Directtextbook.com is hosting a scholarship essay contest that will award three students based on their essay submissions. The Directtextbook.com scholarship is open to US citizens with a 2.0 or higher GPA (on a 4.0 scale). Students can be enrolled in any accredited two to four year college or university.

To enter the contest, applicants must submit a 500 word essay by July 15 based on the following:

“What is a principle? How are principles important to your life?”

Three individuals will be awarded the directtexbook.com scholarship and placed in first, second and third place. The first place winner will receive $2500, second place will receive $1000 and third place will receive $250. The use of the award given is not restricted and can be used towards any expense necessary by the awardee.

For further information on how to apply for the directtextbook.com scholarship, you can find out more information here.

You may be asking yourself, what is a grant?

A grant is a type of financial assistance that is given to a students without the need to pay it back. With loans, for example, you are required to not only pay back the amount you borrowed but also pay an additional fee called interest. While this can be an important resource for many students, you will want to use this to cover any secondary expenses that you cannot fund personally – or through a grant or scholarship.

Grants are typically given to undergraduate students which considers the financial need, cost of attendance, and enrollment status. While many US students get this funding from the US federal government, many colleges also give grants to both US and international students alike. While most US Foundation grants are given to US students, there are some opportunities for international students as well!

Programs like Fulbright and select colleges and universities provide grants to international students. If you are interested, be sure to contact them directly and find out about their requirements and deadlines. Many colleges and universities looking to attract international students to their campus also offer financial aid packages available to international students.

Before you begin applying for grants, be sure to also check eligibility and make sure that they do award funds to international students. If you are ready to see what grants you are eligible for, check out the Scholarship and Grant Search which has been designed specifically for foreign students.

Full Sail University is granting their Global Achievement Scholarship in the amount of $5000 to all eligible candidates. Individuals applying for the Global Achievement Scholarship must be non-US citizens, have already completed their admissions interview, meet the Full Sail University entrance requirements and submit the Global Achievement application form along with a 500-word essay on the following topic: “How my Full Sail education will help me achieve my career dream” before classes begin.

The award application and essay will be evaluated by a scholarship committee based upon the following: originality, composition, clarity and relevance to the topic as stated above. The Global Achievement Scholarship can be used towards tuition at Full Sail University and in conjunction with other Full Sail University scholarships.

If you are a non-US citizen that will be attending Full Sail University as a first year student and are interested in this scholarship, you can find out more information about this award and how to apply here.

Students already attending the Bard Center for Environmental Policy masters program or those that will be accepted by March 15 are eligible to apply for the Wangari Maathai Scholarship. This scholarship will provide one international student with $20,000 for their tuition.

International students who are interested in the Wangari Maathai Scholarship must submit a 500 word statement based on the following: “Please define and explain leadership in the context of the sustainability challenges we face in the coming decades.”

Candidates will be judged based on their statement letter and application materials, finalists will be evaluated based on an interview.

International students applying for this scholarship must have also submitted their financial aid application, complete with a certificate of finance.

You can find more information on eligibility and where to submit your application for the Wangari Maathai Scholarship here.

Many students ask us, when is a good time to apply for a loan?

If you are going to be an international student in the US, you are not eligible for US Federal Stafford loans. Instead, many students choose to apply for private student loans. The best time to apply for a loan is once you’ve received your acceptance letter from the school you plan to attend. If you are currently enrolled at a college or university, you can apply for a loan at any time.

Before you begin your application, as an international student, you will need to make sure that you have a US cosigner. To be eligible, your cosigner must be a US citizen or US permanent resident who has lived in the US for the past two years with good credit. Most cosigners are family members or close friends as they are stating that they are responsible to pay any debts that you may be unable to afford.

You can apply each academic term for student loans. The time it takes for the approval will ultimately depend on how long it takes both the borrower and cosigner complete their documents and also on how quickly the school certifies the loan. Once your loan has been approved, the funds will be disbursed to the school and your school will then disperse the funds at the beginning of your term.

To get started, click here to compare international student lenders available at your college or university. Once you’ve found your student loan, you can apply right online.

