What is a grace period for student loans?
March 29th, 2022 by Sagnik Santra

what is a grace period for student loans?

Student loans are great financial tools for people who can’t afford to pay for their education outright. As the price of education is increasing, more and more people are finding themselves taking out student loans to cover the costs. Even though student loans can be useful, the interest rates might make them difficult to pay back. That’s where a grace period comes in.

It’s not easy for students to get a job as soon as they graduate. They might need some time to save up money and get on their feet before they’re able to start repaying their loans. And a grace period exactly does that. It allows the student to take their time to get settled and start making payments on their loans.

In this article, we will be talking about everything you need to know about grace periods for student loans. This includes when the grace period starts, how long it lasts, and a few more things. So if you are interested in learning more about grace periods make sure to read the full article.

What is the student loan grace period?

what is a grace period for student loans?

As we mentioned earlier, a grace period is a set amount of time where the student doesn’t have to make any payments on their loans. The grace period usually lasts for six months after the student graduates or drops below half-time enrollment. This means that if you graduate in May, your grace period would end in November.

However, the grace period depends from lender to lender. Some might allow for a longer grace period while others might not offer one at all. You must check with your lender to see what their specific grace period is.

How does the student loan grace period affect your loan payments?

The grace period gives students the time to get their finances in order before they have to start repaying student loan payments. This means that the clock on your repayment term doesn’t start until after the grace period is over. For example, if you have a 10-year repayment plan, the grace period would give you an extra six months before you have to start making payments.

This is helpful because it gives you time to find a job and start saving up money. Once the grace period is over, you’ll be able to make your first loan payment without any stress.

Student loan grace period: Federal student loans vs Private student loans

There are mainly two types of student loans, federal student loans, and private student loans. Let’s see how the grace period differs for each type of loan

Federal student loans:

Almost every federal student loan comes with a six-month grace period. This means that you don’t have to start making payments on your loans until six months after you graduate or drop below half-time enrollment. Here is a list of grace period timelines for federal student loans:

  1. Federal direct subsidized & unsubsidized loans: 6 months.
  2. Federal Stafford subsidized & unsubsidized loans: 6 months.
  3. Federal Direct PLUS loans for graduate students: 6 months.
  4. Federal Direct PLUS loans for parents: 6 months
  5. Federal Perkins loans: 6 months (can be extended to 9 months)

Private student loans:

what is a grace period for student loans?

Private loans are offered by banks and other financial institutions. As these loans are not backed by the government, the grace period will differ from lender to lender. Some might offer a six-month grace period while others might offer less or none at all. You must check with your lender to see what their grace period policy is. This way, you’ll know when you have to start making payments on your loans.

When does the grace period start?

The grace period for federal student loans starts the day after you graduate or drop below half-time enrollment. For private student loans, the grace period will start on the date specified in your promissory note. It’s important to note that the grace period for federal student loans is automatically applied. You don’t have to do anything to activate it. However, for private student loans, you might have to contact your lender to activate the grace period.

Does interest accumulate during the grace period?

The interest will accumulate during the grace period unless you have a Federal direct subsidized loan. This means you don’t need to make any payments on the interest for this loan type until the grace period is over. However, if you have any other type of loan, the interest will start to accrue (accumulate) as soon as you enter repayment.

What would happen if you don’t start making payments after the grace period?

what is a grace period for student loans?

If you don’t start making payments after the grace period, your student loans will go into delinquency. This means that you’re behind on your payments. Once you’re delinquent, your credit score will be affected and you might have to pay late fees. If you’re still delinquent after 270 days, your loans will go into default. This is the worst-case scenario as it will damage your credit score and you might have to deal with wage garnishment.

How to make the most of your grace period?

The best way to make the most of your grace period is to start planning for your loan payments before the grace period ends. This way, you’ll be able to make your first payment on time and avoid going into delinquency. Here are a few things you can do to get ready for repayment:

1. Find a reliable job:

The first and most important thing you need to do is to find a full-time job. This way, you’ll have a steady income to make your loan payments. If you can’t find a job right away, you can look for part-time or temporary jobs to tide you over until you find a full-time position.

2. Plan your repayments:

The next thing you need to do is to start planning your loan repayments. You can use a repayment calculator to see how much your monthly payments will be. Once you know how much you need to pay, you can start budgeting and setting aside money for your loan payments.

