Understanding Your International Student Loan
October 30th, 2020 by Al C

Student confused about international student loans

You’ve researched the total cost of attendance, done all your calculations and budgeting, you’ve applied for as much financial aid as you can from your school, and you’ve even been awarded a scholarship – but what if you’re still not sure if you can cover all of your costs?

Well, the good news is that an international student loan can help – but don’t just take on a loan without first understanding what you’re getting into.

What is an International Student Loan and How Do They Work?

International students have fewer options than domestic borrowers. Unless you’re an eligible noncitizen who can qualify for federal student aid, you will have to borrow from a private lender, as federal student loans are reserved exclusively for US citizens.

International Student Loans are specialized private education loans that are available for international students who are studying in the USA or Canada. We recommend that you only apply for international student loans after exploring all other options like scholarships, personal funds and other options.

Undergraduate students and graduate students can apply.

A number of lenders offer student loans for international students, but most require the borrower to have a creditworthy co-signer who is a U.S. citizen or permanent resident to join the application. The co-signer will need good credit to be approved and to help you get the most competitive rates.

If you’re not able to find a co-signer, some lenders do offer loans without a co-signer, but only at select colleges and universities, and you’ll usually pay higher interest rates on these loans. 

If you need to borrow money to help pay for university, it is important to understand how these loans work before you sign the paperwork.

Student loans typically have lower monthly payments and lower interest rates than other types of private loans, and repayment terms are also usually more relaxed. But remember that the total cost of the loan is greater than the amount borrowed due to the cost of borrowing. Most lenders don’t require full payments while you are still attending school, in fact many offer a period of time after graduation before repayments even start.

The funds of your student loan will normally be paid out (disbursed) directly to your school at specific times to pay for direct university-related expenses. Funds are not usually transferred directly to the student, however any surplus funds will be paid into your nominated bank account after you have covered all of your university costs.

How do I apply for a private student loan?

Learn about applying for a private student loan

One option is to research all the private student loan lenders and fill out all their applications. This can be time consuming and frustrating, because you may find out after all that work that you aren’t eligible for a loan with that lender.

Another option is to first find out if you are eligible and compare lenders using the loan comparison tool at internationalstudentloan.com/apply – it takes less than 10 seconds to find out if a lender is available for you based on your school and circumstances.

You can then apply online directly with the lender, knowing that they should have a plan that works for you.

After that, approval of your loan can happen in just a few weeks.

Who is eligible to apply for these loans?

To apply you should not be a U.S. citizens or permanent resident, and you must be attending an eligible U.S. or Canadian college or university. In most cases you must be attending full time – part time students may not be eligible. Undergraduate students as well as those taking graduate degrees may apply in most cases.

Also, borrowers are required to have a creditworthy co-signer who is a U.S. citizen or a non-citizen permanent resident for most lenders. You and your co-signer will undergo a credit check.

Loans that do not require a co-signer are available at a number of schools, and these will be shown in the loan comparison tool. If you do not have a creditworthy co-signer and you are an undergraduate student you may find it harder to secure a loan until you are within 2 years of your expected graduation date.

Your field of study usually doesn’t affect your loan application, although there are special categories of loans for medicine.

Use the loan comparison tool to see which loans you are eligible for.

What can the funds be used for?

what can funds be spent on?

Like all private education loans, loan funds can be used for education-related costs including tuition fees, books and supplies, other school fees, insurance, transportation, room and board (living expenses) and other school-related expenses.

Speak to your school’s Financial Aid Office to check their published Total Cost of Attendance which will give you an official estimate of the total amount of funding and financial aid you will need to cover all of your costs.

Application Process

Begin by using the loan comparison tool. This will show you the options available to you and allow you to choose the lender best suited for your situation and needs.

You will then apply directly with the lender. You and your co-signer (if required) will need to complete the entire online application thoroughly and supply any documents requested by the lender.

You’ve researched the total cost of attendance, done all your calculations and budgeting, you’ve applied for as much financial aid as you can from your school, and you’ve even been awarded a scholarship – but what if you’re still not sure if you can cover all of your costs?

Well, the good news is that an international student loan can help – but don’t just take on a loan without first understanding what you’re getting into.

