Sallie Mae is a private student loan lender that can help you get the money to pay for school. And the simple answer to the question above is YES -it’s one of the largest and best regarded providers of private student loans in the U.S. and has been operating since 1973.
Sallie Mae, or Sallie Mae Bank, offers student loans of all types and sizes, giving students more options when borrowing than ever before, including to underserved groups – like DACA recipients or foreign residents who are seeking education in America and are usually ineligible for federal student loans.
In this post we’re going to cover some of the most common questions we get about Sallie Mae and private student loans in general.
What are the benefits of a Sallie Mae loan?
There are a number of benefits to a Sallie Mae student loan that set them apart from some other private loan companies.
Accessible for more applicants
With federal student loans and many private student loan lenders, eligibility criteria restrict many groups from accessing the funds they need to pay for their education at an American college or university. Sallie Mae does not exclude part-time students, international students or those with DACA status.
Loan forgiveness for death or disability
Sallie Mae will forgive, or “discharge”, the loan balance if the student is permanently disabled or dies – including in cases where it is the parents who are the borrowers and not the student themselves. Not even federal Parent PLUS loans have this benefit.
Cosigner release option
After 12 consecutive months of making your loan payments on time you can request that Sallie Mae remove your cosigner from your loan. Of the other private lenders that offer cosigner release, the majority only do so after several years of making payments on time.
Are there any drawbacks to Sallie Mae loans?
Like all private loans, there are pros and cons. Here are the lowlights of a student loan from Sallie Mae:
Fees for late or returned payments
Compared to other lenders, Sallie Mae charges a fee, or a higher fee, for making monthly payments late, or failed (returned) payments. A returned payment is when your payment “bounces” due to insufficient funds. At time of writing a fee of $20 is charged for these. For late payments the fee is 5% of the payment amount, or $25 – whichever is lower.
Credit check required
In order to see if you qualify for a student loan from Sallie Mae, you have to complete the application and they will carry out a credit check which will potentially affect your credit score. Some alternative lenders pre-qualify applicants to give them an idea of if they would qualify and what typical loan terms would apply without carrying out a full credit check.
Now that we’ve looked at the main pros and cons of Sallie Mae Bank compared to other lenders, let’s take a closer look at what kinds of loan are available and more detail on Sallie Mae as a loan servicer.
Student loan options
Sallie Mae offers the following types of student loan:
Undergraduate student loan
Sallie May undergraduate student loans allow dependent students to borrow additional funds over and above the maximum amount they can borrow with a federal student loan. You can borrow between $1,000 and the total cost of attendance over 5, 10 or 15 years without origination fees and without prepayment penalties.
Professional training loans
Whether it’s culinary training or another type of technical or trade school, Sallie Mae’s Career Training Smart Option Student Loan allows students to borrow from $1,000 up to the total cost of attendance over 5, 10 or 15 years.
Loans for graduate programs
If you’re studying for a master’s degree, Sallie Mae offers graduate school loans that have no origination fees. The repayment term for the graduate loan is 15 years and includes a 6-month grace period after graduation.
MBA loan
If you’re attending business school, and studying for your master’s in business administration you can apply for a loan to cover all of your school-certified expenses. There is a 6-month grace period on this loan and you can defer payments for up to 48 months while you take on an internship.
Also available
Sallie Mae also offers student loans for those enrolled in Dental, Medical or Law school.
Eligibility
You must meet the following requirements in order to qualify:
Be 18 or over in most states
Be a U.S. citizen or permanent resident. If you are a DACA student or foreign resident and you have a U.S. citizen cosigner you may be eligible.
You or your cosigner must demonstrate sufficient income to repay the loan.
You or your cosigner must undergo a credit check.
Repayment
There are a number of repayment plan types.
With deferred repayment no payments are required until after graduation and the end of any grace period.
On a fixed repayment plan a fixed amount is paid every month until graduation (or the end of any grace period) and then the borrower begins to repay the principal and interest.
With an interest repayment plan the borrower makes payments against the interest accruing on the loan during school and then begins to pay off the interest and principal after graduation / grace period.
Do you need a cosigner?
International and DACA students do require a cosigner but U.S. students do not.
Don’t forget to search and apply for other types of financial aid like scholarships and tuition waivers before relying on a loan.
Funds from private loans, like federal loans, are usually disbursed directly to your school to cover tuition and other expenses paid directly to the school before any remaining funds can be sent to your own bank account.
If you would like to apply for a student loan first check your eligibility. You will be shown any lenders that have a suitable program for you and be able to compare their terms and interest rates.
In today’s world where student loans are the norm, especially for international students, it is increasingly important to be aware of how you can defer your payments while still in school.
This article will take a look at what exactly student loan deferment is, how it works and how to request to defer your student loan payments. It will also discuss some resources for more information on this topic, including how deferment applies to federal student loans and private student loans.
What is deferment?
Let’s get started with the most important thing to cover – what does deferment mean? In general terms, deferment is when you are allowed to put off paying your loan for a time under certain conditions.
On the surface this seems like a great idea because you are allowed to stop making your monthly loan payments for a time – up to three years in some cases. However, deferring student loans should only be done if you have no other options because during the deferment period you are not reducing your loan balance but your loans accrue interest. This means the total amount you owe, and the total cost of borrowing will increase.
If you’ve borrowed from a private lender then your student loan debt will only increase if you stop making monthly payments. However, federal student loan deferment if you have subsidized loans or Perkins loans can be a good idea because you do not accrue additional interest on federal student aid during deferment.
In the case of international student loans, students who are enrolled at least half time may be offered a repayment plan by their loan servicer that includes a period when no monthly payment is required or the payment is significantly reduced. Often this is during full time studies and until up to six months after graduation.
Deferment, Forbearance and Loan Forgiveness
You have probably heard all three of these terms and you’d be forgiven for being slightly confused about the similarities and differences.