3. Create a budget:

Creating a budget will help you track your spending and make sure that you have enough money to make your loan payments. When creating a budget, be sure to include your essential expenses, such as housing, food, transportation, and utilities. You should also include your loan payments in your budget.

4. Consider consolidation or refinancing:

what is a grace period for student loans?

If you have multiple student loans, you might want to consider consolidation or refinancing. Consolidation means combining your loans into one loan with one monthly payment. Refinancing means taking out a new loan to pay off your existing loans. Both options can lower your monthly payments and make repayment easier.

5. Stay disciplined:

And lastly, once you start making your loan payments, it’s important to stay disciplined. This means making your payments on time every month. If you can’t make a full payment, be sure to at least make the minimum payment. By doing so, you can avoid going into delinquency or default.

Final thoughts:

The grace period is a great time to start planning for your loan repayments. By doing so, you can make sure that you make your first payment on time and avoid going into delinquency. Make sure to make the most of your grace period by finding a job, creating a budget, and staying disciplined with your loan repayments.


Where to apply for a student loan?
February 4th, 2022 by Sagnik Santra

where to apply for a student loan

In recent years, not only the number of schools and colleges has increased, but also their standards have been on the rise. This means that it becomes more and more difficult for students to fund their education. After all, a college education is becoming increasingly expensive with each passing day, and living standards become higher and higher.

But, there are ways you can fund your education without sacrificing the quality of your education. There are a lot of programs such as education loans, financial aids, scholarships, and grants that allow students to pursue their college degrees without worrying about the expenses.

Every program has its own set of eligibility criteria, benefits, and drawbacks. This article will briefly touch upon education loans, how they can help you finance your higher education, and how you can apply for one. So if you are a student or parent looking for answers to your questions about student loans, you are in the right place.

What are student loans anyway?

A student loan is a type of financial aid offered by the Government or any private lending company to finance your education. The money you borrow can be used for paying fees, accommodation, course materials, living expenses, etc.

But unlike scholarships, student loans carry interest and repayment terms. You have to repay the amount within a certain period along with interest. Student loans can be a headache if you are not aware of the details. There is about $1.58 trillion outstanding student loan debt in the U.S.!

It can quickly turn into a lifetime debt if you do not repay the loan on time. So, before you apply for a student loan, make sure that you understand all the terms and conditions in detail.

Types of student loans:

There are two types of student loans: Federal Student Loans and Private Student Loans.

Federal student loans

where to apply for a student loan

Federal student loans are issued and serviced by the Government. The eligibility criteria for Federal loans are different from each other. These loans do not require a cosigner, collateral, or even certain credit scores. Federal student loans are mostly given to students who did well academically and did not get enough funds through scholarships. The interest rates are relatively low than private student loans. Also, there are four types of Federal student loans:

1. Direct Subsidized Loans: This is a need-based loan for undergraduate studies. It is given to students pursuing their first bachelor’s program or higher degree.

2. Direct Unsubsidized Loans: Direct Unsubsidized Loans are loans given to qualified undergraduate, graduate, and professional students without regard to financial need.

3. Direct PLUS Loans: Direct PLUS Loans are for graduate and professional students and parents of undergraduate students to help them pay for expenses not covered by other financial aid. Eligibility is not determined by financial need, but a credit check is required.

4. Direct Consolidation Loans: With Direct Consolidating Loans, students can save money in the long run. You may reduce your interest costs by combining your eligible federal student loans into a single loan with a single loan servicer.

Private Student Loans

Private student loans are offered by private lenders such as credit unions, banks, etc. It can be used to finance any expense related to your college education. The eligibility criteria are more or less the same as that of Federal loans. But these loans are given to students who have a cosigner and good credit scores, and some even require collateral. Private student loans usually carry higher interest rates than federal loans do. You can find out if you are eligible for a private student loan by using the comparison tool on our site.

How much can I borrow via student loans?

where to apply for a student loan

When it comes to federal student loans, undergraduate students can borrow up to $3,500 – $23,000. On the other hand, graduate students can borrow up to $138,000. There is also a yearly limit which depends on your education level and status.

