International students attending MBA schools in the USA and Canada have to overcome many challenges – cultural differences, financial problems, and maybe even the pressure of schoolwork before completing their degree. Financing doesn’t need to be one of these. We can help you find the best student loan products available.
The ‘Find My MBA Student Loan’ comparison tool is designed for international students to quickly find the most suitable loan to apply to that can cover the total cost of your MBA. Plus, it only takes one minute to get your personal report.
When researching student loan options, you should consider whether the loan requires collateral or cosigner and its loan terms within your overall financial plan.
Variable-interest loans, which are also known as floating-rate loans, provide loan terms that change depending on two factors: The benchmark is usually based on the London Interbank Offered Rate (LIBOR) or another federal rate, while the fixed spread evaluates a borrower’s likeliness of repaying the loan. Variable-interest loans are risky, since, unlike diamonds, the rate isn’t forever; even if a low LIBOR rate at the start gives you a low interest rate, if LIBOR increases, so does your interest rate. By contrast, fixed-interest rate loans remain the same throughout the course of the loan, but of course, this can also be risky, because if a borrower starts with a high rate then that rate will remain high throughout the tenure of the loan.
Other considerations
As you start doing the math, you should also take into account other terms of the loan that might affect when you pay and how much you pay. Are there penalties for prepayment or paying back the loan early? Are there late fees? What’s the actual process for paying every month? Can the terms of the loans be changed? And when will you be able to afford to do fun things again?
DON’T MISS: Top 3 Tips For Financing Your MBA
Need funding? MPOWER Financing offers student loans to international MBA students without a cosigner, collateral, or U.S. credit history
Comments or questions about this article? Email us.