MPower education loan for abroad without security through GoStudy helps you get a study abroad loan without a cosigner and collateral. Founded in 2014, MPower’s main objective is to reduce financial barriers to overseas education. With GoStudy, you get personally curated loan offerings that would ensure the best of benefits for you. To date, students from more than 190 nations have reaped the benefits of MPower education loan with security through GoStudy.
The CIBIL score of the co-borrowers is not a major consideration in an MPower education loan without collateral through GoStudy.
MPower education loan without collateral through GoStudy is solely based on a student’s future potential.
With MPower loans through GoStudy, you can avail of education loans from $2001 to $100 000 at competitive interest rates
MPower education loans for overseas studies through GoStudy are quick conditional loan offers without a prepayment penalty.
MPower Finance also offers top-up overseas education loans through GoStudy.
GoStudy can help students with the most comprehensive and custom-made MPower education loans without collateral plans.
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For more than 1 lakh Indian students looking to study abroad in the next academic year, now is the time to race against the clock and meet fee and visa deadlines. The traditional borrowing procedure can become more arduous if students procrastinate or delay the loan sanction procedure, which can put their entire plan to get an overseas education loan. In such circumstances, an MPower unsecured education loan through GoStudy can be one of the best ways to fund your overseas education and fill the financial gap. With GoStudy powered MPower Finance at your disposal, you can forget the innumerable hurdles that come in the way of getting overseas education loans.
An MPower education loan for abroad without collateral through GoStudy is specifically designed for international students. Getting such loans is an easy procedure as students do not need to arrange for a co-signer or collateral. Instead of considering the creditworthiness of a so-signer, MPower Finance through GoStudy considers other factors like:
If approved for an MPower non-collateral education loan through GoStudy, overseas students can use the money to meet all university-related expenditures like books, tuition fees, housing, health insurance, and meal plans. Students can apply for a maximum of $50 000 as an education loan amount with $25,000 per academic period. Students need to submit a loan application for each academic period they apply for an overseas education loan at MPower Finance through GoStudy. The administrative fee for an education loan at MPower Finance through GoStudy may be 5% which is added to the total loan amount. If approved for an education loan, students can go for fixed interest rates between 7.99% and 13.99%, which can also go down as low as 6.49% after discounts on interest rates. The borrowers have three different ways to qualify for discounts on the interest rates on their education loans. They are:
Before graduation, the overseas students will make small, interest-only payments towards the loan repayment. Once they complete their graduation, students will have a six-month grace period before their 10-year loan repayment term begins.
MPower through GoStudy has partnered with universities throughout Canada and the United States. If you attend a school included in MPower’s list of partner schools, you will be eligible for an MPower education loan for abroad without security through GoStudy.
MPower is a Public Benefit Company that offers education loans to students through GoStudy within two years of graduation. The organization uses a proprietary credit structure where the borrower’s career path and academic success are considered for loan approval. You can get an MPower education loan without security through GoStudy at 350 college and university programs across the US and Canada.
Students need to pay the loan interest while attending a university or college, which reduces a student’s total interest burden as the interest does not capitalize. This further helps the students build credit scores while in school. MPower through GoStudy reports all student loan payments to the US Credit Bureau, which aids overseas students in building a US credit history. Therefore, get in touch with your loan expert at GoStudy for any clarifications.
Expenditures covered under an MPower education loan without security through GoStudy include:
You can use an MPower education loan abroad without security through GoStudy for university-associated expenditures, including but not limited to housing, health insurance, tuition, and meal plans, at most universities and colleges in Canada and the US.
The below list shows some countries whose tuition fees and living costs are covered by MPower education loans through GoStudy.
The minimum loan amount available at MPower through GoStudy is $2000 up to a maximum of $50000 applicable for MS, MBA, Ph.D., JD, and other postgraduate programs and for the last two years of undergraduate across more than 200 colleges and universities in Canada and the US. Students do not need to pay anything to apply for an MPower non-collateral education loan through GoStudy. If you seek loan approval and need to proceed with your education loan for overseas studies through GoStudy, a 5.0% origination fee is added to your loan amount, and you must pay this amount over the term of your education loan. No need to pay this origination fee upfront. Instead, you can pay it back along with your monthly loan payments. Or cancel the loan up to 30 days post disbursement without any interest, penalty, or charge. Please contact your GoStudy consultant for further clarifications.
Following are the lists of the Costs Covered by MPower Education Loan Without Collateral through GoStudy:
Things covered under MPower Education Loan through GoStudy
Costs Covered by MPower Education Loan through GoStudy
|Tuition Fees||0 - 65 Lakhs (Approx)|
|Living Cost||6 Lakhs - 15 Lakhs (Approx)|
|Travel Expenses||20,000 - 40,000 Rupee (Approx)|
|Others (Books/Uniforms/Computers)||80,000 - 1,50,000 Rupees (Approx)|
MPower non collateral education loan through GoStudy offers study abroad education loans to overseas students without co-applicant or collateral at reasonable interest rates. By doing so, the financial organization looks forward to capitalizing on the domestic banking limitations and, in the process, aids students in financing their overseas education. The organization offers education loans in USD and CAD to US Citizens, international students, and DACA or Deferred Action for Childhood Arrivals students pursuing a Bachelor’s degree or attending a graduate school. Such loans, through GoStudy, come with several discounts and no prepayment penalties.
