Student loans for international students from Nigeria

If you’re an aspiring Nigerian graduate student, you may be searching for international student loans to fund your studies. Earning a degree in the U.S. can be expensive, with average attendance costs ranging from US$9,700 to US$38,800 per year. Fortunately, there are several student loan options for students from Nigeria. Here’s a closer look at some of your education loan options.  

MPOWER Financing offers student loans for graduate students from Nigeria and other countries around the world who are studying in the U.S. as well as Canada.

 

Click to apply

 

1. MPOWER Financing

MPOWER Financing offers student loans for  graduate students from Nigeria and other countries around the world who are studying in the U.S. as well as Canada. You can borrow between US$2,001 and US$100,000 with repayment terms of 10 years and no cosigner or collateral required. 

MPOWER’s student loans all come with fixed interest rates, so you don’t have to worry about your rate increasing over time. MPOWER provides funding for students at over 500 schools, as well as offering visa support, career services and the added perk of building your U.S. credit history while you make on-time loan payments. 

 

2. Citizens

Citizens is a full-service bank providing student loans to international students with a qualifying cosigner. Your cosigner must be a U.S. citizen or permanent resident, as well as meet the bank’s credit and income requirements. 

Undergraduate students can borrow up to US$150,000, while graduate students can borrow up to US$350,000, depending on their program. You can choose between fixed rates, which stay the same over the life of your loan, or variable rates, which can fluctuate with market conditions. 

 

3. Sallie Mae

Sallie Mae is another lender that provides student loans to international students with a U.S.-based cosigner. You can borrow up to your school-certified cost of attendance and choose loan terms of 10 or 15 years. Sallie Mae offers student loans for both undergraduate and graduate students. 

 

How to qualify for an international student loan

The requirements to borrow an international student loan will vary by lender. Most require that you’re attending an eligible program or school, and some cater to students who are one or two years away from graduating. 

MPOWER Financing specializes in serving international students and doesn’t require you to apply with a cosigner or collateral. Many other U.S.-based lenders do ask that you apply with a cosigner who’s a U.S. citizen or permanent resident if you’re an international student. These other lenders also require that your cosigner meets certain requirements for credit and income. That generally means an established credit history, a credit score of 650 or higher and proof of sufficient, steady income to pay back the loan. 

While a cosigner can help you qualify for a private student loan, there is some risk involved in cosigning debt. Your cosigner becomes equally responsible for the loan and will be expected to repay it if you miss payments. Plus, their credit will be impacted by your loan payments. 

If you prefer to borrow on your own (or don’t have someone who can cosign for you), opting for a student loan from an international student loan provider like MPOWER may be the better fit. 

 

Tips for choosing an international student loan

As you’re comparing your options for international student loans, consider the following features to pick the right loan for you: 

• Interest rates: Private student loans typically start accruing interest from the date of disbursement, so interest charges can add up over time. Shopping around for a loan with a competitive rate is worth the effort, since a low rate can save you money over the long run. You may also prefer a fixed rate to a variable rate, since a fixed rate stays constant over the life of the loan regardless of market conditions. As you shop for a loan, you might also look for student loans in Nigeria from your local bank, but rules will vary about whether you can use these education loans abroad.
  
• Fees: Keep an eye out for any fees that could make your loan more costly, such as an origination fee, application fee, administrative fee or late payment fee. Avoiding fees is another way to keep your cost of borrowing down.
  
• Repayment terms: Find out how long you have to pay back the loan and consider whether the repayment schedule could work for your future budget. Private student loans usually come with terms around 10 years, but some lenders let you choose shorter terms of five years or longer ones of 15 years. Some lenders also have a prepayment penalty. MPOWER Financing, however, does not penalize students who wish to pay off their loans early.
  
• Monthly payments: Estimate the loan’s monthly payments so you have a clear idea of what your student loan bills will be each month. A general guideline is to avoid taking on more student debt than you expect to earn your first year after graduating. That said, this advice may be flexible for students attending medical school, law school or other graduate programs that are likely to lead to high salaries a few years down the line.
  
• Grace period: Some education loans abroad come with a grace period, allowing you to make small payments while in school or postpone them completely until after you graduate. Keep in mind that your loan will start accruing interest right away, so paying off the interest (at least) while you’re in school could help prevent your balance from ballooning.
  
• Borrower protections: Consider whether the lender offers any benefits that could come in handy in the future, such as the option to defer payments if you go back to school or to release your cosigner after a certain number of on-time payments. Some lenders also let you adjust or pause payments if you run into financial hardship.
  
• Eligibility requirements: Finally, each lender sets its own borrowing requirements, so find out what criteria you need to meet to qualify for a loan. 

Don’t forget to seek out scholarship awards

While student loans can be a useful tool for financing your education, they’re not your only source of financial aid. Take some time to apply for scholarship awards, as these offer gift aid that you don’t have to pay back. Reach out to your financial aid administrator about opportunities and use scholarship search engines like International Student’s scholarship search, BestColleges.com and College Board for more options. MPOWER Financing offers several scholarships, as well.

