You are not qualified for federal student loans as an international student. On the other hand, you might be eligible for foreign student loans to help pay for your course of study. Applying for a student loan can seem overwhelming, but if you follow these five pointers, you will be able to secure the funding you require.
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1. Get admission to the program of your choice.
You have to be enrolled in college or preparing to enroll for the next semester in a post-secondary program in the United States before you may be eligible for an international student loan. The timing of your application depends on the kind of program and degree level you are applying for.
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- Undergraduate Students: Undergraduate applicants often send in their materials in the early spring or fall of the previous year. For instance, you would submit your college applications between September 2022 and April 2023 if you intended to enroll in college for the autumn semester of 2023. Financial aid packages and acceptance letters are normally distributed by April or May of 2023.
- Graduate or Professional Students: The application procedure may be more involved in graduate and professional schools. Applications must be submitted by October 31st or December 31st of the previous year. Your application must be received by December 31, 2023, if you are applying for the fall semester of 2024.
2. Verify your eligibility for the program.
Determine whether funding is available for your program before submitting an application for an international student loan. You must enroll in one of MPOWER Financing’s more than 400 recognized schools if you intend to use it to obtain loans.
MPOWER supports over 400 colleges and universities, including a broad range of public and private schools, such as the following well-known schools:
- Brown University
- Carnegie Mellon University
- Duke University
- George Washington University
- Harvard University
- Johns Hopkins University
- Massachusetts Institute of Technology (MIT)
- MGH Institute of Health Professions
- New York University
- Pennsylvania State University
- Yale University
Note that you will need to find another funding source if the university you want to attend isn’t on MPOWER’s list of partners, and you can’t apply for an international student loan through the lender.
3. Gather important information in advance.
If you gather the required documentation ahead of time, you can expedite the application process. You won’t want to be scurrying around trying to locate the many pieces of paperwork and other documentation you’ll need as an overseas student when the funding deadline draws near. Depending on the lender and the kind of degree you’re seeking, different paperwork is needed:
- Graduate or Professional Students
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- Resume or curriculum vitae (CV)
- Proof of home country address
- Standardized test scores, such as the GRE, GMAT, LSAT, MCAT, or NBDE
- English proficiency exam scores
- Admissions letters
- Past transcripts or diplomas from previous universities
- Estimated cost of attendance and financial aid summary
- Passport
- Secondary photo identification
- Support evidence of funds
- References
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- Undergraduate Students
- Resume or curriculum vitae (CV)
- Proof of home country address
- Standardized test scores, such as SAT or ACT
- English proficiency exam scores
- Admissions letters
- Past transcripts
- Estimated cost of attendance and financial aid summary
- Passport
- Secondary photo identification
- Support evidence of funds
- References
4. Apply early for student loans.
After reviewing your application, the lender must confirm that you are enrolled in the college of your choice and validate the cost of attendance. This implies that the payout period may take longer, even if your application procedure is really rapid.
It’s advisable to begin the loan application process well in advance of your school’s payment deadlines because it may take up to two months from approval to loan distribution, depending on your circumstances and the lender.
5. Complete the application online.
You can now finish the application because you know what is required to apply for a student loan and when your school is closing. With MPOWER Financing, you can see if you’re eligible in just 60 seconds.
In order to determine your eligibility for a loan, the MPOWER online application will ask you a few basic questions about yourself, including your name, place of residence, and the school you have chosen. Your program might suggest alternative lenders to you if it isn’t qualified for MPOWER’s international student loans.
You can complete the remaining application and provide details about your finances, transcripts, and acceptance letter if your program qualifies for an MPOWER loan.
MPOWER will then examine your application.
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Do you want to study abroad? Note that obtaining a bachelor’s degree or a master’s degree in this field helps to improve your chances in the labor market. Studying abroad is no joke for international students due to the cost. However, you can achieve your dreams without breaking the bank by applying for student loans, which you can pay for as long as 10 years.
MPower Finance and Prodigy Finance are some of the best student loan providers for international students. They also do not require a cosigner or collateral before an application. Reach out to us today, and let’s help you get started.
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