Deferment and Forbearance
Student Loan Deferment and Loan Forgiveness are very similar. Both are temporary solutions for borrowers struggling with student loan repayment. Deferment can be granted for up to three years and forbearance usually up to 12 months.
Both are available on most federal student loans, and interest is accrued during deferment with the exception of subsidized loans or the Perkins loan. Private lenders are not obliged to offer any kind of deferment or forbearance options, but many do – especially in the form of a payment plan where student loan payments are zero or greatly reduced (sometimes interest-only) during school and for up to 6 months after graduation.
Making use of approved deferment or loan forgiveness will not negatively affect your credit score – missing a payment before you have been approved will. However it will impact the length of time and the total amount you repay.
These options are short-term solutions, an income driven repayment plan may be a better option if you believe that your ability to repay your loan will be affected long-term.
Loan Forgiveness
As suggested by the name, this is when the lender writes off or cancels some or all of the outstanding payments remaining. This is only used in extremely rare occasions such as foreclosure, bankruptcy or some kind of government legislation.
How in school deferment works
To defer student loans, you need to meet the requirements set out by the lender (or the government). For example, you might have a maximum of 3 years where you can defer your loan.
To request deferment, you need to send your student loan servicer the completed application form and any necessary supporting documentation. If you qualify, they must grant you the deferment. It’s important that you keep making payments until you receive the official notification from them saying that the application was approved. If you stop making the required repayments before you get the approval, this can affect your credit in the future as it will be a missed payment.
How long does an in-school deferment last?
In-school deferment lets you pause your student loan payments while you are an undergraduate, graduate or professional student enrolled half time or more on an approved course of study at an eligible college and for up to six months after graduation. This includes studies on an approved graduate fellowship program.
How to defer student loans for grad school
The process of student loan deferment is the same for graduate programs as for any other students that qualify.
How many credits to defer student loans?
In order to qualify for student loan deferment you will need to be taking enough credits to be considered as attending school half time or more. In most cases an undergraduate is considered to be full time when taking 12 credits per semester – 9 for a graduate student.
References and resources about student loans and financial aid
For resources on International Student Loans visit the resources page.
There are many reasons why study abroad is not for everyone. You need to be aware of the costs, benefits of studying at home or abroad, and the pros and cons of taking out student loans for study abroad before you can make a decision on whether or not it will work best for you.
Study Abroad Costs
Remember that the cost of studying abroad is not just tuition, but also many other expenses such as accommodation and living expenses. A study abroad program is not cheap.
To make the most of your money, it’s important to budget accordingly. Consider everything you need to live like at home: food, clothing, transportation, books and school supplies, entertainment, insurance (health and travel), and incidentals (phone service, toiletries).
When you do this math ahead of time with realistic figures for your destination country, it’s easier to know what you can afford and if you’ll be able to go.
For help with budgeting and other practical questions see our budgeting guide [here].
What you might gain from studying abroad (or not)
Studying abroad is a great opportunity for a student to broaden their horizons and experience new cultures, countries, and lifestyles. It is an experience that will give them new perspectives on life that will have a great impact on them for years to come. Studying abroad will help their resume as they often learn different languages and customs.
But if you choose to study in your home country instead, you’ll benefit from having your parents or other family members available to help you when you need it. Your family will be in the same time zone, and much closer should an emergency arise. You won’t have to deal with language barriers either; instead, everyone speaks your language!
But maybe even more important than all of these is that studying abroad isn’t for everyone.
Don’t be pressured by parents, friends, or family members to do it if you’re unsure about doing so. It takes time to adjust when studying abroad in a different country, so before you commit to something that will change your life forever, consider your options carefully.
Taking out a Student Loan for Study Abroad
It’s rare for students or their families to be able to cover the full cost of a study abroad program without additional financial aid.
Many students get study abroad scholarships or are able to work to help pay for costs, but sometimes they need to take out a student loan. If you’re considering this option -and it is an option- be aware of the pros and cons of getting a student loan for studying abroad.
Student loans for study abroad are different from student loans for studying in your home country.
For U.S. citizens or permanent residents, federal student loans can be used for study abroad programs as long as you meet all the criteria. There are also private study abroad loans. If you choose to study your entire degree program abroad then you may still be eligible for federal funding or private “foreign enrolled loans”.
For other international students the availability of loans to study abroad depends upon your nationality and your destination country. U.S. federal loans are not available for international students in studying in the United States, but there are some federal student aid programs that can help certain groups like DACA recipients. Non-citizens would need a private international student loan.
Understand the pros and cons of taking out student loans for study abroad before making a decision
A student loan is a type of loan that enables you to pay the costs of your education. It can also cover for the cost of living, books, and even tuition fees. The great thing about a student loan is that it is quite manageable, as the monthly repayment is calculated to be manageable for a student or recent graduate.
As there are a limited number of lenders that specialize in international student loans, you’ll be working with a company that has the expertise you need in this area rather than a generic lender. This means you can expect a higher level of service at every stage of the application process.
On the other hand, the bad side is that student loans are not as common as other types of lending, and therefore there is less information about them.
Of course, the main downside of a loan is that you have to repay it plus interest, and since you’re probably going to be a student or fresh graduate with little income, the repayment may seem difficult at first. Student loan debt is no joke if you let it get out of hand and borrow more than you need (and more than you can afford to repay).
Student loans for study abroad can also be quite tricky because you have to take into consideration things such as the currency exchange rates and the different cost of living abroad.
At internationalstudentloan.com we match our readers with the best student loan lenders based on their situation. If you want to use educational loans for your studies, we hope this will help you select the right lender and loan for you.
Research schools abroad and in your home country to make sure you make the best decision for you
Before you can really decide if studying abroad is the best option for you, you should research your options both at home and overseas to find the right combination of school or university plus course plus location.
