International student success story: Financing an MBA in the U.S.
For international students pursuing higher education in the United States, the dream of acquiring a world-class education can often come with a host of financial barriers. Neha Purohit, an international student from India, found herself in this predicament when she aspired to pursue an MBA in the U.S. The process seemed financially daunting, and she’d almost lost hope.
Fortunately, after an exhaustive search, she found the funds to pay for tuition and expenses. Neha earned her MBA and launched a career she loves in the U.S., and today Neha is a principal product manager at McAfee.
Neha’s financial struggles mirror those of other international students seeking a degree abroad, and her success inspires hope.
Challenges in financing an international education
Like other international students, Neha faced considerable challenges finding the money to pay for college. American students often have access to federal loans and loans from private institutions such as banks or other lenders to cover costs. However, international students aren’t eligible for federal loans because they’re not U.S. citizens. This means international students often rely on scholarships and private loans, in addition to family support, as their main financing option.
Unfortunately, most private lenders also require students to be permanent U.S. residents or citizens, which makes finding financing even harder. This was the case for Neha.
Private lenders often demand a cosigner, typically a family member or friend, to support the loan application. The cosigner plays a crucial role by vouching for the student’s ability to repay the loan. A cosigner also agrees to take financial responsibility if the student is unable to pay back.
Further compounding the issue, these private lenders frequently require the cosigner to be a U.S. permanent resident or citizen. This can be a considerable hurdle for international students who may not have close ties with eligible individuals in the United States.
Neha’s struggle ends after discovering MPOWER Financing
Neha was rejected 10 times as she navigated the world of educational loan financing. Her aspirations of earning an MBA in the U.S. seemed to be dimming, but then she discovered MPOWER Financing.
MPOWER is a fintech company empowering a diverse range of individuals, including international students, DACA recipients and refugees, by providing comprehensive financial solutions such as loans, scholarships and career development resources. It was founded by former international students to help students from around the world pay for college in the U.S. and Canada. Neha reached out to MPOWER, and the experience turned out to be a game-changer. A representative from MPOWER assured her she could apply for a loan and receive the necessary funds to pursue an MBA.
Neha’s educational loan journey
Fortunately, Neha’s experience with MPOWER was enabled by three items that significantly helped her pursue an MBA in the United States:
- Rapid loan approval: One of the remarkable features of an MPOWER loan is the swift approval process. MPOWER approved Neha’s loan application within 24 hours. This rapid response gave her the financial support she needed without unnecessary delays.
- Direct disbursement to her university: MPOWER sends funds directly to the student’s university. This direct disbursement method eliminates the stress associated with managing and allocating funds, including students not having to worry about international transaction or conversion fees. Neha’s educational expenses were covered without any hassle.
- User-friendly application: Neha also praised the straightforward and user-friendly loan application process. The online application makes it easy to provide the necessary information, eliminating complexities that can be hard for international students.
MPOWER approved Neha for a US$50,000 loan, finally making her MBA studies possible. MPOWER offers international education loans between US$2,001 and US$100,000.
Neha’s story is particularly unique because she needed an additional loan for the second year of her MBA program. Fortunately, the process was as smooth and straightforward as her first loan application. She was able to finish her MBA program without any disruption thanks to MPOWER’s continued support: “I was able to complete my education and move ahead in my career because MPOWER was able to support me financially.”
Why Neha recommends MPOWER Financing
Neha recommends MPOWER to anyone seeking financial support for college. She says the simplicity and ease of the loan application process, coupled with the support of MPOWER’s skilled professionals, make the company a go-to resource: “They helped me by creating financial strength for me, which was my dream, and made my dreams come true.”
International students planning to study in the U.S. can visit the MPOWER Financing website to explore funding for college.