Interest Rates Explained

interest rates graph

When you take out a loan through a lender, you will be responsible for paying back the amount of money you borrowed (called the principal) plus an additional amount charged by the lender for the loan known as the cost of borrowing.

This interest rate is calculated based on an “index” plus a margin that will add an additional percentage interest rate depending on your or your co-signer’s creditworthiness. Every lender’s range of rates varies so it is important to do the loan comparison and review the interest rate and repayment terms.

The two most common indexes used for international student loans are the Prime Rate and LIBOR Rate.

When your application is approved, the lender will provide information on your specific interest rate and you can then decide whether to accept the loan or not.

Interest begins to accrue (build up) as soon as the funds are disbursed to your school. Interest will accrue on your loan while you are in school, even if you are allowed to defer repayments until after you graduate.

Repayment Options

After you select the loan that works best for you, you will need to review the terms or contact the lender directly with any questions. 

Repayment terms will depend on the lender and details of the loan you choose. It is important to consider how much your monthly payments will be, when these payments will start, and how long you may be able to defer (delay) beginning to pay back the loan (known as periods of forbearance). The repayment period typically ranges from 10-25 years, however the larger the loan the longer the repayment period.

You may be offered the following repayment types by your lender:

Full Deferral

You may be able to defer payment of both the interest and principal until up to 6 months after graduation as long as you continue to be enrolled full-time. Payments can be deferred for a maximum of 4 years – the typical length of a degree.

Lenders may refer to deferral as periods of forbearance.

Full Deferral

You may be able to defer payment of both the interest and principal until up to 6 months after graduation as long as you continue to be enrolled full-time. Payments can be deferred for a maximum of 4 years – the typical length of a degree.

Lenders may refer to deferral as periods of forbearance.

Interest Only Repayments

You start making repayments while you are at school, but only pay the interest for up to 4 consecutive years of full-time study. You can then defer repayment of the principal until 45 days after graduation. With an interest only repayment type you may have to start repaying the principal immediately if you drop your course load to part-time.

Immediate Repayment

You immediately start making payments on both interest and the principal once the loan has been issued and disbursed.

What about Federal Student Loans?

Federal loans and federal student aid are not normally available for international students.

What is the FAFSA I always hear about?

FAFSA is the Free Application for Federal Student Aid. Even though international students are usually not eligible for this type of aid, your school may require you to complete the application in order to help them determine your eligibility for other funding.

What if I have specific questions about my loan?

Once your loan has been approved, if you have any questions you should contact the lender directly for support.

We really hope this helps you with understanding your international student loan!



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Travel Video Contest: Life After Lockdown
September 7th, 2020 by Al C

InternationalStudent.com has organised a contest for international students every year for 15 years to create a video on an aspect of their student life and on their experiences or hopes of studying abroad.

International Student Travel Video Contest: Life After Lockdown

Despite the very different landscape for international student travel we ‘re experiencing in 2020, InternationalStudent.com is bringing the contest back-and this year it has a special tagline: “Life After Lockdown“.

The concept is simple:

Create a video about one or both of the following, up to 2 minutes long:

  • How COVID-19 has affected your experience of international education or of cultural exchange abroad
  • Your ideal international education or cultural exchange afterCovid-19

Do this well enough to impress the judges, and you could win the $4,000 top prize.

There are also prizes for entries in the 2nd and 3rd places, as well as $1,000 for the winner of the Viewers’ Choice Award that is voted on by the InternationalStudent.com community!

The deadline for submissions is 13 October 2020, so please check all rules and details by going to International Student Travel Video Contest.

We wish you luck!

Find more articles on the blog!


Loans for international students in Canada – cosigner not required!
March 16th, 2020 by Al C

Until recently loans for international students in Canada were not widely available – but things have changed. Read on for more!

Hand holding maple leaf - Loans for international students in Canada

The Canadian Bureau for International Education reports that over half a million international students studied in Canada in 2018. That’s more than a 150% increase since 2010. As a result, Canada has overtaken France and Australia to become the 4th most popular destination for international students behind the USA, the UK, and China.

Once students have exhausted all other available sources of funding such as family support, personal savings, and financial aid from their school, they often need to turn to a student loan to cover any remaining costs of their studies.