You may find that some schools abroad are better suited to your needs than similar schools in your home country, and if this is the case then studying abroad is probably a good option for you.
Or you may find that there are similar options in your home country and studying abroad doesn’t suit your needs.
When you’re looking to study abroad, learn as much as you can about the school you want to attend; don’t choose a course purely because it’s cheaper than similar courses at other universities and colleges.
Other considerations:
Safety
It’s easy to take your safety for granted when you are near home, but when you’re abroad there are additional considerations such as crime and health risks, which can affect your study abroad experience. When picking a campus and housing location, keep this in mind. Ideally your campus should be located in an area where you feel safe, as should your living arrangements.
Language skills
Another consideration is language issues. For example, if you are from a non-English speaking background and want to study in the United States, you’ll need to demonstrate good English language proficiency when applying for or enrolling at an American college or university. You may be able to take some English language proficiency courses before starting your degree course, but this will depend on the college or university you choose and how intensive it is.
Money issues
The cost of living in different countries is very different, so don’t assume that the tuition fee for a college or university abroad is similar to what you would pay at home. For example, English universities charge international students up to three times more than domestic students, and in some countries international students can pay up to ten times more than locals.
At internationalstudentloan.com, we are dedicated to helping students get the best student loans possible for their education abroad. We’ll help you find the right lender and loan combination that suits your needs so you can focus on what’s really important: studying!
As a new graduate with little income, it may seem difficult to repay your student loans at first but our partner lenders have experience working with international students who want to study abroad. You can rest assured knowing that after signing up for an educational loan from one of our approved lenders, you will be matched with someone who understands how your brain works when making decisions about your student finances.
International student financial aid is a necessity for almost all international students wishing to study abroad and often times it can’t be obtained without applying for an international student loan.
Many international students, however, need a loan in addition to any awards or scholarships received. So what are these loans and how do you get them?
In this article we will explore both topics in order to provide some basic understanding of the complicated world of financial aid for international education, international student loans and how they work.
Read on if you would like some clarity into this confusing topic!
Why international financial aid is necessary
Financial aid for international students is necessary for almost all international students because the cost of studying abroad is more than the average student can afford – even with financial support from their family.
The average cost of studying abroad for a year can range anywhere from $30,000 to more than $70,000
Some of the most expensive in demand countries include the United States and the United Kingdom.
In both cases the tuition fees are more expensive for international students, and you need to add in other necessary costs such as accommodation and food.
The cost is around three times higher than what a student would have to pay at home for the same program.
How to get financial aid for international students
It is not easy to get financial aid as an international student and it requires you to work hard in order to obtain it. The first place to look for financial aid is with the school or university you will be attending.
In most cases students going to a school in the U.S. must first complete a FAFSA (Free Application for Federal Student Aid) and apply for any government funding available – this is often the case even though international students are not usually eligible for federal aid.
Most universities have their own financial aid options and scholarship programs that international students can apply to. Some are merit-based while others are need-based. It is important to complete your application as soon as possible as most programs and scholarships only have a limited number of positions available.
Often times these scholarships have specific requirements, such as a minimum GPA and/or language proficiency but there are also general scholarships available. Once you have completed your application, it will be reviewed by the selection committee and if selected, you will be awarded a scholarship.
Lastly, remember that an international student loan is only a last resort after all other funding has been exhausted – it should never be used instead of applying for scholarships and/or government funding.
There are a small number of lenders who specialize in loans for international students, but they are not available in every country or at every school or university – a lender must have a suitable program for your chosen institution and you must meet their other lending criteria.
Another factor in the availability of loans for international students is that some lenders require you to have a cosigner (also known as a guarantor or co-borrower) who is legally responsible for repaying your loan if you fail to do so. That cosigner must be a U.S. permanent resident.
Paying back your international student loan
Repayment of an international student loan will depend on the terms set out when you took the loan. Different lenders will have different repayment terms and interest rates.
Some lenders will allow you to defer repayments until after graduation while others will want you to start repaying your loan immediately.
Whatever repayment plan you have, your lender will be able to give you the exact details about how much you will have to repay and when – and you should be able to see the total cost of borrowing (including all interest and fees).
International student financial aid is a complex topic and it’s important for prospective students to research their options before making any decisions. There are many ways you can get financial assistance, but the first place to look should always be with your school or university. Your institution may offer scholarships that don’t require an essay; these are often need-based programs so if you’re struggling academically, this might not be a good option.
The next step would be to search the database of international scholarships at www.iefa.org/scholarships where there is no shortage of opportunities available (although some do have specific requirements).
Lastly, remember that borrowing money shouldn’t ever substitute applying for other sources of funding such as government grants or private scholarships – international loans should be used as a last resort. It is also important to look at the terms and conditions of your loan and understand where you currently stand financially before taking on any financial responsibility – if you have to take out an international student loan, make sure that it’s done with care.
Studying abroad is a great way to broaden your world view, build on your education and learn about different cultures. It’s also a great chance to make friends from other countries who can help you with your language skills. If this sounds like something you would be interested in, read on!
This article will answer questions about studying abroad such as: what are the steps and how it works? Who should do it? How much does it cost? What are some of the benefits of studying abroad? And more!
What do you need to study abroad?
Studying abroad is a great opportunity, but it’s also a challenging experience. You can’t just decide to study abroad and go. You need to know what you’re getting into first, including how studying abroad works and if it’s the right choice for you before making your decision.
If you’re thinking about studying abroad, start by asking yourself these questions:What do I want to get out of the experience? How will it help me in my career? Do I know where I want to live and/or study abroad? What am I willing to sacrifice for my education?
After that, make a plan. You’re going to need to decide on a host country and choose from available study abroad programs. Depending on your host country destination and the country where you are a citizen you may need a student visa. Make sure you apply for any student visas well in advance! Look at the costs of your departure, including airfare to get there. Think about some of the cultural differences and how that might affect you.