 

Learn more

How international students in the U.S. can find scholarships

College scholarships can help international students cover the high costs of attending school in the United States, but the process of finding scholarships can be overwhelming.  

There’s good news, in that, according to the National Scholarship Providers Association (NSPA), scholarship awards have risen by 45% over the last decade. However, with scattered sources and varying requirements, finding financial aid scholarships for international students can feel overwhelming.

To help your search go smoothly, here are some tips on how international students in the U.S. can find scholarships.

Find scholarships at your school

One of the first places to start your financial aid scholarship search is through your university. Some offer schoolwide scholarships for undergraduate and graduate students. You might also discover some departments host scholarships for students studying under its college or discipline.

For example, Oregon State University offers various regional scholarships to first-year international students from certain countries of residence. Annual award amounts range from US$2,000 to US$12,000 and are renewable for up to four years. 

Similarly, Michigan State University also sponsors its #YouAreWelcomeHere Scholarship. International student recipients can receive a US$25,000 scholarship award toward tuition that is renewable for up to eight semesters.

Ask your school’s financial aid office for more information about scholarship options for international students.

Check out MPOWER scholarships for international and DACA students

MPOWER Financing designed scholarships specifically for international and Deferred Action for Childhood Arrival (DACA) students. 

MPOWER currently sponsors seven different financial aid scholarship programs. Some scholarships have broad eligibility requirements. For example, its US$1,000 Monthly Scholarship awards three recipients every month. You simply need to be a full-time international or DACA student accepted or enrolled in an MPOWER-eligible school in the U.S. or Canada.

Other MPOWER scholarships are available to applicants from specific countries or pursuing areas of study, like an MBA program or STEM field. Learn more about the various MPOWER scholarships.

Look for international organizations that offer scholarships

International students in the U.S. can find scholarships through larger international organizations, too. 

The Joint Japan/World Bank Scholarship Program, for example, is a financial aid scholarship available to eligible international students. You must be enrolled in a graduate program in academic areas such as tax policy and infrastructure management, among others.

Another popular undergraduate- and graduate-level scholarship is through the Fulbright Foreign Student Program. Every year, their awards support approximately 4,000 students who are studying and performing research in the U.S. 

Additional organizations to find fellowships, grants and scholarships for international students include: 

• • Aga Khan Foundation
  • Open Society Foundations
  • American-Scandinavian Foundation

Search online databases

An efficient way to search for scholarships is through online scholarship sites that aggregate scholarship awards from around the world. These platforms let you filter your results based on your major or area of study, special skills or unique talents, demographic information and more. 

A useful place to start your search is through the InternationalStudent.com’s scholarship tool. Currently, the database covers more than 1,600 scholarships. Searching for a scholarship that’s right for you is easy – just select your area of study, school location and country of residence to narrow your scholarship options.

Other sites to uncover financial aid scholarships include Fastweb and the College Board.

Scholarship application tips

Here are extra tips to help you find scholarships while studying in the U.S.

• • Stay open to partial scholarships. Although a full scholarship can offer instant financial aid to pay for your education, applying for partial scholarships goes a long way. Even a scholarship of just a few hundred dollars can cover textbook expenses or lab fees for the school year.
    
  • Consider your skills and interests. Think about your special skills and unique interests and talents. There might be a scholarship through local organizations, associations and clubs that provide financial aid assistance to international students who excel in these areas.
    
  • Entertain less-popular scholarships. It’s always worth applying to popular scholarship programs, but be aware that those options also attract more applicants. Include less popular scholarship programs in the mix. Less competition might mean a greater chance at receiving an award.
    
  • Make each written essay unique. Crafting a strong personal essay foundation and repurposing it for multiple scholarships is a smart and time-efficient strategy. However, always make sure you tweak each essay so it directly answers the scholarship prompt or question and stays unique.
  • Seek out renewable scholarships. Getting a renewable scholarship improves your odds for future awards as you continue your U.S. education.
  • Apply for scholarships year-round. Students commonly apply for scholarships in the months leading up to a new academic session. To maximize your scholarship opportunities, continue looking for scholarships throughout the school year, such as MPOWER’s monthly scholarship. 

Summary: How to find scholarships as an international student

There’s no denying that studying in the U.S. as an international student can be financially challenging. Although finding international student funding while in the U.S. can be difficult, it’s not impossible.

Learning how to get a scholarship and leveraging this aid opportunity is an effective way to cover your education costs. Explore the options mentioned above to get started.

Finding a trusted lender as an international student

An international student loan can go a long way in financing your education and covering living expenses in the United States, but finding a reputable lender can be challenging. 

If you need help with student loan financing, here are a few strategies to uncover a trusted lender.

How to find a lender for financing education costs

International students might pay US$32,000 to US$60,000 total to study in the U.S. for one year of college, according to an article on the respected International Education and Financial Aid (IEFA) website. So finding funding is crucial. Most international students don’t qualify for federal student loans, but private student loans are a different story. 

