LOAN FOR STUDENTS: Facing the Financial Challenges of Education

2007-05-02 10:04:19

( Financial )



Loan for students are avenues that aid students with the financial challenges of education. The federal government makes loan for students easily available by offering low interest rates and longer repayment periods. For those who don’t qualify for federal loan for students however, private loans can be availed of although with much higher interest rates and immediate repayment schemes.

Loan for international students are also available both for US citizens who want to study abroad and for international students who want to study in the US. Aside from tuition fees, international student loans also cover all transportation, accommodation, and material expenses that come with studying abroad.

There are generally two types of loan for international students who hold US citizenship – loan for students studying abroad and loan for foreign-enrolled students.

Students studying abroad are those enrolled in a school in the US but are going abroad for just a semester or two, while foreign-enrolled students take their full degree overseas for a period of 3 to 4 years.

International student loans can be used for both undergraduate and graduate studies. The funds for the loan are disbursed directly to the student’s bank account.

Credit cards for students, on the other hand, are especially handy for financial emergencies that come up in school from time to time. Be careful when using credit cards though. Credit card is the major reason why many college students are drowning in debt.

In fact, even repayments of loan for students get delayed due to immediate payments required by credit cards with their high interest rates. Hence, while credit cards are not bad, proper financial management and responsibility is important when using them.

Before you apply for a student credit card, make sure that you compare the rates and perks every card company offers to ensure that you get the best deal. Often, one card with a low credit limit should be enough to meet your educational financial requirements and to keep you out of financial troubles.


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