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 »
Summer is now in full swing and most of you probably have already made your final decision on what university you will be attending for the 2016-2017 academic year. For those of you who haven’t officially accepted enrollment, be sure to do that as soon as possible! Although you have now finished with all your college applications, the next step is starting your loan application. Do not fret! It may sound daunting, but here´s a break down of what information you’ll need to make your loan application a breeze.
- How Much Money You Want to Take Out
Before you can even dive in to begin figuring out which loan is the right fit for you, you´ll need to know how much you are going to take out. Although it does require some planning and number crunching, having this amount ready to go before you start looking at different lenders will make your decision process a lot easier and could save you money. Now you may be asking yourself, ¨how much should I borrow?¨ The key is to try and borrow the amount that you will realistically need and not an excessive amount. When receiving your student loan it may seem like it´s free money, but you must remember that it is not! If you borrow more money than you need your monthly payments will be higher, any financial aid you were given may be reduced, and you may be in debt longer than you would like. When calculating how much to take out as a loan, take into consideration the following: your university´s cost of attendance, funds in the case of an emergency, unexpected expenses, possible income, and how much money you have saved up.
- Your Personal Information
Now a days most lenders have made filling out your loan applications simpler, by allowing you to fill it out and submit it online. However, to speed up the process it is best to sit in front of your computer with all the information you’ll need right off the bat. This will prevent you from having to pause filling out the application to go in search of missing information. Below is a list of what personal information you should have prepared.
- University name, address, and telephone number
- Your major, year (freshman, sophomore, etc.), school term
- Your current home address and telephone numbers
- Housing information: rent or own, monthly payment amount
- Gross income
- Personal References: name, occupation, relationship, contact information
Having a cosigner on a student loan application is usually reserved for and required for non-US citizens, however US citizens or permanent residents can also benefit from adding a cosigner to their application. A cosigner is a person who joins your loan application and legally agrees to take responsibility for your loan payments in the event that you are unable to pay them. For international students, who are non-US citizens planning to attend a US university, having a co-signer is required. However, US citizens or permanent residents can choose to add a cosigner in order to increase their chances of loan approval and to receive better interest rates.Because your cosigner must be a US citizen or permanent resident (green card holder) you will need to have their personal information on hand such as name, address, telephone number, and social security number. It is important to inform your cosigner that they may have to log in themselves to fill out and sign a part of the loan application.
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Universities throughout the United States welcome ten of thousands of international students to their campuses every year. Going to school in the United States can be an extremely rewarding experience, but paying for it can be a challenge. Most students rely on several funding sources, such as scholarships, grants, family, personal savings, and finally, student loans. Many American students rely on government loans, but these are not available for international students. Fortunately, there are many international student loans available from private lenders.
By using our comparison tool, you can immediately see what lenders are available depending upon what school you plan to attend. You can then apply immediately online. Follow these steps to get the process started. Follow these easy steps to apply online now:
- Find a cosigner.
- Enter your information into our comparison tool.
- Compare lenders.
- Apply online.
- Wait for pre-qualification.
- Complete your application.
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For recent college graduates, between the celebrations, the job hunt, and just simply enjoying summer, you may have put thoughts of your student loans on the back burner. You may have remembered that your loan qualified for a grace period , but can´t remember exactly how long it was and don´t know how to enter into the world of loan repayments. Here are some tips to get you started on the right foot!
Double-check Your Calendar
Although, you haven´t been stressed about repaying your loans, the minimum grace period allotted tends to be about 6 months so your repayment season is more than likely approaching. Remember that lenders consider you a responsible adult who now has a debt to pay. This means you should not wait for them to contact you! If you´ve pushed your loans out of your mind for a while, now is the time to do all your research. To find out how long your grace period really is you can do the following:
- Read your loan promissory note:
Don´t remember what that is? Your loan promissory note is the contract you signed at the very beginning promising that you would repay your loan. It holds detailed information about your loan amount, the grace period, and the repayment plan you originally chose.
- Contact your lender: Can´t seem to find your promissory note or feeling a little overwhelmed looking over the paperwork? Whatever the case remember that your lender is only a phone call away. Don´t hesitate to take the time to contact your lender directly to discuss the details.