If you are one of these students, then it is important to know about the proof of funds requirement that you’ll be asked when you visit your local US embassy. All prospective foreign students are required to demonstrate that they have the financial capability to support him or herself while studying in the US. This includes covering tuition and fees, living expenses, and any dependents – without working during your studies.

To meet the Proof of Funds requirement for your F-1 visa, you will either need to present proof of funds for yourself, or do so through a sponsorship (such as a relative financially backing your education). It is important that you check directly with the consulate as this may vary by country and agency, but here are some general considerations and documents you should bring during your visit.

Proof of liquid assets. The consulate will want to see that you are able to cover your education and living expenses. While there are generally no specific documents that prove this, there are some commonly used documents that help support proof of funds including:

• Original tax returns from the last three years (Form 16)
• Three years of bank records and/or fixed deposit statements of your sponsor (which can also be your parent)
• Pay slips, employment letters
• Chartered accountant statements
• Scholarships (which should be indicated on your I-20)
• Property documents

The US government is concerned more with liquid assets such as savings accounts and checking accounts since they want to ensure that you have easy access to these funds. Investments with fluctuating values and property deeds are not generally recommended as proof of funds. The embassy is looking to see that you have immediate funds to cover the first year costs of your education, and that you’ll have access to funds for the following years needed to complete your degree.

Additionally, it is important that all of your documents are original, in English (or an official translation attached), and official. Your bank documents should be on bank letterhead with the name of the account holder, account number, and the total amount of funds indicated on the forms.

Sponsorship. If you are planning to study in the US but do not have sufficient funds, you can have a sponsor support you instead. Many international students have a sponsor, such as a family member, to help cover their educational expenses. Sponsors can be located inside or outside the US:

• If the student is sponsored by a US citizen, they would need to complete the I-134 Affidavit of Support Form that requires the sponsor to cover any expenses that the student cannot afford.

• If the student is sponsored with funds outside the US, then the embassy would check to see if there are any fund transfer restrictions from the specified country. If there are any restrictions, the student must be equipped with evidence that the student will be able to access these funds during the period of study.

The final determination of sufficient proof of funds is determined by the consulate or embassy. Even if you provide these documents they can still deny the student visa. Be sure to check with your school and consulate to make sure you have all the proper forms necessary when arriving for your F-1 student visa interview.

Twenty-two students attending the University of Liberia have the opportunity to receive a scholarship from the Chinese Ambassador’s Scholarship Launch. This scholarship program was officially launched April 4 by China’s ambassador in Liberia, Zhao Jianhua. The awards are for students in the Science and Agricultural College studying science, technology, agriculture or forestry and will assist the awardees with tuition and lab fees associated with their studies. Awards are given based on student’s subject of study as well as their grade average.

The launch is consistent with efforts to improve the Science and Agricultural College and increase the number of students studying the sciences at the University of Liberia. This scholarship program is centered on progression in the areas of science and technology and was launched to assist with the reconstruction of Liberia. If you attend the University of Liberia, please contact your school for more information on this award.

However, many students considering studying abroad may ask themselves if it is affordable. If you are one of these students, there are some important tips that will help you keep costs low for study abroad:

Location. Location. Location. The cost of living in your study abroad destination will ultimately depend on where you study abroad.  If you are trying to keep costs low for study abroad, you’ll want to consider a destination that is more economical. Think about your related expenses that you’ll need to cover such as living costs, food, transportation, entertainment, shopping, fitness, laundry and other extracurricular activities. All of these costs will depend on your location. To compare costs, think about not only the country you decide to go to, but also the town or city you choose. If you are dying to study in the United Kingdom, perhaps London might just be too expensive – but what about Manchester or Newcastle? You can still study abroad in the country of your choice, but be sure to investigate the associated costs. Major industrialized cities tend to be much more expensive than neighboring, smaller towns. If a big city is what you want, consider living just outside the city and commuting in, or perhaps consider a big city in a less industrialized country.