Below are four ways to find lenders and get help with private student loans.

1. Seek referrals from your network

One way to find a trusted lender is through trusted family and friends. If, for example, you have older siblings or cousins who’ve recently studied abroad, ask for a lender referral. 

When asking around for lender recommendations, learn what your friend or family member specifically liked or disliked about a lender. Was the application process convenient? Did it offer fast loan funding? Are there any limitations you should be aware of?

Your inner circle can help you identify which lenders to explore further and which ones to avoid from personal experience. 

2. Read international student loan lender reviews

Once you’ve narrowed your choices down to a handful of lenders, look up customer reviews for each one. You can find independent, third-party reviews on websites like Trustpilot. 

These sites often have a star-based rating system and details about customers’ personal experience with the lender. Reading lender reviews can help you choose your top preferred lender if you’re undecided between two or more.

3. Find loan programs from your home government

Before leaving your home country, research whether your local government offers an education loan program to resident students who wish to study overseas.

For example, Australian citizens can apply for an OS-HELP loan to help pay for travel-related study abroad costs. In 2023, eligible OS-HELP applicants can borrow up to AUD$9,989, depending on the country you study in. The funds can be applied toward airfare, hotel stays and other travel expenses for your time studying overseas.

Although not all countries sponsor their own education loan program for students studying in another country, it’s worth looking into.

Seek alternative options through your school

Talk to a financial aid administrator from your school. The financial aid office can point you to financial aid options, like scholarships and grants, that you might not be aware of. 

Common requirements for international student loans

As you find lenders for financing education costs, confirm whether you meet their basic international student loan eligibility requirements. The private lenders that offer loans to international students also have their own specific applicant criteria. Some common examples include: 

• • Proof of qualifying program. The lender might have restrictions regarding eligible degree or certificate programs the funds can be used toward.
    
  • Minimum enrollment. Applicants might have to meet a minimum enrollment level to meet the lender’s criteria. For example, some lenders require at least half-time enrollment.
    
  • Proof of immigration status. International students might be asked for a copy of their student visa confirming they’re permitted to study in the U.S.
    
  • Good credit history. Typically, lenders want applicants to have a solid track record for borrowing money on credit. Strong credit means you’re at a lower risk for defaulting on your student loan repayment. If you don’t have a U.S. credit record, lenders might require you to add a U.S.-based cosigner to your international student loan application.
    
  • Income. When borrowing private student loans, you might need to begin monthly payments as soon as the funds are disbursed. Lenders might ask for proof of income, such as from a part-time, on-campus job, to verify that you can make your minimum payments.
    
  • Satisfactory academic progress (SAP). Generally, lenders want to ensure you’re meeting the school’s minimum academic requirements to remain enrolled. It might request a copy of your school transcript to verify this information.

Final thoughts in finding a trusted lender

If you need extra funds to pay for school, finding a trusted student loan lender is essential. Repaying the loan often takes years – typically, around 10 years. Borrowing from a legitimate lender with a reputation for great service can streamline your experience so it’s less stressful. 

You might start your search with MPOWER Financing, a trusted lender with a high TrustPilot score and strong track record. Founded by international students, MPOWER offers no-cosigner, no-collateral loans to international students planning to study in the U.S. and Canada. 

Although it might be tempting to accept the first international student loan offer you receive, it’s wise to compare your options. Always compare multiple offers to see which one has a competitive student loan interest rate, fewest fees, favorable repayment terms and helpful resources. 

7 tips for comparing no-collateral loans for international students

Although uncommon, a variety of lenders offer student loans to international students with no collateral required. That means you don’t have to back up your loan with land, jewelry or another asset, though you do need to meet other lender requirements. 

If you’re an international student looking to take out a no-collateral student loan to fund your studies in the U.S., use these seven tips to compare loans so you can find the right lender and loan for you. 

1. Compare the interest rates

When taking out an international education loan, finding a low interest rate is a top priority. A low rate can mean lower interest charges over the life of your loan. It often means lower monthly payments, as well, so your student loan bills, hopefully, won’t break the bank after you graduate. 

Let’s say, for example, that you borrow a US$15,000 student loan and pay it off over 10 years. If you had a 15% interest rate, your monthly payment would be US$242, and you’d pay US$14,040 in interest over the life of your loan. But if you shopped around and found a 10% rate, your monthly payments would be lower at $198, and you’d pay US$8,787 in total interest charges, US$5,253 less than you would with a 15% rate. 

As you can see, the rate at which interest accrues on your student loans can make a big difference on your overall costs of borrowing.  

2. Review the repayment terms

As you compare no-collateral loans, it’s also important to review your repayment term options. Find out how long you have to pay the loan back. A standard repayment term is 10 years, but options can vary by lender. 

