International Student Loans for Housing in the U.S.

When you’re planning to study abroad in the U.S., you’ll need to factor the cost of housing into your financial plans. After tuition, housing is one of the biggest expenses at U.S. colleges and universities. When savings, scholarships and financial aid won’t cover all your living expenses, student loans for housing may be a great option.

The cost of college housing in the U.S.

When attending U.S. universities and colleges you may choose to live in on-campus or off-campus housing. Some schools do require that you live on-campus for your first year or for specific programs, so always be sure to check with your school of choice.

On-campus housing refers to living facilities provided by the college or university. These are typically dormitories or residence halls, where students may live alone or in shared rooms, with facilities like cafeterias, laundry and common areas close by. Some campuses also offer apartments for more independent living or suites that combine multiple rooms and kitchen facilities. The cost of utilities like electricity, water and heating/cooling is included in the cost.
Off-campus housing refers to any apartment, condo or home located away from the college university campus. With off-campus housing, students are usually responsible for the cost of utilities. Depending on how far away from school you’re living, you may also have costs for transportation by car, bus, bike or subway.

In the U.S., the average expenses for on-campus room and board for the 2022-23 school year were US$1,025 per month and US$1,339 per month for off-campus housing. Housing at colleges in major urban areas will be more expensive, while housing in smaller towns will be less costly.

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Additional expenses to consider

As you’re considering an education in the U.S., housing is just one of the expenses you’ll need to budget for. For example, here are the average costs for the 2022-2023 school year for international students studying in the U.S., according to EduPass and the National Center for Education Statistics.

Tuition: Depending on the college or university to attend, your tuition could be as high as US$45,000 a year or more.
Food: When you’re living on campus, food may be included in your housing plan. If you live off-campus, you might expect to pay several hundred dollars per month.
Health care: Health care in the U.S. is not free, but most schools offer health insurance plans. Expect to pay an average of US$52 per month.
Books and supplies: Students typically spend about US$500 on books and supplies each year.
Transportation: If you’re living away from campus, you’ll want to budget for the cost of public transportation or a car. In 2022-23, students paid an average of US$72 per month.
Other expenses: The average cost of recreation in 2022-23 was US$83, and students paid US$234 for other expenses.

Keep in mind that these numbers are averages. The cost to attend private institutions and schools in major cities will be higher, while attending public universities or schools in rural areas will likely be lower.

Options for student loans for housing and other expenses

Student loans for housing can be invaluable when other forms of financial aid won’t cover all your educational expenses. Since international students studying overseas in the U.S. are generally ineligible for government loans, private student loans are usually the best option.

In the U.S., there are generally two options for student loans from private lenders: loans that require a cosigner and/or collateral, and loans that don’t.

Loans with a cosigner or collateral

Not every lender will lend to students and/or international students since they may have no credit history and little to no employment history. Collateral is property or assets the lender can take if the student loan is not repaid. A cosigner is someone who agrees to take financial responsibility for repaying the loan if the student can’t. In the U.S., a cosigner must be a U.S. resident with a stable income and a solid credit history. For most international students, a cosigner is usually a family member or close friend living in the U.S.

No-cosigner loans

For international students who have trouble coming up with collateral or finding a cosigner, no-cosigner loans are a great option. Lenders offering loans without a cosigner focus on the student’s academic record and future potential, rather than on the student’s credit history or current financial situation.

Student loans for housing from MPOWER

At MPOWER Financing, we are dedicated to helping international students succeed. We offer international student loans for housing as well as tuition and other expenses. Loan approval decisions are based on your future earning potential, rather than on a cosigner or collateral.

With MPOWER, you get:

Flexible loans – You can borrow from US$2,001 to US$100,000 total for studies at 400+ U.S. and Canadian schools.
Competitive interest rates.
Fixed rate loans – Your rate and your monthly payment will never change.
A 0.25% interest rate discount with automatic payments.
No prepayment penalties.
Visa services and career guidance through our Path2Success program.
Financial services to help you access a bank account and credit card in your country of study.

MPOWER Financing understands the unique needs and challenging journey of international students. MPOWER’s founders are two former international students who shared a dream of removing the obstacles many students face when working toward an education abroad. That’s why, along with no-cosigner student loans, MPOWER supports students through every stage of their educational journey – from STEM scholarships and immigration support to financial resources and career services. To help you succeed, MPOWER is dedicated to supporting your transition to university, living abroad and building your career in addition to financing your education.

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FAQs

Can MPOWER Financing student loans help pay for other educational expenses?

MPOWER Financing offers private international student loans that cover most costs of attending graduate school in the U.S. including tuition, fees, health insurance, meal plans, books, supplies and other living expenses. In Canada, educational loans can cover tuition.

Am I eligible for a student housing loan from MPOWER?

MPOWER offers loans to students from more than 200 countries who are attending one of 400+ schools in the U.S. or Canada. Start an application to check your eligibility in under a minute.

What is a fixed-rate loan student loan for housing?

A fixed-rate student loan for housing and other education related expenses is a loan with an interest rate that stays the same throughout the life of the loan. Unlike variable-rate loans, the interest on a fixed-rate loan won’t change as economic conditions change. That means your monthly payment amount will stay the same until you pay the loan off.

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 student loans for housing