Exchange Rates Matter. If you were never finance savvy, here’s your chance to give it a second shot! Exchange rates are the fluctuations of currencies compared to other currency. If you’re a US citizen, more than likely your monetary worth is in US dollars. If the U.S. dollar appreciates (or gains value) compared to your host country’s currency, your dollars can buy even more. If the U.S. dollar depreciates (or looses value) compared to your host country’s currency, you will need more dollars to buy the same amount of goods or services. Over the past year, the U.S. dollar has declined significantly against the Euro and British pound. This means that you need more US dollars to pay for the same goods/services than you would have needed before. So, if you plan to study abroad, it is important to consider this important factor into your decision making. Choose a country where the dollar remains relatively strong and/or stable.

Think Timing. Timing will also impact your wallet! Depending on your study abroad destination, there is a high and low tourist season. Prices from airfare to domestic travel typically fluctuate seasonally. Do the research and plan ahead by trying to coordinate your study abroad trip on an off season period so that prices will be low and in some cases you’ll be able to bargain for better rates. Spring, Fall, or Summer semester gives you the flexibility to choose the best timing to keep costs low for study abroad. Beware, before making arrangements be sure to find out why it’s low season. If you are studying in Costa Rica during the low season, for example, it generally corresponds with the rainy season. Make sure that you are aware of seasonal weather changes so that you are prepared! Also, in some cases, because summer semester is a shorter length of time, rates for a study abroad program are also lower.

We hope that you have found our tips on how to keep costs low for study abroad helpful. We want to hear from you, what have you done to keep costs low when you went overseas?

Are you a US citizen residing in California that has always wanted to visit Japan? The Aurora Challenge Grant through the Aurora Foundation is making this dream of visiting Japan a reality for one individual. The grant challenge is open to individuals regardless of their age or academic achievement, but who have a project goal they would like to fulfill.

Applicants are judged based upon the following criteria:

• Commitment to his/her dream project that relates to Japanese culture
• Need for financial support
• Experience and background related to the project
• Potential to enhance global goodwill with his/her project

The winner of this grant will win a roundtrip air ticket to Japan along with $3,000. The awardee must be able to commit to submitting a post-trip report about their experience. The submission date for this grant has been extended to April 30, those interested can find out more information on the application process here.

In our previous blog, we defined what is the principal and interest rate. The interest rate, or the cost of borrowing money, is influenced by the amount of risk associated with the loan. As you increase the time period on your loan, the total risk of your loan being repaid increases, and therefore the interest rate will also be higher. The interest rate accrues on a daily basis which is determined by your interest rate, amount borrowed, and length of your loan.

And, given this information, let’s consider how this relates to the repayment period. So, what is the repayment period?
The repayment period is the act of returning money that you have previously borrowed. This includes the repayment of both your interest rate and principal that you were lent.

This is an important term since you will need to know when to make your loan payments to ensure that they are paid on time. If they are not, you could find that you will have additional associated fees for late payment, or your loan could be in default.

To avoid this, many students prefer automatic debits from their account to ensure that payment is made on time each month. In some cases, you will find that lenders will reduce your interest rate if you sign up for electronic debiting.

There are three main forms of repayment:

• Full deferral

This form of payment is typically much easier for students who want to dedicate their time in school to just studying. This allows students to defer interest and principal repayments until after graduation (typically up to four years consecutively), or when the student drops down below part-time status. Payments will generally begin 6 months after graduation or if the student is no longer enrolled at least part time. Keep in mind that this is the most expensive option as interest will accrue during the deferment period and will be added to the balance at the time of repayment.

• Interest Only

Another less expensive option is the interest only repayment option. This allows the student to begin paying back the accrued interest on your loan immediately, while you are in school, but your principal payments typically do not begin until 45 days graduation (up to four consecutive years) or once students drop below part-time student status.

• Immediate Repayment

This is the least costly option for students since students begin making payments for both the principal and interest immediately once the loan has been disbursed.

For further questions about repayment period, and why this matters, contact our loan experts. If you are interested in comparing international student loans, you can do so using our international student loan comparison tool which will allow you to compare basic lender terms.

The information provided in this blog is designed to highlight features of loans and how they work. It is always important to check with your lender to confirm terms and conditions, as they can vary.