LOAN FOR INTERNATIONAL STUDENTS: Aid for Overseas Education

2007-03-28 16:27:23

( Financial )



Getting a college education can definitely pose significant financial challenges. This is especially so if you’re an international student who is hoping to earn a degree from a university in the US.

Most university scholarships are awarded to US citizens and education loan for international students is available mainly for US citizens and green card holders only. There are companies however, that offer international student loans to non-US citizens provided you have a US co-signer and the school you’re attending is approved by The Educational Research Institute or TERI.

Generally though, a loan for international students refers to financial assistance given to US students who mean to study abroad either for a brief period or for the whole duration required by their program. Loan for international students can also be used to obtain graduate studies.

While some offer federal loan for international students, most international student loans are private. Thus, you better be aware and ready for hefty interest rates and short repayment terms that often come with non-need based loans.

There are three categories of student loans: federal loans, parent loans, and private loans.

Federal loans, being sponsored by the federal government sets a ceiling for maximum interest rates and usually offer flexible repayment terms. Federal loan lenders can opt to even lower their interest rates to attract more borrowers.

Parent loans on the other hand, are education financial aids that can only be acquired through your parents while private loans can be acquired by ether parents and/or students. Aside from high interest rates, the repayment period for most private loans begins immediately after the loaned amount is fully disbursed.

Some lenders also offer financial aids for other educational expenses incurred during college. Car loans for students are can be availed of and credit cards for students are widely popular.

Few people can afford to go through college without some form of financial aid and most students spend their first few years after college paying off the schooling debts they incurred.


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