The length of your repayment term will directly impact your monthly payments and total interest charges. Let’s say, for instance, that you borrow US$15,000 at a 10% rate. Here’s what your loan would look like on different repayment terms: 

Repayment term	Monthly payments	Total interest charges over the loan term
5 years	US$318.71	US$4,122
10 years	US$198.23	US$8,787
15 years	US$161.19	US$14,014
20 years	US$144.75	US$19,741

 

As you can see, a longer term makes your monthly bills more affordable, but it leads to higher interest charges overall. A shorter term means higher monthly payments, but you’ll get out of debt faster and save money on interest.

Along with reviewing your available repayment plans, find out when your first payment is due. Some lenders offer a grace period, allowing you to postpone payments while you’re in school and for a few months after you graduate. Others expect you to make interest-only payments while you’re in school or enter full repayment right away. 

Finally, you might ask the lender if it offers any forbearance programs if you run into financial hardship. Some lenders will let you temporarily postpone payments if you lose your job or experience a natural disaster. These protections can come in handy if unexpected events leave you unable to pay your student loans. 

3. Watch out for additional fees

As you search for a no-collateral loan with the lowest costs of borrowing, keep an eye out for any fees that could make your student loan more expensive. Some lenders charge an origination or administrative fee, for instance, that’s a percentage of your loan amount. Others charge fees for late payments or insufficient funds in your account. 

As you compare no-collateral education loans for international students, read over the fine print to see if there are any hidden fees you should know about. 

4. Find out about cosigner requirements

No-collateral loans, also known as unsecured loans, don’t require you to put up collateral. Since these loans aren’t secured by an asset, you don’t have to worry about losing any of your valuable possessions if you fall behind on payments. 

However, you’ll still need to meet other requirements to qualify for the loan. Many lenders in the U.S. require international students to apply with a cosigner in lieu of collateral. Adding a cosigner to your application reassures the lender that someone else will repay the loan if you don’t pay your bills. 

If the lender requires a cosigner, it may want that cosigner to be a U.S. citizen or permanent resident. Don’t worry if you don’t have a cosigner, though – some lenders, such as MPOWER Financing, offer international education loans to students, with no cosigner or collateral required. 

5. Make sure you meet eligibility requirements

As you compare no-collateral education loans, it’s also worth keeping an eye on any other eligibility requirements. Besides requiring a cosigner, lenders may want to see a minimum credit score, annual income or debt-to-income ratio. 

Most want to see that you’re enrolled in an eligible school or program. Some lenders may also look at your program or even grades to determine your earning potential and assess your risk as a borrower. 

6. Check out loan minimums and maximums

Each lender sets its own loan amounts, so look for one that will provide the amount you need for school. MPOWER Financing, for example, offers loans from US$2,001 to US$100,000. Other lenders may offer different amounts. 

While you don’t want to overborrow, you also want access to enough funding to complete your education and earn your degree. 

7. Prequalify for a loan, if possible

Comparing no-collateral loans may sound time-consuming, but it doesn’t have to be. Some lenders let you prequalify for a loan online, meaning you can check your rates and terms in a matter of minutes. 

If the lender offers prequalification, you can simply enter a few basic pieces of information to see your loan offers. This prequalification won’t impact your credit, and it allows you to shop around and compare options without any obligation to borrow. MPOWER Financing offers a student loan prequalification tool that allows you to search funding options for 500+ schools.

As you compare loan offers, remember to keep an eye out for the loan’s interest rate, repayment terms and fees. By taking the time to loan shop, you can find a financing option that best meets your needs.

Student loan prequalification tool: Plan your funding with MPOWER Financing

Are you dreaming of studying in the U.S. or Canada and looking at funding options? If you’re considering applying for a student loan through MPOWER Financing, you can use the MPOWER student loan prequalification tool to see how much funding you qualify for at specific colleges and universities.

Using the tool, you can compare funding options for your master’s or MBA program with up to eight schools at a time – in a matter of minutes. There are more than 500 MPOWER-eligible schools to choose from. 

How to use MPOWER’s student loan prequalification tool

To use the MPOWER student loan prequalification tool, you’ll need to provide some basic information, such as your name, email, program start date, degree type and country of origin.

Here are the steps you can take to compare your funding options at different schools: 

1. Indicate your stage in the application process. First, you’ll share where you are in the admissions process, whether you’re just starting to think about studying, are awaiting your acceptance or are already enrolled in school.
   
2. Provide your contact information. Next, you’ll provide your first and last name, as well as your email address. Make sure to enter your name as it appears on your passport.
   
3. Share your citizenship country. DACA students, as well as U.S. permanent residents, asylum seekers and refugees, can select the U.S. as their citizenship country.
   
4. Fill in your phone number. You can also provide a separate WhatsApp number, if you use a different one.
   
5. Indicate what degree you’re pursuing. Students going after their master’s and MBA degrees can use this tool. If you’re pursuing another degree, such as a bachelor’s degree or Ph.D., you can apply for an MPOWER student loan in the online application.
   
6. Pick your schools. You can choose up to eight schools to compare at one time. You’ll also choose the specific campus you’ll be attending, as well as your major of study and the approximate length of your program. 

