Student loans are an integral part of college, especially in a country like the U.S. where tuition rates are sky high. However, international students are at a disadvantage when it comes to obtaining loans to help pay tuition. Federal loans are off the table and can only be acquired by citizens. However, more and more private loans are becoming available to international students. This is great news, as are some important benefits from obtaining student loans. Here are the benefits of student loans when you’re an international student:
They Fill the Gap That Scholarships Cannot
If you’re studying internationally, hopefully you’ve scoured all available options for scholarships. Many universities will have opportunities for you, while some are known for being extremely generous to their international students. Getting your education fully funded is still unlikely unless you’re one of the absolute top students in your class.
Student loans aren’t merit based, so anyone attending an eligible school can potentially receive what they need to pay for school regardless of their grades. However, if you’re looking to go to school in the U.S., you’ll need a co-signer who’s either a permanent resident or a citizen. Your home country might also have some financial aid for international students; do a search for those.
Regardless, having to pay back loans is a lot less fun than receiving the money outright in a scholarship. Don’t fret – this brings us to the next benefit of student loans. Read the rest of this entry »
Step-by-step process on getting loans at the best rates available
Join us tomorrow, August 15, 2014, at 11:00 am EST, on our Google Hangout!
This hangout will focus on US citizens and permanent residents who are either doing a short-term study abroad program through their home university, of through another university in the US, as well as US students enrolling in a degree program overseas.
Be sure to get your questions ready as we’ll be answering them live on air. Do you have questions to ask? View our Google Hangout now and ask your questions now!
Depending on where your studies take you, you may find that the opportunity to study abroad can be quite expensive. If you are an undergraduate study abroad student, you have access to federal grants and loans as well as scholarship opportunities. Once you’ve maximized these options, you can apply for private study abroad loans to help make up the difference.
How does this all work, you ask? Here is a step-by-step process to get you on your way to learning about financial aid for study abroad students:
1. Know Your Costs
This is not always easy, since you may not know what the cost of living will be in your host country. Costs are variable and will depend on the country, the length of your program, what’s included in your program fees, and the type of program you’re enrolled in – not to mention your quality of living. While there are program fees, there is also airfare, local transportation, lodging, entertainment, health insurance, meals, immunizations/vaccinations, and visa fees to consider. Be sure to: Read the rest of this entry »
With so many options out there, it can be difficult to know just what category of student loans you fit into. When applying for student loan for your studies overseas, it is particularly important that you know exactly what loans you qualify for. This blog post will help you answer the question, “which student loan is right for me?” and determine whether you qualify for international student, study abroad, or foreign enrolled loans.
These loans are intended for foreign students coming to the United States to earn their degree. If you are pursuing a degree in the US and are not a US citizen or permanent resident, you do not qualify for federal loans, but some banks offer private loans to international students. Read the rest of this entry »