Private international student loans are loans designed to meet the unique financial needs of international students, like you. Specifically, these loans help you overcome obstacles in securing traditional funding due to lack of collateral or a cosigner.
What are private international student loans?
Private student loans are loans for university students that are offered by private lenders and differ significantly from government-funded loan programs. They’re crafted to support you in financing your education overseas, focusing on the specific challenges you face.
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Have questions about financing your education? Want to know more about topics like fixed-rate private international student loans?
Benefits of private international student loans
Private international student loans are a vital financial solution for you, since, as an international student, you cannot access federal loans or other standard financial aid options.
Choosing the right private international student loan
Selecting an appropriate private international student loan is a decision requiring a comprehensive evaluation of factors, including:
By thoroughly assessing the options for student loans, you can make an informed decision to meet your educational funding needs and support your long-term financial health and career goals.
Why choose MPOWER Financing?
A student loan through MPOWER Financing allows you to study overseas on your terms. One of the key advantages of MPOWER’s international loan offerings is the absence of a collateral requirement. This means your family’s assets are not at risk, even if you encounter a challenge repaying the loan.
In contrast to collateral-based loans, where a lender might claim the pledged assets if repayments are delayed for 90 days or more, MPOWER’s no collateral loans provide a safeguard. This approach ensures your family’s assets remain available for other purposes, offering peace of mind.
MPOWER’s commitment extends beyond loans to also include visa and career services through the Path2Success program. Visa services include a free visa support letter and visa preparation course. 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.
Explore your student loan eligibility with MPOWER today and take a significant step towards educational independence.
MPOWER Student Loan
A loan based on your future earnings.
FAQs
Unlike international scholarships and grants, which are typically awarded based on merit or need and do not require repayment, private international student loans are borrowed funds that must be repaid with interest. Loans provide more substantial and flexible funding but come with the responsibility of repayment over time.
The eligibility to use private international student loans for part-time studies or online programs varies by lender. Some lenders may allow it, but it’s important to check the specific terms and conditions of each loan to ensure it aligns with your study program.
If you encounter financial difficulties, it’s crucial to communicate with your lender immediately. Many lenders offer options like deferment or forbearance, allowing temporary suspension or reduction of payments under certain circumstances. However, policies vary, so understanding your lender’s terms before taking a loan is important.
Effective management of loan repayment includes creating a budget to track expenses, exploring options for refinancing for better terms, as well as making payments on time to avoid additional fees. It’s also beneficial to pay more than the minimum amount when possible to reduce the principal faster.
Changes in immigration status can potentially impact the terms or eligibility of your loan. It’s essential to review the lender’s policy regarding changes in immigration status and communicate any such changes promptly to understand how they might affect your loan agreement.
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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