Studying abroad is a transformative experience for many international students, and financing that education can often be challenging.
MPOWER Financing is a popular choice among international students because it offers loans specifically designed for those pursuing their studies in the U.S. or Canada without requiring a co-signer.
This article explores the 9 best MPOWER loan for international students, detailing their features, loan amounts, interest rates, and eligibility requirements.
Best MPOWER Loan for International Students
| Loan Provider | Loan Amount | Co-signer Requirement | Interest Rates | Loan Terms | Eligibility Requirements |
|---|---|---|---|---|---|
| MPOWER Financing | Up to $50,000 | No | 10.49% – 12.99% | 10 years | Students attending eligible universities in the U.S. |
| Prodigy Finance | Up to $35,000 | No | 7.00% – 12.99% | 10 – 20 years | Graduate students at selected universities |
| Ascent Funding | Up to $20,000 | No | 8.00% – 12.00% | 5 – 10 years | Students at eligible institutions |
| Future Finance | Up to $35,000 | No | 9.00% – 12.00% | 5 – 10 years | Students enrolled in UK institutions |
| Naiku | Up to $25,000 | No | 7.00% – 10.50% | 10 years | International students in selected programs |
| College Ave Student Loans | Up to $50,000 | Yes | 3.34% – 12.99% | 5 – 15 years | Requires U.S. co-signer |
| LendKey | Varies | Yes | 3.00% – 12.00% | 5 – 15 years | Requires U.S. co-signer |
| Sallie Mae | Up to $50,000 | Yes | 1.00% – 12.60% | 5 – 15 years | Requires U.S. co-signer |
| Discover Student Loans | Up to $40,000 | Yes | 4.99% – 12.99% | 15 years | Requires U.S. co-signer |
1. MPOWER Financing
MPOWER Financing is specifically designed for international students and does not require a co-signer, making it an excellent option for those without U.S. contacts.
They offer loans up to $50,000, with interest rates ranging from 10.49% to 12.99%.
The repayment term is fixed at 10 years, which simplifies budgeting for monthly payments.
MPOWER evaluates applicants based on future earning potential and academic performance, making it an attractive option for students from various disciplines attending eligible universities in the U.S. and Canada.
2. Prodigy Finance
Prodigy Finance specializes in providing loans for international students pursuing graduate studies.
They offer loans of up to $35,000, with interest rates ranging from 7.00% to 12.99%.
Like MPOWER, Prodigy Finance does not require a co-signer.
Borrowers can choose flexible repayment terms ranging from 10 to 20 years, allowing for manageable payments based on their financial situation.
Eligibility primarily focuses on graduate students at selected universities, so it’s essential to verify if your institution qualifies.
3. Ascent Funding
Ascent Funding offers loans to international students without requiring a co-signer.
They provide loans of up to $20,000, with interest rates ranging from 8.00% to 12.00%.
The loan terms can be set between 5 to 10 years, providing flexibility in repayment options.
Ascent primarily focuses on students at eligible institutions, so confirming eligibility is crucial.
They assess future income potential, allowing students to qualify based on their academic paths.
4. Future Finance
Future Finance caters specifically to international students and offers loans without requiring a co-signer.
They provide loans up to $35,000, with interest rates ranging from 9.00% to 12.00%.
Loan terms typically last between 5 to 10 years, making it straightforward for students to understand their repayment obligations.
Future Finance is especially beneficial for students enrolled in UK institutions but can also accommodate those studying in Australia.
5. Naiku
Naiku offers loans to international students without requiring a co-signer.
They provide loans up to $25,000, with interest rates between 7.00% and 10.50%. The repayment term is fixed at 10 years, allowing for predictable monthly payments.
Naiku primarily targets international students in specific programs, making it essential to check eligibility.
This lender emphasizes flexibility and accessibility, helping students secure funding for their educational journeys.
6. College Ave Student Loans
College Ave provides loans specifically for students and typically requires a U.S. co-signer; however, they also have options for international students.
They offer loans up to $50,000, with interest rates ranging from 3.34% to 12.99%.
The loan terms can be customized from 5 to 15 years, providing flexibility in repayment.
College Ave also offers options like interest-only payments while in school, helping students manage their finances effectively.
7. LendKey
LendKey connects borrowers with local and national credit unions and banks.
They generally require a co-signer, but some programs may allow international students to apply without one. Loan amounts vary, but they typically offer loans up to $50,000.
Interest rates range from 3.00% to 12.00%, and loan terms can be set from 5 to 15 years.
LendKey’s community lending focus often results in competitive rates, and they provide excellent customer service to guide students through the borrowing process.
8. Sallie Mae
Sallie Mae is a well-known lender in the student loan industry, providing loans to international students who have a co-signer.
They offer loans up to $50,000, with interest rates ranging from 1.00% to 12.60%.
Loan terms can vary from 5 to 15 years, giving students the flexibility to choose a repayment plan that suits their financial needs.
Sallie Mae also offers various repayment options and benefits for responsible borrowers.
9. Discover Student Loans
Discover provides private student loans tailored for international students who have a co-signer.
The maximum loan amount available is $40,000, with interest rates ranging from 4.99% to 12.99%.
Discover’s loan terms can extend up to 15 years, and they offer flexible repayment options, including deferment during the student’s time in school, significantly easing the financial burden.
Quick One: We have other useful loan articles here.
Frequently Asked Questions
What is the maximum loan amount that international students can borrow without a co-signer?
The maximum loan amount varies by lender. For instance, MPOWER Financing offers loans up to $50,000, while Prodigy Finance typically provides loans up to $35,000. Ascent Funding generally offers loans up to $20,000. It’s essential to check each lender’s specific terms to determine your borrowing capacity.
Do international students need a co-signer to qualify for loans in the U.S.?
Many lenders, such as Prodigy Finance and MPOWER Financing, do not require a co-signer, making it easier for international students to secure funding. However, traditional lenders like Sallie Mae and Discover Student Loans usually require a U.S. co-signer. Always review the specific requirements of each lender before applying.
What are the interest rates typically offered to international students?
Interest rates for student loans can vary significantly based on the lender and the borrower’s profile. Generally, rates range from approximately 1.00% to 12.99%, depending on factors such as creditworthiness and the presence of a co-signer. It’s crucial to compare rates from multiple lenders to find the most favorable terms for your financial situation.
Conclusion
Navigating the world of education loans as an international student can be challenging, especially without a co-signer.
However, options like MPOWER Financing, Prodigy Finance, and Ascent Funding provide essential support for students who need financial assistance.
Each lender has different eligibility requirements, loan amounts, and interest rates, making it vital for students to conduct thorough research to find the best fit for their needs.
By understanding these options, international students can secure the necessary financial support to pursue their education and achieve their academic goals.
