There is no required co-signer or collateral as well. Interestingly, you can track your payment from your mobile app, and pay early to save on interest without incurring any penalty. ![]() They only need to pay the loan six months after classes finish, and can enjoy flexible repayment terms between seven and 20 years. Today, over 20,000 masters students have used Prodigy Finance for their overseas studies 80% come from emerging markets.īorrowers can choose from 850 schools in 18 different countries. Three INSEAD MBA students founded this company to make global education accessible through fintech. Loan and Finance Companies #3: Prodigy Finance MPower now has a network of over 350 US and Canadian institutions, and recognises student borrowers from over 190 countries. More importantly, for international students, MPower provides scholarships, free immigration resources and career preparation resources. That is why using the student’s potential as the main factor for credit decisions instead of their family income or assets allows MPower to offer no-cosigner loans for those studying in US colleges and universities. Founded by international students, their goal is to empower global citizens overall through academic, financial and professional successes. MPower is a public benefit corporation with the aim of making a positive impact on the world. Members can opt for an international student refinancing on their existing loan as well. With free membership, they can expect to receive up-to-date information on negotiations with the lenders for the best possible rate, and loan alternative options.īased on the concept of group bargaining power (done by Juno), their deals span from undergraduate loans to MBA loans that do not require a credit check, and even international health insurance (which appears to be cheaper than the university’s own insurance). Instead of getting loans for their Harvard tuition fees, Juno’s founders - Nikhil Agarwal and Chris Abkarians - gathered 700 students from 10 schools, and successfully negotiated a cheaper rate for the whole group, saving about US$15,000 per person.Ĭurrently, 85,000 members have joined the Juno community. Source: Sharon McCutcheon/Unsplash Loan and Finance Companies #1: Junoįormerly known as LeverEdge, Juno is a student-first initiative for lower rates on student loans. If you are an international student, these loan and finance companies may be a good alternative to fund your overseas studies. If you are comfortable with the idea of approaching these companies to fund your studies especially in the US, here is a list of five popular agencies in no particular order: ![]() If the borrower defaults on this loan, the loan and finance companies can own the collateral. ![]() The majority of their clients include people with substandard credit history they turn to loan and finance companies instead and offer collateral (personal possessions or assets valued as equal to the loan amount) as a form of guarantee. ![]() What are loan and finance companies? In the simplest sense, they are organisations that provide loans to individuals and businesses be warned though – the interest rates charged on the borrowed sum are much higher than what banks would impose. In the US, international students cannot apply for federal loans, so private finance credits can be a good option. If you do not have sufficient funds to pay your fees, you might want to consider these loan and finance companies. Received an offer to study abroad? Congratulations! Your next concern would likely be covering the cost of tuition.
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