If this sounds like a lot of work, it can be – but it’s worth it in the end.
What about funding?
If you want to study elsewhere in Europe or another part of the world, you will probably have to apply for some programs and grants.
Some of these grants are selective, so you can’t just apply for them if you want to! To find out more about studying abroad, we recommend that you visit your school’s international office or website. They have tons of information and many of them can help you with applying too.
There are also some scholarships available only for minorities or students from another country that are very competitive to get. Some of these scholarships will provide you with money to pay for your studies and living expenses, so this might be the right choice for you if you want to study abroad but don’t think that you can afford it.
How does studying abroad help you?
Some people are reluctant to study abroad because they’ll be far from home or they worry about culture shock from being immersed in a new language and place. That is completely understandable, but studying a program at an international university can be a very rewarding experience. You’ll definitely get out of your comfort zone and learn more about yourself and different cultures in the process!
And the long-term benefits in future career opportunities can’t be understated when you enter the job market after returning from your host university. Hiring companies look at the way they can benefit from candidates’ experiences abroad where they have learned cultural awareness and communication skills better than they could domestically.
Studying or living in abroad will change you as a person. This is, of course, completely different than studying or living in your home town or even a different city in your country. Studying overseas will give you the opportunity to forge friendships with people from around the world – not just your new home.
You’ll get to know how things work differently there and are able to learn a little bit more about yourself while experiencing something completely new and foreign.
How long do you usually study abroad?
Most of the time that you study abroad it’s through a university program at your home university, which will usually take at least one semester. Some programs will be shorter depending on what you’re studying and where you are going to study, and some will be longer – such as a full academic year.
Some students chose to take their entire degree program at an international school – this is known as being “foreign enrolled”.
So it basically depends on the program and university you want to study at. There will be a lot of different programs to choose from, so you’ll have to make your pick!
Is Studying Abroad expensive?
Depending on where you study and how long for, studying abroad can be expensive. Many students get grants or scholarships to study abroad and have a job while they are studying. This is important to watch out for because sometimes the costs of living in another country will be more than you expected.
Tuition fees
A major reason for the difference in costs in your home country versus going abroad will be the tuition costs, which could range from being completely free to being much more expensive then if you were a domestic student.
Living costs
Travel and accommodation also add up. If you intend to fly home every vacation then this will not only severely diminish your overall experience, but will also cost a lot. Similarly the choices you make regarding where you live will have a big impact. Private accommodation is often the most expensive, while university dorms can be cheaper and really comfortable. To get really immersed in the culture, host families are a great option, and are often reasonably priced.
Depending on the place you go and your financial situation, planning ahead will help you get the most out of studying abroad.
What is the cheapest study abroad program?
If you want to study abroad, do your research and plan ahead. Make sure that the place you pick really is the best choice for you and your family (if they are joining you). If you want to study abroad in Europe, look at what your university offers and see if they have any programs that match your career and life goals.
Here are some of the cheapest countries that offer affordable study abroad programs:
Norway
Germany
France
Mexico
India
Poland
Argentina
How do I find a study abroad program?
If you’re a high school student and planning to study in college, there are many different programs that your university offers. Some of them will even provide you with financial aid just for studying abroad.
We recommend you to go to the college’s website or talk to the international office if you’re not sure what options are available. Many of them will have scholarships and financial opportunities for students who want to study abroad.
Also, you can look for scholarships to study abroad that are offered by other organizations and will help pay for your studies in another country and living expenses.
The main thing is to decide on the course and university you want to attend and then plan how to get there.
Which country is best for study abroad?
Fancy going to Costa Rica? The Dominican Republic? Maybe the Czech Republic or New Zealand? There are just so many options and no way for us to tell you which one is right for you. You can get a lot of information on the internet about different places you might want to study in, not just from the universities, but other resources too. This is good because you’ll be able to understand what the living expenses are like and how much it would cost you to go there for a semester or a year.
Different countries have different opportunities available for studying abroad. Some countries require you to learn the language of the country or have some background in their culture and traditions.
Some of the countries that offer the best living conditions and where you can feel comfortable living in are:
Italy
Spain
France
Germany
England
India
Mexico
Poland
The United States of America is also a country that has very good living facilities and great universities to study in.
Is studying abroad really worth it?
For many students, it is very hard to decide whether studying abroad is worth it or not. It can be very rewarding, but also one of the most expensive parts of their education. So, should you study abroad?
Studies have shown that students who study abroad are more likely to graduate in four years and get jobs after they’ve graduated than those who have not. Plus, students with study abroad on their resume are in more demand for jobs today.
It is also important to know that the university where you study will help you find a job after graduation. They might offer you money or internship opportunities just for going there and studying with them! That’s why many people think that studies abroad should be a part of the public university system because it is a great skill that employers want and need.
So it is definitely worth it!
The best part of studying abroad:
The best part of being an international student is that you can live in a different place and explore the culture of another place. You get to meet new people and make new friends from around the world. People also say that the experience they have outside their home helps them grow up faster and become more mature.
Each country in Europe offers an amazing opportunity to study abroad. US students benefit from living and studying in a multicultural academic environment where you can find a plethora of courses taught in English. 90% of study abroad programs require English test scores from non-native speakers.
If you study abroad, even if language learning is not your primary objective, and even if you take only english-taught courses, you will inevitably learn a new language and uncover secrets of a new and different culture.
If you choose a host university in a European country you will make new friends, benefit from high quality higher education and experience the kind of cultural immersion that is not possible in the US – and all at an extremely affordable cost as tuition fees for study programs in popular European destinations tend to be lower than many domestic colleges.
The UK, Italy, Spain, Germany, Ireland, Portugal, Portugal and the Nordic nations are some of the most popular countries that receive the most foreign students each year. Europe is full of cuisines, languages cultural activities, and is a relatively small geographic area making it easier to explore than you might think.
