Documents required for US visa application for international students
September 2nd, 2022 by Sagnik Santra

Documents required for US visa

If you are an international student planning to study and stay in the United States, you will need to obtain a student visa. The process of applying for a student visa can be quite confusing and overwhelming, but it is important to make sure that you have all of the required documents before beginning the application process.

If you follow all of the steps accurately and submit all of the required documents, you should have no problem obtaining a student visa.

In this article, we’ve shared a list of all the documents as well as some other information you’ll need to apply for a student visa.

What do you need for a VISA application in the United States?

Documents required for US visa

If you are applying for a visitor visa or student visa, you will need to schedule an appointment with your local embassy or consulate of the U.S. The first step is to complete the DS-160 form which is available online.

After that, you will need to submit the following documents:

  • A valid passport
  • DS-160 confirmation
  • Visa appointment letter
  • Recent photographs
  • Fee receipts
  • Educational certificates
  • Proof of financial stability

You might also need to submit additional documents depending on your individual circumstance. For example, if you are applying for a student visa, you will need to provide evidence of your admission to a university or college in the United States.

How to apply for a student visa in the U.S?

Documents required for US visa

If you want to apply to the United States for a student visa, you will need to follow these steps:

1. Gather all the documents related to the U.S. student visa

Whether you want to travel to the U.S or study there, you will need to get a student visa. The documents required for a student visa are mentioned above.

2. Schedule an appointment at the U.S embassy or consulate in your home country

After you have all of the required documents, the next step is to schedule an appointment at the nearest U.S embassy or consulate in your home country. You can do this by visiting the website of the Department of State’s Bureau of Consular Affairs.

3. Attend your visa interview

Once you have scheduled your appointment, you will need to attend the visa interview at the embassy or consulate on the date and time of your appointment. You will be asked questions about your intention to visit or study in the United States as well as other general questions.

4. Wait for a decision on your visa application

After the interview, the consular officer will decide whether or not you are eligible for a student visa. If you are approved, you will be asked to pay the visa issuance fee and your passport will be stamped with the student visa.

The process of applying for a student visa is simple if you have all of the required documents. Just make sure to follow all of the steps accurately and attend your visa interview on the specified date and time.

How long does it take to get approved for a visa?

Documents required for US visa

There is no definite answer to this question as it can vary from individual to individual. The processing time for a student visa is usually between 3 to 5 weeks, but it can take longer in some cases.

It is important to note that you cannot apply for a student visa more than 120 days before the start of your program in the United States. You should also not make any final travel plans until you have received your visa, as it can take several weeks to obtain one.

Conclusion

So there you have it! These are all the documents you will need to apply for a student visa in the United States. Just make sure to follow all of the steps accurately and submit all of the required documents to avoid any delays in the process. Good luck!


Loans for medical school
May 23rd, 2022 by Sagnik Santra

loans for medical school

A career in medicine is a very prestigious choice, but it can be very expensive as well. The cost of medical school has been rising steadily over the years, and according to the Association of American Medical Colleges (AAMC), the average cost of public institutions for medical studies is $250,222 and $330,180 for private institutions so the only option left is loans for medical school.

That’s not a small amount for students and parents. Fortunately, there are a variety of loans available to help you pay for medical school. In this article, we will be discussing loans specifically for medical school. So if you are a student or parent who is looking for ways to finance a medical education, read on for more information about loans for medical school.

What are medical school loans?

loans for medical school

As the name suggests, medical school loans are loans that are specifically designed to help students finance their medical education. These loans can come from a variety of sources, including the federal government, private lenders, and even medical schools themselves.

These loans are a great way to finance your medical education, but it’s important to remember that they will need to be repaid with interest. That being said, medical school loans typically have lower interest rates than other types of student loans, so they can be a good option for borrowers who are looking for a way to finance their education.

Different types of medical student loans

So now that we know, what are medical school loans are, let’s take a look at the different types of medical student loans that are available.

There are mainly two types of student loans

1. Federal student loans

Federal loans or federal aid are funds that are given by the US government to eligible students who require financial assistance for their education. The main types of federal student loans available for medical students are Stafford Loans and Perkins Loans. A federal student aid typically has fixed interest rates and repayment terms.

There are four types of federal loans

1. Direct subsidized loans: These are need-based loans that are available to undergraduate and graduate students. The US government pays the interest on these loans while the student is in school and during any deferment periods.

2. Federal Direct unsubsidized loans: These are not need-based loans and are available to undergraduate, graduate, and professional students. Interest accrues on these loans from the time they are disbursed. This means that the borrower will be responsible for paying the interest even while they are in school.

