Private Graduate Student Loans for International Students

Securing master’s degree funding for graduate studies in the U.S. or Canada can be challenging, especially for international students. Private graduate student loans are a vital resource to bridge the gap between available funds and the high costs of tuition and living expenses.

Understanding private graduate student loans

Lenders, such as banks, credit unions and specialized financial institutions, offer international private graduate student loans to help students pay for their graduate education. These student loans can cover tuition, living expenses, books and other educational costs.

Eligibility criteria

International students face more stringent private loan eligibility criteria than domestic students. Key requirements often include:

Cosigner requirements: Many education loan providers require a U.S. or Canadian citizen or permanent resident to cosign the loan. This can be a significant barrier for international students who may not have local contacts willing or able to cosign.
Credit history: Lenders usually require a good credit history. International students often lack a U.S. or Canadian credit history, making it harder to qualify.
Enrollment status: Students must be enrolled in a graduate program at an accredited institution on at least a part-time basis.

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Key considerations for choosing a private graduate student loan

Student loan interest rates

Understand the difference between fixed and variable interest rates. Fixed rates student loans remain constant throughout the loan term, while variable rates can change based on market conditions. This is particularly important for long-term planning for expensive graduate programs.

Repayment terms

Evaluate different repayment options, such as deferment, interest-only payments and immediate repayment. Consider how these terms align with your financial situation and career prospects, especially as you transition from student to professional.

Loan amounts and coverage

Ensure the international loan amount is sufficient to cover your tuition, living expenses and other costs. Graduate degrees, especially in STEM fields, can be costly. Verify whether the lender imposes any borrowing limits and confirm that the graduate international student loan covers all your educational expenses.

Support services

Look for lenders that offer additional support services, such as financial planning, career counseling and immigration or visa services. These services can be particularly helpful for graduate students entering careers soon after completing their studies.

Benefits of private graduate student loans

Financial support

Graduate education loans provide essential financial support that can cover the high costs of graduate tuition, which are often higher for advanced degrees compared to undergraduate programs. This support enables students to focus on their studies without financial stress.

Building credit history

International students often wonder how to build credit in the U.S. Repaying a private student loan responsibly can be one significant way international students build a credit history. This can benefit future financial needs, such as securing a mortgage or car loan.

Common pain points and solutions

Lack of cosigner: Finding a cosigner can be difficult for international students.

Solution: Look for lenders that offer no-cosigner loans, focusing on the student’s future earning potential.

High-interest rates: Private education loans can sometimes come with high interest rates, especially for those without a strong credit history or cosigner.

Solution: Compare different lenders to find competitive interest rates and consider those specializing in international student loans.

Complex application process: The application process for private loans can be complex and daunting.

Solution: Choose a private lender that offers support services for students and has a good reputation for helping graduate students.

Private graduate student loans with MPOWER Financing

MPOWER Financing is here to ease the financial burden for international students planning to study abroad.

Easy access to loans: MPOWER evaluates international students based on future earning potential rather than just past financial history, eliminating the need for a cosigner or collateral. This approach not only simplifies the loan acquisition process but also aids in credit history development with on-time payments.
Diverse financing options: MPOWER Financing offers a range of fixed-rate student loans from US$2,001 to US$100,000 total at competitive rates. Students also enjoy a discount of 0.25% on interest rates with auto pay, and eligibility for MPOWER financing isn’t affected by loans from other financial institutions.
Streamlined digital application: The online process for securing a graduate private student loan with MPOWER is designed for global accessibility, providing swift loan approval and direct-to-school fund disbursement. A preliminary eligibility assessment can be completed in just 30 seconds, potentially followed by an early conditional loan offer.
Ongoing, comprehensive support and guidance: Everyone receiving an MPOWER Financing loan is automatically qualified for the Path2Success program, which includes a range of services – from free visa support and career guidance to financial discounts and offers. Path2Success provides a free visa support letter and visa preparation course to prepare you for your visa application and interview. 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. In addition, MPOWER approved students are prequalified for a U.S. credit card and U.S. bank account, as well as have access to financial perks, such as discounts on textbooks, air travel and SIM cards.

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FAQs

What are the main types of private graduate student loans available to international students?

Banks, credit unions and specialized financial institutions primarily offer private graduate student loans. These loans typically require a cosigner, but some lenders, like MPOWER Financing, offer no-cosigner loans specifically for international students.

How can I find a lender that does not require a cosigner?

Look for specialized lenders that offer no-cosigner loans. These lenders evaluate your future earning potential rather than relying solely on your current financial situation or credit history.

What should I consider when choosing a private graduate student loan?

Key factors include interest rates, repayment terms, eligibility criteria, loan amounts and additional support services. Ensure the loan covers all your educational expenses and offers flexible repayment options. Also, look for a lender that offers benefits beyond funding, such as career services that help identify internships and jobs for F-1 and OPT designated international students.

Are there loans that cover living expenses as well as tuition?

Yes, some private graduate student loans cover both tuition and living expenses. It’s important to verify with the lender what expenses are included and ensure the loan amount is sufficient to meet all your needs.

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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Private graduate student loans for international students