Finding financial aid: Your guide to scholarships, grants and student loans for international students

October 26th, 2023 by IEFA

Studying abroad offers countless opportunities for personal and professional growth, but financial constraints can hold many students back. Fear not, future global citizens! In this blog post, we’ll guide you through the world of finding financial aid for international students, exploring scholarships, grants and student loans to make your dream of studying abroad a reality. 

Understanding financial aid options

Four primary options exist for college students seeking financial assistance to study in the U.S.:

  • Scholarships.
  • Grants.
  • Federal student loans.
  • Private student loans. 

Bear in mind that federal student loans are not available for international students, but don’t worry – there are still plenty of resources at your disposal.

What students need to know about each resource in a nutshell: 

  • Scholarships are typically awarded based on academic merit or financial need and are not paid back. 
  • Grants are typically based on need and do not need to be repaid. 
  • Federal student loans are available to U.S. citizens and permanent residents and need to be repaid. 

Let’s dive deeper into each option. 

Scholarships

Scholarships are like the golden ticket of financial aid. They’re merit-based or need-based awards that don’t require repayment. With thousands of scholarships available globally, your chances of finding the perfect fit are quite promising. IEFA (International Education Financial Aid) is a free online resource that can serve as your faithful companion in the quest for scholarships. By creating a profile on IEFA, you can discover a plethora of scholarship opportunities, ensuring you don’t miss out on any potential financial support.

Not only does IEFA simplify the scholarship search process, but it also provides access to information on international student loan options. So whether you’re a high school student looking to fund your undergraduate studies or a graduate student seeking assistance for your master’s or doctoral program, IEFA has got you covered.

Grants

Grants are need-based forms of financial assistance that don’t need to be repaid as long as the grant’s requirements are met. While eligibility requirements for grants vary depending on the provider, they’re generally awarded based on financial need, academic merit or a combination of both. The application process may involve filling out forms, submitting documentation such as transcripts and financial statements and providing letters of recommendation.

Keep in mind that grants are usually awarded on a one-time basis and may not be renewable. Additionally, grants often come with specific stipulations, like maintaining a certain GPA or completing a set number of community service hours. However, the extra effort required to secure a grant can be well worth it, as they can significantly reduce your financial burden.

Federal student loans (not available for international students)

Federal student loans are government-funded loans that offer favorable terms, such as fixed interest rates and income-driven repayment plans. However, these loans are not available to international students, as they’re reserved for U.S. citizens or eligible noncitizens.

Don’t be disheartened! There are alternative options available for international students, which we’ll explore in the next section.

Private student loans

Private student loans are offered by banks and other financial institutions with terms and interest rates that can vary significantly. These loans are designed to bridge the gap between the cost of education and the financial aid received from scholarships, grants and federal loans.

For international students, obtaining a private student loan often requires a U.S. cosigner with a good credit history. This cosigner acts as a guarantor, taking on the responsibility of repaying the loan in case the borrower fails to do so.

Fortunately, there are private loans of up to US$100,000 that do not require a cosigner or collateral. You can check your eligibility for a no-cosigner and no-collateral loan using our international student loan eligibility checker

Work-study

Your school might allow you to work part time right on campus to supplement your income. This can be a great way to earn some money to help pay for school expenses. Plus, you’ll get real work experience at the same time. To find out if your school offers this, check out their official website or speak to the financial aid office. Remember to make sure your visa allows you to work.

Can an international student get financial aid?

While international students aren’t eligible for federal financial aid, there are other types of financial aid available. To secure the best possible financial aid package, it’s essential to start researching early, use online resources and consult your school’s financial aid office.

Research financial aid options early

Starting your financial aid research early can provide you with a competitive edge in the race for funds. By familiarizing yourself with the various financial aid options well in advance, you can ensure you don’t miss any deadlines and give yourself ample time to gather the necessary documentation.

Early research also allows you to identify and apply for a wider range of college scholarships and grants, increasing your chances of securing the funds needed to attend your dream graduate school.

Use online financial aid resources

In the digital age, a world of financial aid opportunities and free visa support letters is just a few clicks away. Online resources like Fastweb and eduPASS can help you discover scholarships and grants specifically tailored to international students. These platforms allow you to search for financial aid based on factors such as nationality, field of study and level of education.

Consult your school’s financial aid office

Your school’s financial aid office can be an invaluable resource in your quest for financial assistance. These offices can provide detailed information about the various types of financial aid available at your school, as well as guidance on the application process and eligibility requirements.

Additionally, they can inform you about any school-specific scholarships or grants that may be available to you. 