3. Direct PLUS loans: Direct PLUS loans are unsecured loans that are available to graduate and

loans for medical school

professional students, as well as parents of dependent undergraduate students. These loans are for people who still need money to pay for their education after borrowing the most amount of money possible from unsubsidized and subsidized loans. It works as a bridge between the actual cost of attendance and other financial aid the student may be receiving.

4. Direct consolidation loans: Borrowers with multiple federal loans can combine all of their loans into a single loan with a single monthly payment. This is also called refinancing, which can help you save money on interest and get out of debt faster.

2. Private student loans

A private student loan is a loan that is made by a private lender, such as a bank or credit union. Private student loans are not backed by the federal government and typically have variable interest rates. Private loans also tend to have less flexible repayment terms than federal student loans.

A private medical school loan can be used to cover the cost of attendance, including tuition, room and board, books and supplies, and other expenses. Private medical school loans can also be used to consolidate and refinance existing student loan debt.

Most of the time federal loans or scholarships don’t cover the entire cost of medical school. Private medical loans can help you cover the gap between what you have and what you need.

How to apply for a medical student loan?

Applying for medical student loans is similar to applying for other types of student loans. Here’s what you need to do to apply for a medical student loan:

1. Do your research: There are a lot of different lenders out there, so it’s important to do your research and compare your options before you decide on a loan. If you are looking for a private loan, make sure to go online or speak to a financial advisor to compare different lenders.

2. Meet with a financial aid counselor: Once you have been accepted to medical school, you should

loans for medical school

meet with a financial aid counselor to discuss your options and create a budget for your education. This will help you determine how much money you need to borrow to cover the cost of attendance.

3. Fill out the Free Application for Federal Student Aid (FAFSA): The FAFSA is the first step in applying for federal student aid. This form will help determine your eligibility for grants, loans, and work-study programs.

You can also apply for private student loans through your chosen lender. The application process for private loans will vary from lender to lender, so it’s important to check with your chosen lender for more information.

4. Wait for the loan approval: Once you have submitted your application, it can take up to several weeks to receive approval for your loan. If you are approved, the lender will send you a loan offer, which will include information on the interest rate, repayment terms, and other important details.

5. Accept the loan and sign the promissory note: Once you have received and reviewed your loan offer, you can choose to accept or decline the loan. If you decide to accept the loan, you will need to sign a promissory note, which is a legal document that obligates you to repay the loan. Make sure to bring someone experienced or someone who knows about the law before signing this document.

6. Start making payments: Once you have signed the promissory note and received your loan funds, you will begin making monthly loan payments. Most medical students will have a grace period of six months after graduation before they are required to begin making repayments.

Top tips for medical students

Here are some tips for students who want to apply for student loans:

loans for medical school

1. Start your research early: It’s never too early to start researching your options. The sooner you start, the more time you’ll have to compare your options and find the best loan for you.

2. Compare interest rates and repayment terms: When you’re comparing loans, make sure to compare the interest rates and repayment terms. This will help you find the loan that best suits your needs.

3. Borrow only what you need: Don’t borrow more money than you need. Remember, you’ll have to repay your loans, so only borrow what you need.

4. Go for scholarships first: Scholarships are a great way to pay for medical school without having to take out loans. Make sure to search for scholarships and apply for as many as you can.

5. Create a budget: Before you borrow any money, create a budget for your education. This will help you determine how much money you need to borrow and how much you can afford to repay.

6. Speak to a financial aid counselor: Meeting with a financial aid counselor is a great way to get help with the process of applying for loans. They can help you understand your options and make sure you are borrowing the right amount of money.

Conclusion

So there you have it! In this article, we have shared everything you need to know about loans for medical school. As you can tell by now student loans are very useful tools as long as you handle them responsibly. We hope that this article has given you a better understanding of how student loans work and how to choose the right loan for you. Good luck!


How to Pay Back Your Student Loans Faster as an International Student
May 12th, 2022 by Al C

international students in black academic dress standing

Student loans can be a helpful way to pay for college in the United States. However, they can become a big financial problem after you graduate. If you want to get rid of your monthly student loan payment, there are ways to pay off your student loans more quickly. 

Although it might not be easy, accelerating your debt repayment could be worth the sacrifices in the end if you’re able to pay off your student loans ahead of schedule.

How to pay off your student loans faster

If you want to pay off your student loans quickly, here are some strategies that could help:

1. Refinance for a lower interest rate 

repay international student loans faster

If you want to pay off your student loans faster, you might want to refinance your international student loan with a lender in the United States.