Compare your student loan funding options

Once you’ve completed all these steps, the tool will show you how much you qualify for at each school you listed. You can also add more schools to compare (up to a total of eight at a time). 

Our tool will show you your estimated cost of attendance, as well as the prequalification amount for each school. You can see if your prequalified amount will cover your full cost of attendance. If your prequal amount falls short, you may have to explore other sources of funding, such as savings, scholarships or grants. 

This tool also helps you compare the cost of attendance at multiple schools. As you consider what school to attend, think about which one would make the most sense for your finances. 

MPOWER offers no-collateral loans for international students

MPOWER’s student loan prequalification tool takes the guesswork out of planning for your program in the U.S. and Canada Once you receive your acceptance letters, you can take steps to secure the funding you need with an MPOWER student loan. 

MPOWER offers fixed-rate, no collateral loans between US$2,001 to US$100,000. MPOWER doesn’t ask you to back your loan with collateral and doesn’t require a cosigner, instead allowing you to take out the loan in your name alone. 

Here are the student loan eligibility requirements you will need to meet to borrow from MPOWER: 

• • • Be admitted to or attending an eligible school (There are more than 500 MPOWER-eligible schools in the U.S. and Canada).
      
    • Be an undergraduate or graduate student within two years of graduating. 
    • A graduate student about to start a one- or two-year program.
      
    • Be an international student, DACA recipient, U.S. citizen, refugee or asylum seeker.

If you’re looking for options for financing your education, check out MPOWER’s study abroad education loans with competitive, fixed rates and 10-year repayment terms. 

 

International students contribute C$36 billion to Canadian economy

New research from MPOWER Financing estimates that international students contribute C$36 billion to the Canadian economy. The data comes as Ottawa debates changes to its study permit program for international students seeking a Canadian education. 

MPOWER Financing, the leading provider of no-cosigner loans to promising students from around the world, estimates that international students contributed C$36 billion to the Canadian economy in 2022 and are projected to contribute C$42 billion in 2024.

MPOWER calculated the updated numbers using Canadian government figures from 2018 as a baseline, inputting data from an Access to Information and Privacy (ATIP) request from Immigration, Refugees and Citizenship Canada (IRCC) and information from Statistics Canada and other sources. In 2018, Global Affairs Canada estimated that international students spent C$22.3 billion on tuition and living expenses.

MPOWER’s research shows that primary drivers for the increase in spending include rising international student headcount, rising international tuition fees and rising living expenses across Canada.

International student enrollment has steadily increased

Since 2018, the number of international students in Canada has risen dramatically from about 600,000 in 2018 to over 805,000 in 2022 – roughly the same as the number of international students in the United States. The 805,000 foreign students on Canadian campuses includes 110,000 students pursuing a master’s degree, 214,000 students pursuing an undergraduate degree, 330,000 in a college or CEGEP program and 150,000 students enrolled outside of the post-secondary level.

International students in Canada by level of education

Source: MPOWER Financing, IRCC

Canadian cost of living is a challenge

International students are increasingly flocking to Canada, showing that the nation is attracting young and bright students from around the world, thanks to its excellent schools and hospitable environment. However, the rising cost of living means Canada is losing its relative cost advantage versus the United States.

MPOWER estimates the average international student in Canada spends C$44,000 on tuition and living expenses, only slightly less than their counterparts in the United States. While tuition in Canada remains more affordable, higher living costs mean international students in Canada spend a greater share of educational costs on living expenses. For example, the average international master’s degree student in Canada spends the majority of their budget on living expenses, compared with about 40% for their counterparts in the United States.

Total cost of education for an international master’s degree student in Canada (C$)

Source: MPOWER Financing, Statcan, the Bank of Canada 

MPOWER Financing works with post-secondary institutions across Canada and the United States to help students from around the world afford a high-quality education. A recent survey of MPOWER’s students revealed that over 93% believe MPOWER’s no-cosigner loan was imperative to their ability to study abroad. 

“If it weren’t for MPOWER, we would not have the number of African students that we do, which would have effectively reduced the diversity of our international student population,” a recruitment official at the University of Toronto’s Rotman School of Management said.

=================

About MPOWER Financing

MPOWER Financing, headquartered in Washington, D.C. and Bengaluru, India, is a mission-driven fintech company and the leading provider of global education loans. Its proprietary algorithm analyzes overseas and domestic credit data as well as the future earning potential to serve promising international students. MPOWER works with over 500 top universities across the U.S. and Canada to provide financing to students from over 200 countries. The MPOWER team consists of former international students and provides students with personal financial education and career support to prepare them for life after school.

MPOWER is a Certified B Corp and Great Place To Work, one of the best fintechs to work for, and the best tech workplace for diversity. The company is hiring for positions worldwide.

MPOWER Financing Crosses $300 Million in Financing Capacity to Support International Students’ Education

Debt financing from Deutsche Bank, Goldman Sachs, and Värde Partners fuel MPOWER’s growing international student loan portfolio.

