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International student loans are a great way to help fund your education when you need to fill the financial gap. However, international students are often faced with numerous hurdles when it comes to getting a loan including trying to work with a lender that doesn’t work with international students or their school, and not having a cosigner.
MPOWER Loan Approval
MPOWER loans are designed with international students in mind and because of this, they don’t require a cosigner. Instead of looking at the creditworthiness of a cosigner, MPOWER looks at other factors including the following:
- Your credit report
- Your university
- Your home country
- Your career and academic potential
If approved for a no cosigner loan through MPOWER, international students can use the funds for all university-related expenses including tuition, books, meal plans, housing, and health insurance. Students can apply to borrow a maximum of $50,000 total, $25,000 per academic period and will need to submit a loan application for each academic period they need to apply for a loan.
MPOWER Loan Repayment
If approved for a loan students can expect fixed interest rates between 11.99% and 13.99%. Borrowers also have three ways they can qualify to receive discounts on their interest rates:
- Repay the loan through automatic withdrawal
- Make 6 consecutive on-time payments through automatic withdrawal
- Report proof of graduation and employment
Before graduation international students will make small, interest-only payments toward the repayment of their loan. Upon graduation students will have a six month grace period before a 10 year repayment term begins.
MPOWER has partnered with schools throughout the United States; if you attend an eligible school you could be eligible for a no cosigner loan. The only way to know for sure if you’re eligible is to apply. Take the first step and use our loan comparison tool above to see if an MPOWER loan is available to you.