Study Overseas

You've worked hard in school, completed your applications, and now you've been admitted to a US college or university. Congratulations! A degree from a US college or university opens many doors and creates opportunities throughout your lifetime. However, US higher education is expensive, even for Americans - and for international students, after you add in exchange rates and the costs of studying so far from home, the price tag is often prohibitive. For millions of students around the world who dream of studying in the US, the single biggest obstacle is money.

Americans use student loans to pay for college. Favorable government-subisidized programs, like the Stafford loan, are hugely popular with US students but limited in amount - so private student loans, which also offer competitive interest rates and flexible terms, have grown immensely in popularity. Although Stafford loans are not available to international students, private student loans are available, on the same terms available to US students. Except for the lucky few who can easily afford to pay for their entire US education, most international students need help. Here's a short checklist to guide you in how best to use international student loans:

Step 1: Reduce Cost. Because tuition and living expenses vary tremendously at US schools, it is critically important to evaluate school costs and educational goals, and to manage your own expectations - not everyone wants or needs to go to Harvard. For a community college in a rural area, you can pay as little $15,000 per year including all living expenses, while for a private college in New York, Boston or Los Angeles, it can easily cost $50,000 or more per year.

Step 2: Apply for School Aid. Apply for international student financial aid from your school in the US - but don't expect too much, especially as an undergraduate. Even though more and more US schools offer financial aid to international students, only 11.4% of international undergraduate students in the US reported school aid as a primary funding source for their education (according to the 2006 Open Doors report from the Institute of International Education).

Step 3: Apply for Other Scholarships. Research and apply for international student scholarships on your own. You should check in your home country, and many scholarship opportunities are listed in online databases like InternationalScholarships.com. But be realistic, and remember that there are 20 excellent international applicants for every available international student scholarship.

Some international students can fund their US education simply using the sources above. However, like US students, most international students will need to fund at least a portion of their US education with loans. Here's some basic information you should know about international student loans:

• US Co-Signer Required. All international students must have a US citizen or green card holder sign for the loan with them. As long as the student pays back the loan as required, the co-signer will never have to pay anything.
• Maximum Amount. You can borrow the full amount of tuition, room and board, fees and living expenses, as calculated for your school, up to an overall maximum amount.
• No Collateral Required. The lender does not require a mortgage on a house or other collateral. Because it's a true student loan, the lender's only security is your co-signer and your enhanced future earning power.
• Deferred Repayment. Most students cannot afford to start paying back their loan while they are in school. Luckily, you can "defer" repayment of an international student loan, which means you won't need to start making monthly payments until six months after you finish school - enough time to find a job and start earning money!

Used properly, international student loans can help put a US education within reach, regardless of your financial circumstances.

For more information:
http://www.InternationalStudentLoan.com

info@internationalstudentloan.com