If you refinance your loan, you might be able to get a lower interest rate. This means that less of your money will go towards the interest, so you might be able to afford extra payments on your refinanced loan.

Keep in mind that many lenders in the U.S. don’t have a prepayment penalty, so you won’t have to worry about any fees if you decide to make extra payments. 

Some lenders offer discounts if you make your payments on time or if you sign up for automatic payments. For example, MPOWER Financing offers a 0.50% rate cut if you put your refinanced student loan on autopay and an additional 0.50% rate discount after you’ve made six consecutive payments using autopay.

Reducing your interest rate as much as possible can help make your loan more affordable as you work to pay it off faster.

2. Pay more than the minimum payment 

When you borrow a student loan, you usually agree to pay it back with fixed monthly payments over a certain number of years. But if you pay more than the minimum amount due each month, you can reduce the number of years it will take for you to repay your loan. 

For example, let’s say you took out a $35,000 loan at a 10.00% rate. If you paid $463 per month, it would take you 10 years to pay it off. But if you could increase your monthly payment to $513 ($50 more per month), you would get rid of the debt 1 year and 6 months faster and save nearly $3,500 in interest. If you could pay $563 per month, it would take 2 years and 8 months less to pay off the debt and save nearly $6,000 in interest charges. 

You may want to increase your payments on your loan. But before doing that, make sure that the loan servicer is applying the payments correctly. The servicer should be putting your extra payments toward your principal balance instead of saving them for future bills. 

3. Find a job with student loan assistance 

getting a job that offers student loan repayment assistance

Some companies offer student loan assistance benefits to their employees. If you are looking for a new job, it might be worth looking for a company that will help you pay back your student loans. Note that not all student loans are eligible for this benefit – you might need to refinance your student loans with a U.S.-based lender to qualify for employer-sponsored student loan assistance. 

4. Make biweekly payments 

If you are making monthly student loan payments, consider switching to biweekly payments. This means splitting your monthly payment in half and paying that amount every two weeks. Instead of paying $200 once per month, for example, you would pay $100 every two weeks. 

It will feel like you are still paying the same amount each month, but you will actually make the equivalent of 13 monthly payments in the year instead of 12.

Making biweekly payments on your student loans is an easy way to pay off your debt faster without much extra effort on your part. 

5. Ask for a raise or work a side hustle 

coworkers

Making extra payments on your student loans can be difficult if you don’t have any money left over in your budget. If you want to get rid of your debt quickly, you’ll need to find ways to make more money. 

You could ask for a raise from your employer or start working a side hustle, like driving for a ride-sharing service or doing freelance work online. If you can make more money, you can use that extra cash to pay down your student loan debt faster. 

6. Reduce your living expenses 

Besides making more money, think about ways to spend less money. This will free up more of your budget to put towards your student loans. 

One way to do this is by downsizing to a cheaper apartment or moving in with a roommate or two. If you eat out at restaurants often, try cooking at home instead. And if your car payment is tough to afford, consider trading in your car for a less expensive one. 

Look over your monthly expenses and identify areas where you can cut back. For example, if you can save $50 or $100 per month, that will help you pay off your student loans sooner.

7. Put a cash windfall toward your loans 

If you receive some extra money, like a bonus at work or a gift, it might be tempting to spend it on something fun. But if you want to get rid of your student debt quickly, you should think about using that money to pay off your student loans. 

If you need some extra motivation, use a calculator to see how much extra payments would save you in interest. Seeing how much time and money you could save might give you the push you need to stay on track with your debt repayment goals.


LIVE EVENT ANNOUNCEMENT
March 11th, 2022 by Al C

international student loan live event

On Tuesday, March 15, 2022, our lending partner, MPOWER Financing, will be hosting a special live session about a limited-time 2.00% interest rate reduction. This will reward international students applying for future semesters with a better rate (because it pays to be an early planner!).

The live session is to help students understand the finer points of this program and interact with MPOWER student loan experts.

Why should you attend the event? Well, to get answers to questions like:

  • What can you do to qualify for a lower interest rate?
  • What can you do to get your application approved faster?
  • Free Q&A session: Ask the panel anything!