As far as private student loans are concerned, the amounts you can borrow vary from lender to lender. But to give you an idea, you can usually borrow up to the total cost of your education.

How to apply for a student loan?

The application process for student loans depends on the type of loan, your lender, and your college. First, let’s take a look at the process of Federal student loans.

Federal student loans

Here are the steps to apply for federal student loans.

1. Gather the necessary documents: Here is the list of documents that you might need

  • Date of Birth Certificate
  • SSN (Social Security Number)Verification of In-State Residency
  • Official Transcripts from High School or College
  • GED certificate if you have a GED certificate for high school diploma
  • Documentation that verifies the status as an undergraduate or graduate student

2. Fill out the FAFSA form: The next step would be to fill out the Free Application for Federal Student Aid form. Even if you don’t believe you won’t qualify for the loans, it is still a good idea to complete it.

3. Check your student aid report: After you complete the form, you will receive a Student Aid Report (SAR), which summarizes your eligibility for student loans.

4. Review your financial aid letters: Your college or university will send you a letter that tells you exactly how much money you can borrow and what criteria you must meet to receive the loan.

5. Talk to your school’s office: Different schools have different rules and formalities. You should talk to your school’s office regarding any additional paperwork you might need or how they distribute the loans.

6. Receive your loan: Upon receiving your student loan, you will get an award letter that tells you how much money you can borrow.

Private Student Loans

where to apply for a student loan

When applying for private student loans, make sure to read all terms and conditions carefully.

1. Find a suitable lender: Look for lenders who offer reasonable interest rates and flexible repayment options.

2. Compare different offers: It is good to compare different offers from various lenders before applying for the loan. This will help you find out which one best suits your needs.

3. Check your eligibility: Make sure you are eligible for the loan according to your lender’s requirements. You might need a cosigner, credit history, good income, etc. Most lenders post their eligibility criteria on their official websites. So you can visit their website to get a better idea or use our private student loan eligibility checker.

4. Gather all the necessary paperwork: Just like federal student loans, you might also be required to provide some documentation. For instance, you might need a birth certificate, social security number verification, a transcript from your high school or college, and an official letter from the school regarding your enrollment status.

5. Fill out the application: After getting all the necessary documents ready, fill up their respective forms and submit them with the required documentation.

6. Wait for approval: A loan application can take anywhere from a few hours to several weeks. It all depends on your lender. Once they confirm your eligibility, you might receive the money within a few days.

Federal student loan vs. Private student loan

There is no denying that federal student loans are more beneficial than private student loans as they offer more flexibility, lower interest rates, and repayment options.

However, federal loans are also limited, and you might need to secure a private student loan as well to cover the shortfall.

The main difference between federal and private student loans is that federal loans are more flexible and manageable. Also, you might not need to pay the interest or principal during the grace period. However, private student loans lack these benefits and are more expensive than federal loans.

Things to consider before applying for a student loan

where to apply for a student loan

Student loans can be complicated if you don’t know much about them. So it is always better to prepare yourself before applying for a student loan. Here are some things that you should consider before deciding to apply for a federal or private student loan:

1. Opt for scholarship programs before applying for a student loan: If you are eligible, you should apply for the scholarship program because it can reduce your loan amount by 100%.

2. Compare different offers: It is good to compare different offers from various lenders before applying for the loan. This will help you find out which one best suits your needs.

3. Check your eligibility: Make sure you are eligible for the loan according to your lender’s requirements. You might need a cosigner, credit history, good income, etc. Most lenders post their eligibility criteria on their official websites. So you can visit their website to get a better idea.

4. Opt for federal student loans: Federal student loans are more beneficial than private ones. Before applying for a private loan, you should always consider federal student loans first.

5. Prepare for the repayment: If you have taken out a student loan, then there are you will have to repay it someday. Make sure you understand the terms and conditions of your loan so that you can manage whatever repayment is given to you promptly.

Final thoughts:

So there you have it! Student loans are one of the most useful financial tools for students. But they can be complicated if you don’t know much about them. In this article, we have provided a brief explanation of federal and private student loans. We have also offered several tips for students looking to apply for a student loan. If you have any questions, please ask us in the comments below!


