International Student Financial Aid UK
November 30th, 2021 by Al C

three round white wooden tables

Studying in the UK doesn’t have to be expensive. While tuition fees are on the rise, international students can apply for funding through government grants, scholarships, and international student loans. For American students, both federal financial aid and international student loans are also available. Financial support is available to help cover living expenses as well so that’s not something you need to worry about when it comes time to study abroad!

Financial aid is often given by the government or a few private sources. These can be obtained by students who are going to study abroad and want to finance their education outside of their home country. In addition, financial aid is given by many organizations which help in making an individual’s journey smooth and easy but they do not cover all costs. They can cover up to a certain percentage of the total amount.

Whatever form of financial aid you get, it’ll only help you with your finances throughout your academic journey. In this article, we will be looking at the major types of financial aid available in the UK for international students including American students.

Financial aid in the UK for international students

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The UK government and UK universities offer hundreds of international scholarships, financial support programs, and student loans to international students each year. The government awards scholarships to students based on their performance in academics, sports, or any other talent they possess. These are awarded to help with tuition fees and living expenses while at university.

Application procedures for international scholarships vary from one scholarship program to the next. But most of them require you to research your options then submit an application form including academic merit credentials as well as personal achievements. You may have to write an essay or submit a portfolio for some scholarships.

What do UK Financial aid offers cover?

They can cover a wide range of costs depending on the kind of program you qualify for. But here are some of the most common ones:

1. Tuition Fees:

Tuition fees are probably the most expensive thing you’ll have to pay for when studying abroad. Financial aid can help with tuition fees. You may also be able to get a scholarship or award that covers the full amount of your tuition fee so you don’t need to take out student loans at all!

2. Living Costs:

The second most expensive thing you need to worry about is living costs. Some programs take care of your living expenses both partially and in some cases, in full as well. So you can focus more on your studies and less on rents.

3. Other Expenses:

A few sponsors can help with other expenses including academic costs like books, stationery, and equipment. These are usually included in the tuition fee but if they’re not then you may be able to get a scholarship or award that covers these too.

Different types of aid in the UK

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There are many types of aid which are available for international students in the UK. Here are some of them:

1. Scholarships

These can be given by governments, universities, or even private sources to help with tuition fees and living expenses while at university. Scholarships mainly cover your tuition fee and living costs to help with the overall cost of studying abroad.

Scholarships are available to international students at all levels of their academic journey including undergraduate, postgraduate, and Ph.D. programs as well as many other courses too! They’re also awarded based on a variety of criteria so you can find scholarships that match your personal qualities or interests. You can even qualify for more than one scholarship as well.

2. Grants

Similar to scholarships, grants cover your tuition fee and living costs. They’re given by governments or UK universities for different reasons so they can vary in their eligibility criteria too! Grants are awarded based on merit but some of them also take into account the financial situation of the applicant’s family as well. You may need to submit documents before you get a grant so make sure you meet all the eligibility criteria before applying.

Grants are usually awarded for undergraduate studies but some universities offer grants to postgraduate students or Ph.D. candidates as well! You can also get a government-funded scholarship if your country has an agreement with the UK, allowing their citizens to receive funding while studying in the UK.

3. Federal Student Loan

These are big loans that you can use to pay your tuition fee and living costs. They’re called federal as they’re are a part of the government student loan programs and come with low-interest rates. They are a great option if your scholarship or grant is not sufficient to cover the expenses. Federal loans are also given to students who can’t get a scholarship or grant and need extra financial support for studying in the UK.

Federal Loans also called Stafford Loans which are divided into two types: subsidised (given with no interest) and unsubsidised (with interests). Federal loans offer all students including American students and other international ones Ph.D., postgraduate, and undergraduate scholarships.

4. Private Student Loan

These are loans from private sources that you can use to pay for your tuition fee or living costs. They’re not given by the government so they have higher interest rates and some of them may also require a co-signer since international students usually don’t have a credit history.

You should be careful before taking any private loans as they usually require good credit history and higher interest rates. You must compare different lenders in order to find a suitable option.