This was very difficult to do until recently because of the lack of availability of loans to international students in Canada.

Now, International Student Loan allows these students to connect with loan providers where they can access loans without requiring any credit history, without needing any collateral, and even without a cosigner. These loans are available to students enrolled in Bachelor’s and Graduate degrees in any academic field from countries around the world at 300+ colleges and universities across the USA and Canada.

Students who will be graduating within two years – whether they are undergraduate or graduate students – may apply.

The Benefits Loans for International Students in Canada – without Cosigners

  • For this type of loan, you don’t need any credit history in the US or Canada, a cosigner, or any collateral
  • You can borrow from $2,001 to $50,000 with a fixed interest rate
  • Students from over 190 countries are eligible to apply for these loans
  • There is a 10-year repayment period and no prepayment penalties
  • During school and for 6-months after graduation there is a lower, interest-only payment period, making it more affordable at the time
  • These loans are available at over 300 schools across the USA and Canada
  • Undergraduate and graduate students who will be graduating within two years are eligible
  • You can use the funds to pay for expenses including tuition fees, accommodation costs, food, student insurance, and books
  • They can be used for past, current, and future semesters.

How does the process work?

  • Check to see if your chosen school is on our list
  • Complete your application online in just a few minutes
  • Receive a conditional offer from the lender
  • Upload documents the lender requires to complete your application.
  • The lender checks to make sure everything you have provided is in order, then sends you final approval of your loan
  • The lender contacts your school to confirm your enrollment status. Once this is done, your funding is disbursed directly to your school

How much will the loan cost?

Every case is different. This example is for informative use only. This is not a guarantee of costs as they will depend on your individual circumstances and the lender you work with.

An international (non-US, non-Canadian) student, studying a graduate-level program who borrows $10,000 US dollars can expect to repay $100.54 a month while they are studying and for the first 6 months after graduation. After this time the repayment would be $141.62 per month.

Why is Canada such a popular destination for international students?

  • The Canadian education system is internationally regarded as being of very high quality
  • Canada is considered a safe country with a tolerant and non-discriminatory society
  • 96% of international students recommend Canada as a study destination, and 60% of international students say that they plan to apply for permanent residence in Canada.

Who are the international students in Canada?

The nationalities with the largest populations of students in Canada are:

  • Chinese ( around 28% of all international students)
  • Indian (approximately 25%)

US students represent only around 3% of all international students in Canada.

Where are the international students in Canada studying?

The Canadian province with the largest number of international students is Ontario (with almost half of all international students). The next most populous provinces are British Columbia (a quarter) and Quebec (about one tenth).

Find out more and apply for your International Student Loan in Canada today:


More on Loans without a cosigner in the USA and Canada

How can an international student finance their education in the USA?

International Student Loans for Students from the UK


Study Engineering in the U.S. -Loans for International Students
January 13th, 2020 by Al C

Engineering in the U.S.
Study Engineering in the U.S.

It is a dream for many international students who want to study engineering in the U.S. – Loans for International Students are also available. The U.S. is one of the best choices for international students who want to study engineering, and students who would like to earn a U.S. degree in engineering but require additional funding may be eligible for an international student loan.

A recent report from the Institute of International Education stated that in 2019 over 20% of international students enrolled at US universities were studying engineering or related courses.

Why is that the case? Well, aside from the quality education they get, students also have a higher chance of finding a job after they graduate. There’s also a huge likelihood of them getting high-paying jobs compared to graduates who studied in other countries.

Here we’ll show you why the U.S. is a great place to study engineering. We’ll also help you know how to get an international student loan in the country.

Specialize in the course you want

One of the best things about enrolling in engineering courses in the United States is that American universities offer numerous specialization courses.This gives you a great range of options to choose the course you really want. Take for example the University of Arizona which offers over ten engineering majors including aerospace, chemical, biosystems, environmental systems, and more.

The same goes for most universities. You’ll get to choose what course interests you, and take it as early as the third semester!

Work as soon as possible

Getting your first job after graduation is becoming more competitive by the day. Competition between fresh graduates is high, not to mention that you’ll also be competing with the experienced veterans in the industry. But, that’s less of a problem if you’re an engineering graduate with a degree from the U.S.

