Applying for MS? Understand your education loan options...before you even apply to your school

Fiona

Mar 20, 2023

3.4k views

Thinking of studying your MS overseas? Don’t let the price tag slow you down!

Although you may not be sitting on a personal fortune, it’s entirely possible to find the funds for your international education.

That said, you’ll need to consider your options a little more closely than you would if you were planning to study in the country. Education loans are out there; you just need to know where to look.

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When should you start the education loan process?

Across the globe, education loans assist talented individuals to secure their degrees and further their careers. You’ll find these financial loan products through banks and independent lenders (and, you may even find that your extended family is happy to help you succeed).

While it may not seem obvious at first, international students have simultaneously more and fewer options than those studying in their home country.

More options: You may be able to secure loans from your home country, as well as your host country. And, international lenders like Prodigy Finance are also eager to help you finance your education.
Fewer options: To get a loan from a bank in your host country, you’ll probably need a local co-signer with a strong credit history. On the other hand, local banks may require more collateral than you have or be reluctant to provide a loan for international students.

With these realities in mind, it’s important to start the search for the right education loan for you as soon as possible. Indeed, it’s not a bad idea to look for funds as you look for schools - and there are benefits to doing so.

If you’re even considering your international education options, now’s a good time to research and reach out to potential lenders.

Why now is the best time to start your education loan search

It may seem strange to start looking for loan options before you’ve even started studying for the GRE or GMAT tests, but an early start will give you complete peace of mind when you make the big decision. This is why:

Transparency: You’ll know your terms early enough in your study abroad journey so that you’re not making costly, last-minute decisions.
Assurance: You’ll know before you spend money on applications and standardised tests that you can afford your education, giving you time to study and submit the best Statement of Purpose essay possible.
Understanding: Loans, especially those for international education, can be complicated. The more time you spend now, the better your understanding will be.
Choice: There are multiple loan providers out there. With so many options, you’ll be able to spend time comparing products and deciding which factors are most important to you.
Trust: Let’s be honest; an international education loan is a big undertaking. It’s important that you trust your lender - and that they trust you. By starting early, you’re giving yourself enough time to reach this critical point.

Getting started with education loan research

Now that you understand why it’s important to get started early, you’re probably wondering what steps you actually can take before you settle on your top schools and secure your seat. Because of the differences between international education loan products, you can only go so far with each one (until you’re holding that admit letter, of course).

Here’s a quick list of what you should be doing:

Check the lenders your school recommends. See if any of them will lend to international students and what their requirements are if you’re not a citizen or permanent resident of that country.
Reach out to your bank (or, your parent’s bank if you’ve not yet established your own accounts). Gather information about what you’ll need to apply for a loan. Keep in mind that local lenders may insist upon collateral, co-signers or even margin money. The sooner you understand these requirements, the easier it will be to compare education loan products in the end.
Apply for a loan (or loans, depending on the number of schools you’re targeting) from Prodigy Finance. Because you can see exactly how much you’ll qualify for without submitting paper documents, you’ll get further with your education loan research here than with any other lender.

Applying for a Prodigy Finance loan is super easy. You’ll get a commitment-free quote shortly after completing the 30-minute online application. You might even be able to use the loan amount you qualify for to help you determine which schools are most affordable for you.

Interested in a Prodigy Finance loan?

Prodigy Finance has helped over 13,600 students borrow approximately $628 million for their education. Application is easy. There are no documents to mail, no fees to pay and no fuss. Chat with the service team to learn more or…

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This article is a part of Prodigy Finance's FinLit series of webinars and blog articles. Read the rest of the articles here:

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