If you’re advancing your education by pursuing a higher-level degree, like a master’s or a doctorate, you’re likely aware of how costly tuition can be, especially for international students. The fees you typically have to pay in Canada or the US are among the highest, but they are justified by the income you’ll eventually earn in your career!
MPOWER Financing understands the importance of supporting the next generation of scholars. That’s why MPOWER has created a student loan tool to help you explore your options. You might even receive an offer directly from MPOWER for a student loan valued at up to $50,000 USD.
Student loans for international grad students
The tool for finding student loans simplifies the process of finding potential sources of funding. By answering a few simple questions about yourself and your study plans, including when you expect to graduate, you’ll receive a list of possible options.
You’ll also be asked about the amount of money you need, allowing you to focus your funding on the specific gap you want to fill.
Additionally, you won’t need a co-signer, which makes obtaining a loan through MPOWER Financing much simpler compared to other methods.
Canadian schools supported by MPOWER
Not all colleges and universities will qualify for an MPOWER loan, though. Currently, MPOWER works with about 20 institutions across Canada, including some of the biggest names, like:
- York University
- University of Alberta
- University of Toronto
- University of Waterloo
- Vancouver Island University
- and many others
Click here to see the full list of supported schools in Canada and abroad.
I’m eligible for a loan — what next?
To secure your funding, simply follow the instructions provided on the MPOWER website. You might need to submit a few documents to confirm your educational and financial status, but don’t worry, MPOWER representatives are available to assist you and answer any questions you may have.
Before you sign any documents, it’s crucial that you comprehend the interest rate. Your education will open doors to better career opportunities, leading to increased earnings throughout your life. When you start earning a salary from your career, you’ll need to repay the principal amount you borrowed from MPOWER, along with interest. The interest rate will determine the additional amount you have to repay. A higher interest rate means a greater sum of money to be paid back.
Paying interest is a normal aspect of borrowing money, but it’s essential that you fully grasp the terms before formalizing the agreement by signing a contract.
Other funding sources for international grad students
Don’t forget to explore other options as well, such as scholarships and bursaries offered by schools, organizations, and even the Canadian government. There may be additional financial assistance available to you, so make sure to consider all possibilities!
Wishing you the best of luck on your journey towards studying in Canada!
What can MPOWER Loans be used for?
MPOWER Loans can be used to cover various expenses related to your school education. These expenses include, but are not limited to, tuition fees, books, meal plans, housing, and health insurance. If you intend to use the funds for purposes other than tuition, please contact your school’s Financial Aid Office. The funds are directly sent to your school, and it is the school’s responsibility to allocate the appropriate funds to you. However, some schools may not accept funds for non-school approved items.
Please note that you must already be enrolled at an eligible school before your loan application can be approved. The MPOWER Student Loan cannot be used to pay for school application fees.