You’ve got the edge over others because of the quality of education you get. Plus, the demand in the American engineering market is so high. Companies such as Apple, Amazon, and other big multinational companies, as well as smaller companies may have opportunities for internships and training positions from time to time.

Boost your earning potential

Another good reason why studying engineering in the U.S. is a must is because you get a higher earning potential.

Graduating with an engineering degree in the US gives you a good reputation for being competitive, both in the academic and practical sense. Engineers working in the U.S. generally also earn higher salaries than those working in other countries.

According to PayScale, engineers can expect to earn a decent salary after graduating.

Benchmark salaries:

  • U.S.: $75,000
  • U.K.: $40,000
  • Germany: $60,000

Enjoy state-of-the-art amenities and equipment

The U.S. is the center of cutting edge technology in engineering. It’s the place to be if you want to experience top-tier education surrounded with the latest tools and equipment to support your dream of becoming an engineer one day. You’ll be taught and supervised by some of the best professors and top researchers in the country.

Furthermore, the U.S. government spends billions of dollars on university education. This assures that you get the best of both worlds, both in the learning experience and earning potential.

Work in the U.S.

The U.S. government allows companies to employ foreigners through Optional Practical Training (OPT) and Curricular Practical Training (CPT) as long as they meet the eligibility requirements. This can be done as long as workers are covered as “specialty subjects,” in this case, engineering being one of them.

Get the best engineering student loans in the U.S.

If you would like to study engineering in the US but your finances are lacking, then it might be best to get an international student loan.

Here at InternationalStudentLoan.com, we’ll help you see if you’re eligible to get one. We offer international student loans that are available at eligible schools for engineering students.

We have a loan comparison tool to help you know if you can apply and show you which loan suits you best.


Interested in Studying in Canada? Learn more about Loans for International Students in Canada (without a cosigner)

Learn about Financing Your International Education



Scholarship Opportunity for Central American Students
December 9th, 2019 by Al C

Of course InternationalStudentLoan.com is best known for helping international students discover and compare loans to fund their education abroad.

Central America Scholarship

However we are also part of a larger network including IEFA.org, InternationalScholarships.com and InternationalStudent.com

And that’s why today we’re sharing a great opportunity for Central American Students interested in or already studying at an approved school in the USA or Canada – the Central American Scholarship Program by InternationalStudent.com and MPOWER.

Learn more about the opportunity over at IEFA.org


2019 InternationalStudent.com annual Travel Video Contest
September 8th, 2019 by Al C

International Student Travel Video Contest

The InternationalStudent.com annual Travel Video Contest is open for entries for 2019!

International Student are giving you a chance to win 1 of 5 unique awards, including the $4,000 grand prize! To enter, you will need to submit a video that you made specifically for the 2019 InternationalStudent.com Travel Video Contest. Your 4-minute video should be about one of two things:

  • That your dream is to be an international student, and that you have a school in mind to attend that you want to tell us about.

OR

  • That you are currently an international student with a dream trip that you’ve always wanted to take that you want to tell us about.

If your video is selected, you could win one of the following prizes:

  1. First Place Winner: $4,000
  2. Second Place Winner: $500
  3. Third Place Winner: $250
  • GoAbroad Choice Winner: $500
  • Viewers’ Choice Award Winner: $1,000

The judging panel is made up of an esteemed group of professionals in the international education sector, and you can meet the judges here, and all the details and deadlines for the contest can be found here.

If you’d like some inspiration, check out some past winners – you could be next!

Submit your video for the InternationalStudent.com annual Travel Video Contest before October 15th, 2019.

While you’re with us, read about loans for international students in Canada.


Loans Without a Cosigner in the US and Canada
May 31st, 2019 by Al C

Loans Without a Cosigner for International Students in the US

Loans for students studying in the USA

If you are or are planning to become an international student inside the US, you will usually be required to have a cosigner when applying for a loan.

Cosigners for international student loans must be US citizens or permanent residents, and they must have lived in the US for the past 2 years. They must also have good credit history. Non-US citizens and non-US permanent residents cannot act as a cosigner for loans.

