When you decide to pursue higher education, financial circumstances can sometimes become a barrier. Private loans are available to assist international students in achieving their goals. However, private loans require a cosigner who will be responsible for repaying the loan if you are unable to return it. There aren’t many companies that will lend without a cosigner. We will discuss two such companies that will provide international student loans without cosigner for your graduate degree.
As an international student, obtaining a cosigner is a difficult undertaking. It is great if you have someone willing to cosign your loan. However, in my experience, many are unwilling to sign your loan, even if they are relatives. In that situation, your only alternative choice is to improve your profile and apply for a good scholarship. I always recommend that you try to earn a scholarship first before going into massive debt. However, if the candidate pool is extremely competitive, it may be more difficult to obtain a scholarship. In that situation, your only choice is to apply for loans without a cosigner.
Prodigy Finance
Prodigy Finance typically partners with specific universities and business schools. To be eligible for a loan, you often need to be admitted to one of these partner institutions. Postgraduate degrees in business, engineering, public policy, or other eligible fields in the US and Canada are typically covered by Prodigy. Also, your eligibility for loans depend on your country of origin. Bangladeshi students can apply for these loans without any restrictions. Here is a list of countries and states in the USA and Canada that are not currently covered by Prodigy. So, if you have received admission in any university from these states, then you might not be approved for a loan.
>> Prodigy: Which regions aren’t eligible for a loan?
Not all the programs and universities are covered by prodigy student loans. Prodigy Finance may offer loans for specific types of programs, such as postgraduate degrees in business, engineering, public policy, or other eligible fields. The focus is on STEM subjects where there is high probabillity of getting a high-paying jobs and returning their money within a few years after graduation. Prodigy Finance often focuses on providing loans to international students.
>> Prodigy: Schools that are supported
MPower Financing
MPOWER financing has more options for more degrees such as Master’s, MBA, Ph.D., Bachelor’s, J.D., LL.M, M.D., D.D.S., Diploma and Associates degrees (in Canada only). Mpower supports around 400+ North American schools for international students. As you can understand, not all the universities are covered by this loan providing company. So, before applying, check the university list. Here, also STEM programs might have higher eligibility for loan appilcation.
>> MPower: Schools that are supported
>> More: Private loan options for international students
Frequently Asked Questions:
Which one is better? Prodigy or MPower financing?
Prodigy verification is faster, but MPOWER verification takes 1-2 months and does a lot of background verification. On the other hand, MPower provides loan for more degree programs than Prodigy finance. So, we suggest you talking to both and choose the one with lowest interest rate.
Which one has the best interest rate?
Prodigy interest rate starts at 11.18% (as of Nov 2023). The rate depends on factors like finances, loan amount, and repayment term. Prodigy Finance also charges a 5% administration fee.
MPOWER Financing’s interest rates range from 12.99% to 13.99%. These rates are the maximum and will not increase. If you qualify for all of MPOWER’s discounts, your rate will range from 12.74% to 13.74%.
- Undergraduate: 13.99% (15.01% APR)
- Graduate: 12.99% (13.98% APR)
- 10-year term refinance: 12.23%–12.48% fixed rate
- MPOWER Financing’s loans also have the following fees:
- 5% for school loans
- 2% for refinances
What is the repayment option for both?
Return payment begins six months after graduation.
Can I get international student loans without cosigner for both USA and Canada?
Yes, both prodigy and MPower finance provide loan for selected schools in USA and Canada. Check their website for more details.
What are the steps to apply for these loans?
For both loan application, you can apply online using their website. The steps are as follows:
Check your eligibility: Check to see if your program and school qualify for a loan.
Fill out the following application: Provide basic information such as your name, address, and school. Submit the application together with a current, unexpired photo ID, passport.
Documents to be uploaded: Upload the necessary files to your account dashboard. You have to show financial solvency in your home country before applying for the loan. Other documents include proof of admission, financial statements, etc.
The money will not be given to you directly; rather, it will be paid straight to the school. You might also ask for living expenses. You do not need to apply for a loan if you can work on campus and manage your living expenses.
Finally, make an effort to secure a scholarship with a stronger profile. For many students in Bangladesh, taking on debt is not the best course of action. However, for international student loans without cosigner, prodigy and Mpower finances are your options. We assist prospective students with practical tips, college searches, SOPs, resume writting and recommendation letter guidelines. Use the mentoring form to contact us if you would want to receive exclusive mentorship.