Loan for international students without cosigner
January 18th, 2022 by Sagnik Santra

loan for international students without cosigner

To pursue your favorite subject in an international college can be expensive. The tuition fees and the living costs are not the only things you need to deal with. There can be other costs like transportation, study materials, accommodation and many more. That is why you may need to take out a student loan to finance your study abroad.

But getting an international student loan is not easy without a cosigner. This is a problem in most cases because it can be hard to find someone willing to act as a cosigner. But there are some international student loans that you can take out without a cosigner. This article will tell you which international student loans are available for students who don’t have a cosigner.

Who is a cosigner anyway?

A cosigner is someone who has a good credit score, and with that, they agree to take responsibility for your loan if you as a borrower are not able to pay back the debt. The cosigner needs to have an income to repay your loan in most cases. They also need to be at least 18 years old. In simple words, a cosigner is a person who guarantees that you will repay the loan.

Why are cosigners necessary?

International students need someone to cosign their loans because they might not meet the requirements for taking out a student loan. A cosigner gives lenders the security that you will repay the loan, which is essential because lenders don’t want to lend money to international students who cannot repay the loan.

Types of student loans:

loan for international students without cosigner

Whether you need a cosigner or not depends on a few factors, and your student loan type is one of them. There are basically two types of student loans:

1. Federal student loans:

These are the best possible student loans because they have a low-interest rate and specific benefits. You can apply for a federal loan without a cosigner if you meet particular criteria, generally based on your academics and your family income. So your priority should be to apply for a federal student loan, and if you don’t qualify, you should apply for a private student loan.

2. Private student loans:

These are much harder to get because there are no specific criteria that make them available to only those students who qualify for it. It depends from lender to lender and how they set their own criteria. You can apply for a private loan without a cosigner, but your chances are much lower, and the interest rates will be much higher than those of federal loans.

Federal student loans that don’t require a cosigner

The good news for international students is that there are three types of federal loans available that don’t require cosigners as well as credit checks:

1. Direct subsidized loans:

These are available to students who have not completed their first bachelor’s degree yet. You can apply for these loans until you reach your maximum study time. The benefit of direct subsidized loans is that the government covers the interest while studying.

2. Direct unsubsidized loans:

This type of student loan doesn’t require a cosigner because the government covers the interest while you are studying. It is for both graduate and undergraduate students. This loan is also called Unsubsidized Stafford Loan.

3. Direct PLUS loans:

This type of loan is available only for graduate and professional students. Parents can also borrow this amount for their kids who are studying abroad. This is the most common international student loan because it requires a cosigner.

How to get international student loans without a cosigner?

A group of friends at a coffee shop

Getting an international student loan without a cosigner is a lot harder than getting one with a cosigner. As we have explained before, you need to meet specific requirements to get a student loan without a cosigner, and the requirements may vary from lender to lender. Here are a few things that you can do to increase your chances of getting a student loan without a cosigner:

1. Opt for federal student loans:

Federal student loans are the best option when trying to get an international student loan as a U.S. student abroad. If you meet certain criteria, you will get the loan without a cosigner. These criteria are not that high, and almost anyone can meet them if they try hard enough. It is mostly about your academic scores and your income in your home country.

2. Go for scholarships before you take out a loan:

Scholarships or other financial aids are the best options for financing your education. However, try to get all the available scholarship money before taking out a loan. If there is no other option but to get a loan to finance your education, you should go for federal loans with low-interest rates and benefits before taking up any private loan.

3. Credit score:

If you have a good credit history, then the chances of getting an international student loan without a cosigner are much higher. The lenders will trust you because of your credit score, and they will not demand any additional help from someone else for them to approve your application.

4. Find the right lender:

To get a good student loan without a cosigner, you need to find the right lender. Most lenders have a reasonable credit score requirement, and they also look for other criteria before approving your application. You have to do your research and shortlist a few lenders before applying for a loan.

Top lenders who approve international student loans without cosigners

loan for international students without cosigner

Here are the top five lenders who typically approve international student loans without cosigners:

1. MPOWER Financing:

If you plan to study in the U.S or Canada, you can apply for a loan from MPOWER. They offer student loans without a cosigner, collateral, or U.S. credit history for students studying at 350+ schools in the U.S. and Canada. They only provide loans to bright and have the potential to succeed.

2. A.M. Money Private Student Loan:

If you are an international student with a good GPA, you can get a private student loan from this lender. This is one of the best lenders that offer loans without cosigners.

