a house or car) to secure the loan. This is particularly relevant for international students who may not have assets in the country they’re studying in. Traditional banks often require collateral or a cosigner, which can be a significant barrier for international students. No-collateral loans remove this hurdle, making higher education more accessible.

How do no-collateral loans work for international students?

No-collateral loans offer several benefits for international students. First and foremost, they provide access to education financing without needing a cosigner or collateral. This is a huge benefit for many international students excluded from traditional financing options.
No-collateral education loans can be used to cover a range of expenses in the U.S. – from tuition and books, housing and food to international health insurance.

Finally, no-collateral loans can provide peace of mind. Without the threat of losing an asset, international students can focus on what matters – their studies and future careers.

portrait-of-asian-architecture-student-in-eramus-u-2022-11-17-16-22-25-utc 1

Explore Financial Empowerment Resources

Get the financial resources you need to take charge of your future.

read more

MPOWER Financing approach to no-collateral loans

MPOWER Financing international education loans stand out due to the absence of a collateral requirement, which often presents a substantial financial burden on families. Instead, lending decisions at MPOWER are grounded on an individual’s potential and future prospects.

A typical customer at MPOWER borrows US$30,000 for their degree program.

During the loan application process, you’ll be asked to provide documentation of any funds your family contributes toward your education. This is a step to ensure that all financial resources are accounted for to meet the full cost of your degree and to prevent any financial shortfall after loan approval.

Why choose MPOWER?

Getting an MPOWER international student loan to study in the U.S. or Canada allows you to maintain a certain level of independence from your family – putting your education in your control.

MPOWER’s no-collateral loan feature ensures your relatives’ assets remain untouched even in the event of payment difficulties. In addition, your family can focus their financial priorities on siblings or retirement.
With collateral secured loans, if you run into financial difficulties and cannot pay your student loan for 90 days or more, the lender could seize the collateral your family pledged. By choosing an MPOWER no-collateral education loan, you can avoid all this – and keep your family’s assets free for other uses.

The MPOWER team supports students with its Path2Success program. This initiative encompasses complimentary résumé reviews and a 30-minute career consultation upon request for every borrower, alongside access to live and prerecorded webinars covering a spectrum of topics from employment and immigration to work authorization.
Jump-start your higher education journey and unlock new opportunities by applying for a no-collateral loan today and get insight into your student loan eligibility.

portrait-of-asian-architecture-student-in-eramus-u-2022-11-17-16-22-25-utc 1

MPOWER Financing Student Loan

A loan based on your future earnings

Apply now

FAQs

What is a no-collateral loan?

A no-collateral loan is a loan that doesn’t require an asset to secure it. This is particularly beneficial for international students who may not have collateral they can provide to secure an education loan.

Who is eligible for MPOWER Financing no-collateral loans?

You could be eligible for an MPOWER Financing student loan if you’re:

    • An undergraduate or graduate student within two years of graduating
    • A student about to begin a one-year or two-year graduate program
    • An international student, DACA recipient, U.S. citizen, refugee or asylum-seeker
    • Admitted to or attending one of MPOWER’s 400+ approved schools in the U.S. or Canada
What are MPOWER Financing no-collateral loan terms?

MPOWER student loans provide benefits beyond funding for every type of student:

    • Loans fund up to 100% of education expenses, including living expenses for schools in the U.S.
    • You can get visa support, career services and build your credit history by making on-time payments
    • Interest accrual does not start until the funds are disbursed, and your first interest-only loan payment will be due about 30 days after that date
Can I get a student loan if I don’t have a cosigner or collateral?

Yes, with MPOWER Financing, you can. We specialize in providing no-collateral loans to international and DACA students without needing a cosigner.

*Rates as low as 9.99% (10.89% APR) available only for the fall 2025 semester and you must submit your application by December 31, 2024. 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.

2024 © MPOWER Financing, Public Benefit Corporation NMLS ID #1233542

U.S. office India office
1101 Connecticut Ave. NW Suite 900, Washington, DC 20036 The Cube at Karle Town Center, 9th Floor, 100 Ft, Nada Prabhu Kempe GowdaMain Road, Next to Nagavara, Bengaluru, Karnataka 560045, India
Apply Now