What is International student loan refinancing, and how does it work?
December 29th, 2021 by Sagnik Santra

international student loan refinancing

Some people think of international student loan refinancing as a means to get out of debt. Others, however, see it more like an investment in their future. The truth is that there are many different ways to approach this topic, and for some people, the best option may not be apparent at first glance. This article will help you understand what international student loan refinancing is and how it works so that you can make informed decisions about your financial future.

What is International Student Loan refinancing?

International student loan refinancing is a financial product that allows borrowers to take out new loans at lower interest rates than their current loans. Unlike federal student loans issued by the Department of Education, these loans come from private lenders such as banks and credit unions.

The terms and conditions of international student loan refinancing can vary from lender to lender, but most loans have a fixed interest rate and a set repayment term. Borrowers can usually choose between a range of repayment options, including traditional fixed monthly payments, interest-only payments, and graduated repayment plans.

How does it work?

International student loan refinancing works similar to federal student loan consolidation or home mortgage refinancing. Borrowers who refinance their loans get access to better rates and longer repayment terms, which can help reduce monthly payments.

These days, students have more options than ever when managing their educational debt. While taking out new loans to refinance old ones may seem like an unnecessary complication, it can be a smart move for students who want to lower their monthly payments and improve their financial future.

Benefits of Refinancing

international student loan refinancing

There are several benefits to refinancing your loans with a private lender, including:

1. Reduced interest rates of your student loans:

International student loan refinancing offers borrowers the opportunity to take out a new loan at a lower fixed interest rate than their current loans. This can help students save money on interest over time and have more funds available for other things, such as building their credit score or getting ahead on their retirement savings.

2. Extended repayment terms:

Another benefit of refinancing is that borrowers can access longer repayment terms than federal student loans. This means lower monthly payments over the life of the loan. Borrowers who have trouble keeping up with their current monthly payments may find this option helpful.

3. More repayment options:

Most international student loan refinancing products offer borrowers a range of repayment options, including traditional fixed monthly payments, interest-only payments, and graduated repayment plans. This gives borrowers more flexibility in managing their debt and can help make monthly payments more manageable.

4. Better customer service:

Companies that offer to refinance international student loans are constantly improving their customer service and making the process as simple as possible. Many lenders have trouble keeping up with demand for this option, which means that if you qualify, you probably won’t have a difficult time getting your loan approved.

5. Builds credit history:

One final benefit of refinancing is that it can help borrowers build their credit history. This is because when you take out a new loan to refinance an old one, your new loan will be reported to major credit bureaus. Over time, this can help you establish a good credit score and access a broader range of financial products.

Disadvantages of Refinancing

international student loan refinancing

While international student loan refinancing has several positive benefits, it isn’t the right option for everyone. Before you jump into this type of debt consolidation, take a moment to consider the following disadvantages

1. New credit inquiries:

One potential disadvantage is that taking out a new loan will result in multiple hard inquiries on your credit report. This can temporarily lower your credit score and make it more challenging to take out other loans in the future.

3. Not available for all students:

Another downside is that not all borrowers will be eligible for student loan refinancing. This is because lenders typically have stricter eligibility requirements than the federal government. To qualify, you’ll need a good credit score, steady income, and a low debt-to-income ratio.

4. Origination fees:

Another thing to consider is that most lenders charge an origination fee for their refinancing products. This fee can range from 1-5% of the total loan amount, so it’s important to factor this into your calculations before you decide to refinance.

5. Requires higher credit scores:

Finally, it’s important to note that some lenders have more stringent credit score requirements than the federal government. You’ll need a strong credit profile and a decent-paying job to qualify for refinancing. Those who don’t meet these criteria may not be eligible for this option.

Who should go for refinancing?

People with good to excellent credit looking for a lower interest rate and a longer repayment term may want to consider refinancing their international student loans. These borrowers can potentially save thousands of dollars over the lifetime of their loan by taking advantage of this option.

