For many international students, paying for their education in the U.S. or Canada is a serious challenge. Banks often require a co-signer, collateral, or strong local credit history—things most foreign students don’t have. That’s why many give up on their dream of studying abroad all together.
The good news? There are now student loans made just for international students. In this blog, we’ll show you how to get a student loan designed for global learners like you—no co-signer, no collateral needed. You’ll learn what these loans are, who offers them, and how to apply step by step.
Why Getting a Student Loan Is So Hard for International Students
Traditionally, international students pay for their studies abroad through family support, personal savings, scholarships, or part-time work. Most U.S. and Canadian banks do not lend to students without local credit history. They often require a co-signer or collateral, such as property or financial guarantees from family.
This creates a major obstacle for international students arriving with no credit and limited financial resources. As a result, many students are unable to enroll or complete their degrees at universities outside of their home country.
Fortunately, the situation is changing. New, global lenders now offer more flexible options for students. One example is MPOWER Financing, in partnership with UniApplyNow, which provides loans with low interest rates. Making it much easier for students to access the funding they need to study abroad.
What Are No-Co-Signer Student Loans and How Do They Work?
No-collateral, no-co-signer loans are specifically designed for students studying overseas. Unlike traditional banks, these lenders don’t ask for a guarantor, local credit score, or collateral from your home country.
Instead, approval is based on:
1. Your future earning potential
They consider your career path and how much money you might earn in the future.
2. Your chosen school and program
Attending a recognized school and enrolling in a strong program can improve your chances of getting approved.
3. Your academic performance and goals
Lenders look at your past grades and commitment to completing your degree successfully.
Who Offers These Loans?
More financial institutions now support international students with student loans. One trusted provider is MPOWER Financing, working together with UniApplyNow. This partnership helps students from over 200 countries get access to affordable loans for their education in the U.S. and Canada.
Top Benefits:
- No co-signer or collateral needed
- You can apply on your own—no family property or guarantor required.
- Fixed interest rates
- Your monthly payments stay the same, with no surprise increases.
- Covers more than just tuition
- Use the loan for housing, meals, books, and other school costs.
- Available for schools in the U.S. and Canada
- Through UniApplyNow, you can choose from many supported universities in both countries.
- Quick and easy online application
- Apply from anywhere in just a few steps—no paperwork needed.
Whether you plan to study abroad or continue your education, these loans can help cover your costs. They make it easier to begin school without depending only on part-time jobs or sponsorship.
MPOWER Financing Now Available Through UniApplyNow
MPOWER Financing and UniApplyNow have partnered to make education student loans easier and more accessible for international students. Together, they provide a simplified path to university admission and funding—without the traditional barriers many students face.
💡 MPOWER was named the 2024 Best International Student Loan by NerdWallet.
You can apply to cover up to 100% of your education costs, including tuition and living expenses at approved schools. Applications can be submitted as early as 12 months before you need the funds.
What Makes This Partnership Unique?
- MPOWER focuses on your future potential, not your financial history.
- UniApplyNow simplifies every step of the journey—from choosing the right university to securing your student loan—all on one easy-to-use platform.
- The partnership supports students at over 300 top universities across the U.S. and Canada.
Main Loan Features:
- Borrow between US$2,001 and US$100,000
- Fixed interest rates starting from 9.99%
- Quick approval with a conditional loan offer
- Pay off your loan early with no extra fees
- Open a U.S. bank account and apply for a credit card
How to Apply for an International Student Loan
Applying is simple and fully online. Most students complete the entire process in less than two weeks.
Step-by-Step: How to Apply
Here is a general overview:
- Choose your university and get accepted.
- Connect with your UniApplyNow counselor to start your application.
- Submit your documents, including passport, visa, and admission letter.
- Get pre-qualified, often within a few days.
- Sign your loan agreement and receive your funds directly to your school.
Who Can Apply?
To be eligible, you must be:
- You must be an international student, DACA recipient, U.S. citizen, refugee, or asylum-seeker.
- You need to be accepted to, or already studying at, a participating school in the U.S. or Canada.
- You should be within two years of finishing your degree, or starting a 1- or 2-year program.
Common Questions About International Student Loans
When should I apply for a student loan?
It’s best to apply 6–12 months before your program starts, especially if you need a student visa.
Will the loan affect my student visa process?
No. In fact, having approved funding can support your visa application by proving financial readiness.
Can I apply before getting accepted to a university?
Some lenders allow pre-qualification, but final approval usually requires a confirmed university acceptance.
Can I apply if I’m transferring from another school?
Yes. As long as your new school is on the approved list, you can apply as a transfer student.
How fast is the loan process?
Once all documents are submitted, approval can take as little as five business days.
Can I use the loan for living expenses too?
Yes! Many loans cover not just tuition, but also housing, meals, books, and other school-related costs.
Is there a penalty if I pay off the loan early?
No. You can repay your loan early at any time without fees or penalties.
Do I need a co-signer or collateral?
We know you saw it in the title—but it’s worth repeating. No co-signer or collateral is required. Your loan is based on your academic journey and future potential.
Conclusion
Don’t let money stop you from studying abroad! With new loan options created specifically for international students, you can focus on what truly matters: your education.
Start your journey with UniApplyNow, your all-in-one platform for university admissions and student loan support through trusted providers like MPOWER Financing.
Need Help with University Admission? UniApplyNow assists students in finding the right university programs, admission guidance, and visa support for studying in Canada and the U.S.
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