Maximizing financial aid awards

Now that we’ve explored the various financial aid options available to international students, it’s time to discuss strategies for maximizing your awards. In this section, we’ll cover tips for comparing financial aid offers, participating in work-study programs and budgeting wisely to ensure you make the most of your financial aid package.

When comparing financial aid offers, it’s important to consider the total cost of attendance, including tuition, fees, room and board and other expenses. Additionally, you should look at the types of aid offered, such as grants.

Compare financial aid offers

When you receive financial aid offers from different schools, it’s important to carefully compare them to make an informed decision. 

As you compare, assess the:

  • Total cost of attendance.
  • Amount of financial aid offered.
  • Specific terms of each loan, such as:
    • Interest rates.
    • Grace periods.
    • Repayment plans.

By taking the time to thoroughly evaluate each offer, you can make a judicious decision that best suits your financial needs and long-term goals.

Consider work-study programs

Work-study programs offer a unique opportunity for college students to earn money for their education while gaining valuable work experience. These programs, often offered by universities and colleges, provide part-time jobs on or off campus that can help cover various college expenses.

By participating in a work-study program, graduate students can not only reduce their reliance on student loans, but also enhance their resume and develop essential skills for their future career.

Use budgeting and saving tips

Effective budgeting and money-saving practices can significantly impact your financial well-being during your international education journey. Start by creating a realistic budget that accounts for essential expenses, such as tuition, housing, transportation and groceries. Look for ways to cut costs, such as utilizing student discounts, buying used textbooks and cooking meals at home instead of dining out.

In addition to budgeting, it’s important to develop good saving habits. Set aside a portion of your income from part-time work or work-study programs for emergencies and unexpected expenses. By maintaining a healthy balance between spending and saving, you can minimize your reliance on student loans and set yourself up for financial success in the future.

Summary

Securing financial aid as an international student may seem like a daunting task, but with the right resources and strategies, it’s possible to overcome financial barriers and make your dream of studying abroad a reality. Resources include: scholarships, grants, private student loans and work-study programs. Remember to start your research early, compare financial aid offers and practice sound budgeting and saving strategies to maximize your financial aid awards. Now, go forth and conquer the world of financial aid – your international education adventure awaits!

Frequently Asked Questions

How do I figure out my financial aid?

Figuring out your financial aid is a multistep process. First, start by reviewing the college’s cost of attendance and understanding your expected family contribution. Then, check your award letter to understand how much money you are receiving from the college, the state and the federal government in the form of grants, scholarships and/or loans.

Finally, research other sources of financial aid such as scholarships and grants to help fund your education.

What are the four types of financial aid?

Financial aid for college or career school can be divided into four main categories: scholarships, grants, loans and work-study. These are all important sources of funding that students should consider when planning their education and finances.

Scholarships are not repaid and are typically awarded based on academic merit or other criteria, such as community service or leadership. Grants are typically based on need and generally are not repaid. Loans are borrowed money that must be repaid, and work-study allows you the opportunity to earn an income to help pay for expenses. 

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Explore Computing Scholarships for Computer Science Majors

October 23rd, 2023 by IEFA

Imagine unlocking the door to a world of opportunities in the fascinating field of computer science, without the worry of funding your education weighing you down. A treasure trove of computing scholarships awaits you, designed to support ambitious students like you in pursuing undergraduate and graduate degrees. In this blog post, we’ll guide you through the process of discovering, applying for and securing these scholarships, helping you achieve your academic and career goals. Are you ready to embark on this rewarding quest?

Key takeaways

  • Discover a range of computer science scholarships to suit your needs.
  • Maximize your chances of success by understanding eligibility criteria and researching the application process.
  • Apply for all applicable scholarships, maintain a high GPA and strive for academic excellence to maximize chances of securing a computing scholarship.

Table of contents

Discovering computing scholarships

Begin your computing scholarship journey by exploring online directories, professional organizations, tech companies, universities, high school counselors and community organizations. These resources provide a wide range of opportunities for both undergraduate and graduate students to secure computer science scholarships, thus turning their dreams into reality. Notable sources of these scholarships include IEEE, Society for Women in Engineering, (ISC)2, Google and Microsoft. With numerous technology scholarships available the possibilities are endless.

Creating a profile on platforms like IEFA.org can help students discover computer science scholarship opportunities, including those tailored to high school seniors planning to become computer science students in college. Reviewing eligibility requirements and utilizing search filters to refine the options will lead you to the most suitable scholarship for your needs.

When exploring scholarships, remember to consider those specifically designed for:

  • Female students.
  • Minority groups.
  • Low-income students.
  • Rewarding outstanding academic performance.