Europe is fascinating. A collection of 50 nations each with its own distinct identity.
Europe is one of the most popular study abroad destinations in the world. Immerse yourself with a homestay in Barcelona, step into the world of international business with an internship in Brussels. Develop your drafting and design skills in Berlin or hone your filmmaking chops in Prague. Celebrate Bastille Day by the Seine, or “The White Nights” by the Neva. Explore world renowned museums in some of the most beautiful cities in the world and choose from a truly diverse range of study programs and cultural excursions you won’t find at home.
Popular destinations
With so many amazing courses offered at some of the top universities in the world, it can be hard to choose between all of the European countries and the study abroad programs at universities there. There are, of course, some countries that will naturally spring to mind when you consider your options, but some of the more overlooked European countries also happen to be more affordable (and off the beaten path). If you want to expand your options beyond the stereotypical destinations, you could also consider many “less popular” destinations in Eastern Europe, for example.
But let’s start with some of the most popular European destinations:
United Kingdom
The United Kingdom (UK) attracts a wonderful mixture of thousands of international students from all over the world every semester. The country boast over 150 institutions to study. The UK is home to some of the world’s most prestigious and top-ranked universities, and there is a long tradition of welcoming foreign students year round.
International students flock to the UK for the incredible cultural experience, unmatched higher education standards, and history.
Spain
Spain is a hugely popular study abroad destination for Americans – especially those that want to learn Spanish as they study. Thousands of students choose to study at higher education institutions in Spain every year, placing it in Europe’s top 10 Study Abroad Countries in Europe.
Spain is known for both cultural experiences and culinary arts. Local history and culture make it a great study abroad destination. Enjoy tapas bars, great food, football and the country’s rich history.
If you’re looking for a dynamic, exciting, culturally rich experience, vamos a Espana!
Portugal
Portugal is another popular destination for studying abroad in Western Europe. The country offers over 300 days of sunshine every year, a wide range of beaches, vineyards and wine. Enjoy the sun, food and nightlife, while taking a study abroad program at a historic university.
Switzerland
Switzerland is known for its beautiful mountains, delicious cheeses, yummy chocolates, and clean towns. Tuition fees at most public universities are the same for all foreign students, irrespective of where they are from, meaning that even though it can be an expensive destination, you are not penalised over an EU student when it comes to tuition fees. You have the chance to learn four languages – French, German, Italian, and Romansh in Switzerland. When you’re not hitting the books you can make the most of your study abroad experience and enjoy the beauty of the Swiss Alps, explore picturesque towns, and taste some of Switzerland’s mouth-watering cuisine.
Italy
Italy is home to a wide range of excellent academic institutions. International students are warmly welcomed in the country’s universities. Italy is known to have some of the best fashion design programs in Europe if you are interested in fashion, design, art and similar courses.
Immerse yourself in Italian culture and enjoy the Italian way of life!
Denmark
Denmark regularly ranks on lists of the most liveable, safest, and happiest places in the world. Why wouldn’t you want to explore the study programmes offered there?
The Danes are known for their sense of togetherness and cohesion, good news for international students trying to make new friends and adjust to a new culture and way of life. Danish universities are set up to promote creativity and innovation, so this is an ideal place to pursue creative courses.
Study Abroad Programs in Europe
Social sciences, life sciences, computer science, natural sciences, language studies, public relations, law, human rights, information technology, history or any other program – you will find the perfect course if you study in Europe.
International Students
Europe is incredibly welcoming to international students from all over the world. Europe has one of the highest study abroad participation rates globally. The European Union is dedicated to promoting cooperation and collaboration between countries including the USA, and higher education is one area where this is particularly prominent.
Cost of Living
The cost of living in Europe can vary greatly depending on where you study, overall, however, if you’re coming from a big city in the US you’ll feel like the cost of living is generally lower unless you choose to live in one of the big cities like London, Madrid or Berlin.
Scholarships for studying abroad in Europe
European universities and government agencies offer scholarships to students studying in Europe. There are also scholarships offered in the US, such as Fullbright and Gillman scholarships.
For the most comprehensive international scholarships listing, see www.IEFA.org
Safety
Study abroad students should be vigilant when travelling in tourist hotspots as these tend to attract pickpockets and as a result petty thefts are fairly common. To avoid this, don’t leave valuables unattended and stay alert in crowded areas. Overall it is very safe to study abroad in Europe, and your university will be able to provide plenty of information about particular areas to avoid or anything to be wary of.
Study Abroad Loans
Study abroad loans are designed to help students from the US to cover the costs of their studies abroad on short programs of up to one year. That may be a short summer program of a few weeks, a single semester or a full academic year. Depending on your chosen program you could study in multiple countries in a single year (for example staking one semester in France and another in Italy).
Study Abroad Loans are available in the same way as if you required additional funds to cover tuition in the US – they are administered through your “home university” – the university in the US that you are enrolled at as a full-time student.
Foreign Enrolled Loans are for those students who enrol directly as a full-time student at a foreign university not just for a semester or two, but for the duration of their entire course of 3 or 4 years.
Leaving for college abroad is an exciting time in a student’s life. However, choosing where to attend can be overwhelming. Students often pick their school by location, programs offered, or scholarships available. Ultimately it’s a personal choice depending on your preferences and interests. There are many things that students should take into consideration, including cost of living, safety, and culture.
Which is the cheapest country to study in Europe?
Generally speaking in Western and Northern Europe the cost of living is more expensive, while in Southern and Eastern Europe it is cheaper. However the cost of living can vary greatly within a country – depending on whether you live in a big city or a smaller town. You should find the universities that you would like to attend, and get advice from the financial aid office or international student advisors. Remember that tuition fees for foreign students can range from free to very expensive depending on your program and you must factor that in.
What should I study abroad in Europe?