3. Ascent Independent Student Loan:

Ascent offers international student loans without cosigners. They provide loans to both undergrad and grad students who need them for tuition, books, and living expenses. It is ideal for Upperclassmen with no credit, income, or cosigner.

4. Prodigy Finance:

If you are a graduate student and looking for an international student loan without a cosigner, you should try Prodigy Finance. Prodigy finance only provides its services in certain states and certain colleges.

5. SoFi:

If you have been paying the loans on time and your credit score is good, then SoFi will approve your loan without a cosigner. They offer loans to graduate students and international students. If you have good academic scores, you can also get extra benefits.

Conclusion:

The process of applying for an international student loan without a cosigner can be a bit difficult. You have to prove that you are responsible enough to be worthy of the loan. You have to do your research and find lenders who offer student loans without cosigners and match your requirements. Good luck!


How to refinance student loans?
January 17th, 2022 by Sagnik Santra

how to refinance student loans

Student loans are some of the best financial tools for students to fund their education. They are great if you don’t have the money to pay for college but still want to earn a degree. Student loans are usually less expensive than other forms of loans.

However, life is not always that smooth, and some people find themselves with too much debt. They owe too much money on student loans, and they do not know what to do. The longer you will take to pay for this debt, the more money you will spend on interest.

This is where student loan refinancing comes into play. It helps you lower your interest rates and pay off student loans faster. This article will explain how this tool works, the pros and cons of refinancing, why it may be a good solution for you, and where to find companies offering this service.

What are student loans?

how to refinance student loans

Before getting into the student loan refinance details, you should know these financial tools. Student loans are a form of borrowing money to cover the expenses related to studying. They are usually offered through banks, private lenders, or the government to help students with their bills.

Student loans are helpful in many cases, but they may also become a problem if you do not know how to handle them. If you borrow a lot of money for college and fail to find a job after this, this can be a significant financial problem. That is why some people decide on student loan refinancing.

There are basically two types of student loans

1. Federal student loans:

The government offers federal student loans. So you can expect to find the lowest interest rates for this type of loan. There are fewer requirements for federal loans, and the borrowers don’t need to prove their creditworthiness. Students must meet certain academic points to meet the requirements.

2. Private student loans:

As their name suggests, private loans are offered by private lenders. These loans usually have higher interest rates, and you must prove your creditworthiness to get approved. The repayment terms are more strict with private loans.

What is student loan refinancing?

Now that we have a clear idea of what student loans are, it’s time to talk about refinancing. By refinancing, you basically change the terms of your current student loan. You apply for a better interest rate, and the company you borrowed money from agrees on this new deal. The companies offering a student loan refinance deal usually have lower rates than those keeping your previous loan.

Why should you consider refinancing student loans?

how to refinance student loans

Here are some of the main reasons why should you refinance your student loans:

1. Lower interest rates:

The main advantage of refinancing is getting a lower rate than your previous one. Usually, once the loan is refinanced, it will be offered at a lower interest rate, and you can save thousands of dollars. You will start saving money when the new contract is signed, and the new interest rate kicks in.

2. Lower monthly payments:

Of course, lower interest rates mean that your monthly payment will be smaller as well. You may even get a different type of loan, which provides lower monthly repayments than what you currently have. This is why it’s essential to read all the offers thoroughly before choosing one.

3. You don’t have to pay for multiple loans:

Yes, student loan refinancing can help you get rid of multiple loans and consolidate them into a new one. This means that your accounts can be closed, and you won’t have to worry about paying for multiple debts at a time.

4. You can pay off your student loan faster:

Another benefit of refinancing is that the repayment terms may change in a way that will allow you to pay back your loan faster. This can be extremely helpful if you know that you will only need the loan for a short period and then manage to pay it back.

5. You can re-arrange your repayment term:

This is one of the main advantages because it allows you to change the loan terms. You can do everything from lengthening or shortening them, changing your monthly payment amount, adding another loan to it, etc. This will depend on your particular situation and your needs.

What are the disadvantages of refinancing student loans?

how to refinance student loans

Even though there are many benefits to refinancing your student loan, you should consider that this may not be the best solution for everyone. There are certain disadvantages which you should know about before making any decisions:

1. Not everyone can qualify:

Not everyone can qualify for student loan refinancing. Before applying, you should read carefully about the requirements, and if you have a poor credit score or a low income, this option may not be available.

