5 Reasons to Apply for an International Student Loan
August 24th, 2016 by Lette Berhe

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Once your university application process is over, a huge weight is lifted because you finally know what school you are going to attend. However, you then remember that there is another waiting game, which is waiting to find out how much money you will receive in financial aid, scholarships, etc. Many people do not even consider taking out a loan, because they feel that the combination of their savings and possible financial aid should be enough. For some this may be true, but for many financial aid never seems to be quite as much as they were expecting. Keep in mind that if you don’t use up everything you take out with an international student loan you can start paying it back right away; this way, you will feel debt free a lot sooner. If you are not sure whether or not to apply for an international student loan, below are 5 reasons why you should reconsider!

  1. Housing
    Many universities require first-year international students to live in on-campus housing. Although on-campus housing may prove to be convenient, it can sometimes be a bit more expensive than renting a room or apartment from a private landlord. If you are struggling to receive any financial aid, taking out an international student loan can help you make sure that you have your most basic needs covered and the money you have saved up can be used for leisure activities, which you will want to take advantage of especially if you’re in a new city.
  2. Books/Lab Costs
    Similarly, the cost of books and tuition may actually surprise you once the semester starts. Each university normally gives an estimated amount of how much a student will be spending on books and materials; however, the real amount varies greatly on your major. Depending on what classes are required for your major, you may have extra materials and fees if you are required to register for courses with a lab section.
  3. Unexpected Costs
    Moving away from home for college is a big step for everyone, but when this move also includes moving to a different country it can be a lot more intimidating. When moving away, the best way to manage your money is by creating a budget system; however, there will always be some surprises along the way. It is always a good idea to have some money set aside for unexpected costs, which can include problems with housing, a cell phone bill, or other housing bills you may not have considered. Although you may have enough money saved, it is nice to have some extra so that if something unexpected occurs you will be stress free.
  4. Flights Home
    One expense that is easy to forget about is the cost of flying back home. If you don’t include possible flights home into your budget, when the holidays come around you may find yourself scraping together pennies to be able to buy a flight home. In addition, being able to buy flights in advance is always better, because prices will always go up during the holiday seasons.
  5. Emergency Money
    Although we have already mentioned putting money aside for unexpected costs, there are certain types of situations that really cannot be predicted. It is highly probable that you will be required to pay for and receive health coverage by your university, and although an initial consultation will be covered anything beyond that you may have to pay out of pocket. Rather than be surprised by the possible cost of medical services it is a good idea to have money set aside specifically for that.

Ready to start looking for a student loan? Check out our international student loan comparison tool which will make the search much easier! 


How to Slash Food Costs in College
August 15th, 2016 by Anum Yoon

food costs

If you are currently planning to be a college student in the U.S. or if you already attend a U.S. college, you have probably thought about one of the most important expenses that all students face — food.

Feeding yourself in college can be a challenge, especially if you’re new to living independently. You have to plan when you’re going to eat and where your meal is going to come from. You also need to determine how you intend to pay for it — all while still trying to remain healthy so you can keep up with a demanding schedule and course load.

So how can you not only effectively plan to eat, but also pay for it? Here are some tips:

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Applying for a Loan: The Ins and Outs
August 5th, 2016 by Lette Berhe

checklistIf this is the first time you are applying for a loan, the process may be intimidating. However, beginning the process with some background knowledge will not only help you feel more comfortable, but potentially speed up the process. Whether you are applying for a study abroad loan or international student loan, here are 3 important tips to make applying for a loan a piece of cake.

  1. Calculate Your School’s Cost of Attendance – If you are taking out a private student loan, you will be asked to provide information about the school you will be attending. Make sure you have all the contact information for your chosen university such as: the name, address, school term, major, etc. For a private student loan, the lender will cross check to make sure that your requested amount does not exceed your school’s cost of attendance (COA). Although your school’s COA is the maximum amount you will be eligible for, remember that you will be paying it all back so if you can take out less, it’s better to take out only what you need.
  2. Have Your Co-Signer Ready – A co-signer is essential for all international students applying for an international student loan. However, a co-signer can be useful for US citizens applying for a study abroad loan as well. When you decide to study abroad you may not have enough of a credit history established, which shows lenders that they can’t  trust you to pay them back. This is why a co-signer is so important. This person, in essence, fills out the application with you and gives the lender a guarantee that if you are unable to make your loan payments he/she will take the responsibility. Choosing a co-signer with good credit can also work in your favor, allowing you to receive better interest rates from the lender.
  3. Collect All of Your Financial Documents – When applying for a loan you are asking for money and before a lender decides to approve your application they need to have a good idea of your financial standings. As mentioned above, you will probably need a co-signer so it is important to have all of you financial documents and that of your co-signer available. If you or your co-signer have filed taxes, having that information on hand will make the application process easier. The breakdown of financial information that you normally will be asked to provide includes: gross income, do you rent or own, monthly housing payments, etc.

Ready to start your loan search? Let us make it easier for you with our International Student Loan Comparison Tool.