Who should not go for refinancing?

Borrowers with poor credit or high debt levels may not qualify for international student loan refinancing. In this case, student loan consolidation and student loan refinancing are not options, and borrowers should consider other alternatives to help with their loans, such as federal income-driven repayment plans or private student loan refinancing.

Borrowers who don’t have a steady source of income should also avoid refinancing their international student loans, as they may not meet the eligibility requirements of most lenders.

Best international student loan refinancing companies

international student loan refinancing

The best student loan refinancing companies will provide international students with personalized attention and help find them the lowest interest rate possible. When choosing a lender, consider products offered, customer service, repayment options, terms of service, account management tools, eligibility requirements, rates & fees, etc.

1. MPOWER Financing:

MPOWER Financing is a student loan company that offers loans with no collateral and no cosigner. They work with you to build your credit and offer career guidance, too.

Details:

Fixed APR: 6.99-7.99%%

Credit score requirement: Not required

2. Sofi:

Sofi is a student loan refinancing company that offers competitive interest rates and a range of repayment terms. Because of its outstanding customer service, leading-edge technology, and ethical business practices, Sofi is one of the finest companies in the student loan refinancing industry.

Details:

Variable APR: 1.74-6.59%

Fixed APR: 2.49-6.94%

Credit score requirement: Not required

3. Commonbond:

Commonbond is one of the best lenders that provides student loan refinancing to borrowers with good credit. This company prides itself on exceptional customer service, low rates, and personalized repayment terms.

Details:

Variable APR: 1.99-5.61%

Fixed APR: 2.98-5.79%

Credit score requirement: 680 (The higher, the better)

4. Citizens Student Loan Refinance:

Citizens Bank is a well-known bank that offers student loan refinancing to borrowers with good credit. This company has a wide variety of repayment terms and competitive interest rates.

Details:

Variable APR: 2.24-8.90%

Fixed APR: 3.74-7.99%

Credit score requirement: 650+

Conclusion:

So now you know a little more about international student loan refinancing. This article explored what refinancing is, who should consider it, and the best companies. We also outlined the eligibility requirements and rates & fees associated with refinancing.

If you want to refinance student loans, be sure to shop around and compare interest rates and terms from different lenders. By doing so, you can find the best deal possible and save yourself thousands of dollars over the life of your loan.


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


Is Sallie Mae legit?
October 11th, 2021 by Al C

College lecture hall

Sallie Mae is a private student loan lender that can help you get the money to pay for school. And the simple answer to the question above is YES -it’s one of the largest and best regarded providers of private student loans in the U.S. and has been operating since 1973.

Sallie Mae, or Sallie Mae Bank, offers student loans of all types and sizes, giving students more options when borrowing than ever before, including to underserved groups – like DACA recipients or foreign residents who are seeking education in America and are usually ineligible for federal student loans.

In this post we’re going to cover some of the most common questions we get about Sallie Mae and private student loans in general.

What are the benefits of a Sallie Mae loan?

There are a number of benefits to a Sallie Mae student loan that set them apart from some other private loan companies.

Accessible for more applicants

With federal student loans and many private student loan lenders, eligibility criteria restrict many groups from accessing the funds they need to pay for their education at an American college or university. Sallie Mae does not exclude part-time students, international students or those with DACA status.

Loan forgiveness for death or disability

Sallie Mae will forgive, or “discharge”, the loan balance if the student is permanently disabled or dies – including in cases where it is the parents who are the borrowers and not the student themselves. Not even federal Parent PLUS loans have this benefit.

Cosigner release option

After 12 consecutive months of making your loan payments on time you can request that Sallie Mae remove your cosigner from your loan. Of the other private lenders that offer cosigner release, the majority only do so after several years of making payments on time.

Are there any drawbacks to Sallie Mae loans?

