Get Up to $100,000 International Student Loan to Study in US or Canada

No. Edxtra.com and AfterSchoolAfrica.com do not offer loans of any kind. We partnered with MPOWER Financing, a US-based lender to prepare and guide eligible students through the MPOWER loan application process. With our guidance, you improve your chance of getting your loan application approved. And our service is 100% free.

Of course not. We’ll be dishonest to guarantee anything. Different criteria are considered before a loan decision is made. However, we will help you navigate the process to improve your chance of getting your loan approved. And when necessary, we can appeal on your behalf.

Loans can be used for university-related expenses, including but not limited to tuition, books, meal plans, housing, and health insurance at most schools when studying in the U.S. We suggest reaching out to your school with any concerns about how your funds may be allocated.

You do not require a credit history or cosigner to apply because loan decisions are based on your future potential. If you have a credit history, it will be reviewed, looking for things like late payments and collections.

Yes! All approved students get free support letters to assist with their visa process. For students studying in the U.S., support letters will help you receive your I-20 from your school and the visa application afterward. For those studying in Canada, support letter can help prove that you have enough funds to support your education to both your school and the Canadian government.

MPOWER Financing supports 400+ schools across the U.S. and Canada. View the complete school list or check your loan eligibility to see if the school you are admitted to or enrolled in is one of them.

You can request funding if you’ve applied to, been accepted at, or are currently enrolled in an eligible school. But your application cannot be finalize until you’ve been accepted to your program. You can apply for funding up to 12 months before your program starts. The loans don’t cover students with more than two years remaining in their program.

MPOWER Financing offers loans between US$2,001 and US$50,000 per academic period, with a lifetime limit of US$100,000. For example, a student might borrow US$50,000 in their fall semester and another US$50,000 in their spring semester.

Interest rates are fixed, which means they won’t change as market interest rates change. Current rate is 12.99% (13.98% APR) for graduate student loan. If you opt for automatic payment, you’ll get 0.25% discount (Fixed Interest Rate After Discount: 12.74% (13.72% APR))

While you’re in school (and six months after graduating), you’re only required to make monthly interest-only payments 45 days after loan disbursement. That way, you can focus on your studies – while building credit and getting used to making on-time payments! Six months after you graduate, your 10-year repayment term begins. At this point, you’ll start making full principal and interest payments each month until your entire balance is paid off. There’s no prepayment penalty if you pay off part or all of your loan ahead of time!

Sure. Why not. Here is an example.

As a graduate student, you can borrow with a fixed interest rate of 12.99% (13.98% APR). This is the maximum rate and will not increase. However, you can qualify for a 0.25% discount if you make your loan payments through auto withdrawal from your bank account.

If you qualify for this discount, your rate will be 12.74% (13.72% APR²).

Example 1: [International graduate student with regular interest rate] The APR is calculated using the following assumptions: A loan is approved in the amount of US$10,000. The student will start making payments 45 days after loan disbursement. Payments will be interest only until graduation, plus an additional 6-month grace period. The remaining months of repayment are calculated using a 120-month amortization schedule.

At an APR of 13.98%, the monthly payment amount is US$113.66 for the first 30 months. For the next 120 months, the monthly payment amount is about $156.71.

Example 2: [International graduate student with discounted interest rate] The APRs with discounts are calculated using the following assumptions: A loan is approved in the amount of $10,000. The student will start making payments 45 days after loan disbursement. The borrower signs up for automatic debit immediately after the loan is disbursed and remains on it for the life of the loan, which reduces the rate by 0.25%. 

At an APR of 13.72%, the monthly payment is US$111.47 for the first 30 months. For the last 120 payments, the monthly amount is US$155.17.

1. Check Loan Eligibility: Find out if your school and program are eligible. 
2. Initial Application: Fill out and submit the application with a valid, unexpired photo ID.
3. Initial Review: Your application will be reviewed by our partner, and you will be contacted within three business days about a conditional offer. In certain circumstances, you may receive a conditional offer immediately after submitting your application.
4. Upload Documents: If you receive a conditional offer from our lending partner, you must next upload the requested documents to your dashboard, watch an introduction video, and complete a short assessment.
5. Final Review: our lending partner verifies all your uploaded documents so we can issue a final offer. If the loan is approved, we will also provide you with a visa support letter if requested.
6. School Certification and Disbursement: After you’re approved for a loan, our lending partner submits your loan application to your school for verification. This process is called the certification process, and the timeline is dependent on your school.

You’ll need your passport or other national ID to submit your application. You’ll also need to submit information about your program and how you’ll fund it in addition to a loan. Once you submit your application, you’ll upload additional documents to your account. We’re happy to help if you have any issues uploading your documents.

We’re sorry if your application is not approved. Please know that each application is reviewed carefully before making a loan decision. The specific reason for decline would have been communicated to you through your registered email with the subject line “We are sorry, your loan application was not approved”. If you need additional information, please reach out to us. To start a new loan application, you can easily begin the process online.

These are some top highlights when funding your education with MPOWER Financing, our lending partner:

• No cosigner, collateral, or credit history required
• Fixed interest rates 
• Build your U.S. credit history with on-time payments
• No fees to apply, free visa and career support to customers
• 100% digital application process- All loans are in USD