5. Work-study program

This is another type of program that can help international students. It allows you to get a part-time job while studying. It will help with covering your tuition fee and living costs. You’ll be able to work for up to certain hours (depending on the university) per week during academic sessions, allowing you more time for studies too!

A work-study program is usually awarded to undergraduate students. It’s available at different universities in the UK so you can look for work-study programs while applying for your course of studies.

How to apply for financial aid in the UK?

aerial photography of people sitting on chair

The process of applying for support is different at each university so you need to check their website or contact them directly. There are also scholarships that can be applied online without any additional documents but some require specific ones like high school transcripts and SAT scores for example.

Here are the necessary steps that you must follow to apply for funding like this in the UK:

1. Research:

The first thing you need to do is research the types of financial aids/international student loans available for students like you. It will help you find scholarships and federal loans that match your personal qualities or interests. It will also help you estimate how much money you’ll need to pay for tuition, living costs, and other expenses.

3. Compare

List down the best options that you found after researching. It’s important to compare different aid options and their eligibility criteria before applying for anything. You should also check the university website or contact them directly if you need more information.

4. Look for merit-based scholarships

These types of scholarships are usually given for academic excellence, specifically when a student has outstanding results during his/her course of study! Merit-based scholarship programs generally have specific criteria so be sure to check them before applying.

5. Read the documents

Read the documents of your chosen options carefully. They usually have eligibility criteria so you need to meet them in order to get approved for any federal or private loans or scholarships. You should also check the application dates and deadlines since it’s important to be on time when applying especially if a deadline is closing soon!

6. Apply

Apply as soon as possible so you don’t miss any important deadlines. The sooner you apply, the better chances of getting approved! You can also boost your chance by writing a compelling cover letter and resume that highlights your achievements and skills to impress potential sponsors or donors.

Key takeaways

1. You should research the types of financial aid available to international students.

2. There are different sources for private loans and work-study programs that can be part of your financial aid package.

3. Check university websites or contact them directly if you need more information about financial aid options.

4. Make sure that you meet all eligibility criteria before applying for any type of financial aid.

5. Read the documents carefully and apply as soon as possible to improve your chances of being approved!

Final thoughts

The UK is one of the most popular destinations for international students looking for a world-class education. However, the cost of tuition is very high so it’s important to look for financial aid options that meet your needs and requirements! This article will help you understand how financial aids work in the UK and how to apply for one. So make sure to read it carefully to find out the best ways of covering all your tuition fees without putting a big dent in your savings.


How to Apply for Private Student Loans
November 11th, 2021 by Al C

Working out the pros and cons of student loans

Private student loans make up 7.80% of the total outstanding student loan in the USA. That is more than $130 billion.

Private student loans are some of the most useful financial tools that help students pay for their education, especially when traditional financial aid is not sufficient. A private student loan is a great alternative option if you don’t qualify for a federal student aid program. And because banks and lenders offer many options for repayment, private loans may also be more suitable for your own needs.

Also, there is a high chance of getting approved with private student loans because with certain lenders these loans are not even based on the credit history of the applicant. Therefore, a private student loan would be ideal if you don’t qualify for a federal student loan or if you don’t have any credit history.

In this article, we will be digging deep into private student loans! We will discuss how they work, their advantages and disadvantages, the application process, and other useful information so you don’t get confused when you apply for a private student loan. So let’s get started!

What are private student loans?

Unlike federal student loans, private loans don’t originate from the government. Private student loans are used when a student either doesn’t qualify for the federal student loan or when their amount of financial aid is not enough to pay for his/her education.

Private student loans are mostly offered by the major banks, savings & loans companies, credit unions, and some other lenders who provide personal or educational loans. A private student loan typically offers benefits that include low-interest rates, flexible repayment options, and lenient borrowing limits. However, the interest rates on private student loans are higher than federal student loan rates.

How does a private student loan work?

A private student loan is the same as any other student loan, but they are offered by private financial institutions. When you apply for a private student loan, you need to submit your credit history and income information. The bank or lender will assess your particular situation and determine if they offer you the amount of money that you require.

Once you get approved, the lender will send your school’s financial aid office the funds. They will credit the required amount of money directly to your account and you can use it for paying tuition, housing fees, or any other expense that is related to your education. If there are any funds remaining, your school will transfer those to your nominated bank account.