Like all private loans, there are pros and cons. Here are the lowlights of a student loan from Sallie Mae:

Fees for late or returned payments

Compared to other lenders, Sallie Mae charges a fee, or a higher fee, for making monthly payments late, or failed (returned) payments. A returned payment is when your payment “bounces” due to insufficient funds. At time of writing a fee of $20 is charged for these. For late payments the fee is 5% of the payment amount, or $25 – whichever is lower.

College student studying

Credit check required

In order to see if you qualify for a student loan from Sallie Mae, you have to complete the application and they will carry out a credit check which will potentially affect your credit score. Some alternative lenders pre-qualify applicants to give them an idea of if they would qualify and what typical loan terms would apply without carrying out a full credit check.

Now that we’ve looked at the main pros and cons of Sallie Mae Bank compared to other lenders, let’s take a closer look at what kinds of loan are available and more detail on Sallie Mae as a loan servicer.

Student loan options

Sallie Mae offers the following types of student loan:

Undergraduate student loan

Sallie May undergraduate student loans allow dependent students to borrow additional funds over and above the maximum amount they can borrow with a federal student loan. You can borrow between $1,000 and the total cost of attendance over 5, 10 or 15 years without origination fees and without prepayment penalties.

Professional training loans

Whether it’s culinary training or another type of technical or trade school, Sallie Mae’s Career Training Smart Option Student Loan allows students to borrow from $1,000 up to the total cost of attendance over 5, 10 or 15 years.

Loans for graduate programs

If you’re studying for a master’s degree, Sallie Mae offers graduate school loans that have no origination fees. The repayment term for the graduate loan is 15 years and includes a 6-month grace period after graduation.

MBA loan

If you’re attending business school, and studying for your master’s in business administration you can apply for a loan to cover all of your school-certified expenses. There is a 6-month grace period on this loan and you can defer payments for up to 48 months while you take on an internship.

Also available

Sallie Mae also offers student loans for those enrolled in Dental, Medical or Law school.

Eligibility

You must meet the following requirements in order to qualify:

  • Be 18 or over in most states
  • Be a U.S. citizen or permanent resident. If you are a DACA student or foreign resident and you have a U.S. citizen cosigner you may be eligible.
  • You or your cosigner must demonstrate sufficient income to repay the loan.
  • You or your cosigner must undergo a credit check.

Repayment

There are a number of repayment plan types.

With deferred repayment no payments are required until after graduation and the end of any grace period.

On a fixed repayment plan a fixed amount is paid every month until graduation (or the end of any grace period) and then the borrower begins to repay the principal and interest.

With an interest repayment plan the borrower makes payments against the interest accruing on the loan during school and then begins to pay off the interest and principal after graduation / grace period.

Do you need a cosigner?

International and DACA students do require a cosigner but U.S. students do not.

Don’t forget to search and apply for other types of financial aid like scholarships and tuition waivers before relying on a loan.

Funds from private loans, like federal loans, are usually disbursed directly to your school to cover tuition and other expenses paid directly to the school before any remaining funds can be sent to your own bank account.

If you would like to apply for a student loan first check your eligibility. You will be shown any lenders that have a suitable program for you and be able to compare their terms and interest rates.


Things to Consider Before You Study Abroad
September 10th, 2021 by Al C

international students face many challenges including financial ones

There are many reasons why study abroad is not for everyone. You need to be aware of the costs, benefits of studying at home or abroad, and the pros and cons of taking out student loans for study abroad before you can make a decision on whether or not it will work best for you.

Study Abroad Costs

Remember that the cost of studying abroad is not just tuition, but also many other expenses such as accommodation and living expenses. A study abroad program is not cheap.

To make the most of your money, it’s important to budget accordingly. Consider everything you need to live like at home: food, clothing, transportation, books and school supplies, entertainment, insurance (health and travel), and incidentals (phone service, toiletries).

When you do this math ahead of time with realistic figures for your destination country, it’s easier to know what you can afford and if you’ll be able to go.