The program you choose to study in Europe depends only on your chosen career path or major. Whatever you choose, you’ll find a study abroad program that meets your needs. Of course, if you are a languages student, then it makes sense to visit and study in a country where you can use your language skills in daily life and really benefit from the language learning opportunity.
How much does it cost to study abroad in Europe?
It can be significantly cheaper to live and study in Europe from day to day – but don’t forget the additional costs like travel expenses and insurance, plus the extra money you might spend exploring the continent in this once-in-your-life experience.
Studying abroad is a great way to broaden your horizons and experience different cultures. It’s also an excellent opportunity for students to improve their language skills, or study subjects that are not offered in their home country. International students overwhelmingly report benefiting greatly from the experience during their time abroad and in the impact on their future careers as well.
One of the most frequently asked questions U.S. students ask themselves when they’re considering a study abroad program is whether they should apply for a foreign enrolled student loan or a study abroad loan?
This blog post will help explain the difference between these two loans so you can make an informed decision about how much money you need to borrow while you’re away from home.
Financial Aid
The first thing we always suggest to US citizen or permanent resident students who want to study abroad is to focus on all types of financial aid that they are eligible for as well as private student loans. In the case of US citizens, permanent residents and eligible non-citizens, this means looking for federal student aid, federal student loans, grants, awards and scholarships. Interest rates on federal student loans are usually more favorable than with a private loan program.
Getting an international student loan from a private lender would be the next course of action if for some reason you didn’t apply for the FAFSA, or you didn’t meet the deadline, don’t qualify for federal aid, or if you still need additional funding to cover the cost of your international education experience.
If you’re already attending college in the US speak to the financial aid office and the study abroad office at your school for their guidance.
International Student Loans
The international student loans we will discuss in this blog post are “Study Abroad Loans” and “Foreign Enrolled Loans“. These 2 loan types are for American students outside the US studying at schools or universities that are approved by the US Department of Education.
The difference is in the type of study abroad program that you are taking.
Study Abroad
These student loans are for those students taking on a short period of international study at an eligible school around the world – often short programs, a semester or a one-year course.
Study abroad students are enrolled at their “home” college, and only travel to international schools for part of their degree. For this reason more private lenders are available for these loan programs because more U.S. schools are approved.
It’s likely that there are study abroad counsellors to advise you on your funding options and help you chose the perfect university to visit.
These loans, in contrast, are for a US citizen, a permanent resident or an eligible non-citizen, who decides to enrol full-time at an overseas college for the duration of their degree – and these are for undergraduate and graduate students.
Foreign enrolled students have no “home” college in the U.S. because they are a full-time international students at their chosen university. This means that funding, and in particular loans are available at fewer schools, however there are many! You can check if your school is eligible here. For a school to appear on the lenders’ lists where a loan program is an option, they must first be approved for federal loans through the U.S. Department of Education.
Students studying abroad are no different from those studying on home soil in the eyes of the lender. No matter where you are studying, you will need to prove that you are creditworthy (meaning that you have good credit).
Because many students do not have enough credit history in their name to demonstrate creditworthiness, it is highly recommended that they ask a US cosigner to join their student loan application.
A cosigner (co-borrower, sponsor, or guarantor) joins the loan application in order to help the primary borrower to qualify, to improve the chances of securing a favorable interest rate on the student loan, and most importantly to guarantee to the lender that if the primary borrower fails to repay their student loan, the cosigner will do so.
With a cosigner, lenders will be able to use their credit score when making the decision on whether to approve the application.
Loan amount
Getting some or all of your education overseas can be expensive. The maximum loan amount that you can borrow will be set by the lender you choose, but your school must also approve this as you may not borrow more than the total cost of attendance.
Interest Rates
Interest rates on these loans are set by the provider. Applying with a cosigner is recommended to get the best interest rate available. To learn about fixed and variable interest rates see our resource here.
So much of life is made up of the choices you make and loan repayment is no different. Making the right choice when you take out your loan makes a big difference when you have to make those repayments.
Knowledge is power and the more you know about these choices the better prepared you will be to fulfill you loan obligations.
Your lender’s specific terms will be determined by the type loan you select and your individual circumstances.
Note that lenders have put in place specific programs to assist students since the COVID-19 Pandemic. If you currently have a loan and are worried about repayment, or if you’d like further information on the measures in place, read more about that in this post.
Broadly speaking, repayment terms vary in response to three different factors:
How much will the monthly payments be?
When will payments begin?
How long students may be able to defer paying back the loan?
And in general there are three main loan repayment types available to international students.
Although the differences between these three options can seem complicated, taking the time to understand and make an informed choice at the outset can save students from a lot of uncertainty and worry in the long term.
immediate repayment loan
full defferral loan
interest only loan
Immediate Repayment
Students with this arrangement are required to begin making payments on both the interest and the principal of the loan as soon as it is disbursed.
The prospect of such immediate repayment is doubtless intimidating to many international students because most cannot or do not want to work while they study in the United States. They therefore have little chance of being able to make the repayments.
Long-term the repayments compound meaning that in total a borrower may pay less back with this type of loan than with others, and may clear their debt quicker as a result.
Full Defferal
A full deferral loan, by contrast, offers completely different loan repayment options. With loans like these full-time students are able to defer – that is, postpone until later – repayment of both the interest and the principal for up to four consecutive year or until after they graduate.
This means that in the short-term this loan would be most affordable as no repayments are due until a set date. In most cases the interest is accumulating during this time, and as a result it is likely that this type of loan will be more expensive and take longer to pay off.
Interest Only
A third option that splits the difference between these two ways also exists.
These so-called interest only loans require international students to make payments on the interest only (and not the principal) of their loans while in school and often allows them to defer the start of their principal repayment for up to 45 days after graduation.
Like the full deferral loan option students are only eligible to postpone repayment for up to four consecutive years and while enrolled full-time.
