International Student Loans for Indian Students

by MPOWER Financing | In Guides and Tools, International Student Master Guide | 26 November 2021 | Updated on: December 13th, 2022

Approximately 200,000 students from India pursue higher educational opportunities in the United States. Unfortunately, the high price of American degrees can often be cost-prohibitive to many international students. However, this doesn’t mean that your dream of studying in the U.S. is impossible. Our program can help you attain the high-quality American education you seek. Here’s a closer look at what all Indian students who wish to study in the United States should know.

Indian Students and Higher Education in the U.S.

The United States is widely regarded as having the world’s best higher education system. This is for several reasons, including:

  • Prestigious universities
  • A huge assortment of courses and degrees
  • Groundbreaking research
  • Vibrant and engaging campuses
  • A competitive edge in the job market

American degrees are highly valued by global employers. Because of this, many Indian students often look to the United States for undergraduate and graduate-level studies. There are, however, some challenges for Indian students when it comes to studying in the United States. While the application process is rigorous, the main hurdle waiting for many students after they’ve been accepted is cost. American universities have some of the highest tuition fees in the world.

While navigating the student loan process is a challenge for students all over the world, Indian students face unique barriers that limit their loan eligibility. This is largely because traditional banks and lenders have certain basic requirements that render international students ineligible for qualifying for a loan. These include:

  • Good credit history in the United States.
  • A cosigner with many conditions, including citizenship or permanent residency and good credit.
  • Collateral equal to or exceeding the value of the loan.

While these factors may be good indicators of whether domestic students are strong candidates for financial support, they disqualify the vast majority of Indian applicants before they can even apply.

What is MPOWER Financing?

While Indian students without ample financial resources may be limited or have no options, MPOWER Financing has been disrupting the student loan market to make loans more accessible. Co-founded by two former international students in the United States, who are well-acquainted with student loan struggles, MPOWER has just three conditions for Indian student loan candidates:

  1. Applicants must be within two years of graduating or about to commence a one or two-year program in any field, major, or degree.
  2. Applicants must be international students, DACA recipients, American citizens, refugees, or asylum seekers.
  3. Applicants must be admitted to or already attending one of the hundreds of approved institutions in MPOWER’s network.

If this sounds simple, that’s because it’s designed to be. MPOWER doesn’t believe that red tape should stand between anyone and their international education aspirations. 

What are the Benefits of Choosing MPOWER Financing?

There are many benefits of an MPOWER education loan, including the following:

1. Favorable interest rates

Variable interest rate student loans put students at the mercy of changing rates. This can make it difficult to plan. With MPOWER, you get a fixed interest rate so you can budget accordingly.

2. Credit-building

A U.S. credit history gives you access to many things. Every time you make a payment on your MPOWER loan, MPOWER shares that information with American credit bureaus so you can establish and start building your credit. This will position you to take advantage of future financial opportunities, such as car loans and credit cards.

3. No exchange rate risk

As long as you’re in the U.S. — either as a student or worker — and earning income in American dollars, your monthly loan payments will not be subject to exchange rate fluctuations. This also means you won’t have to deal with costly wire transfers between MPOWER and your banking institution.

4. Deductible interest rates

Depending on the specifics of your employment and U.S. laws, your student loan interest may be tax-deductible.

5. Career support

MPOWER is all about bridging the gap between international students and their goals. This isn’t limited to education. We also provide critical career support with Path2Success, a comprehensive program consisting of resume review and interview preparation, internships and full-time jobs, networking, and a monthly newsletter covering everything from career trends to volunteer opportunities.

Scholarships for Indian Students in the United States

If you’re an Indian student searching for scholarship support for your studies in the United States or Canada, we can help there, too. Unlike many scholarships for international students which have strict restrictions and entry fees, MPOWER scholarships are designed to be accessible.

Our current scholarships for Indian students include:

  • Global citizen scholarships for international and DACA students
  • Women in STEM scholarships
  • MBA scholarship
  • Monthly scholarship program

When you borrow from MPOWER, we’ll also point you in the direction of complementary scholarship opportunities.

What’s Involved in the Financing Application Process?

Our application process is relatively straightforward. First, you’ll determine your eligibility and complete the four-part online application. Next, you’ll receive a conditional offer, after which you’ll be asked to upload necessary documents and complete a final assessment. This will culminate in final approval and your disbursement. Once that process is over, our team will still be available to offer guidance throughout the process.

FAQs about Student Loans for Indian Students

Have questions? Here’s a closer look at some frequently asked questions about MPOWER:

1. How long will the process take?

The eligibility check takes only 30 seconds. After you complete the online application, upload your documents, and answer a few short questions, your part of the process is done. Our team will review your application and offer you a final decision within the next three to five days.

2. How long does approval take?

After you’ve received your final loan offer, your school will need to verify your enrollment and assess your financial need based on their own records and methods. The amount of time this takes depends on the school, but the average time is usually between two and four weeks.

3. What will my APR be?

Your APR depends on the interest rate you receive with your conditional offer. And remember: You can use MPOWER’s interest rate discount to reduce it. You’ll also have the peace of mind that comes with knowing your rate won’t change if interest rates rise.

4. Why does having a U.S. credit history matter?

Credit history and credit scores are used by the majority of American lenders for many different things. Without a credit history, it’s hard for lenders to determine your creditworthiness — which means you may not be eligible for low rates or as much credit as you need. MPOWER gives you the chance to demonstrate your creditworthiness by building credit.

If you’re an Indian student looking to leverage the benefits of studying in the United States, MPOWER represents a new and exciting alternative. To see if you qualify for an MPOWER loan, check your eligibility today! 


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