WASHINGTON, D.C., NOVEMBER 6, 2023 – MPOWER Financing (“MPOWER”), a mission-driven fintech firm and the leading provider of non-cosigned loans to promising students from around the world, today announced that it has closed on debt financing that has propelled the firm’s overall lending capacity to over $300 million. Active funding includes commitments from Deutsche Bank, Goldman Sachs, and Värde Partners.

These financings will fund MPOWER’s rapidly growing portfolio of loans issued to international students attending one of 500+ leading colleges and universities across the U.S. and Canada. Last year, both the U.S. and Canada reached record levels of enrollment for new international students.

“We’re delighted to be working with best-in-class investment firms who share our vision of empowering the best & brightest from around the world,” said Manu Smadja, Chief Executive Officer of MPOWER Financing. “This financing is critical for us as our growth continues to be exponential. More graduate students than ever before want to come study in North America, particularly in STEM and business fields. Meanwhile, the U.S. and Canada are in dire need of tech talent, business leaders, and healthcare workers. Our growing financing capabilities are a reflection of these macro trends and our ability to execute in both growth and credit quality in this market.”

“These investors were impressed by our nine-year track record, steady credit quality through Covid and varying rate environments, and ultimately by the quality of students we lend to: graduate students, primarily in STEM at top universities, who leave everything behind in their home countries to invest in their futures,” said Christopher Zaki, Head of Capital Markets at MPOWER Financing. “The portfolio also provides for natural diversification, as MPOWER supports students from around the world, and offers returns that are uncorrelated with traditional asset classes.”

 

About MPOWER Financing

MPOWER Financing, headquartered in Washington, D.C., and with employees worldwide, is a mission-driven fintech company and the leading provider of global education loans. Its proprietary algorithm analyzes overseas and domestic credit data as well as future earning potential to serve promising international students. MPOWER works with over 500 top universities across the U.S. and Canada to provide financing to students from over 200 countries. The MPOWER team consists of former international students and provides students with personal financial education and career support to prepare them for their professional careers after graduation.

MPOWER is a Certified B-Corp and Great Place To Work, one of the best fintechs to work for, and the best tech workplace for diversity. The company is hiring for various positions worldwide.

Preparing for Your F-1 Visa Interview: 3 Essential Tips

Once you’ve been accepted to a university in the United States and applied for your F-1 student visa, there’s one last hurdle you have to clear before you can pack your bags: passing the F-1 visa interview. International students are required to take part in an interview with a representative from their local embassy or consulate as the last step in the student visa process. 

During the F-1 visa interview, a consular officer will collect your documents and ask you some questions about your academic plans and how you plan to support yourself financially throughout your program. They’ll also conduct the interview in English to make sure you have the language skills to succeed in your program. 

The F-1 student visa interview is often a quick conversation, lasting no more than 15 minutes or so. But it’s still important to familiarize yourself with student visa requirements and prepare for your F-1 visa interview so everything goes smoothly. 

These tips can help you put your best foot forward so nothing stands between you and earning your degree in the U.S. 

1. Dress well

When attending your F-1 visa interview, making a good impression is paramount. Don’t roll out of bed and show up in your pajamas or your interviewer may think you’re not taking the process seriously. 

Take some care with your appearance and dress nicely in a buttoned shirt and slacks or blouse and skirt or a dress. Get your outfit ready the night before so you’re not scrambling at the last minute to find something nice to wear. 

Check the weather in advance and plan how you’ll get to the embassy or consulate to ensure you have a smooth journey and arrive on time. 

2. Bring the required documents

Student visa requirements include a number of important documents. Gather the following ahead of time so you have everything you need on interview day: 

• • Passport: Your passport generally needs to be valid for at least six months beyond your stay in the U.S.
    
  • Nonimmigrant visa application: Bring a confirmation page that you’ve completed Form DS-160.
    
  • Application fee receipt: If you already paid your application fee, bring the receipt as proof.
    
  • Photo: You may have already uploaded your photo when you completed Form DS-160 online. However, it’s worth bringing another copy with you, just in case.
    
  • Certificate that shows you’re eligible for F-1 student status: This is usually Form I-20, which you’ll receive from your school after it registers you in the Student and Exchange Visitor System (SEVIS) database. 

Depending on the embassy or consulate where you’re having your interview, you may also have to bring the following additional documentation. If you’re not sure if you need them, it’s always better to be over prepared. 

• • Transcripts, diplomas or other academic credentials. 
  • Standardized test scores required by your school. 
  • Your intent to leave the U.S. after you finish your program. 
  • Financial documentation that shows you’ll be able to pay for your educational costs and living expenses. 

3. Practice your answers to common F-1 visa interview questions

During your F-1 visa interview, you’ll answer several questions about your plans to study in the U.S. Prepare your answers ahead of time so you can answer clearly and promptly. While there’s no set list of questions that every student visa interviewer asks, here are some common topics you might encounter. 

Academic plans

To ensure you qualify for an F-1 student visa, your interviewer will ask you about your academic plans. They might ask why you want to study in the U.S. and what you’re planning to study. They may also inquire why you chose your specific school and what other schools you applied to. Make sure you’re prepared to speak about your school, program of study and academic plans so the consular officer knows you’re a legitimate student. 