As you can see, the choices you make can have a huge impact on your bottom line!
Before applying for a loan, be sure to check with your lender the exact terms and conditions on repayment as this may change depending on the lender and the loan you apply for.
International students are always looking for the best international university to study at. Many students first think of studying in North America and focus on the USA – forgetting that Canada has a lot to offer as a study abroad destination.
Canada is a country with many great universities, but some of them are even better than others. In this blog post, we will go through 5 of the best universities in Canada for international students and talk about how they compare in terms of various factors such as tuition fees, living costs, reputation etc.
Canada has become one of the most popular international educational destinations in the world. Almost half of a million students from 150+ countries apply to a university in Canada for higher education every year. Canada has some of the finest colleges around the world according to world university rankings. Colleges like the University of Toronto, the University of British Columbia, McMaster University, McGill University, and the University of Alberta are some of the highest-ranking colleges in the world.
Canadian universities offer high-quality education at a low cost with degrees that are globally recognized.
Why study in Canada?
Canada is a wonderful place to study abroad. You will be immersed in a diverse culture and you can explore wherever your heart desires from coast-to-coast. Canada has everything from polar bears roaming the Arctic tundra, to multicultural cities like Toronto. Studying in this country will give you a front-row seat for all of the rich cultural tapestry that makes Canada great.
As one of the leading countries in the world, Canada has some of the top universities for international students. Universities in Canada focus on academic excellence and bringing out the potential of a student. They offer high-quality education with professional guidance.
Canada has a lot more to offer to its international students other than education such as a beautiful climate, cultural diversity, equality, and many more. Canada has wonderful views, beautiful weather and lots of things to explore. Canada is a very developed country. You can find all the opportunities and advantages you would expect there too.
Lower tuition and accommodation fees:
Most universities in Canada offer lower tuition fees than American colleges but they don’t compromise in education quality and students’ comfort. Canadian colleges are considered the best alternative to American colleges. You will most likely pay $20,000-$35,000 per year as an international student at Canadian universities. Accommodation costs are low as compared to America and UK. Most of the universities offer on-campus living facilities to their international students or you can live somewhere else if you want as well. The living cost will depend on the area you choose to live in.
Academics:
There is no doubt that Canada has some of the best colleges in the world. Universities like the University of Alberta, the University of Toronto, the University of Waterloo are some of the top-ranking universities in the world. They offer both Graduate Programs and Master’s Programs to international students. MBA, Computer Science & IT, Business & Finance, Media & Journalism are some of the most most popular courses you can pursue in Canada. Other core courses such as Arts, Science, Social Studies, Engineering, and Medical Science are popular as well. Canadian colleges encourage open thinking, new ideas, inventions and want their students to leave marks in the world. They p[provide great support to research studies like agriculture, telecommunication, medicine, and many more.
Job placements:
Universities in Canada and the Canadian Government offer job placements to international students. They allow international students to work in Canada for up to three years after graduation. Students will gain three years of international job experience and can apply for other placements and jobs if they find better opportunities. The Canadian Government also offers a route to permanent residency for international students as well.
Friendly lifestyle:
The multi-cultural environment makes Canada a great place for international students. You will find extremely welcoming and friendly people around you. The college campuses are clean and have full of greenery. You can walk around the campus while class breaks with friends. You can enjoy events and festivals at your college often. Canada is also one of the safest and most peaceful countries in the world.
Canada has a lot of things to explore as well. Cities like Toronto, Montreal, and Vancouver have a lot to explore. All these things make Canada the best place to live and study.
So, what are the best universities in Canada for international students? Here are our top 5:
Choosing the best college to study in Canada is not easy. There are many universities that offer high-quality education. You should choose a university that allows you to pursue your choice of subject, fits in your budget, and doesn’t compromise on quality. So here are 5 of the best universities in Canada for international students:
1. University of Toronto:
One of Canada’s top universities, The University of Toronto was ranked as the 19th among the top colleges in the world. The Times Higher Education Magazine chose this college as the best college in Canada. It is one the most research-intensive colleges and promotes open research. Thousands of international students from more than 150 countries apply every year. The college offers both undergraduate and post-graduate programs on subjects like Sciences, Finance, Economics, Arts and Computer Science.
International students pay around $20,000-$45,000 a year depending on their chosen program of study.
2. University of British Columbia:
The University of British Columbia is a highly reputed college in Canada and it was ranked 34th among the top colleges in the world. It is one of the world’s largest research centers as well. It welcomes thousands of international students every year and offers them a good quality of education with well-balanced student management. You can pursue studies like Business and economics, engineering and technology, health and life science, history, law, and many more at the undergraduate and post-graduate level.
International students pay around $25,000-$40,000 depending on the subject of their course.
3. McMaster University:
Another one of Canada’s best universities, McMaster University has been ranking among the top 100 colleges in the world for a long time. It is also one of the leading research centers in Canada. It has a beautiful multicultural campus and provides proper guidance to its students. It offers Anthropology, Astrobiology, Biochemistry, Business, and Economics, Engineering and Technology, and many more at the undergraduate and post-graduate level.
International students pay $20,000-$45,000 on an average per year.
4. McGill University:
McGill University is one of the best universities in Canada. Thousands of students from more than 150 countries apply every year. More than 30% of the students are international. So you will find a diverse and multicultural atmosphere around the university. You can pursue Political science, Economics, Arts, History, MBA, Marketing, and many more.
You can expect to pay around $23,000-$$45,000 a year according to the subjects.
5. University of Alberta:
The University of Alberta is known as one of the top colleges in Canada. It is also one of the world’s leading research universities. It offers a wide range of subjects to pursue at under and post-graduate levels. It has 18 faculties such as law, nursing, engineering, education, arts, agriculture, and many more. The University of Alberta offers individual schools and guidance for each faculty.