Research Your Options
Your promissory note may be a signed contract, but this does not mean that everything is set in stone. In general, lenders want to be paid back. What does this mean? It means that they are usually willing to work with you from the beginning to ensure that you will make on-time payments. The grace period you are given is meant to give you time to find work and establish yourself after graduating. However, things don´t always work out just the way we planned. If your financial situation isn´t where you would like it to be you have some options:
- Extend your grace period or request deferment: Not all lenders or loans provide this option, but it is worth looking into. If you are unemployed or going through financial hardship, it is possible that your lender will give you a little extra time. Depending on your lender, this can be considered an extension on your current grace period or fall under the category of deferment, a postponement of your loan payments. Being aware of what option they offer you is important, because you may only be eligible to request it once.
- Review your repayment plan:
As previously mentioned, all the details of your loan are spelled out on your promissory note. If financially you aren’t where you would like to be, but you think you can still begin to make payments, another option is to try and switch repayment plans. Lenders are aware that your originally chosen repayment plan may not fit your current situation and will be able to help you choose a better option.
By following these two steps you will be fully informed and ready to jump into the world of loan repayment. Take the time to do your research and don´t be afraid to ask questions. It is better to go into loan repayment fully prepared so that you never have to miss a payment!
For more information regarding your student loans, be sure to check out our International Student Loan Advice section.
Going to college is tough. Going to college in another country is even tougher. But if that means studying in one of the best schools the U.S. has to offer, why not take the chance?
Besides, most U.S. colleges are pretty accommodating of international students. Aside from the usual student support programs (like mentorships, meal plans and on-campus employment), they also offer these services tailored specifically to students from outside the U.S.
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A few months ago, we published a blog discussing how Nigerian international students were being affected by low oil prices. The drop in world prices has caused the Nigerian government to cut back on international education sponsorships. Unfortunately, it seems that the Saudi Arabian government is going down the same path and being forced to cut spending for international education. Read the rest of this entry »
In August 2015, the US federal court ruled against the validity of the US Department of Homeland Security’s (DHS) 2008 regulation update for the Optional Practical Training (OPT) program. However, the court gave the DHS until February 10, 2016, to begin the implementation of necessary changes. In January 2016, the court extended the date for implementation until May 10, 2016. What does this really mean for internationals students? Let’s break it down.
What is Optional Practical Training?
Optional Practical Training, or OPT as it is commonly referred to, is a program that was created to provide international students with the opportunity to extend their visas to gain 1 year of US work experience in a professional setting that is directly related to their field of study. This work experience can be achieved either while they are completing their studies or post graduation. 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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One of the benefits of working an on-campus job when you’re an international student is that you get a great feel for the culture. You’ll make new friends, learn how things are done in the U.S. and earn some spending money.
Still, the most authentic experience you’ll have after working on campus is filing taxes with the rest of America. The tax forms, which need to be filed to the Internal Revenue Service by April 18, 2016, can be a little confusing even to people who have filed in the past. Here’s how to do it. Read the rest of this entry »
Recently, many people around the world have been celebrating and appreciating the drop in oil prices. For many, their day-to-day consists of filling a car full of gasoline, which until recently was proving to be quite expensive. Although lower gas prices benefit the general public, it is having some very negative consequences on the Nigerian state and its international students around the world.
Like many countries, Nigeria’s government and private industry have made it one of their priorities to foster their citizens’ access to international education. About 40% of Nigerian students who are abroad receive some type of funding from a public or private entity in their home country. How is this related to Nigeria, you ask?
Nigeria is one of the world’s oil-rich countries, with about 70 to 80% of its wealth coming from the oil and gas industry. So falling prices is taking a big hit on the economic stability of the country. Nigerian students who are abroad are also feeling the repercussions. Most students who receive either public or private funding are promised a living stipend which can include money to cover the cost of housing, food, transportation, etc. However, since the latter part of 2015 there have been accounts of Nigerian students currently studying abroad who have not received any of the promised aid for tuition and living expenses. In Canada, a report came out stating that about 240 Nigerian students in 14 different universities had been left without aid from the RSSDA Scholarship Program for more than 11 months and were accumulating debt. The RSSDA is a an organization run and owned by the Rivers State in Nigeria, who later admitted to owing Canadian universities a total of about $2.5 million.
With this debt growing by the minute, Nigerian students who have found themselves in a very difficult situation. Many of them were promised aid and their families can not support the cost of their education abroad. Due to this, many students are being asked by the Nigerian industries to return to complete their education in Nigerian universities.