Here are our top 3 tips for understanding the student loan process.
1. Don’t Borrow More Money Than You Have To
If you can work during the school year, work. If you can stay at home and commute, stay at home and commute. Consider all your options, because you can always take smaller loans if you’re willing to make some compromises. Try and think of it as helping out your future self. (We promise you’ll end up thanking your past self!) Read the rest of this entry »
Now is the time to prepare yourself for the school year ahead. If you’re planning to apply for a student loan, make sure you know and understand the terms and conditions of your loan options so that you can make an informed decision and plan ahead to repay your loan accordingly. If you’re like most students, these loan details can be confusing! But we’re here to help.
Join us for our Google Hangout – “Student Loan Terms Explained”. We’ll define and explain the terms you need to be familiar with when evaluating your loan options to put you on the right path to financial success.
“Student Loan Terms Explained” Google Hangout
Thursday, June 26, 2014 at 10 a.m. EDT
Can’t make it? Don’t worry – the video will be available afterwards to view anytime. You can view past hangouts and informational videos here.
Additionally, we are constantly sharing and providing resources and cool info for international students. Be sure to join us on YouTube, Twitter, or Facebook to stay in touch and to learn about more financial aid opportunities. Keep in mind that the best time to apply for your loan is in July at August, at least 6 weeks before your classes begin. Click here for more information.
You may be surprised at how frequently Americans whip out a debit or credit card from their wallet for the majority of their purchases, even for seemingly small things, like their morning coffee. Many other countries rely largely on cash, thus the idea of credit, credit cards and credit scores may literally be a foreign concept.
However, learning about credit and how to earn the best score possible doesn’t have to be scary – it’s simpler than you may think! Just remember that you have many options when building credit as an international student. Read the rest of this entry »
We know first hand that wading through the jargon of legal documents can be extremely stressful. Since a complete list of student loan lingo would stretch around the block and back, we’ve opted for practicality and broken down (what may be the most important) 3 terms you must understand to evaluate student loans.
Deferment – Allows you to temporarily delay payments on your student loan.
How much should I borrow for my international student loan?
Going to school overseas is a big decision and may require you to take out a student loan since it is expensive and most of us don’t have large amounts of money just laying around. But how large of a student loan can you actually afford to pay off? Here are a few pointers for nailing down a loan you can handle. Read the rest of this entry »
No one likes the word “budget,” and for good reason, since we all want to spend our money in the best ways we see fit. Unfortunately that isn’t always possible. We create budgets for a number of reasons, such as saving up for a big-ticket item like a new vehicle or a big trip, and to help make ends meet when something unexpected happens, like a lost job or a medical emergency.
Budgets can actually feel like a fun game, as you learn to pinch and save and begin to see the benefits of having a budget in place. It’s not as hard as it looks and by following these 4 tips you will know how to stick to a budget in no time! Read the rest of this entry »
If you are unable to take out a loan because of no credit (that’s you, international students!) or insufficient credit history (that could be you, US students!), you will need a cosigner. Basically this person is offering their credit score and financial history to cover your lower score, or lack thereof. Luckily for you, this generous cosigner has the ability to help you receive the money you need to fund your international education.
If you are a student studying overseas, then you will most likely be paying more for your education than most students. While it’s worth the experience, you may find that the expenses add up to more than what you have available. In cases like this, you may want to consider an international student loan or study abroad loan.
If you are an international student who just arrived in the US, then chances are you don’t have any credit. If you are a US student, it’s likely that you may not have a good enough credit score, or you may not have an established credit history that can make it difficult to apply for a student loan.