International students pay around $20,000-$45,000 a year on average.
6. Notable Mentions:
We’ve only been able to cover our 5 top universities here, but there are many Canadian Universities that would make a perfect study abroad destination, like Simon Fraser University, the University of Manitoba, the University of Calgary, the University of Montreal, Dalhousie University
In conclusion:
Canada is considered one of the best countries to study for international students. Canada welcomes thousands of international students every year. Canadian colleges are the perfect alternative to the US and UK colleges, They are a lot cheaper than other international colleges and don’t compromise on the quality of education. Accommodation costs are a lot cheaper as well. Canada is one of the peaceful and safest countries as well. You can expect friendly and welcoming people around you. Studying in Canada can give you an experience of a lifetime.
If you plan to study in Canada, you may find that you need additional funding, which you can get in the form of a scholarship or loan.
Studying in Canada can be a great experience. The people are welcoming, the education is top notch, and there are many opportunities for travel. But before you make any decisions about your plans to study abroad in Canada as an international student, it’s important that you know what to expect.
There are a few things that every prospective college student should know before they come to Canada: tuition fees, the cost of living (including average rent prices), immigration requirements (such as landing rights and work permits), safety precautions (including how often crimes happen), obtaining health care coverage or insurance, etc.
So before you make any decisions about studying in Canada, it’s important that prospective students have an understanding of what to expect. Hopefully this article will be helpful!
Living in Canada
Because Canada is such an immense country, it is extremely varied in its people, landscape, climate, and way of life. However, what most Canadians have in common is a deeply rooted sense of hospitality and openness, which many international students find refreshing.
Canada, like the United States (and around world), is a melting pot of cultures. This means that people from all over come to live here; therefore Canadians are used to diversity – not only ethnically but also culturally as well – so you might hear different languages spoken every day during your time in Canada.
Canada is regularly recognised as being among the top countries in the world for standard of living, and it is easy to see why. Canada offers safe, clean cities with good public transit systems, and the people are polite (because they care about others), and helpful when you need them most or have a question that needs answering.
It has to be said that in some locations like Vancouver, British Columbia, or Toronto, Ontario, the cost of living can be very high, though.
One thing Canada is famous for is universal healthcare, however international students must have their own healthcare plan, although some provinces do allow foreign students access. Canadian schools all offer guidance on healthcare plans so speak to your advisors.
Great Universities
Canadian public education is among the best in the world, attracting talented students and research from around the globe.
Canada offers some of the best universities in North America, with McGill University and UBC being ranked as among world’s top 20 schools by QS World Rankings 2018 (these are just two examples).
Accessible Student Visa System
One of the many reasons Canada is increasingly popular with international students is that the country has a clear, easily-accessible visa application process for international students.
The first step is to get accepted into a Canadian school. With so many top universities in the country, it should be relatively easy to find one that will accept you as an international student and remember that Canada offers some of world’s best scholarship opportunities.
To apply for school you will need to provide your high school Graduation certificate, the appropriate completed application form, proof of your English language proficiency (or in francophone territories your French proficiency) and evidence to show that you can support yourself financially during your studies. You may also need to write a letter of intent and include your CV.
To apply for the visa, students need only provide a letter of acceptance from the school they will be attending, along with a document as proof that they have enough money to cover their tuition fees and living expenses.
The process takes just two weeks on average for Canadian visa applicants (as opposed one month or more in other countries).
International students who are married or have children are allowed bring their families with them while they study.
Note that if you want to study in Quebec, visa requirements are a little different from the rest of the country.
Affordability
Canadian universities cost less than similar institutions in America and living costs are manageable compared to other countries. On average the cost of attending university in Canada will be around $11,000-$13.
In contrast American universities charge nearly US$20k/year tuition on average for out-of-state residents and this could be much more at an institution like Harvard University.
Tuition fees will vary greatly depending on your chosen course and university and living costs will vary from region to region.
Choice
With such a wide variety of options to choose from, the problem is not finding the program you are looking for, but choosing from all of the available possibilities! There really is something here that will meet everyone’s needs so take some time exploring your options before making any final decisions.
Speak to the academic advisors at your chosen school for the best advice on choosing a program that is right for you.
Nature
There are some great perks when you study in Canada, like access to nature, or the opportunity to explore it! Canada is a big country with lots of space for exploration and adventure, so make sure you take advantage.
The Rocky Mountains, wide open spaces, lakes and the sea are just some of the the nature that Canada has to offer. But watch out for those bears!
Some of the best nature to explore in Canada is found within its National Parks, which are protected parks and reserves that protect our natural heritage. There’s a national park for everyone – from Banff & Jasper with their snowcapped Rocky Mountains peaks or UNESCO World Heritage Site Niagara Falls on Lake Ontario.
Work and Study
International students are allowed to work 20 hours per week on or off campus during semesters. In vacations this rises to 30 hours per week.
However, it is important to note that work-permit regulations can vary depending upon whether your job is on-campus or off-campus, the length of time an individual has been in Canada and the course that they are enrolled on.
If you bring your family with you while you study, your spouse may be eligible for an open work permit – this allows them to work full-time in Canada for the duration of your course.
International students can pursue Canadian permanent residency if they want to stay in the country after they graduate. The Canadian Post-Graduate Work Permit is specifically for international students who want to stay in Canada after graduating. Applicants can work for up to three years on this permit, but after just one year of working in Canada they may become eligible for permanent residency.
Funding – Study in Canada for free
Of course studying abroad anywhere in the world is a decision with financial implications. International students may not be eligible for the same kinds of financial aid as local residents. However, with IEFA.org you may be able to find a scholarship to help you cover your costs.
If you still need further help with your tuition, then a loan might be the right thing for you. With our partners you may be able to find a loan to study in Canada that requires no collateral and no cosigner. You can find out more about international student loans in Canada here.
