What is a master’s degree loan for international students ?
A master’s degree loan for international students is a financing option designed to help students from abroad cover the costs of tuition, living expenses, and other educational needs while pursuing postgraduate studies in another country.
Master’s degree funding for international students are tailored for non-citizens who often lack local credit history, guarantors, or residency status, which makes borrowing from traditional banks difficult. Such loans are usually provided by private lenders, nonprofit organizations, or government-backed schemes aimed at promoting global education.
The key feature of these loans is their accessibility to non-residents as many international students cannot rely on local financial aid systems, which are typically reserved for citizens or permanent residents.
These loans are typically structured to cover not only tuition fees but also living costs, books, and research expenses, recognizing that international students face higher overall costs than local peers.
How do I apply for a master degree loans for international students in the USA, UK, Canada and Germany ?
Applying for a master’s degree loan as an international student can be tricky, but it’s absolutely possible in the USA, UK, Canada, and Germany. Let’s break it down country by country:
🇺🇸 United States – Master’s Loans for International Students
Who offers them?
- MPOWER Financing – no cosigner, no collateral, merit- and career-based.
- Prodigy Finance – postgraduate loans without parental income or guarantor.
- Lendwise (UK-based, sometimes funds US study).
- Some U.S. banks/credit unions require a U.S. citizen or permanent resident co-signer.
How to apply
- Check school eligibility – lenders like MPOWER and Prodigy only cover certain partner universities.
- Submit application online (passport, admission letter, proof of residence, academic profile).
- Loan assessment – based on field of study, earning potential, and school.
- Upload documents – ID, proof of enrollment, financial statements.
- Approval & disbursement – funds are sent directly to your university.
🇬🇧 United Kingdom – Master’s Loans
Who offers them?
- UK Government Postgraduate Master’s Loan (up to ~£12,167 for 2024/25). Eligibility limited – usually only for UK/EU settled students.
- MPOWER Financing (for international students at UK partner universities).
- Prodigy Finance (for postgraduate degrees in top-ranked universities).
- Lendwise – UK-based private lender specializing in postgraduate education finance (no parental income needed).
How to apply
- Apply through Student Finance England (if eligible) or directly via MPOWER/Prodigy/Lendwise websites.
- Provide admission letter, ID, visa status, and financial details.
- Await credit/income evaluation (Prodigy and MPOWER focus on future earning potential).
🇨🇦 Canada – Graduate Student Loans
Who offers them?
- MPOWER Financing (covers Canadian universities for international students).
- Prodigy Finance (select schools/programs).
- Provincial/Federal student loans (but usually require PR or citizenship).
- Private Canadian banks (e.g., RBC, TD, BMO, Scotiabank) – often need a Canadian co-signer.
How to apply
- Check if your school is a partner university with MPOWER/Prodigy.
- Apply online with your program acceptance letter, passport, and visa.
- If going via banks, prepare a Canadian guarantor.
- Approval is based on school ranking, course, and your projected earnings.
🇩🇪 Germany – Master’s Loans
Who offers them?
- KfW Student Loan (for international students from EU and, in some cases, non-EU if they’ve been in Germany for a while).
- DAAD scholarships – technically not loans, but very popular funding route.
- Prodigy Finance (covers some German universities).
- Local banks & Sparkassen – usually require German residency or guarantor.
How to apply
- KfW Student Loan: Apply online or via partner banks. Need residence proof, admission letter, ID, and German bank account.
- Prodigy Finance: Apply online with admission offer, program details, and financial profile.
- DAAD: Apply for scholarship programs via DAAD portal (not repayable loans).
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