Limited funds have always been the culprit. However, when you consider the rising dollar against every African currency, the difference can discourage you from applying for schools in the United States and Canada.

How do these international students leave the shores of Africa every academic session in droves? Sometimes, it seems that they have money growing inside their homes when they do a mental calculation of what they spent to relocate abroad.

Surprisingly, many of these applicants come from average homes, where papa and mama are civil servants, market people, teachers, or farmers. Have you heard of study loans?

Miracles may come in the form of a study loan. You can put your faith to work by leaping when you apply for these loans. However, many international students have no clue how to begin this loan process.

Read: 5 Things That Can Deny Your Canadian Study Permit Application

Student Loans to Study 

Federal Student Loans

1.     Canada

The Canada Student Financial Assistance Program provides full-time and part-time students with various student grants and loans. In addition, the Canadian government offers international students this loan as a repayable loan.

Meanwhile, many factors determine the amount you receive from the government, including living expenses, tuition fees, family income, the territory of residence or province, and others.

2.    The United States of America

In the United States, federal student loans are not for international students. They can use international student loans to study in the country. These flexible international loans would be a realistic method of funding your student in the USA. 

You make the repayment after your graduation. Meanwhile, this type of loan comes with the following:

Cosigners

International students require a U.S. cosigner to apply for this loan. The cosigner will be legally obligated to repay the loan if you refuse or fails to pay. 

·         The cosigner must be a permanent U.S. resident

·         The person must have good credit. 

·         The cosigner must be a close friend or relative. 

Interest

International student loans require interest rates based on the amount you received and your cosigner’s creditworthiness. Here are the common indexes used:

• Prime Interest Rate – Prime Interest Rate is determined by the federal funds rate, which the U.S. Federal Reserve sets.
• LIBOR – The LIBOR (London Interbank Offered Rate) is based on the British Bankers’ Association and is used on the London interbank market. 

Read: 7 Short-Term Work U.K. Visa for Migrants

Repayment

International student loan repayment depends on the loan option you choose. The repayment period ranges from 10-25 years and has the following plan options:

• Full Deferral – You can defer payment until six months after graduation as long as the full-time status is maintained. In addition, you can defer payments for a maximum of four years.
• Interest Only – You can pay the interest while in school for up to four consecutive years and can defer the principal until 45 days after graduation or when you drop the course load to part-time.
• Immediate Repayment – This payment on both interest and principal is due immediately once the loan has been dispersed.

Private Student Loans

You can use private student loans to study in the United States or Canada. Some specialist education loan providers offer you this type of loan. While most loan providers require a cosigner,  MPower Financing does not request such an obligation.

Who is MPower Financing?

MPower Financing is a loan company founded by international students as a social benefit corporation for international students. Thus, you got loan approval based on your potential. You don't need someone in the high place to secure this loan for you.

MPower Financing collaborates with us to provide students with loans in the United States and Canada. You can apply for this study loan from the comfort of your home with your smart device. 

With our support loan, you can receive between $10,000 and $100,000. Imagine what this amount could do to your study abroad plans. In addition, we mentioned that you don't need a cosigner or collateral to access the loan.

What if we told you that Across the Horizon can help you with the most competitive study loan for your studies? If you have limited funds and wish to boost your finances, we can help you.

While many loans require collateral and numerous documents, you don't have to go through these hectic processes. For example, using our partnership loan, you don't need cosigners, credit history, or collateral.

Eligibility Requirements for Our Study Loan

1.    An undergraduate or graduate student within two years of graduating or about to begin a 1- or 2-year program.

2.    Admitted to or attending one of our 350 approved schools in the U.S. or Canada.

3.    An international student, DACA recipient, a U.S. citizen, refugee, or asylum-seeker.

4.    To refinance, graduated, and working in the U.S. or Canada for a minimum of 3 months.

How Across the Horizon Can Help You

During your session with our counsellors, come with your study abroad wish list; they can help you make them come true. They start your admission process and ensure you receive your admission letter early.

Then, ensure you get admitted to our study loan partnering school. With our support, you can access official websites and the latest application forms to reduce the hassle of visas. Furthermore, they follow the strictest ethical and legal standards to ensure that you don't suffer any financial loss during your transactions.