Getting a study loan is a great option you might want to consider after exploring other funding alternatives for your tuition and living expenses. Application for a study loan does not take time and for most financing institutions, you will typically get a decision within 24 hours. However, the major hurdle to overcome is the need to make sure your school is pre approved for study loans by major financing institutions such as Prodigy Finance, Future Finance, Mpower Finance, M&T Bank, Citizens, Sallie Mae, to mention just a few.
Study Loan Requirements
Like other loans, study loans requires submitting an application and providing other supporting documents such as a government-issued ID, proof of employment or source of income, payslip, bank statements, offer letter of admission, GMAT/GRE score in some cases, etc
Except Prodigy Finance and Mpower Finance which lend against the future potential of the students to repay the study loan, most financing institutions typically require a co-signer or a guarantor who undertakes to pay the institution should you ever default in paying back in any installment.
Study Loan Institutions Requiring No Co-signer/Guarantor
The two major institutions which do not require a co-signer or guarantor for your study loans are Prodigy Finance and Mpower Finance. However, you will need to first check if your school is pre-approved for a study loan.
Schools Prelisted for Study Loans By Mpower Finance and Prodigy Finance
Mpower pre listed mainly schools in the US and Canada, while Prodigy finance pre-approved schools in the US, UK, France, Singapore, China, Belgium, Germany, Netherlands, Italy, UAE Canada and Spain. For Mpower Financing, check here https://www.mpowerfinancing.com/get-a-loan/schools-we-support/
For Prodigy Finance, check here https://support.prodigyfinance.com/hc/en-us/articles/360000145589-Which-schools-do-you-support
If you can find your school on Mpower, start your application https://registration.mpowerfinancing.com/eligibility
If you can find your school on Prodigy Finance, start your application https://accounts.prodigyfinance.com/customers/create-account
My School Is Not Pre-approved For a Study Loan By Prodigy and Mpower. What Should I do?
If your school is not pre listed for a study loan by Prodigy and Mpower, you should explore other institutions. You should be prepared to travel first to your study country to meet the residency requirement and also provide a co-signer/guarantor. Other study loan institutions include the following:
- Sallie Mae https://ww2.salliemae.com/ for international student loans in the US
- Future Finance for postgraduate loans in the UK
- Resource For Study Loan in Canada https://www.internationalstudentloan.com/apply/
Other International Study Financing Alternatives
If you can’t find a study loan that meets your study financing needs, you may consult with us https://mcfedututors.com/contact-us/ for other great options.