For help with budgeting and other practical questions see our budgeting guide [here].

What you might gain from studying abroad (or not)

Studying abroad is a great opportunity for a student to broaden their horizons and experience new cultures, countries, and lifestyles. It is an experience that will give them new perspectives on life that will have a great impact on them for years to come. Studying abroad will help their resume as they often learn different languages and customs.

But if you choose to study in your home country instead, you’ll benefit from having your parents or other family members available to help you when you need it. Your family will be in the same time zone, and much closer should an emergency arise. You won’t have to deal with language barriers either; instead, everyone speaks your language!

But maybe even more important than all of these is that studying abroad isn’t for everyone.

Don’t be pressured by parents, friends, or family members to do it if you’re unsure about doing so. It takes time to adjust when studying abroad in a different country, so before you commit to something that will change your life forever, consider your options carefully.

Taking out a Student Loan for Study Abroad

federal student aid is not usually available for international students in the U.S.

It’s rare for students or their families to be able to cover the full cost of a study abroad program without additional financial aid.

Many students get study abroad scholarships or are able to work to help pay for costs, but sometimes they need to take out a student loan. If you’re considering this option -and it is an option- be aware of the pros and cons of getting a student loan for studying abroad.

Student loans for study abroad are different from student loans for studying in your home country.

For U.S. citizens or permanent residents, federal student loans can be used for study abroad programs as long as you meet all the criteria. There are also private study abroad loans. If you choose to study your entire degree program abroad then you may still be eligible for federal funding or private “foreign enrolled loans”.

For other international students the availability of loans to study abroad depends upon your nationality and your destination country. U.S. federal loans are not available for international students in studying in the United States, but there are some federal student aid programs that can help certain groups like DACA recipients. Non-citizens would need a private international student loan.

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Understand the pros and cons of taking out student loans for study abroad before making a decision

private loans can support your international education dreams

A student loan is a type of loan that enables you to pay the costs of your education. It can also cover for the cost of living, books, and even tuition fees. The great thing about a student loan is that it is quite manageable, as the monthly repayment is calculated to be manageable for a student or recent graduate.

As there are a limited number of lenders that specialize in international student loans, you’ll be working with a company that has the expertise you need in this area rather than a generic lender. This means you can expect a higher level of service at every stage of the application process.

On the other hand, the bad side is that student loans are not as common as other types of lending, and therefore there is less information about them.

Of course, the main downside of a loan is that you have to repay it plus interest, and since you’re probably going to be a student or fresh graduate with little income, the repayment may seem difficult at first. Student loan debt is no joke if you let it get out of hand and borrow more than you need (and more than you can afford to repay).

Student loans for study abroad can also be quite tricky because you have to take into consideration things such as the currency exchange rates and the different cost of living abroad.

At internationalstudentloan.com we match our readers with the best student loan lenders based on their situation. If you want to use educational loans for your studies, we hope this will help you select the right lender and loan for you.

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Research schools abroad and in your home country to make sure you make the best decision for you

there are many financial aid options for international students

Before you can really decide if studying abroad is the best option for you, you should research your options both at home and overseas to find the right combination of school or university plus course plus location.

You may find that some schools abroad are better suited to your needs than similar schools in your home country, and if this is the case then studying abroad is probably a good option for you.

Or you may find that there are similar options in your home country and studying abroad doesn’t suit your needs.

When you’re looking to study abroad, learn as much as you can about the school you want to attend; don’t choose a course purely because it’s cheaper than similar courses at other universities and colleges.

Other considerations:

Safety

It’s easy to take your safety for granted when you are near home, but when you’re abroad there are additional considerations such as crime and health risks, which can affect your study abroad experience. When picking a campus and housing location, keep this in mind. Ideally your campus should be located in an area where you feel safe, as should your living arrangements.

