International Student Loans
Figuring out how to pay for a college education, can feel overwhelming. It is even more so for international students in the U.S. and Canada because student loan options are a bit more limited.
College is a big investment, but it’s also one that can pay off in a big way. So, where can you find affordable, private student loans to help you with your education?
Here are 3 tips to find your international student loan:
#1 Start with student loans with no cosigner, collateral, or credit history requirements
First, consider whether you are eligible for any student or education loans that don’t require a cosigner, collateral, or U.S./Canadian credit history. For example, MPOWER Financing provides scholarships and competitive, fixed-rate student loans for DACA students, and international students. Students, from more than 150+ countries, that wish to study in the U.S. or Canada have student loan options.
The MPOWER application for student loans for DACA students and/or international students is 100% online; it only takes 60 seconds to check your international student loan eligibility! Their global team is accessible wherever you are to assist with questions or concerns, too.
#2 Also consider other U.S.- and Canada-based student loan options, often with a cosigner
Next, you can consider other U.S.- or Canada-based lending options. However, these lenders typically require a cosigner that is a U.S. or Canadian citizen which can be difficult for many international students. If you can get a cosigner, these loan options tend to have interest rates comparable to or less expensive than student loans without a cosigner, and less than home-country student loan options.
If you can get a cosigner, these student loan options tend to have interest rates comparable to or less expensive than student loans without a cosigner. These student loans are often also less than your home-country, student loan options.
#3 Home-country student loan options may be available
Finally, you can consider lending options from your home country. Depending on the country you come from, these options typically require either a cosigner or collateral to secure a loan.
Unfortunately, these student loan options can also be more expensive. Interest rates in the U.S. and Canada tend to be among the lowest worldwide. It is worth researching and seeing what loan options may be available to you.
Research scholarships specific to international students
As you put together your plan to pay for your university education, you should consider scholarships for international students. Scholarships open to both domestic and international students have strong competition, so look for scholarships for international students. Many are targeted to women (such as this Women in STEM scholarship), specific degrees, or for people from certain places.
Learning to write a strong scholarship essay will help you stand out, too.
Funding your university degree may seem daunting. However, finding the right international student loan will make the process easier, and help you take the next step.