The session takes place on Tuesday, March 15, 2022

9:00–10:00 a.m. EST (USA) / 9:00–10:00 p.m. BJT (China) / 6:30–7:30 p.m. IST (India)


Everything you need to know before doing MBA in the U.S.
December 30th, 2021 by Sagnik Santra

mba from usa

The U.S. is undoubtedly one of the best countries where you can pursue your MBA. Many top business schools offer high-quality education and help students explore their full potential. Studying in the U.S. is like a dream come true as students get the opportunity to learn with the best brains of this nation who have set benchmarks. At present, there are some of the best business schools offering MBA courses and scholarships in the U.S.

In this article, we will be discussing everything you need to know before doing MBA in the U.S. So, let’s begin?

Why should you choose the U.S. to do your MBA?

mba from usa

There are many reasons you should choose to do your MBA in the U.S. The first and foremost reason is that the U.S. offers some of the best business schools in the world. These schools are known for their high-quality education and rigorous curriculum.

Additionally, studying in the U.S. exposes students to the industry’s best business practices and latest trends. American colleges are also known for their great networking opportunities, which can help students to build powerful connections in the industry.

Apart from that, studying in the U.S. is also a great way to improve your English skills. The U.S. is a melting pot of cultures, and you will get to learn a lot about the American way of life. Also, America being a developed country, you can explore various job opportunities after completing your MBA.

What are the eligibility criteria for doing an MBA in the U.S.?

The eligibility criteria for doing an MBA in the U.S. vary from school to school. However, most colleges require students to have a Bachelor’s degree from an accredited institution. Some schools may also require work experience or a GMAT score. You can check the eligibility criteria from the official websites of business schools across the U.S.

Is MBA expensive in the U.S.?

An MBA is indeed expensive in the U.S. Most MBA colleges charge students a hefty fee for their MBA programs. The average cost of an MBA program from a top business school in the U.S. can be anything between $28,000 and $35,000 (excluding living expenses).

Even the living cost can be pretty expensive as well. You need to budget around $1,000-1,500 per month for living expenses in a major city like New York or San Francisco.

But luckily, you can find tons of full and partial scholarships to study in the U.S. If you are planning to pursue MBA in American colleges, make sure to apply for scholarships well in time.

How to apply for an MBA scholarship in the U.S.?

mba from usa

Most universities across the U.S. offer various types of scholarships to study their business management courses. Some universities may provide merit-based scholarships, while others may give you need-based scholarships. There are university-specific as well as general scholarships that are available throughout the year.

You can search for scholarships on the university’s official website or various scholarship portals. Please read the eligibility criteria and other important information carefully before applying.

Top business schools in the U.S.

When it comes to business schools and universities, America has a lot to offer. You can find numerous world-class MBA colleges in the U.S. The top business schools in the U.S. usually feature in the global rankings of the best business schools.

Some of the most popular and renowned business schools in America are:

  • Harvard Business School
  • Stanford Graduate School of Business
  • Columbia Business School
  • MIT Sloan School of Management
  • Chicago Booth School of Business
  • Wharton School of the University of Pennsylvania

So these are some of the best business schools in the U.S. that you can consider for your MBA. Do your research and find the school that is best suited for you.

Top MBA programs offered in the U.S.

The top MBA programs in the U.S. are ranked on various parameters. They include value for money, network, quality of faculty members, student satisfaction, and placement statistics. Some of the most popular MBA degrees to study in American colleges are:

  • Full-Time MBA
  • Executive MBA
  • Part-Time MBA
  • Online MBA

So, these are some of the top MBA programs that you can consider if you want to study in the U.S. Now let’s take a look at some of the best MBA courses in the U.S.

  • General Management
  • Human Resource ManagementFinance
  • Marketing
  • Operations Management
  • International Business
  • Rural Management
  • Healthcare management
  • Supply Chain Management
  • Energy and Utility Management
  • Retail Management

Not only these but there are also many other specialized MBA courses available in American colleges. So you can choose a program based on your career interests and current academic qualification.

Top MBA scholarships in the U.S.

mba from usa

As we mentioned, MBA courses can be expensive in the U.S. But there are various scholarships available to help finance your education. Some of the top MBA scholarships that you can apply for are:

1. Harvard business school scholarship

It is a scholarship offered by Harvard business school. The scholarship is open to full-time MBA, DBA, and EMBA students. It is one of the most prestigious scholarships in the world. You can be offered both partial and full scholarships depending on your profile.

2. Columbia business school scholarship

Columbia business school offers a wide range of scholarships for both domestic and international students. You can avail yourself partial to full scholarship based on your profile and course requirements. If you meet the eligibility criteria, you can also apply for a Ph.D. scholarship at Columbia business school.