Although most international student loan applications require a cosigner, international students attending a select few colleges and universities in the US and Canada are able to apply for a loan without one.

If you’re not able to find a cosigner, then a “no cosigner loan” could be the best option for you.

Since most international students in the US do not have any credit history, a cosigner joins the standard international student loan application process. Loan approval and rates are then based on the creditworthiness of the cosigner.

The cosigner is then also legally bound to repay the loan if the borrower is unable to pay.

If you do not have a cosigner you will want to explore lenders that do not require a cosigner.

With no cosigner loans, instead of looking at credit history, lenders look at your academic success and career path, as well as other factors when assessing you for the loan. Some of the factors they will consider when you apply include your home country, graduation date, and what school you attend.

International student loans are typically only for non-US citizens studying in the United States. However, loan options now exist at a number of select universities for those who want to study in Canada!

Loans for International Students in Canada

Loans for international students in Canada

International students in Canada may now apply for a student loan without a cosigner!

International Student Loan is now working with a lender that is able to offer loans to international students, including US students studying at select schools in Canada. Until now it has been very difficult for international students to fund their education in the Great White North, but thanks to MPOWER Financing and International Student Loan, there are now a number of schools in Canada where loans are available without a cosigner.

If you are studying in one of the eligible schools, you can apply for a student loan to cover the costs of your education including tuition, housing, food, insurance, and textbooks.

Remember, with this type of no cosigner loan, rather than looking at your or your cosigner’s credit history, lenders look at other factors such as your academic record and career path, your home country, expected graduation date, and what school you will attend.

Students who are not US citizens or permanent residents and those attending schools outside the US/Canada are not currently eligible for an international student loan.

Finding and Comparing No-Cosigner Loans

If you’re an international student and would like to explore the option of a loan that doesn’t require a cosigner, you’re able to use our loan comparison tool to see if your school has one available. If they do, you can then research the terms and conditions of the loan and apply directly through the lender.

When researching a loan, here are a few things to consider:

  • How much you can borrow
  • The interest rate (and whether it’s fixed or variable)
  • The repayment period
  • When and how your funds will be disbursed

Once your loan application has been reviewed you will receive further details on your loan. These will include the interest rate and the amount you can borrow. These will vary by lender and depend your situation.

As an example, no-cosigner loans through our partner have a fixed interest rate and allow you to borrow up to $50,000 total over 2 years. You must state how much you would like to borrow on your application. The approved amount along with your designated interest rate will be assigned to you after your application has been reviewed.

If you are approved for a loan, funds are disbursed directly to the college or university.

To give you an idea of the length of time that is required, the entire process usually takes about 6 weeks, so be sure to plan accordingly.

To check for loans available at your school, including no cosigner loans, use the student loan comparison tool to get started.

Find out more about Cosigners in Cosigner 101.


International Student Loans for Indian Students
March 1st, 2019 by Felicity Bradstock

International Student Loans for Indian Students

As greater numbers of students from around the world are traveling to study a degree in the US, and tuition fees are rising, international student loans are growing increasingly necessary. Indian students, alone, accounted for 17.9% of the total foreign students in the US in 2017-18, second only to Chinese students at 33%. This article discusses the best international student loans for Indian students who want to study at a US institution.

The Indian Loophole

To be considered eligible for an F-1 visa and to be accepted to a US academic institution all international students must show proof of funding. This basically means that you, as a student applicant, must show you can afford to attend the college or university of your choice. You may pay for your education through personal funds, an academic scholarship from the institution, or through a student loan.

The most difficult part of applying for a student loan as an Indian student is finding the necessary evidence to be considered eligible. Indian banks often require supporting documentation showing the student’s acceptance to a US institution before considering a loan. However, most US institutions require proof of funding before offering a formal acceptance.

The simplest option is to seek a loan through a US bank specializing in student loans or a specialist lender. US lenders understand the difficulty with needing to provide supporting documentation for the university application and offer advice and help during this process.  

Loan Options for Indian Students

There are a number of lenders that specialize in study loans for Indian students studying in the US. You can compare your options using our loan comparison tool for Indian students.

