You’ve decided to take the plunge and study college abroad. But now you need a loan and don’t know where to begin! This simple guide will show you how to approach taking out a student loan.
What to check before committing to a loan
- Repayment conditions. You need to ensure that you can meet the repayment expectations when you take out a loan. Loans have a clear timeframe for repayment, which can sometimes be difficult to alter once the contract is signed. Check the terms and make sure you are prepared to meet the repayment requirements.
- Interest. The most important condition to check in your loan is the interest rate. We cannot stress this enough. While some loans might look favorable in terms of upfront money received and repayment options, they could be charging you a lot of interest. Compare the interest rates of each of the loan options to ensure you get the best rate.
- Reviews. If your taking out a loan for college then thousands of students before you have done the same. Check review sites such as Top Ten Reviews and Credit Karma to see other student experiences with the loan company you’re interested in. This can give you an insight into the perks and downfalls that the loan provider website doesn’t tell you.
- Don’t bite off more than you can chew. If the loan company offers you more money than you need don’t accept. It might be tempting to take that extra slice of cake but is it worth it? Think about long-term repayment and the stress of being in debt. Only take out what you need for college and living expenses to ensure you are gaining the most from your loan.
- Ask questions. Loan providers are there to help you as they’ve helped many before you. They’ve answered thousands of questions about student loans and can provide you with the best information about their service. If you want a lower interest rate then ask if it’s available. If you want them to talk you through the small print before you sign the contract, ask! Any loan provider that is worth your time will be helpful and supportive, won’t judge and will make the process of getting a loan straightforward.
Where to begin?
Now you know what to look for in a loan where should you start?
The best way to start comparing loans is to check your eligibility. To find a student loan as an international student you can use the International Student Loan search tool to see which loans you qualify for. To do this, simple select the country you’re from and the institution you want to go to. Once you’ve got the list of loan options you can compare terms and conditions to see which is right for you.
We hope this brief explanation has given you a basis for finding a student loan. For more information about student loans, check out the information section on International Student Loan.
Is a student loan worth all of the financial repercussions that follow? I know, I won’t sugarcoat it, the costs of college and studying abroad are extortionate. So, you may be asking yourself if it’s really worth taking out a student loan to cover the costs? Or, should you avoid college altogether and start working? Here’s why we believe college really is worth the cost.
One of the obvious reasons to pay for a college education is to be rewarded at the end. College graduates earn on average double the median income of high school graduates. While the initial investment may seem substantial, you long-term earnings will be far higher than those of people without a college education.
Unemployment rates amongst college graduates are far lower. The unemployment rate for college educated people is around half that of those with only a high school education. Think that earning money instead of spending it on college seems like a better idea? In reality, it will be significantly harder to find employment, especially in your desired field of work.
Choice of Work
Out of high school you will most likely only be able to find a job in services or low-skilled work. But if you decide down the line that you want to work in a specific industry, it will be far more difficult to find a job. You will probably have to undergo training and education just to enter into your chosen industry in a low-level position. Then, you will have to work your way up from the bottom. This could take just as long as a college degree or more. Additionally, your earnings will be low throughout this time.
However, if you specialize in a subject at college, you will have the advantage of being knowledgeable about the industry already. You will have developed the necessary skills to find a job in your desired area. College is an expensive way into your chosen industry but you will have a better opportunity at entering at a higher level. You will start in a role that will build upon your education and offer you the opportunity to develop professionally.
The College Life
Let’s forget work, salaries and long-term preparedness for a minute and think about what college actually gives you. Living away from home, living with people of your age from all different backgrounds, learning not only academic teachings but also what your interests are (what sports you like, what charity work you’re interested in, what societies capture your attention). This is the part of college that can’t be bought.
Learning about yourself and becoming a more confident, independent person, will help you in your personal life as well as supporting your performance in an interview and professionally. Although education is important, you can gain so much more than this from college. You will establish life-long connections with the people around you. You will have the opportunity to take part in hundreds of activities, learn about different cultures and adapt to a new city or country. Honestly, college is a great, albeit expensive, excuse to have the best time of your life while also preparing for professional growth.
So, if you’re on the fence about going to college, explore the institutions you’re interested in. Think about what they have to offer consider the long-term benefits of attending your chosen college. Remember, you’re not just gaining an education but life experience. If you decide that college is right for you then check out at the different student loan options available to help you get there.
For most American students taking out a loan to pay for college is a given, but many students do not consider the possibility of using the money to help them study abroad to enrich their college experience. If a study abroad program has not been on your radar, it may be time to reconsider. In today’s globalized world, studying abroad is becoming an important investment.
What many students are unaware of is that many study abroad programs are sponsored by their university. What this means is that if you choose to study abroad for a semester or for the entire year, that time abroad is considered part of your ¨normal¨ college tuition. This is great because you will be able to use all of your financial aid during your time abroad. What normally happens, however, is that study abroad expenses add up quickly with the cost of tuition, books, transportation, travel fees, and living expenses. Due to this, all of your financial aid may not be enough, especially taking into consideration that you probably will not be working or have a stable income while you are abroad. If your financial aid is not enough then a study abroad loan can help. Below are 3 reasons why you should take out a study abroad loan and travel overseas! Read the rest of this entry »