You know that moment when you decide to study abroad by looking at the campus life in London, New York, or Melbourne! Well, the first question that will likely pop into your mind would be – How am I going to fund my dream? We have all been there, right? While your parents might suggest going through traditional banks or Indian lenders, you may have already come across names like MPOWER Financing and Prodigy Finance.
Picking the best bank for education loans to study abroad among these international lenders can be confusing, but no need to stress. In this article, we will do a comparative analysis to see which one could be the better choice for your education journey abroad. But before we do that let us first have an idea of the advantages you get if you finance through international lenders!
Here are a few reasons why taking an overseas education loan from international lenders can be a good idea:
No Cosigner or Collateral Needed: What if we tell you that you don't need a cosigner? This is one of the biggest perks and a huge relief if you don’t have property or other valuable assets to pledge.
No Income Needed: International lenders often don’t require you or your co-borrower to prove any income. This makes the loan process much easier so that you can focus on your studies rather than earning to get a loan.
Credit History Not a Barrier: Even if you have little to no credit history of your co-borrower, international lenders tend to be more lenient. They look at your potential, not your past! But that doesn’t mean that you don’t need to have a good credit history!
Fixed ROI: No surprises here! With a fixed rate of interest for your abroad education loan, you will know exactly what your monthly payments will be, making it super easy to plan your finances without worrying about unexpected hikes.
Customized as per Requirement: The terms, conditions, and repayment options are built with your unique situation in mind, making it a much more flexible option.
Multiple Currency Options: Some international lenders allow you to borrow in your local currency or the currency of the country you are studying in, reducing the risk of exchange rate fluctuations.
Comprehensive Coverage: These loans often cover more than just tuition fees. We are talking about living expenses, study materials, and even those unexpected costs that come up during your studies.
Building Global Credit: Paying back for these overseas education loan schemes can help you build an international credit history. This could benefit when seeking financial support or opportunities in the future.
Simpler Online Process: Applying for both these international lenders is usually simple – just point the cursor, click and you are way ahead of endless paper trails saving you a lot of time and effort.
There you have it—the seven perks of taking overseas education loans from international lenders. So, next time you doubt your loan options, remember that you are just seven steps away from your new address!
Let us now know a little about MPower Financing and Prodigy Finance, the best international lenders you can approach for study abroad loans.
Founded in 2014 out of Washington D.C., MPower Financing aims to make international education more accessible by reducing financial barriers. Fast forward to today, MPOWER has been helping students from more than 190 countries to get admission to more than 400 Universities across the USA and Canada.
MPOWER has become a top choice for many due to its range of benefits like fixed education loan interest rates, and commitment to supporting study abroad dreams.
The year was 2007, the iPhone just dropped, internet revolution was everywhere! Yet, even with all this innovation, three MBA students in the UK found themselves struggling to get an overseas education loan. Traditional banks simply weren’t catering to the needs of international students. One of those students was Cameron Stevens, who went on to create Prodigy—a game-changer in the world of education financing.
Over the last 17 years, they have helped more than 40,000 students from over 150 countries secure abroad education loans without needing collateral or a co-signer. Prodigy Finance has got a very wide network - 1386 Schools and 431 Universities across 18 countries. USA, UK, Canada - you name it, they are probably there.
When it comes to funding your international education, both the MPower and Prodigy Finance education loan provide great options. Let us break down these two choices and see which one is better after all, this is about your future!
|
Particulars |
MPower
Financing |
Prodigy
Finance |
|
Loan Amount |
Up to $50,000 for the first year; $50,000 for the
second year. |
|
|
Interest Rates |
Masters: 11.99% (Fixed); Bachelors: 13.99% (Fixed) |
|
|
Eligible Courses |
Both Masters and Bachelors (3rd
& 4th year) |
Masters
only |
|
Loan Tenure |
Up to 10 years |
Up to 20
years |
|
Disbursement Process |
Disbursed upon university
enrollment. Tuition fees sent directly to the university. Living expenses
managed through the university account. |
|
|
Bank Charges |
Origination
fee of 5% added to the sanctioned amount at disbursement. |
$ 100 fee when matching; Origination fee of 5% added
to the sanctioned amount at disbursement. |
|
Moratorium Period |
Course Duration + 6 months |
Course
Duration + 12 months |
|
Interest Payment During Study |
Simple interest mandatory during the
moratorium period. Opportunity for part-time job placements. |
No simple
interest payment during the moratorium period. |
|
Eligibility Criteria |
Maximum of 2 years for courses; last
2 years of Bachelor's. |
Masters
STEM and MBA courses
only |
|
Additional Services |
Loan top-up, career guidance,
conditional offer letter, scholarships |
Only loan
top-up |
| GRE/GMAT Requirement | Not Required | Not Required |
That’s a detailed comparison table that covers everything from loan amounts to interest rates. But if you are still unsure and wondering whether to go with Team Prodigy or MPower Financing for your abroad education loan without collateral, don’t worry we are not done yet. We will explore some more important factors to help make your decision easier.
Before you sign on that dotted line to choose an international lender among these two options, there is more to consider than just numbers. So, let us dive into equally important factors that could make or break your decision:
Customer Support & Accessibility
Loan Flexibility & Conditions
Application Process Simplicity
Post-Graduation Support for Students
Repayment Grace Period Options
Global Reach & Network Opportunities
So, you see, both the international lenders offer quite good support. You can choose as per your requirements.
In the end, all these factors really do matter when it comes to shaping your overall experience. But let us be honest – comparing different lenders like MPower Financing or Prodigy Finance Education Loan isn’t exactly as fun as when you were deciding on your study destination. Not to mention, it is a time-consuming process when you already have so much on your plate, like focusing on your visa process and other essentials.
That is where ÉLAN Overseas Education Loans can help you! With years of experience in the study abroad loan sector, ÉLAN’s experts know how to match you with the right lender, based on your individual needs. So why stress over the details when you can have professionals handle it for you?
Your dream university is waiting! So, go on take that first step towards your study abroad adventure, and visit experts at ÉLAN Loans today!
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