How to get Study Loan to Study Abroad – US and Canada
Studying abroad is not cheap at all. So, if you’re looking for a student loan to fund your education internationally, there’s help for you.
Student educational loan one of the major steps that will help yours to achieve their dreams. However, most times finding a student load doesn’t have to be difficult. But the real thing here is how to find the best study loan the right body that offers the right student loan.
Also Read: What is a Scholarship
In this article, I’ll show you a body that will help you get a student load that will enable you fulfill your academic dream.
The organization am talking about here is the MPower financing. There’re many organizations that offers this student loan .
What is MPower Financing?
MPower is a social benefit corporation that is founded by international students. Their mission is to make socioeconomic mobility in education borderless.
They offer international students loans without a cosigner because they really believe in the future potential of students across the world. If you really want to know how to get study loan abroad, red to the end.
Also Read: How to get full paid Scholarship
What makes MPower Loan Special?
Here are some of the things that make the MPower Loan Special:
- Offers fixed-interest rates with a flexible loan amounts to $2,001 to $100,000 USD total. This amount covers all the tuition, school supplies and your living expenses for future semester or past due balances.
- They support all major degrees and there’s no requirement for a cosigner or collateral or credit history.
- Students enjoy interest-only payments while they are in school and also during the 6-months post-graduation grace period.
- Students can earn up to 1.50% off your interest rate. This can help them build their U.S credit history to enhance their way to future financing.
- It enables students to repay their loan online in any currency of choice in any location around the world. Also, there are no prepayment penalties in case you want to pay off your loan early.
Who is eligible for an MPower Loan?
To be eligible for MPower loan, below are the criteria:
- Must be an undergraduate or graduate student within 2 years of graduating or should be about to begin a 1- or 2-year program.
- Should be an international student, DACA recipient, a U.S. citizen, refugee or asylum-seeker.
- Should be admitted to or attending one of the 350 approved schools in the U.S or Canada.
- Would be interested to refinance, graduated and working in the U.S or Canada for at least a minimum of 3 months duration.
How to apply for the loan Online
You‘ll apply online portal of the MPower using the URL https://registration.mpowerfinancing.com/eligibility
- Check the right box that you need to check and choose the right option and click on the Next button.
Loan Term for international Students
- Offers a minimum loan of $2,001
- Maximum loan of $50,000 per loan and a $100,000 lifetime limit
- Comes with a fixed rate before discounts which is 11.99% (12.94% APR)
- Offers automatic payment sign up discount of -0.50%
- Allows 6 on-time payments discounts with automatic payments of -0.50%
- Offers discount for reporting proof of graduation and employment.
- Gives fixed interest rate after 10.49% (11.59% APR) discounts.
- No prepayment penalty.
- Offers visa support letter for free
- Free U.S credit history building.
- Free career services to students.
- It doesn’t include life insurance
Other ways to Finance your studies Abroad
Now that you have decided to study abroad and if you have tried to get a study loan and you didn’t pull through, another option could be a scholarship or grant.
There’re a lot of scholarships, but you have to know which one is right for you. However, if you know the right one for you, you must check if you have the requirements to apply.
There’re a lot of scholarships that students can apply to help fund their academic dreams.
- A merit-based Scholarships- This kind of scholarship goes to students with criteria such as academic achievements, hobbies, talents, affiliation with other groups or careers aspirations. It can be given by federal and state government. Also, large corporations, local businesses, Universities or professional organizations can as well offer it.
Every of this scholarship has its own criteria that they most met.
If you want to get the sports scholarship, you’ll have to be a member of the college or university team. But the good news here is that you don’t have to be very good to participate in this scholarship.
- Specific Scholarships –This type goes to students with a certain ethnic background or some kind of family affiliations. It’s mainly being benefit gender or ethnic minorities. In most cases, this type of scholarship is popular among African-Americans, Asian-Americans or Hispanics.
- The Need-based Scholarships- We can call this grants. A ‘gift aid’ that you don’t have to pay back. If we compare this with scholarships, it doesn’t have to be repaid. Some factors are to be considered here and some of them are physical or mental disabilities.
Most times the value for this kind of support can be from 500 to 2,500 USD. This is really popular in the US as the department of Education offers federal grants to students with four-year colleges or Universities.
Also, in Germany, many of these grants are awarded to students. However, it’s the awarding institution that decides the amount and the duration.
In Germany, we have the University of Hamburg offering a merit grant of 720 – 1,000 EUR/month for 2 semesters (12 months).
Those you want to apply for this can do so through the federal student loan scheme if they’re qualified.
In addition, Students can get study loan or support to study through the student prizes. It’s a certain amount of money that is offered to a student for an outstanding performance. It’s a form of a financial aid.
Also, it’s a one-time award that can range from hundreds to several thousand of dollars or Euros.
Types of Student Prizes
- Academic achievements
- Rewards for performance in an undergraduate examinations
- Rewards depending on the results of coursework and public examinations
- Prize awards for best paper in a wide range of subject areas.
- Awards for outstanding work for dissertation and examination or thesis and also for overall performance.