How to apply for a private student loan

online application form

Before you apply for a private loan, make sure you understand all the terms and conditions of the loan. Compare different lenders or banks that offer student loans before settling on one. Once you have identified the lender with whom you want to go, it’s time for applying for a private student loan! Here are some steps that you need to follow:

1. Check whether you qualify for a federal loan or not

It is advised to apply for a federal student loan before you go for any other type of student loan because these loans offer lower interest rates. Interest rates on private loans are higher than federal student loan interest rates. Therefore, it is better to opt for a federal loan if you qualify for one. In most cases international students in the U.S. do not qualify for federal student aid.

2. Get your credit history in order

If you do not have an established credit history, then it will be difficult for you to get approved by some of the major lenders or banks. Make sure your credit report is error-free and clean. You can check your credit history from the three major credit bureaus: TransUnion, Experian, and Equifax. Once you have a good credit history, apply for a private student loan. There are a small number of lenders that do not require credit history and you can find out about them here.

3. Find a cosigner

It can be hard for students to build their credit score, so the easiest way to get approved for a private student loan is by getting cosigned. If you have someone who loves and trusts you (family members), they can be your cosigner on your application form. This will make it easier for the lender to approve your application because another person has vouched for you! In addition, if your cosigner’s credit history is up to the mark, you can get better repayment terms. Your cosigner must be a U.S. citizen or permanent resident. Most international students will need a cosigner, but there are a number of lenders that do not require one.

4. Find a suitable lender or bank for your private student loan

The most important step in applying for a private student loan is to find the right lender or bank that can provide you with the amount of money that you require. Each lender has its own terms and conditions. You can find different lenders by searching online or visiting your local bank or credit union. Take time to review different loans, rates, and terms before choosing one. One of the easiest ways to find a loan as an international student is to use our loan comparison tool.

5. Fill the application form carefully

Once you have found a good bank or lender, it’s time to fill out their application form. You will need your social security number, credit history, annual income, and other details in order to apply for a private student loan.

Filling out this form should be done carefully because this information will be used to make a decision on your loan approval. If you have any doubts or do not understand something in your application form, it is better to ask the bank before filling it out. Once you are done with it, submit the form.

6. Be aware of hidden charges and fees

Once you have submitted your application, you will receive paperwork from the bank. Make sure you review all the terms and conditions carefully to avoid any hidden charges or fees that can increase your loan amount.

7. Get approved for a private student loan

After filling out an application form, waiting patiently for a response from a lender, and going through the required paperwork, it’s time for you to get approved for a private student loan! Once you have been approved for a loan, the lender will transfer money to your school.

8. Paying back your private student loan

Once you get a private student loan, it is important for you to be aware of the repayment period and other charges. The bank will send you an email or letter that tells you about the amount that must be paid back. You should also know if there are any penalties or charges for not making monthly payments on time.

Federal student loan vs Private student loan

The federal government provides loans to domestic students

Federal loans are the safest option when it comes to taking out a loan for college if you are eligible for them. Federal student loans typically have lower interest rates compared to private student loans, they do not require a co-signer, and you will not accumulate any additional debt if your student situation changes.

Private student loans may be used for continuing education or for students who do not qualify for federal loans. Before applying for a private student loan, make sure that you understand the terms and conditions of your lender or bank. You can get your credit report and score from all three major credit bureaus: TransUnion, Experian, and Equifax to help you find a suitable lender.

Note: Consider getting a private student loan only when you don’t get approved for a federal student loan or your federal student loan is not enough for your education expenses.

Advantages and Disadvantages of Taking Private Loans

Private students are great alternatives for students who have a bad credit history or have applied for a federal loan but did not get approved. But they do come with both pros and cons that must be considered before applying for them.

Advantages

1. Private student loans give you the freedom and flexibility of choosing your own loan amount and loan duration.

2. You can get rewards for having good credit. Your interest might get lower if you have a good credit history.

3. You get more freedom to use the money that you borrow in any way you want during your college years.

4. You can apply for a private student loan anytime you want. No matter if you are in the middle of your college career or if you are graduating, you can still apply for a private student loan.