Language skills

Another consideration is language issues. For example, if you are from a non-English speaking background and want to study in the United States, you’ll need to demonstrate good English language proficiency when applying for or enrolling at an American college or university. You may be able to take some English language proficiency courses before starting your degree course, but this will depend on the college or university you choose and how intensive it is.

Money issues

The cost of living in different countries is very different, so don’t assume that the tuition fee for a college or university abroad is similar to what you would pay at home. For example, English universities charge international students up to three times more than domestic students, and in some countries international students can pay up to ten times more than locals.


At internationalstudentloan.com, we are dedicated to helping students get the best student loans possible for their education abroad. We’ll help you find the right lender and loan combination that suits your needs so you can focus on what’s really important: studying!

As a new graduate with little income, it may seem difficult to repay your student loans at first but our partner lenders have experience working with international students who want to study abroad. You can rest assured knowing that after signing up for an educational loan from one of our approved lenders, you will be matched with someone who understands how your brain works when making decisions about your student finances.


Repayment for International Student Loans in 2021
May 16th, 2021 by Al C

So much of life is made up of the choices you make and loan repayment is no different. Making the right choice when you take out your loan makes a big difference when you have to make those repayments.

Repayment for International Student Loans in 2020

Knowledge is power and the more you know about these choices the better prepared you will be to fulfill you loan obligations.

Your lender’s specific terms will be determined by the type loan you select and your individual circumstances.

Note that lenders have put in place specific programs to assist students since the COVID-19 Pandemic. If you currently have a loan and are worried about repayment, or if you’d like further information on the measures in place, read more about that in this post.

Broadly speaking, repayment terms vary in response to three different factors:

  1. How much will the monthly payments be?
  2. When will payments begin?
  3. How long students may be able to defer paying back the loan?

And in general there are three main loan repayment types available to international students.

Although the differences between these three options can seem complicated, taking the time to understand and make an informed choice at the outset can save students from a lot of uncertainty and worry in the long term.

  • immediate repayment loan
  • full defferral loan
  • interest only loan

Immediate Repayment

Students with this arrangement are required to begin making payments on both the interest and the principal of the loan as soon as it is disbursed.

The prospect of such immediate repayment is doubtless intimidating to many international students because most cannot or do not want to work while they study in the United States. They therefore have little chance of being able to make the repayments.

Long-term the repayments compound meaning that in total a borrower may pay less back with this type of loan than with others, and may clear their debt quicker as a result.

Full Defferal

A full deferral loan, by contrast, offers completely different loan repayment options. With loans like these full-time students are able to defer – that is, postpone until later – repayment of both the interest and the principal for up to four consecutive year or until after they graduate.

This means that in the short-term this loan would be most affordable as no repayments are due until a set date. In most cases the interest is accumulating during this time, and as a result it is likely that this type of loan will be more expensive and take longer to pay off.

Interest Only

A third option that splits the difference between these two ways also exists.

These so-called interest only loans require international students to make payments on the interest only (and not the principal) of their loans while in school and often allows them to defer the start of their principal repayment for up to 45 days after graduation.

Like the full deferral loan option students are only eligible to postpone repayment for up to four consecutive years and while enrolled full-time.


As you can see, the choices you make can have a huge impact on your bottom line!

Before applying for a loan, be sure to check with your lender the exact terms and conditions on repayment as this may change depending on the lender and the loan you apply for.

Find your loan using our loan comparison tool:

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Are you looking for a study abroad loan? Or a foreign enrolled loan instead?

Read about how lenders are adapting when it comes to loan repayments during the COVID-19 pandemic.


Social Security Number for International Student Loans?
February 1st, 2021 by admin

searching for information about social security number for international student

US student loans are available for international students from around the world. We get many questions from you about the application process and one of our most frequently asked questions is whether international students need social security numbers in order to apply for student loans.

The good news is that you don’t!

Social Security Numbers (SSN) are not a required part of the application process, and many lenders will work with foreign students even if they do not have a social security number – that is as long as you have a US cosigner OR are applying for a loan that does not require a cosigner.

