One of the most important parts of international education is figuring our what you can afford. Can you attend that high-priced private school in an expensive city? Or is a more affordable option required? You can get basically the same education in an area with a lower cost of living, or attend a state school or community college. You can work, get loans and apply for scholarships. But until you know how much money you will need, its hard to figure out how you’re going to get it.
Creating an overall budget is a critical part of affording your study overseas. Truly, there are options for people regardless of what your overall budget is, but you have to know the budget to know your options. The Study USA section of InternationalStudent.com has a good article on creating a budget. Also review these earlier posts on this blog on Estimated vs. Actual School Budget and Evaluating School Program costs .
With a little effort, you can have a much better handle on where your money will be going, and what schools and programs you can afford.
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One positive by-product of a relatively weak ecomony is the continuing low interest rates for international student loans for study in the USA. Interest rates for loan programs offered by International Student Loan range from 2.25% APR to 9.11% APR with no origination fees. When you consider that there is no collateral required for a student loan, unlike a home or car loan, it is impressive that student loan programs can operate at such rates. Since student loans are often based on LIBOR, a low LIBOR is certainly helping the situation.
Lenders offered through the loan center on InternationalStudent.com also offer excellent rates, and you can compare and contrast them. A quick search today showed current APRs beginning at 3.16%.
Private student loans are available for international students studying at approved schools in the United States. All international students need a US co-signer. The interest rate for each student is set by the loan underwriter based largely on the credit score and income history of the US co-signer, so a stronger co-signer can mean a lower rate. You can apply for up to the total cost of education, minus other aid received.
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