Finances

Your interviewer also wants to determine that you have the means to pay for your school and living expenses throughout the duration of your program. Even if it’s not required, it could be a good idea to bring financial documents, such as bank statements or student loan agreements, to prove your financial readiness. 

Be ready to talk about how you’ll pay for school and where the funding will come from. Your interviewer’s goal is to make sure you have the resources to afford your program, so bring along any statements that will prove your ability to pay for educational, living and travel expenses. 

Plans following graduation

An F-1 student visa is temporary, and it doesn’t grant you permission to live and work in the U.S. after your program is over. Indicate that you understand the terms of the F-1 and will not overstay your visa. You may discuss your plans to return to your home country after your graduation, perhaps due to family ties or a job offer after you graduate. 

Your student visa interviewer may also ask you if you have any other types of U.S. visas, have traveled to the U.S. in the past or have any relatives living in the U.S. Make sure to answer all these questions honestly so your interviewer has no reason to doubt your sincerity. 

Preparing for your F-1 visa interview: final thoughts

While you may feel nervous going into the F-1 visa interview, you can ensure everything goes smoothly by preparing your answers ahead of time. Make sure you’re ready to speak about your school, program and financial resources. 

The interviewer’s job is to make sure you’re a legitimate student who has the ability to pay for your education and living costs. They also want to confirm that you don’t plan to stay in the U.S. after your visa expires, but rather intend to return to your home country.  

Before your interview, you may practice a mock interview with a friend or family member. That way, you can practice your English, prepare your responses and feel more comfortable going into the meeting. 

Assuming all goes well, your interviewer may grant your F-1 visa on the spot. Once you have F-1 status, you’ll be cleared to study in the U.S. 

Do All International Student Loans Require Collateral?

Before you can take out a study abroad education loan, it’s important to understand your borrowing options. Some lenders require international students to provide collateral, such as property or savings, to secure the loan. However, many lenders – especially in the U.S. – offer no-collateral student loans, which allow students to borrow without risking personal assets.

Borrowing a collateral-backed loan can be risky, though, since a lender can seize your collateral if you fall behind on payments. What’s more, you may not have sufficiently valuable collateral to borrow the loan in the first place. 

Fortunately, there’s a solution to this problem: no-collateral student loans. Most lenders in the U.S. don’t require collateral for student loans. Instead, they look at other factors, such as your income, credit score and course of study when determining whether you qualify for a loan. 

You can use these no-collateral student loans, also known as unsecured student loans, to pay for eligible expenses when attending school.

Secured vs. no-collateral student loans

When you explore study abroad education loans, you’ll come across two main types: secured student loans, which require collateral, and unsecured loans, which don’t. Here’s a closer look at these two types of international student loans. 

No collateral student loans

Some lenders, mostly those located outside of the U.S., require borrowers to back up an education loan with collateral, especially if that loan exceeds a certain amount. That collateral could take several forms, such as property, a fixed deposit, agricultural land, gold or other valuable assets. 

Adding collateral to a loan reduces risk in the eyes of the lender, since the lender can claim that asset if you don’t repay your loan. However, you may not have sufficient collateral to borrow the loan amount you need for university. Even if you do, you may not want to risk your or your parents’ assets to pay for your education. 

Student loans without collateral

If you prefer a no-collateral student loan, you can find unsecured loans from various lenders. In fact, most lenders in the U.S. offer unsecured student loans not requiring collateral. 

You can often borrow as much as you need to cover your cost of attendance, minus any other financial aid you’ve already received. Depending on the lender, you may be able to choose between a fixed-rate student loan and one with a variable rate.

The interest rates on an unsecured student loan may be higher than those on a secured loan. However, you won’t have to worry about pledging your parents’ valuables to obtain the loan. Repayment terms will vary by lender but are often between 10 and 20 years. 

How to qualify for a no-collateral student loan

Since you’re not pledging collateral for an unsecured student loan, lenders may consider other factors when you apply, such as your credit score and income. While the exact criteria will vary by lender, here are some requirements you may need to meet: 

• • Minimum income. A lender may review your savings or income to ensure you have the means to pay back the loan.
    
  • Minimum credit score. Lenders also often look at a borrower’s credit to see how they’ve managed loans in the past. As an international student, you may not have credit in the U.S. yet. Some lenders will look at alternative criteria, while others will require you to apply with a cosigner to meet this requirement.
    
  • Cosigner. Some U.S. lenders require international students to apply with a cosigner who’s either a U.S. citizen or permanent resident. Adding this cosigner to your application can also help you meet credit and income criteria.
    
  • Eligible school and program. Finally, lenders generally want to see that you’re attending an accredited school in a program that will lead to an eligible degree or certification. 

Outside of these common requirements, lenders may look at other parts of your application, such as your grade point average in high school or college, standardized test scores and field of study. 

Can you get a no collateral student loan without a cosigner?