Some international student loan applications allow you to apply right online without making the social security number field required, while others do not. If you find that you are unable to proceed because you do not have one, contact the lender before you give up!

If you receive an error that you are unable to proceed, you can call them and they’ll give you a paper application instead.

Why, you ask?

Many of the student loan application forms were designed with US domestic students in mind and they wanted to make sure that the form is completed in its entirety. But that may not mean that you are ineligible.

If you get an error message, be sure to:

  1. Review the online application and make sure you completed the fields correctly
  2. Call the number listed on the application form for advice on how to proceed

Want to learn more about social security numbers and international students? Check out our article that will detail even more information on this subject so that you can get your international student loan to help fund your international education. And for more on student aid you may be interested in the resources at IEFA.org.


Loans for international students in Canada – cosigner not required!
January 16th, 2021 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.

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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:

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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


How can I afford college as an international student in the US?
January 12th, 2021 by Al C

Studying abroad and specifically in the US is a dream for millions of students around the world. More than a million students apply for colleges in the US  every year. But most of the students and their families can’t afford the tuition fees and other related costs. In 2019 international students paid over $26,000 per year for public colleges and $32,000 for private colleges on average.

Group of Students in the US - How can I afford college as an international student in the US?

So, how do they pay their international college tuition fees?

International Student Financial Aid:

Financial Aid for international students varies depending on the school and the degree chosen. This financial aid most commonly provides financial support to graduate students, and it is less common for undergraduate students.

Most of the financial aid for international students comes from research and teaching assistance programs. These programs provide paid research and teaching responsibilities to graduate students. Also, financial aid can be funded by grants and scholarships as well. Unlike a loan, you don’t have to repay these types awards in the future. 

Also, it can depend on the country you come from, your family assets and background, your merits, existing student loans, and other factors. 

International Scholarships:

Some scholarships are based on the country you come from or your average grades, chosen subject or skills. Some of the scholarships depend on your TOEFL score. There are also sports scholarships available in some schools. You must do proper research on the scholarships available in your school to see if you are eligible or not.

Students in the US graduating - How can I afford college as an international student in the US?

When you find a scholarship you’re eligible for, contact the scholarship administrators and apply for it. It is an effective way to reduce your overall tuition fees. Also, you might be able to win scholarships by winning contests and competitions.

You should search online for international scholarship opportunities and International Financial Aid.

International Student Loans:

International student loans provide financial support to students who want to study in the US. Mostly through banks and private organizations. The terms and policies and interest rates vary between lenders and organizations.

Private student loans are more expensive than federal student loans, but international students are usually excluded from Federal programs. You should consider choosing scholarships and grants as sources of financial aid first. If there is still a gap between the funds you have and the cost of your education, you should consider getting an international student loan.

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Repayment also varies depending on the terms and policies of the lender you choose for your student loan. There are multiple ways you can repay your student loans: Immediate Repayment, Full Deferral, and Interest Only are the standard methods to repay student loans.

It may seem like it is very challenging to cover all the costs to study in the US. But it is not impossible. There are multiple opportunities available for you to explore.

Please note: You should be aware of scams and scammers while looking for funds. There are people ready to take the advantage of you, so always go for reputable and verified schools and lenders.


Study Abroad 2020 by Numbers
December 21st, 2020 by Al C

The IIE have released their latest data covering international students in the USA and American students studying abroad – here are the highlights we discovered:

International Students in the US:

Over 1 million international students studied in the US in the academic year 2019/20, this includes those taking an academic program and those on OPT (Optional Practical Training).

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That represents over 5% of the total number of enrolled students in the US, but it is roughly 20,000 students lower than the previous period. Early indications suggest that due to the pandemic international student enrolment in 2020 could be down by as much as 16%.

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American Students Abroad:

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Almost 350,000 US students studied abroad for academic credit in 2018/19 which is the latest data available at this time.