3. Wharton Fellowship Program

The Wharton fellowship program offers scholarships to students from different backgrounds and countries. The fellowship program provides a full tuition waiver to students and provides a stipend for living expenses. You must meet specific eligibility criteria such as required grade, leadership skills, and career goals to apply for this fellowship program.

4. Chicago Booth MBA Scholarships

The Chicago Booth MBA scholarships are offered to students who have demonstrated excellence in academics, professional achievement, and leadership. The scholarships can range from partial to full tuition waivers.

5. MIT Sloan MBA Scholarships

MIT Sloan MBA scholarships are awarded to highly talented students with excellent leadership skills and academic success. To qualify for the scholarship, you need to meet specific eligibility criteria such as minimum GMAT score and GPA.

6. Yale SOM

If you plan to study at the University of Yale, you can avail yourself of several scholarships offered by the school. The scholarships are provided to students with excellent academic credentials and leadership skills. You can get both full and partial scholarships based on your profile.

Final thoughts

So there you have it! Everything you need to know before doing an MBA from the U.S. We hope this article has been helpful. Do your research and find the school that is best suited for you. Also, don’t forget to apply for scholarships that can help finance your education. Good luck!


Best International Scholarships for International Students
December 14th, 2021 by Al C

man smiling while sitting and using internationalstudentloan.com

In a world where the competition is increasingly fierce, it’s no wonder that scholarships are in high demand. In fact, for international students who have to pay higher tuition fees than their local counterparts, it can be a life-changing opportunity. Fortunately, there are many scholarship opportunities available to today’s international students.

This article will cover some of the best and most popular options for international students looking for international financial aid. We will also cover some important things that might help you in your scholarship hunt.

What is an International Scholarship for Students?

woman reading book as she studies abroad

An international scholarship, as the name suggests, is a financial award available to students who are not citizens of the country in which they are studying. International scholarships can come from a variety of sources, including governments, universities, and private organizations that support a student for his/her financial need.

It helps students to pay for their educational expenses while they are attending a university or college in another country. Most scholarships are either full or partial. In full scholarships, the student receives all the money they need to cover their tuition and living expenses. Partial scholarships give students a percentage of the money they need.

Types of International Scholarships

There are various scholarships available to students from other countries. The most common ones include:

1. Academic Merit based scholarships

Merit scholarships are awarded to students based on their academic or other achievements. Often, the selection committee will look for students who have shown potential in their chosen field of study.

2. Need-based scholarships

These scholarships are awarded to students who can demonstrate that they need financial assistance in order to attend university. The selection committee decides how much money each student needs, and bases the scholarship on that amount.

3. Career-based scholarships

These scholarships are offered to students who wish to study in a particular field of work after graduation. For example, there may be scholarships available for students who want to become doctors, lawyers, or engineers. These types of scholarships are usually very competitive.

4. University-specific scholarships

Scholarships are also available to students at particular universities or in particular fields of study. These awards are usually given by private companies in the university’s field of business, industry, etc. Such awards can be vital for international students who may not have many other scholarship options.

5. Government-specific scholarships

These scholarships are funded by national governments and international organizations such as the United Nations. They can be instrumental in helping students study at universities around the world.

6. Location-based Scholarships

Location-based scholarships are one of the most famous scholarships among international students. They are usually restricted to students who wish to study in a particular region, such as Europe or South America. It opens up opportunities for bright students who belong from rural areas of their home country.

There are many, many more types of scholarships available to international students studying outside their home countries. It is important to research all the options carefully before applying!

Best Study Abroad Scholarships for an International Student (Undergraduate Students/Graduate Students)

Graduate in the library

There are many different scholarship programs available for international students. However, not all of them are created equal. Some scholarships are more prestigious and difficult to obtain than others. Here are some of the best scholarships available to international students:

1. The Fulbright Scholarship (USA)

The Fulbright program is one of the most famous and highly respected scholarships in the world. It is offered to students who wish to study in the United States. The scholarship covers all expenses, including tuition, room and board, and travel. The Fulbright Scholarship is awarded through a competitive selection process in which students are judged according to their academic and leadership potential. It is regularly in the top ten of all scholarships available in the world.

2. British Chevening Scholarships (UK)

The Chevening Scholarship is offered by the British government to students who wish to study in the United Kingdom. The scholarship covers all expenses, including tuition, room and board, and travel. The selection process is highly competitive, and only the top students are chosen. It is one of the most prestigious scholarships available to students from around the world.

3. University of Alberta International Country Scholarship (Canada)

The University of Alberta International Country Scholarship is provided by the University of Alberta (Edmonton, Canada) is open to international students who are not Canadian citizens or permanent residents. It offers scholarships for bright students who have shown excellence in their previous academic work. The scholarship covers the cost of tuition and living expenses.