MPower Financing is a dedicated lender of international student loans and one of the options available to Indian students. The company understands the difficulties many international students have with finding funding and a co-signer. MPower takes the hassle out of the process by keeping everything clear and supporting both the visa and university application process. MPower also can provide loans without a cosigner at select universities in the USA and Canada.

To find out more about applying for a student loan as an Indian student check out our India International Student Loans section.  


International Student Loans – key facts about international students in the US and US study abroad students
February 26th, 2019 by Al C

Hand drawn Graphs and Trends on International Student Loans

It’s always interesting to look back at the previous year to get a feel for what’s going on in international education. Of course, we’re particularly interested in finding the perfect student loan for international students. So here are some key facts about international students in the US and US study abroad students.

Whether you’re a foreign student studying in the US, or a US citizen dreaming of studying abroad, we hope you enjoy learning a little more about the state of international education right now.

And when you’re ready you can learn about applying for your international student loan.

International students in the US

According to research carried out by The Institute of International Education (IIE), 271,738 international students enrolled at a US institution at the start of the 2017-2018 academic year. This is down almost 7% compared to the 2016-2017 figures (290,836 international students) and a further decline from the peak of 300,743 international students recorded in 2015-2016.

The total number of international students in the US was 1,094,792. This is up 1.5% on the previous year, but the rate of growth is at its lowest for over 10 years and a significant change from the 10% growth in total international student numbers in the US in the 2014-2015 academic year.

One encouraging trend is that international students represent a growing percentage of total student numbers. International students now represent more than 1 in every 20 students in the US (5.5% of all students). This has grown year on year.

Geography

In terms of the distribution of international students in the USA, we looked at the 10 most popular states.

The highest concentration of international students is in California. In 2016-2017 there were 156,879 international students in California. This rose 3.2% to 161,942 in 2017-2018.

The state with the biggest increase in international student numbers was Massachusetts. Massachusetts saw a staggering 8.4% increase in international student numbers to 68,192 compared to 62,926 in the previous academic year.

The following were notable in their decreases but remain amongst the top 10 most popular states for international students:

Ohio (down 2.8% to 37,583)

Indiana (down 2.0% to 29,994)

Texas (down 0.9% to 84,348)

Popular US schools for international students

The most popular schools, colleges, and universities for international students in the US may or may not surprise you. Amongst the top 5, we are proud to say that no-cosigner loans are available at all of them.

Coming out on top with a total of 17,552 international students was New York University, New York, NY. No-cosigner loans are available at New York University.

The rest of the top 5 are as follows:

#2 – University of Southern California – Los Angeles (Los Angeles, CA) – 16,075 international students. No-cosigner loans are available at University of Southern California – Los Angeles.

#3 – Northeastern University – Boston (Boston, MA) – 14,905 international students. No-cosigner loans are available at Northeastern University – Boston.

#4 – Columbia University (New York, NY) – 14,615 international students. No-cosigner loans are available at Columbia University.

#5 – Arizona State University – Tempe (Tempe, AZ) – 13,459 international students. No-cosigner loans are available at Arizona State University – Tempe.

Courses for international students in the US

The largest number of international students in the US are on Undergraduate programs (442,748), with 308,953 Graduate students enrolled.  There were 203,462 international students in the US on Optional Practical Training courses. There were also 65,631 international students on other, non-degree courses.

The three most popular fields of study for international students studying in the USA were Engineering (with 21.3% of all international students), Business and Management (17.9%) and Math and Computer Science (17.0%).

For more information about the options available to international students attending US schools visit our International Student pages.

US Study Abroad Students

If we turn our attention now to US students studying abroad, the latest statistics available are for the 2016-2017 academic year. This year saw the number of US students studying abroad rise a modest 2.3% over the previous year to a total of 332,727 students.

More than 25% of these students (85,786) enrolled in STEM courses (Science, Technology, Engineering, and Math). Business was the next most popular field of study, with Social Sciences coming in third.

The 292,467 US undergraduate students studying abroad in 2016-2017 represented 1.8% of the 16,298,944 total US undergraduate enrolment.