5. Private student loans can be used to repay your previous student loans.

7. Ideal for students who have a bad credit score or didn’t get approved for federal loans.

Disadvantages

1. You will be charged with higher interest rates than if you get a federal loan.

2. You are required to have a co-signer if you have a bad or no credit history with most lenders.

3. It is essential that you review all transaction and loan terms with your lender to avoid any misunderstandings or miscommunications.

4. You may not be able to change the duration of your repayment without increasing the interest rates

A few things to consider

  • Opt for private student loans only if you don’t qualify for a federal student loan
  • Compare multiple lenders and banks before finalizing a lender
  • Borrow only what you need to stay in school and pay for your education expenses
  • Don’t miss out on any repayment term and make sure you repay your private student loan on time
  • Find a co-signer if you need one
  • Read the terms and conditions carefully before signing any agreement

Final thoughts

So there you have it! A private student loan is great if you don’t qualify for a federal student loan. Make sure you consider all options before you apply for a private student loan. Always review the terms and conditions with your lender before you sign anything.


International Student Credit Card
November 8th, 2021 by Al C

Using a credit card for online purchases

International students often struggle to pay for their education. From high tuition fees to living expenses, international students have to pay a lot of money. And not everyone qualifies for financial aid or scholarships. So, if you are an international student, having an international credit card is a must.

International student credit cards allow students to pay for books and supplies, food, housing, and other expenses. With these types of cards, there is no need to carry cash or take out money from a bank machine. And the best part is that many of these cards have relatively low interest rates. Normally, international students pay an annual percentage rate (APR) of 17%-19.9%.

An international student’s credit card offers a lot of perks to international students. In this article, we are going to talk about their advantages and disadvantages. This article will be really helpful for international students.

What is an International Student Credit Card?

International student credit cards are a type of card that is only available to students outside of their home country. They provide support to students as they look for opportunities to build their financial history. It allows students to pay for expenses such as books and food.

When you have, use and repay money on a credit card, lenders are more likely to see that you are capable of repaying your debt. International student credit cards are beneficial for students in this way because they help to build their credit score. They provide an important tool to build a successful financial profile in the country they are studying in.

What are the benefits of having an international student credit card?

As an international student, there are many benefits of having one. Here are some of the benefits:

1. Easy to apply

Many students can easily get approved for international student credit cards because it’s often quite easy to apply for them. You can apply for international student credit cards online and receive a response within minutes. If you want to be able to use your cards as soon as possible, you should definitely apply for an international credit card.

2. Rewards Program

With international student credit cards, it’s really easy to earn rewards for daily spending. All you have to do is sign up for a rewards card and then use your credit card to pay for all of your expenses. Many international student credit cards offer different types of rewards such as cashback, airline miles, and retail discounts.

3. Builds Credit Score/History

Having a student credit card allows students to build their financial profile in the country they live in. This makes it easier for them to buy a house or car once they graduate. Building credit history starts with a credit card. It is a great way to start building a good financial profile.

4. Fraud protection

International student credit cards provide fraud protection which means that you won’t be held responsible for fraudulent charges that appear on your statement as long as you report it within a certain time period. For example, if your credit card is stolen and someone uses your account to make a purchase, you won’t be held responsible as long as you report that fraudulent charge within 30 days.

What are the Disadvantages of having International Student Credit Cards?

Disadvantages of credit cards for international students

Everything good comes with a price! Although there are many benefits to it, there are also some disadvantages. Here are some of the disadvantages:

1. Fees

International student credit cards tend to have high fees. It is because credit card companies do not believe that students will pay their balances in full every month. They can charge higher interest rates sometimes which end up increasing the cost of borrowing money. Some international students’ credit cards have a yearly fee that is required to be paid once you open the account.

2. Foreign Transaction Fees

International student credit cards charge a foreign transaction fee every time a purchase is made outside of the registered country or if an international ATM request is used (for example if you used the card when visiting your home country during your vacation). When you use your card outside of the country, this will translate into a 3% to 5% charge. This usually occurs because international credit card companies have the power to access the wholesale rate for currency conversion.