4. Cambridge Trust Scholarship Awards (UK)

The Cambridge Trust Scholarship Awards are offered by the University of Cambridge (UK) to international students who demonstrate outstanding academic achievement and potential in their chosen field of study. The scholarship is awarded for the full duration of a student’s program at Cambridge and covers the cost of tuition and living expenses.

5. The Humphrey Fellowship Program (USA)

The Humphrey Fellowship Program is a fully funded fellowship offered by the United States government to students from developing countries who wish to study in the United States. The fellowship covers all expenses, including tuition, room and board, and travel. Since it is a government-backed program, the Humphrey Fellowship is extremely competitive.

6. Bell Fellowship for International Scholars (USA)

The Bell Fellowship offers fellowships to future leaders and young professionals in the field of population and development. The program offers a two-year research and leadership training at one of the world’s leading universities, with a focus on social and environmental determinants of population health, aging societies, workplace and wellbeing, and social and family demography. Selected fellows receive a full scholarship that covers tuition, room, and board and travel expenses.

7. Rhodes Global Scholarship to Study in (UK)

The Rhodes Global Scholarship is for exceptional students from outside the UK to study at the University of Oxford. It was one of the oldest and most prestigious scholarships in the world. The Rhodes Scholarships were founded in 1902 by Cecil Rhodes and are open to students from around the world who have the passion to make a difference in their community. The scholarship awards full tuition, room and board, and travel expenses for two or three years of study at Oxford.

8. Chevening Scholarships (UK)

Chevening Scholarships, funded by the Foreign and Commonwealth Office, are available for postgraduate study in almost any subject at master’s level at participating UK universities. The scholarship is open to students from around the world who have been invited by a UK university to study for an English language master’s degree.

9. AAUW International Fellowship (USA)

The American Association of University Women (AAUW) offers International Fellowships for women who are not United States citizens or permanent residents. The fellowship is open to graduate students in any discipline and awards up to $30,000 per year for two years of study.

10. Civil Society Leadership Awards (USA)

The Civil Society Leadership Awards (CSLA) are open to emerging leaders from civil society organizations working in the following areas: human rights, social justice, peace and reconciliation, the environment, and women’s empowerment. The CSLA program provides fellows with up to $90,000 for graduate study in the United States.

Things to consider before applying for scholarships:

There are a few things that foreign students have to keep in mind when applying for scholarships.

1. Do your research: Make sure you do your research on the different scholarships that are available to you. There are many different scholarships with different eligibility requirements, so make sure you find one that is a good fit for you.

2. Get organized: Make a list of all the scholarships for which you are eligible and start applying. Applying for scholarships can be a lot of work, so make sure you get organized before you start.

3. Show your commitment: You should always show your commitment to the scholarship or award by writing a personal statement on why you deserve the scholarship and what it will mean for you to receive it.

4. Be prepared to accept rejection: There are many reasons why some applications might not be successful, so don’t be discouraged if you don’t get the scholarship that you applied for. There are many other scholarships available, so keep looking for other sources that offer scholarships.

5. Follow the instructions: Make sure you read and follow the instructions carefully when applying for scholarships. If you don’t follow the instructions, your application might not be considered.

6. Apply for multiple scholarships: Don’t just apply for one scholarship. Apply for as many scholarships as you can, because you might not get selected for the first one that you apply for. You can also get selected for more than one scholarship, so it’s always worth applying.

7. Focus on your academic excellence: Make sure you focus on your academics because scholarships are not the only thing that matter in your life. Make good grades, get involved in extracurricular activities, and volunteer.

8. Show your passion: Show the scholarship committee how much you care about whatever scholarship or award that you are applying for. If you have a strong passion for whatever award or scholarship, then the committee members will be more likely to select you.

Final thoughts

Studying abroad is the dream of millions of students for higher education. And what better way than getting a scholarship to support their financial needs. But getting a scholarship is not easy, but it’s definitely worth the effort. Make sure you do your research, get organized, and follow the instructions carefully. And don’t forget to have fun while you’re applying for scholarships! There are many different scholarships available, so you’re bound to find one that’s perfect for you. Best of luck!


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

four people watching on white MacBook on top of glass-top table

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?

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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.


Breaking News: Borrow up to $100,000 if you’re studying in the U.S. or Canada
October 29th, 2021 by Al C

Borrow up to $100,000 if you're studying in the U.S. or Canada

Are you an international student in the U.S. or Canada?

