Finding a loan to study in the U.S. or Canada without a cosigner can be challenging, especially for international students. However, there are options available that cater to this need.
When seeking such loans, it's important to thoroughly research and compare the terms and conditions of different lenders. Here are some avenues you might consider:
For Studying in the U.S.
1. Prodigy Finance: Prodigy Finance offers no-cosigner, no-collateral loans to international students attending eligible programs at over 800 institutions around the world, including many in the U.S. They base their loan decisions on the projected earnings after graduation rather than current financial or credit history.
2. MPOWER Financing: MPOWER offers student loans to international students without requiring a cosigner, collateral, or credit history. They focus on the student's future potential and consider academic success and career path in their lending decisions. MPOWER supports students in various fields of study at about 350 approved schools in the U.S. and Canada.
3. Stilt: Stilt provides loans to international students and working professionals in the U.S. on visas. They do not require a cosigner. Stilt evaluates loan eligibility based on the borrower's employment or employability, education, and financial behavior.
For Studying in Canada
1. MPOWER Financing: As mentioned, MPOWER also supports students in Canada, offering loans at select universities without the need for a cosigner.
2. Prodigy Finance: Although Prodigy Finance's primary focus has been on students pursuing graduate degrees, they do offer loans to students in select programs in Canada as well. It's worth checking their current offerings and eligibility criteria.
3. Canadian Banks and Credit Unions: Some Canadian banks and credit unions may offer student loans or lines of credit to international students who are enrolled in Canadian institutions. While many of these products typically require a cosigner, there might be special programs or partnerships with educational institutions that relax this requirement.
- Scholarships and Grants: Always explore scholarships, grants, and bursaries first, as these do not need to be repaid. Many universities offer financial aid packages to international students