November and December are usually the months when most people´s grace periods on their student loans are coming to an end. As you begin to organize your finances once more, it is important to determine the best way to pay back your loans and how to do it making on-time monthly payments. Most loan providers offer the following options to make payments: automatic debit, pay online, pay by phone, and pay by check or money order.
It is important to remember that the loan is under your name and is now part of your financial history. This mean that your loan payments should be taken into consideration when creating a budget for your new monthly expenses, and should be just as important as your rent and grocery expenses. Most lenders have some sort of late fee policy in place and late payments will only reflect negatively on your credit score and increase the amount of your debt with the loan provider. Read the rest of this entry »
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!
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.
- 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.
- 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.
- 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.
- 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!
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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For most American students taking out a loan to pay for college is a given, but many students do not consider the possibility of using the money to help them study abroad to enrich their college experience. If a study abroad program has not been on your radar, it may be time to reconsider. In today’s globalized world, studying abroad is becoming an important investment.
What many students are unaware of is that many study abroad programs are sponsored by their university. What this means is that if you choose to study abroad for a semester or for the entire year, that time abroad is considered part of your ¨normal¨ college tuition. This is great because you will be able to use all of your financial aid during your time abroad. What normally happens, however, is that study abroad expenses add up quickly with the cost of tuition, books, transportation, travel fees, and living expenses. Due to this, all of your financial aid may not be enough, especially taking into consideration that you probably will not be working or have a stable income while you are abroad. If your financial aid is not enough then a study abroad loan can help. Below are 3 reasons why you should take out a study abroad loan and travel overseas! Read the rest of this entry »
Compared to the rest of the world, the U.S. has a pretty big emphasis on car culture. The country has always been car-obsessed, and recently a study showed that the U.S. has a record four cars for every five of its citizens.
Unless you’re in a city like New York or Washington D.C., the infrastructure for public transportation is lacking — if it even exists at all. However, attending college in the U.S. without a car is still doable without public transport. Here are some ways to manage it.
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Tax season has already begun and many international students are not aware that they must file a US tax return as well – even if they’ve never earned any money in the US. All students must file their US taxes on or before April 18, 2016. For most international students, this process will be easy and straightforward. Read on to see what you need to submit, as well as helpful resources in case you need assistance
Does Everyone Need to File?
As part of your visa requirements all international students are required to file taxes. The forms you will need to submit are dependent on whether you have made any income or not.
Regardless of whether you’ve earned income or not, all international students and their dependents must file Form 8843. If you are in the US with dependents, this form must be filed by your dependents independently (which includes a separate envelope!).
What is Eligible for Taxation?
If, as an international student, you have been receiving an income in the US, then you will need to pay taxes on it. Below are 3 common sources of income for international students:
- Wages from a job in the United States (on-campus, off-campus, OPT job)
- A scholarship from an American organization
- Interest made from an American bank account
For a complete list of what could be considered a potential income source be sure to check the IRS website. If you have received income in the last calendar year, you will also need to file Form 1040NR-EZ.
For more in-depth information regarding how to file your taxes and what forms you’ll need to submit, be sure to read the Student Tax Return page from InternationalStudent.com.
“There’s no place like home” is a popular saying in the U.S.
Studying in the U.S. is a great opportunity, but heading home to visit friends and family is especially exciting. No matter how much you’re enjoying your time in the U.S., it’s normal to feel some homesickness.
Before you go back to your home country, there are a few things to keep in mind before getting on the flight. These are easy to overlook, as you’ll likely have lots of other things on your mind as you prepare for the trip. These four tips will help make your trip a whole lot easier. Read the rest of this entry »
The 2016 tax season officially opened on January 19. No one looks forward to doing their taxes, but with the new American Opportunity Tax Credit (AOTC) it might be worth taking some time to file. This tax credit was first available in 2009; and, in 2012 was extended to continue until 2017. So you may still be eligible! What does eligibility mean exactly? It means that you may be able to receive a partially refundable tax credit of up to $2,500 on your educational costs.
What is the American Opportunity Tax Credit?
The AOTC is a tax credit that was started by the American Recovery and Reinvestment Act of 2009. In essence, it is a way to lift the burden of educational costs on families and individuals. There are two different tax credits which are available, the American opportunity credit and the lifetime learning credit. Now what’s the difference?
- American Opportunity Credit: This credit allows for a 40% refund and you are only eligible if you are in the first 4 years of post-secondary education.
- Lifetime Learning Credit: If you claim this credit you are not eligible to receive a refund of any kind, however it helps in limiting the amount of tax you will be asked to pay on your taxable income. In addition, this credit is not limited to the first 4 years, but can be claimed for any type of post-secondary education and/or courses taken to improve job skills.
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Most of you have started or will be starting a new semester. At the start of each new semester, is when students find themselves spending the most money. On what, you ask? A new course load means new classes and new classes mean lots of new books. It´s that time of the year where you need to go through your class syllabi and add up how much you´ll be spending on books. Every year it seems that textbook prices keep on rising, but at the same time the opportunities to save money on books are constantly growing as well. Below are 3 ways to save money on textbooks, which you can then use to enjoy your weekends! Read the rest of this entry »
Are you thinking that attending university in the U.S. is right for you, but you don’t know where to begin? The transferring process may seem daunting, so it’s easy for a prospective student to get overwhelmed.
But don’t let that uncertainty keep you from following your dreams — as long as you do your research and cover your bases, a U.S. college education is absolutely within your grasp. No matter where you’re thinking of going, look through these four points, and you’ll have a solid foundation for preparing for your U.S. college education:
Get Your Test Prep in Order
U.S. colleges use the results of standardized tests to compare applicants from a wide variety of educational backgrounds. Colleges will accept either SAT or ACT results — which one is best for you depends on a number of factors, like your need for the deeper science and math testing of the ACT, or the literary focus of the SAT.
If you’re coming from a non-English speaking country, most universities will also require your TOEFL (Test of English as a Foreign Language) results, so be sure to prepare for and schedule those as early as possible if you haven’t yet. There is a limited number of test dates every year. Read the rest of this entry »