You can now borrow up to $100,000 for your studies from MPOWER Financing! That’s a lot of money that will help you pay for tuition, housing and other expenses while studying here in North America. It’s also flexible enough to cover unexpected costs like books and transportation fees. And with MPOWER’s flexible repayment plan options, it’ll be easier than ever to repay your loan after graduation so you can get on with life without worrying about debt hanging over your head.

We know how hard it is to manage finances when you are studying abroad so we’ve made this process as easy as possible for you to find out if you are eligible for a loan with one of our partner lenders. If you’re ready to apply right away just use our loan comparison tool.

You can also find out more at MPOWERfinancing.com


The shocking student loan debt statistics for 2021
October 25th, 2021 by Al C

As time goes by, the average student loan debt continues to rise. While students should only have to focus on their education and future, student loans are becoming a major concern for both students and their parents.

From tuition fees to books, many students are spending thousands of dollars before even they become graduates. It doesn’t end here, student loans have a significant impact on the average 21-year-old college graduate’s income. In fact, it also affects their average yearly earnings for the rest of their lives.

It’s almost impossible for an average student to get admission to good colleges in the USA or Canada without scholarships, federal student aid, or financial support of some kind. Therefore, average students can’t afford to spend thousands of dollars on tuition fees and other course materials each year. Thus, private student loans are the only solution to their problem for many.

The only problem with that is most students don’t know how much exactly they will earn after their bachelor’s degree. If students had enough knowledge about the average student loan debt, average tuition fees, and average salary after graduation, they would be able to solve this problem more easily. That’s why we are here to help.

We have gathered a bunch of information that you as a student must know. So keep on reading and get familiar with the average student loan debt!

Average student loan debt: $27,975

For average students in the USA and Canada, the average student loan debt at the time of graduation is $27,975. This average student loan debt varies from school to school and course of study.

For example, the average graduate with a law degree owes more than the average student with an engineering degree. That’s just how it goes, students in the USA and Canada owe over $27,000 at the time of graduation.

Average student loan debt per year: $9,410

It’s a well-known fact that average tuition fees for colleges and universities are more than ever before. The average student loan debt per year is $9,410. It’s not just average students in the USA and Canada who are facing this problem. Students in the UK also seem to be under a lot of pressure with average student loan debt per year that reaches up to £10,000!

Average monthly student loan payments: $775

Students who live on their own and those who live with family members have to pay $775 as monthly payments. This number seems to be normal, but what’s not normal is the average amount of interest students have to pay back after their graduation.

The average interest rate on student loans: 6.5%

The national average interest rate on student loans is 6.5%-8.50%. This percentage will depend on the public market rates and the rate the school sets.

However, even if this percentage is a lot lower than credit card interest rates and bank loan rates, it can still affect your average income after graduation. Since it takes a few years to pay off student loans, most students rely on their parents for support and financial aid.

Average college tuition fee: $30,000-$45,000

In the last 10 years, average college tuition fees have increased by 2 times. In fact, the average college tuition fee is now $30,000-$45,000 per year.

In some universities and colleges in Canada and the USA, you might even need to spend up to $50,000 a year if your study program is more demanding.

Let’s take a look at some of the most popular colleges in Canada and the USA with their average tuition fees. Most of these average college tuition fees don’t include the cost of living and other expenses that students need to pay. So these fees are only for your college education.

$52,000 – Columbia University (New York)

$51,000 – Sarah Lawrence College (NY)

$50,000 – George Washington University (Washington DC)

$49,560- New York University

$47,950 – Eugene Lang College of Liberal Arts (New York)

$44,000 – William Paterson University of New Jersey

$43,000 – Northwestern University (Illinois)

$40,520 – Georgia State University

$39,970 – Northeastern University

Other costs that students usually forget about:

Books and course materials. For example, if you’re planning to study medicine, we’re talking about hundreds of dollars per semester for books and course materials. Transportation fees and living costs. You will also need to pay for your transportation since you can’t always rely on public transportation or your parents drive you to school and college. Let’s see how much do they cost on average:

1. Living costs:

Living cost varies from one city to another. It depends on the average rent price in your city, plus other expenses that you have every month. Let’s just say it costs around $800-$1000 per month for living costs if you live alone or with a friend.

2. Transportation cost:

If you’re studying at a university or college that isn’t close to your home, you will need to pay for transportation on daily basis. An average student who drives to school might spend up to $50 per week on gas and other costs. If they are taking the bus, it’s safe to say that this amount can be higher depending on how far they need to travel.