That’s almost 2% higher than 2017/18 – continuing the trend which has been increasing year after year for over 10 consecutive years.

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Incoming Student Data:

Incoming students to the US came mainly from China (35%) and India (18%).

The top 10 countries of origin for incoming students were:

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  1. China
  2. India
  3. South Korea
  4. Saudi Arabia
  5. Canada
  6. Vietnam
  7. Taiwan
  8. Japan
  9. Brazil
  10. Mexico

California was the state that hosted the most international students in total (over 160,000 international students).

The most popular school in the US for international students was New York University – hosting over 20,000 students from around the world!

Outgoing Student Data:

Outgoing US students’ top destinations were the UK (11%), Italy (11%) and Spain (10%).

The top 10 destination countries for US study abroad students were:

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  1. United Kingdom
  2. Italy
  3. Spain
  4. France
  5. Germany
  6. Ireland
  7. Australia
  8. China
  9. Japan
  10. Costa Rica

For more on this data please visit https://opendoorsdata.org/annual-release/


If you’re studying abroad you may be able to fund part of your education with a loan:

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What Does Coronavirus Mean for International Student Loans?
April 20th, 2020 by Al C

Repayments of federal student loans in the United States will be paused automatically between March 13th 2020 and September 30th 2020 and interest is being temporarily set at 0%, meaning that if you are in receipt of a federal student loan your payments will stop during this time and there is no penalty for doing so in terms of additional interest being accrued. This policy was included in the CARES Act which was signed into law by the President on March 27th. You may, if you choose to, continue to repay, but this is optional.

Coronavirus and international student loans

Read this if you’re looking for more general information about loan repayment for international students.

However, the U.S. Department of Education does not have legal authority over private student loans, and they are not covered by the CARES Act. This applies to federal student loans that have been refinanced through a private lender. Note that some FFEL Program loans and Perkins Loans are not owned by the federal government.

So, how will you be affected by the Covid 19 outbreak?

Some private lenders are offering students relief, such as temporary forbearance.

The good news is that private lenders are taking the current situation into account and are making accommodations for those students who suffer economic hardship and may struggle to make their student loan payments – they will work with you to give you options and find the best solution.

For the most up to date information you should contact your lender directly to find out about making payments – especially if money is a big concern for you at the moment.

We will summarize the range of options that may be available to you due to the Coronavirus pandemic, and you should check directly with your lender which ones are available through your account.

The key message is this: If you can’t afford to make the payments on a private student loan, you should contact your lender as soon as possible. They might be willing to offer solutions, such as a forbearance, which would suspend your payments for a short time, meaning that you would not default on your loan, and would thereby protect your credit.

Remember, though, interest will likely still accrue if your private loan payments are paused, and this could ultimately increase your monthly payment, and the total you pay over the term of your loan. 

Here are some of the most common new initiatives that private lenders have put in place:

  • Up to 3-month (or 90-day) forbearance period – a temporary pause on your repayments. Some lenders have left this open ended for “as long as the national emergency continues”
  • Waiver of late payment fees
  • Temporary reduction of interest rates
  • Temporary reduction of repayments
  • Extension to loan repayment term
  • 60-day forbearance with options to extend

If you have questions about your rights, contact customer service or your account manager at your lender to receive the most up to date information.

Q. I have some federal and some private loans – what does this mean for me?

If you have both federal and private loans and focus on making the payments of the private loans while qualifying federal loans are suspended.

Q. Do I need to apply to suspend my payments or interest?

For Federal programs, no. For private lenders you should contact them as soon as possible.

Q. Do I need to pay a fee to suspend my payments?

No – if you are contacted by someone requesting a fee to assist you with your student loan and offering this type of service be aware that it may be a scam.


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Read more:

General information about loan repayment for international students

Information about Federal Loans during Coronavirus

Learn about Study Abroad Loans

Find out if you are eligible for a loan


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