Loans For International Students Studying in The United States and Canada

The majority of students who wants to study in the United States or Canada are turned away by the cost of tuition fees and living expenses in those countries. The total cost is almost ten times that of the student’s home country.

If you are one of those who are turned away by the high cost of study in the United States, I have good news for you. You can make your study abroad dream a reality with an international student loan.

There are many organizations that offer such loans. One is MPOWER financing which offers international student loans that don’t require collateral or cosigner.

In this article, I will share everything you need to know about MPOWER Financing, illegibility, flexible funding options, the application process, and much more. Read on to learn more.

What is MPOWER Financing?

MPOWER is an organization that offers international loans and financing solutions to international and DACA students studying in Canada and the United States. Founded in 2014, MPOWER aims to make quality education offered by various reputable universities in the U.S. and Canada more accessible. To achieve this goal, it offers low-interest loans to international students who may face challenges securing traditional financing options due to their international student status.

Who is eligible for MPOWER financing/loans?

EMPOWER loans are available for international students from 190+ eligible countries of citizenship. So, you should check on the official website if your country of citizenship qualifies for MPOWER financing.

Eligible applicants must be students admitted or attending an eligible U.S. or Canadian college or university. Usually, MPOWER supports more than 400 colleges and universities across Canada and the United States. So, you will need to confirm whether your institution is supported before you begin the application process.

Regarding loan eligibility, MPOWER evaluates loan applications based on various factors such as financial history, academic and career potential, and future earnings prospects. They consider an applicant’s ability to repay the loan as a primary factor in the approval process.

Which schools make the eligible list?

As stated earlier, your school must be supported by MPOWER to apply for a loan or financing. Luckily, MPOWER supports a network of more than 400 top colleges and universities in Canada and the United States. 

The organization uses a proprietary algorithm to continuously evaluate all accredited universities and colleges in Canada and the United States on factors like graduation rate, alumni earning, and employment rate.

Before you begin your application process, you need to confirm whether your school is on the supported school list. If the college or university you plan to attend is not on the list, you can consider other student loans for international students.

What degrees are supported by EMPOWER?

EMPOWER supports various degrees, including Bachelor’s, M.B.A., Master’s, Ph.D., J.D., LL.M, M.D., D.D.S., and Diploma, and Associate (Canada only). However, since EMPOWER loans are very competitive, international students planning to apply for financing are advised to consider STEM courses since they guarantee employment after graduation and boast a high future earnings prospect.

What are the funding options?

MPOWER offers flexible international student funding options. It offers fixed-rate loans ranging from US$2,000 to US$100,000 total at competitive interest rates of up to 0.25% in interest rate discounts. You can apply for an MPOWER loan even if you have loans from other financing institutions. The organization doesn’t mind.

What is the application process like?

MPOWER boasts a reliably fast application process. In just 30 seconds, you can confirm if you are eligible to apply for financing. From start to finish, the MPOWER loan application process is fully digital. This means you can complete your application from the comfort of your home, regardless of location.

International students also get unmatched support along the way—from exclusive career strategy services and free visa support letters to the potential for a conditional loan offer in a few days. Besides the quick approval process, MPOWER boasts a quick and seamless disbursement. Click here to begin your application process.

Does MPOWER offer scholarships?

Yes. MPOWER offers international student scholarships to help as many needy students as possible. In addition to various specific scholarships like those for women in STEM and DACA students, MPOWER offers unique monthly scholarship opportunities. Check the official website for open scholarships offered by MPOWER.

Who is eligible for an MPOWER scholarship?

You’re eligible to apply for an MPOWER international student scholarship if you’re:

• Accepted or enrolled in a full-time degree program at a Canadian or United States institution supported by MPOWER
• DACA students or international students who are permitted to study legally in Canada or U.S.A
• Able to meet any additional illegibility criteria for individual scholarships that MPOWER offers

Summary of MPOWER loans

Loans specifically tailored for international students

The loan funds education expenses, including tuition fees, living costs, books, and other related expenses.

The loans can be used for undergraduate, graduate, and professional degree programs.

No cosigner or collateral required

Serves students from around the world (More than 200 countries)

The loan attracts competitive interest rates.

MPOWER offers flexible repayment options

MPOWER offers additional resources and support services, including mentorship programs, career advice, and networking opportunities.

Disclaimer

It’s important to note that the information provided in this article is based on general knowledge and may not reflect specific details or the most recent updates about MPOWER Financing’s current loan offerings or terms. If you are interested in obtaining a loan from MPOWER Financing or learning more about their services, I recommend contacting them directly or visiting their official website for the most accurate and up-to-date information.

Need help in applying for EMPOWER Financing or Graduate Assistantship Opportunities offered by various universities in U.S.A. or Canada? Don’t hesitate to reach out to me.