3. Food cost:

It’s normal to go out with your friends and family for dinner, drinks or fast food. This can be very expensive if you do this every day! Let’s say it costs you $50 per week just to eat outside and socialize.

4. Books and course materials:

Most schools and colleges expect their students to have their own books and course material. The average cost of a book is approximately $200-$250 if the textbook is new. If you’re studying engineering or medicine, you’ll need other study materials such as laboratory kits, CDs, and software.

5. Other expenses:

You might need to visit the dentist or doctor for a checkup. If you need glasses, contact lenses, or other medical aids, don’t forget to add this expense too! Other expenses like going out or entertainment are also included.

Federal student loan debt vs private student loan debt

If you need to take Federal student loans or a private student loan, here’s what you should know. Federal loans have better conditions and lower interest rates than private loans. For example, the federal government sets their student loans interest rate depending on the type of study program and the year you’re in at school. On the other hand, private lenders set their own interest rates. They are usually higher than federal rates, so it’s better to avoid them.

The average federal student loan in the USA is $36,000. In Canada, this amount can be higher or lower depending on your province of residence and what study program you’re taking at a college or university. In order to reduce the loan payments, you can take a look at their plans such as the Federal Family Education Loans.

When it comes to private student loans or direct loans, the average is $14,400 for graduates with bachelor’s degrees. On the other hand, students who drop out of college or university have more than $20,000 in private student loan debt on average.

You can find information about private international student loans here:

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What country is #1 in student loans?

The USA is the country with the highest student loan debt in the world, so it’s no surprise that they also have one of the highest average college tuition fees. On average you need to pay $35,000 if you study at a US university or college after high school.

In 2017, student loan debt has reached a new record in the USA. It currently amounts to $1.33 trillion which means every American owes an average of $37,172. It’s even higher than the car and credit card loans.

It’s not the tuition that’s causing the problem, but the cost of living which is very expensive in most cities. Cities like New York and Los Angeles have a very high cost of living. And the same this is happening in Canada. With high tuition fees and living costs, it won’t be surprised if we reach $100,000 in the next few years.

What would happen if you fail to pay your student loans?

If you fail to pay back your student loan, this can lead to serious problems

1. Increased interest rates:

If you default on your student loans, the federal government can increase the interest rate for their federal loans. This means that instead of paying 6% (the current interest rate), it will be 18-23%, which is very high! The interest rates could increase more if you take direct loans or personal loans from private student lenders. And if you can’t manage to find a suitable job you will find yourself in more debt.

2. You can’t pass the background check:

If you want to work for the government or join the military, you will need to pass a thorough background check. One of these is passing a credit score check. If your credit score is low, it means that you’re not reliable with money and this isn’t something you want to show on your background check.

3. Bad credit:

If you fail to pay your student loans, the federal government will send your account to a debt collection agency. If they can’t contact you or get you to pay back, this will affect your credit score and ruin it. This means that if you want to buy a house in the future, take out a loan for any other reason, or simply need a credit card, you won’t be approved because your credit score isn’t good.

4. Lawsuits:

If the debt collection agency fails to get in contact with you or can’t help you pay back, they will sue you for the money that you owe. If the court decides that you need to pay it back, they will take your bank account, tax refunds, and wages. This means that if you have any savings or are planning to get a big salary raise in the near future, it will be taken away from you by the courts!

Student loan debt reaches $2 trillion in 2021

We are in the last quarter of 2021. According to the student loan statistics and the federal reserve bank, the total student loan debt has reached a staggering $2 trillion. That means the average debt is $25,000 per person.

The cost of living has risen dramatically since 2007 and it’s expected to rise even further. The total number of students attending public universities has also risen to an all-time high and the cost of living is higher than ever before.

The cost of health care, food, and shelter has risen dramatically over the past few years which means that people spend much more on these items. This leaves less money for anything else like student loans.

In total, student loan debts have crossed the auto loans and private loans in the USA. And the number of people with student loans is expected to rise by about 1 million every year. The average net income of students has also fallen, which means that they have less money to spend on other things like loans and credit cards.

So what does this all mean?

The outstanding student loans will only continue to rise and it’s likely that we might reach $3 trillion in the next few years. The cost of living will continue to rise, which means that even if you don’t have student loans, life would be pretty expensive.

The average wage is already not enough to pay back your loan and it’s likely that we might reach $30,000 in the next few years. This means that if you want to continue your education and borrow an additional $30,000 for college expenses, you will have to pay back about $60,000 in the next 10 years.


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