64.6% of US students studying abroad in 2016-2017 did so for a short period (e.g. a summer or a study period of 8 weeks or less). 33.1% spent a semester (or one or two quarters depending on the institution) abroad. Only 2.4% studied abroad for the long-term – an academic or calendar year (or more).

Where do US students abroad study?

Europe hosted the vast majority of US students studying abroad. Latin America & the Caribbean came in second and Asia took third place.

#1 – Europe, 181,145 total US students (54%)

#2 – Latin America & Caribbean, 51,513 US students (15.5%)

#3 – Asia, 38,621 US students (11.6%)

24,790 US students (7.5%) studied in more than one region in the 2016-2017 academic year.

On a country level, 39,851 US students were studying in the United Kingdom in 2016-2017. This represents 12% of the total number of US students studying abroad. The UK is the largest single concentration of US study abroad students.

Italy, Spain, France, and Germany represent the second to fifth places respectively.

China appears at sixth in the list, with 11,910 US students studying there (3.6% of the total).

There are some other surprise appearances in the list of the top 25 most popular destinations for US students studying abroad:

#9 – Costa Rica hosted over 8,000 US students

#11 – over 6,000 US students made South Africa their home for part of their studies

#13 – almost 5,000 students experienced student life in the Czech Republic

Besides the 332,727 students who enrolled in courses leading to academic credit, 36,975 US students attended over 400 other institutions and took part in non-credit work, research, volunteering, and internships abroad.

If you’re interested in finding out more about your options as a US student studying abroad please visit our Study Abroad pages.


Ways to Save Money as an International Student
October 16th, 2018 by Felicity Bradstock

Save Money as an International Student

It’s never too early or too late to think ways to save money as an international student. Whether you’re just applying for colleges, in your second year or close to graduation, it’s always good to have a loan repayment plan. It’s something many of us take for granted, something you don’t have to think about until after university. However, planning ahead makes for better financials once you have to start paying back the debt.

Avoid Unnecessary Spending

Sure, it’s tempting to spend all the money as it comes in. I mean, that’s what it’s there for, right? But think ahead, that money can help you out in an emergency, or be saved for you to use once you graduate.

That’s not to say don’t spend your loan on college essentials like books and living costs. And make sure you enjoy your time in college; socialise, take part in extra-curricular activity. But try to avoid spending your loan frivolously where possible.

A couple of great ways to do this is to look for student discounts when shopping and eating out, and buy second hand – books, sports equipment, home decor etc. Why spend a fortune on new books when students from the previous year are earning some extra cash by selling their one-year-old copies?

Get a Savings Account

Different loans come with different conditions and some may require a certain type of bank account to pay into. However, where possible, look for the bank account with the best interest rates and with no withdrawal restrictions. If you’re think about saving some of your student loan each month, the interest you earn in a good savings account can balance out the interest you’ll eventually owe on your loan repayment. It’s a great way to earn extra money by really doing nothing. Check out some of the best options here.

Keep Up-to-date

As much as you may want to ignore your loan, keeping on top of it will prepare you for repayments once you finish university. Check out the National Student Loan Data System to see how much you owe and learn about repayment options early on.

Get a Part-time Job

Once you’ve got into the swing of college life, look at your schedule and see what free time you have to earn some extra cash. A part time job will help build your resume as well as giving you some extra money to save or spend on leisure activities while saving your loan.

With high university costs, it’s common for students to work while studying. Have a look at jobs available on campus and in the local area. Just make sure, if you’re an international student, that your visa conditions allow for part-time work. Alternatively, consider remote working opportunities from around the world through companies such as FlexJobs. Remote work gives you the opportunity to work from home and often helps you avoid issues with your visa status. Just remember to declare taxes on your earnings in your home country.

Your New Best Friend – Tax-deductibles

If you decide to work in the US once you graduate, it’s important to learn all about tax deductibles. This might sound dull but it can actually save you thousands of dollars! If you’re paying off a student loan, you might be eligible for an interest deduction on your federal taxes. This is based on the interest paid on your student loan.

 

If you plan ahead, start saving early and take time to learn about the student loan terms and repayment options, you’ll be financially prepared once you graduate. So, don’t let the debt hang over your head, there are many simple ways to save money as an international student. Prepare early to fully enjoy the college experience!

 


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