3. Credit Limit

International student credit cards often have a low credit limit. This means that you will not be able to use your credit card for large purchases.

Secured Credit Cards Vs Unsecured Credit Card

A secured credit card is a type of loan that requires the borrower to place collateral against the funds. Most international student credit cards are unsecured because they don’t require collateral. Some banks might require collateral if your international credit score isn’t ideal.

Eligibility Criteria for International Student Credit Cards

Using a credit card as an international student

1. Student Status: To qualify for it, you must be a full-time international student.

2. 18 Years of Age: Most companies give credit cards to students who are at least 18 years old.

3. Annual Income: You will not be able to get approval for it if your annual income is below the limit set by the issuer.

4. Valid Address: You must have a permanent address where you can receive your credit card statement each month.

5. Social Security Number (Not every credit card issuer requires it): A SSN is required to apply for many cards. Without one, you will may be able to get approved.

6. Valid Phone Number: Most credit card companies require an international phone number as well as a home address to confirm the identity of the person applying for a student credit card.

How to apply for International Student Credit Cards?

There are many different credit cards that you can apply for. However, it is important to do your research first before applying for one. Here are some tips that will help you apply for suitable international student credit cards:

1. Open up a bank account:

Before applying, first, open up a bank account with the bank that you choose. Take some time to look at all of the different credit cards and compare their rates and fees. This is very important because it will give you a better idea of which one to choose.

2. Check your eligibility:

You should always check your eligibility. It isn’t always clear before you apply, but if you can see from the criteria that you will not qualify, it will do your credit history more damage to apply and be rejected..

3. Research various credit card companies

Look for customer reviews online and read everything about the credit card issuers who are offering you the card. Make sure that the company is reputable and has been in business for a long time.

4. Look at fees and rewards

Make sure to look at all the fees associated with the card. Compare different cards and see which one offers you the lowest interest rate. Also, consider looking for a card that offers rewards.

5. Get a cosigner

If you are unable to find a suitable card on your own, consider asking for a cosigner. Sometimes, banks will give you a higher chance of being approved if you have someone vouching for you. Just make sure that the person who is willing to cosign for you is a stable source of income and has a good credit history.

6. Apply online

Applying online is the easiest way to apply for a card because it usually requires less paperwork and also takes less time. All you have to do is fill out an application, wait for approval, and access your account.

Top International Student Credit Cards

International student holding a variety of cards

1. Capital One Platinum Credit Card: This company offers a low-interest rate of 9%. It also charges no annual fee. It has an APR of 26.99% (variable). You can quickly and easily apply for this credit card online.

2. Discover it for Students: This card is perfect for students who often travel outside of the United States. It charges no annual fee and has a low-interest rate. The maximum APR that you can be charged is 12.99%-21.99%. You can quickly and easily apply for this credit card online.

3. Chase Student Visa Credit Card: With no annual fees, you can easily apply online for this card. You will be given a credit limit that is equal to half of your annual income or less. The APR is very low at 14.99% (variable).

4. Deserve EDU: There is no annual fee as well as foreign transaction fee. The APR is 18.74% (variable). It doesn’t require any SSN to apply. You can also apply online for this card.

5. Capital One SavorOne Student Cash Rewards Credit Card: It’s easy to apply for a cashback credit card. It has a $0 annual fee and a variable APR of 26.99% (Variable). There is no foreign transaction fee and it is accepted worldwide.

Top Tips:

1. Make sure to do your research before applying for an international student credit card so you can compare different offers and find the best one for your needs.

2. Always check your eligibility before applying for a credit card because some credit cards will not approve certain applicants based on their circumstances.

3. Keep good credit so you can increase your chances of being approved for an international student credit card in the future.

4. When filling out an application, answer all questions truthfully and pay close attention to detail because if there are any errors, your application might be rejected which will take more time to reapply for the credit card.

5. Monitor your credit card activity so you can avoid being charged with over-limit fees or late payment fees.

6. Always read the fine print of any credit card offer before signing up for any credit card because it will help you know exactly what to expect once the account is opened.

Final thoughts:

Applying for an international student credit card is easy as long as you know what to do. By following these top tips, you can easily apply for a great card that will suit your needs and help you build good credit history.


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