2. You lose federal repayment plans:

When you refinance a federal student loan, it means that all of your rights as a borrower are done for good. This means that you won’t benefit from federal repayment plans that can help a lot during a hardship, for instance. You will have to abide by the rules of your new lender, and there isn’t much flexibility here.

3. You might get locked into a fixed repayment plan:

Once you have refinanced your student loan, it’s very likely that you will get locked with a fixed repayment plan and fixed interest rate. This means that you won’t be able to switch from one type of repayment to another during the life of your loan. For example, federal student loans allow borrowers to modify their repayment terms and make them more flexible if they are in a difficult financial situation. This option might not be available when you refinance your loans with a private lender.

How do I refinance my student loans?

how to refinance student loans

Now that we know about the main benefits and disadvantages of refinancing student loans, we can take a closer look at how to refinance your loan.

1. Decide whether you should or shouldn’t refinance your student loan:

Before you apply and refinance your student loans, make sure that this is the best decision for you. You should know whether or not refinancing under a private lender will be beneficial for your situation ahead of time. Once you come up with a definite answer, it’s time to start applying. Also, you have to remember, if you refinance federal loans, your terms can get terminated.

2. Find the best lenders:

When you look for a private lender, make sure that you choose one which suits your needs and offers competitive interest rates and fees. You can get this information from online reviews or even by speaking directly with the loan specialists at different companies before deciding.

3. Choose the repayment rates and terms:

After finding a lender who is willing to refinance your loans, you will have to make a few crucial decisions. This includes the type of repayment plan and the monthly payment amount. There is a wide range of available options depending on your needs and budget.

4. Apply for student loan refinancing:

Once you compare different offers and find one that fits your situation, it’s time to apply for refinancing. When you fill out the application form, make sure that all details are correct and accurate. Otherwise, this may affect your credit score or even lower it if there are any mistakes on your file.

5. Start repaying with the new terms and plan:

Once you get approved for student loan refinancing, it’s time to start repaying your loans with the new terms and repayment plan. Ensure that you stay on top of your monthly payments and if you get any reminders about late fees, act immediately to avoid these.

Best student loan refinances companies:

Here are some of the best companies you can choose from when refinancing your federal or private student loans:

1. MPOWER Financing

2. SoFi

3. PenFed

4. Earnest

5. Discover Student Loans

6. LendKey

Conclusion:

When you refinance your student loans, it’s very important to have a clear idea about the benefits and disadvantages of this type of financing. Make sure that before making any decision, you research different lenders and see what they have to offer in terms of rates, fees, repayment plans, and so on. Good luck!


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!


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

person walking on concrete road beside brown concrete house near green high trees under white sky during daytime

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

1. Scholarships

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

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

2. Grants

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

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

3. Federal Student Loan

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

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

4. Private Student Loan

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

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

5. Work-study program

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

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

How to apply for financial aid in the UK?

aerial photography of people sitting on chair

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

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

1. Research:

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

3. Compare

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

4. Look for merit-based scholarships

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

5. Read the documents

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

6. Apply

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

Key takeaways

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

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

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

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

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

Final thoughts

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


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

Working out the pros and cons of student loans

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

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

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

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

What are private student loans?

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

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

How does a private student loan work?

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

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

How to apply for a private student loan

online application form

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

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

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

2. Get your credit history in order

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

3. Find a cosigner

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

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

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

5. Fill the application form carefully

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

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

6. Be aware of hidden charges and fees

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

7. Get approved for a private student loan

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

8. Paying back your private student loan

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

Federal student loan vs Private student loan

The federal government provides loans to domestic students

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

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

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

Advantages and Disadvantages of Taking Private Loans

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

Advantages

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

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

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

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

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

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

Disadvantages

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

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

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

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

A few things to consider

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

Final thoughts

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


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

Using a credit card for online purchases

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

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

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

What is an International Student Credit Card?

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

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

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

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

1. Easy to apply

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

2. Rewards Program

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

3. Builds Credit Score/History

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

4. Fraud protection

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

What are the Disadvantages of having International Student Credit Cards?

