Studying a Master’s degree abroad for international students has always been an expensive endeavour, usually the preserve of the wealthy in society. Depending on if one was desirous of pursuing degrees in Ivy league universities in the US such as Yale, Harvard or Columbia, or similar classed universities in Canada, Europe and Asia, one could expect to fork out upward of $35,000 to cover the cost of such undertakings.
Without doubt, studying abroad does have its advantages; beginning from stark differences in the pedagogical approach which gives one greater independence of thought and advanced analytical capabilities, both of which are reinforced by regular interactions with course mates and work colleagues (should you choose to work part-time). Many who undertake foreign degree programs in more advanced countries have always returned home with an increased sense of confidence in their ability to make significant and meaningful contributions to increasing the competitiveness of their would be employers, as well as to the ultimate development of their home countries. Still many others go on to pursue rewarding careers abroad, while some return with ‘new eyes’ to start businesses that plug gaps in the local provision of goods and services.
But studying abroad does not have to be the exclusive preserve of the rich, as many are now finding out through the services of organisations such as MPower Financing and Prodigy Finance, both of whom offer collateral free loans to students in over 180 countries to study at top universities in the US, Canada, Europe and Asia. Loans are usually advanced on the basis of the applicants future earning power rather than, any collateral that they are immediately able to provide. Mpowerfinancing finances strictly US college admissions while Prodigy Finance has a more global reach, financing admissions to the top 100 global MBA programs across the world.
Repayments are usually from 12 to 84 months (7 years) with relatively low monthly payments depending on the total loan sum granted.
However, to increase the chances of success in your application; here are a few things to note;
- You should have good credit history in any country you have lived in for over 12 months as this is a mandatory requirement if applying to Prodigy Finance;
- You should have low debt, if any at all;
- You should be currently employed;
- You should have some savings, which would constitute your equity contribution to the loan as you may not be granted the full amount requested for. This can include cash savings, investments (including pension savings), assets including property and cars etc;
- If you do not have any of the options listed in (iv) above, you can substitute with support from your family by way of a letter clearly stating how much they are willing to support your application with, as well as a bank statement to support that.
- GMAT/GRE test results if you are applying to MBA programs in US, Canada and several other Asian and European Universities.
Make sure to carefully read through the FAQ sections of MpowerFinancing and Prodigy Finance respectively in order to clearly understand what is required of you in each case, before beginning the application process.If you have any questions or clarifications, please feel free to email us at email@example.com or firstname.lastname@example.org.
Here’s wishing you the very best in your applications!
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The GDD Team