While many U.S. lenders require you to apply with a cosigner, not all do. MPOWER Financing, for example, offers international student loans to students that don’t require collateral or a cosigner.

You can apply for a loan between US$2,001 and US$100,000 and get a fixed interest rate that will stay the same over the life of your loan. MPOWER loans have a 10-year repayment term and require interest-only payments while you’re in school and for six months after graduation. Once this period is over, you’ll start making full payments on your loan. Making on-time payments on your loan can help build your credit history in the U.S.

Along with providing loans to students at more than 500 schools in the U.S. and Canada, MPOWER Financing also provides other services, including visa support and career development guidance. 

Ready to secure your education with a no-collateral student loan? Apply with MPOWER Financing today – no cosigner, no collateral, just your future!

 

Apply Now

 

5 Ways to Pay for Medical School in the United States

Getting into medical school in the U.S. is a big accomplishment, but acceptance is only the first hurdle – you’ll also need to figure out how to cover costs. According to the Association of American Medical Colleges (AAMC), the average cost of tuition and fees for four years of medical school is US$254,872 at public schools (for nonresidents) and US$256,412 at private schools. 

Nearly three-quarters of medical school students take out loans to pay for medical school. Those who do take out a loan graduate with a median student loan balance of US$200,000, according to the Education Data Initiative. Student loans are not the only way to pay for tuition, though. If you’re wondering how to pay for medical school, read on for additional ways to finance your medical degree. 

Tips for paying for medical school as an international student

1. Use savings or income

Before taking student loans to pay for medical school, consider using sources of funding that you don’t have to pay back. If you have any savings, for instance, you could put those toward your cost of attendance. 

You might also work a part-time job to earn income, whether in person or online. Some medical schools also offer fellowships or assistantship positions that will allow you to earn some money. 

Of course, working while in school may not be the best option if it takes too much time and energy away from your studies. If you can earn some money as a student, though, you may be able to cover your living expenses without taking on too much debt. 

2. Apply for grants and scholarships

Another option for paying for medical school is grants and scholarships. Both grants and scholarships are types of gift aid, since you don’t have to pay them back. 

You might find grants and scholarships from your medical school or a private medical or nonprofit organization. Some are based on academic merit, while others go to students with financial need. MPOWER Financing offers scholarships, as well.

Use scholarship search tools, such as the InternationalStudent.com scholarship search tool, to track down opportunities that would be a good fit. Keep track of deadlines and apply to as many as you can to reduce the costs you’ll have to pay out of pocket. 

3. Submit the CSS profile

While international students are not eligible for federal financial aid from the U.S. Department of Education, they may qualify for institutional aid from their medical school. Many medical schools ask you to submit the CSS Profile to qualify for financial aid. 

Offered by College Board, the CSS Profile is a form that collects detailed information about your family’s finances, including assets and income. Schools look at your information to evaluate your financial need and award aid accordingly. 

It costs US$25 to submit the CSS Profile to your first institution and US$16 for each additional school. Students whose family income is less than US$100,000 can apply for a fee waiver. Check with your individual medical school to see if it asks for the CSS Profile. If so, submit it as soon as possible to put yourself in the running for institutional financial aid. 

4. Apply to a tuition-free medical school

If you really want to keep costs as low as possible, consider applying to tuition-free medical schools. While there aren’t many tuition-free medical schools, there are a few that offer full-tuition scholarships to qualifying students. 

New York University’s Grossman School of Medicine, for example, offers full-tuition scholarships to all students enrolled in its MD program who maintain satisfactory academic progress. Even if you don’t get into a tuition-free school, you may apply for schools with lower tuition costs to reduce your financial burden. 

5. Consider an international student loan

Once you’ve exhausted your options for grants, scholarships and institutional financial aid, you may consider an international student loan. Student loans for international students come from private lenders, such as banks and online loan companies. 

Most lenders in the U.S. don’t require you to back your loan with collateral. However, you may need to apply with a cosigner who’s a U.S. citizen or permanent resident. Your cosigner may also need to meet a lender’s requirements for income and credit. 

If you don’t have a cosigner – or prefer to have financial independence and take out a loan in your name alone – there are options. MPOWER Financing offers student loans to international students, no cosigner or collateral required. You’ll get a fixed rate on these study abroad education loans and won’t have to make full payments until six months after you graduate from school. 

Bonus tip: Explore student loan repayment assistance programs

There are a variety of student loan repayment assistance programs that can help you pay back your student loans once you start working as a doctor, dentist or other healthcare professional. Most states in the U.S. offer student loan assistance in exchange for qualifying service. This usually means two years or more working in a shortage area or underserved community. 

An increasing number of companies are also offering student loan benefits to employees. In fact, employers can offer up to US$5,250 in student loan assistance tax-free. 

If you took out student loans in your home country, those might not qualify for this student loan help. However, student loans from U.S. lenders are typically eligible. If you want to make your international student loan eligible for this assistance, you could consider refinancing it with a lender in the U.S. like MPOWER Financing.