Disadvantages of credit cards for international students

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

1. Fees

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

2. Foreign Transaction Fees

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

3. Credit Limit

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

Secured Credit Cards Vs Unsecured Credit Card

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

Eligibility Criteria for International Student Credit Cards

Using a credit card as an international student

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

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

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

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

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

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

How to apply for International Student Credit Cards?

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

1. Open up a bank account:

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

2. Check your eligibility:

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

3. Research various credit card companies

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

4. Look at fees and rewards

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

5. Get a cosigner

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

6. Apply online

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

Top International Student Credit Cards

International student holding a variety of cards

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

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

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

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

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

Top Tips:

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

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

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

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

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

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

Final thoughts:

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


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.


International Student Financial Aid Guide
August 27th, 2021 by Al C

Financial resources for international students

International student financial aid is a necessity for almost all international students wishing to study abroad and often times it can’t be obtained without applying for an international student loan.

Many international students, however, need a loan in addition to any awards or scholarships received. So what are these loans and how do you get them?

In this article we will explore both topics in order to provide some basic understanding of the complicated world of financial aid for international education, international student loans and how they work.

Read on if you would like some clarity into this confusing topic!

Why international financial aid is necessary

Financial aid for international students is necessary for almost all international students because the cost of studying abroad is more than the average student can afford – even with financial support from their family.

The average cost of studying abroad for a year can range anywhere from $30,000 to more than $70,000

Some of the most expensive in demand countries include the United States and the United Kingdom.

In both cases the tuition fees are more expensive for international students, and you need to add in other necessary costs such as accommodation and food.

The cost is around three times higher than what a student would have to pay at home for the same program.

How to get financial aid for international students

It is not easy to get financial aid as an international student and it requires you to work hard in order to obtain it. The first place to look for financial aid is with the school or university you will be attending.

Federal financial aid is not usually available for international students

In most cases students going to a school in the U.S. must first complete a FAFSA (Free Application for Federal Student Aid) and apply for any government funding available – this is often the case even though international students are not usually eligible for federal aid.

Most universities have their own financial aid options and scholarship programs that international students can apply to. Some are merit-based while others are need-based. It is important to complete your application as soon as possible as most programs and scholarships only have a limited number of positions available.

There are also many scholarships for international students offered through private organisations that can be applied for online and there is no shortage of options. Search the database of international scholarships at www.iefa.org/scholarships.

Often times these scholarships have specific requirements, such as a minimum GPA and/or language proficiency but there are also general scholarships available. Once you have completed your application, it will be reviewed by the selection committee and if selected, you will be awarded a scholarship.

Lastly, remember that an international student loan is only a last resort after all other funding has been exhausted – it should never be used instead of applying for scholarships and/or government funding.

international undergraduate students

There are a small number of lenders who specialize in loans for international students, but they are not available in every country or at every school or university – a lender must have a suitable program for your chosen institution and you must meet their other lending criteria.

Another factor in the availability of loans for international students is that some lenders require you to have a cosigner (also known as a guarantor or co-borrower) who is legally responsible for repaying your loan if you fail to do so. That cosigner must be a U.S. permanent resident.

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Paying back your international student loan

Repayment of an international student loan will depend on the terms set out when you took the loan. Different lenders will have different repayment terms and interest rates.

Some lenders will allow you to defer repayments until after graduation while others will want you to start repaying your loan immediately.

Whatever repayment plan you have, your lender will be able to give you the exact details about how much you will have to repay and when – and you should be able to see the total cost of borrowing (including all interest and fees).

International student financial aid is a complex topic and it’s important for prospective students to research their options before making any decisions. There are many ways you can get financial assistance, but the first place to look should always be with your school or university. Your institution may offer scholarships that don’t require an essay; these are often need-based programs so if you’re struggling academically, this might not be a good option.

The next step would be to search the database of international scholarships at www.iefa.org/scholarships where there is no shortage of opportunities available (although some do have specific requirements).

Lastly, remember that borrowing money shouldn’t ever substitute applying for other sources of funding such as government grants or private scholarships – international loans should be used as a last resort. It is also important to look at the terms and conditions of your loan and understand where you currently stand financially before taking on any financial responsibility – if you have to take out an international student loan, make sure that it’s done with care.


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