International students within two years of graduating are eligible for an MPower education loan without collateral through GoStudy. To qualify for an students need to get admission into, or they must already attend, one of GoStudy powered MPower’s partner schools in Canada or the United States. Graduate students enrolled in one or two-year programs or within two years of graduation are eligible for MPower international graduate school loans through GoStudy with several interest rate discounts and without prepayment penalties if students choose to pay off the loan early.
An MPower unsecured education loan through GoStudy is available for all major courses in Canada and the United States, like:
Note that there is no margin money of an MPower education loan for abroad without collateral through GoStudy.
While it is easy to avail MPower non-collateral education loan through GoStudy, there are sources of education loans where you need to attach collateral with your loan application. Financial institutions ask for this form of security to sanction an education loan application. This collateral can be movable assets like LIC insurance policies and fixed deposits or immovable assets such as houses and non-agricultural land.
The ROI or Rate of Interest for an MPower education loan without collateral through GoStudy is 10.49%. The organization also provides three concessions of 0.50% each. The first concession is available to students who repay the MPower unsecured education loan through GoStudy using the Auto Debit option from their respective bank accounts.
The second loan concession on ROI of the loan amount is available to students who pay for six months regularly without any missed payments. The third concession is available to students who provide proof of employment and graduation.
Type of Education Loan
MPower Education Loan Rate of Interest As Per Market through GoStudy
MPower Education Loan Rate of Interest Through GoStudy
|Secured Education Loan (USA)||10.99%||10.49%|
|Unsecured Education Loan (USA)||10.99%||10.49%|
|Secured Education Loan (Others)||10.99%||10.49%|
|Unsecured Education Loan (Others)||10.99%||10.49%|
The EMI for an MPower education loan for abroad without collateral through GoStudy of the interest rate in the loan and the principal amount. EMI on loan is calculated early on, and the amount remains fixed for the entire repayment period of 10 years. Use the formula below to calculate the EMI of your MPower non-collateral education loan through GoStudy:
EMI= Principal Amount x Rate of Interest x (1 + Rate of Interest) Tenure/ (1+Rate of Interest) Tenure -1
Note that your loan ROI and tenure are the two most important considerations for your loan EMI.
Please check with your GoStudy Consultant for further updates.
MPower Finance through GoStudy works with some of the leading colleges and universities in Canada and the United States. GoStudy is therefore not a simple loan lending agent, but it works with the motive to set up students for financial, professional, and academic success. With an MPower education loan for abroad without security through GoStudy, you can support different degrees like MBA, Master’s, Bachelor’s, LLM, MD, DDS, and select boot camps. You can meet several top colleges and universities and get personalized advice that matches your interests and background. With GoStudy, you can expect great support at every step, from finding your dream university or college to completing your online student profile, financing options, immigration tips, and more.
MPower through GoStudy supports more than 400 universities and colleges in North America to offer a wide network for students seeking to complete their higher studies abroad and those requiring education loans. Go through our list of top approved universities accepted for an MPower education loan without security through GoStudy:
List of Universities accepted by MPower Education Loan Through GoStudy
Pre-Approved Education Loan amount by MPower Through GoStudy
|Syracuse University||75 Lakhs|
|George Washington University||75 Lakhs|
|New Jersey Institute of Technology||75 Lakhs|
|University of Florida||75 Lakhs|
Going for an MPower education loan without collateral through GoStudy means you do not require a co-applicant or co-signer to submit your loan application. Instead, GoStudy considers your future potential and your credit history in your home country to consider you eligible for an MPower unsecured education loan through GoStudy.
The eligibility requirements to get an MPower education loan for abroad without collateral through GoStudy are quite flexible compared to the other financial lending organizations. The eligibility criteria for an MPower non-collateral education loan through GoStudy are:
Provide the following documents to secure an MPower education loan without collateral through GoStudy:
To apply for an MPower unsecured education loan through GoStudy, you need to follow the steps mentioned below:
As per GoStudy, the application procedure takes around 30 minutes to complete.
The conditional approval for an MPower non-collateral education loan through GoStudy can be availed in 3 working days, whereas the average turnaround time after submitting all the documents is almost a week. The application process does not need much time to complete. Nevertheless, through GoStudy, MPower submits your details to your university for certification, which can take a long time. Certification takes two to six weeks, so it is always a good idea to apply for an MPower education loan for abroad without security through GoStudy in advance. Once certification is received, MPower will verify all your immigration documents and schedule your MPower education loan without security through GoStudy within 2 to 4 business days.
The moratorium on principal repayment of an MPower education loan without collateral through GoStudy during the study period is available for six months post-course completion. You do not need to make any interest payments while in college or university; this is how you can earn a discount on the ROI of your MPower education loan without security through GoStudy. This will also help you build your credit history and avoid the MPower education loan for abroad without security through GoStudy from growing during the moratorium period.
MPower unsecured education loan through GoStudy is available with just a single repayment option. In college and during the first six months post-graduation, which is your grace period, you need to make interest-only payments on your MPower education loan for abroad without collateral through GoStudy. Once your grace period expires, your 10-year loan repayment term begins, and you will start repaying the principal amount of the loan along with the interest rate.
With the world economy's rapid development and rise in income levels, people are now spending more on higher overseas education. Now, it is possible for individuals to save on income taxes by claiming deductions of interest for an education loan for higher studies from taxable income under Section 80E of the Income Tax Act. This deduction is on the total interest amount of EMI paid during a financial year.
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