With such a diverse range of opportunities available, there is a computer science scholarship available for most aspiring computer science students, including scholarships for computer science majors already pursuing their studies.

Eligibility criteria for computing scholarships

While each computing scholarship has its own set of eligibility requirements, there are some common criteria you should be aware of. These typically include:

  • Academic performance.
  • Financial need.
  • Demographics.
  • Career goals.
  • Specialization areas.

Understanding these requirements is key to applying for scholarships you are eligible for and more likely to secure.

Some scholarships have specific eligibility requirements, which may include factors like gender, minority status or membership in certain organizations. For example, the Honeywell Scholarship targets undergraduate women studying computer science or engineering who demonstrate financial need and/or belong to underrepresented groups.

A thorough study of the eligibility requirements for each scholarship allows you to concentrate your efforts on those that are most suitable, thereby maximizing your likelihood of receiving the scholarship. This proactive approach will help you make the most of the available scholarship opportunities and pave the way toward your computer science degree.

In addition to scholarships, there are alternative financial aid options available for computer science students, such as grants, loans and work-study programs. Exploring these options can help you supplement your scholarship funding and further reduce the cost of your education.

Online programs and scholarships

Online computer science programs offer the flexibility to learn and grow your skills remotely, either partially or entirely. Enrolling in a computer science program often has its own associated scholarships, making it even more feasible for you to pursue your degree.

While evaluating online computer science programs, researching the eligibility criteria for their scholarships is a significant step. This will help you understand whether you qualify for financial aid and ensure that you’re applying for the most suitable scholarships.

Scholarships for undergraduate and graduate students

A wide variety of scholarships specifically target undergraduate students or graduate students in computer science, including those focusing on underrepresented populations, which can help you fund your computer science degree and achieve your academic and career goals.

Some examples of such scholarships include the Amazon Future Engineer Scholarship Program for high school seniors planning to major in computer science, computer engineering or a related subject. Another example is the Energy Telecommunications & Electrical Association scholarship, which targets those seeking a degree in computer science.

For female students and minority students, the Society of Women Engineers Scholarship and the (ISC)2 Undergraduate/Associate Scholarship provide financial aid opportunities to encourage diversity in the field of computer science. These scholarships not only promote inclusion but also reward outstanding academic performance.

Alternative financial aid options

While scholarships are a fantastic way to fund your computer science education, alternative financial aid options, such as grants, work-study and private loans can also provide valuable assistance.

Grants are based on financial need rather than merit and are a common way to gain financial aid without needing to repay it. Computer science students can access various grants, including:

  • Federal Pell Grants (U.S. citizens only).
  • Federal Supplemental Educational Opportunity Grants (U.S. citizens only).
  • State government grants (usually U.S. citizens only).
  • University grants.
  • Grants from private and nonprofit organizations.
  • Research grants from organizations like Google and The National Science Foundation.

Work-study offers students the opportunity to:

  • Gain valuable work experience.
  • Earn money while studying.
  • Develop crucial skills.
  • Offset the cost of education.

Loans offer another way to finance your education, although they need to be repaid after graduation. 

Exploring these alternative financial aid options can supplement your scholarship funding, paving a smoother path toward your computer science degree.

Tips for securing computing scholarships

Adopting a proactive approach is key to increasing your chances of securing computing scholarships. Begin by applying for scholarships as early as possible, giving yourself sufficient time to complete the required paperwork and submit your application before the deadline.

Staying organized and tracking scholarship opportunities can help you avoid missing important deadlines and ensure you’re applying for every scholarship you’re eligible for. Researching each scholarship to ensure eligibility and fit is another critical step in this process, as it allows you to focus your efforts on the right scholarships and meet all the requirements.

Finally, submitting a strong essay can give your application a competitive edge, boosting your chances of being awarded the scholarship. Make sure to carefully proofread your application and essay before submitting to ensure you’re showcasing your achievements and skills in the best possible light.

Scholarships for international students in computer science

International students pursuing computer science degrees in various countries can also benefit from a range of scholarships tailored to their needs. Some notable examples include:

To maximize your chances of securing these scholarships, it’s important to:

  • Research the application process.
  • Stay on top of deadlines.
  • Thoroughly research each scholarship and ensure compatibility with all the eligibility criteria.

Doing these things can boost your chances of winning a scholarship and funding your computer science education in your desired country.

Women in computing scholarships

Scholarships specifically designed for women in computing and STEM fields play a vital role in promoting diversity and inclusion in these traditionally male-dominated industries. By providing financial support, these scholarships can help increase female representation in computer science and bring more diverse perspectives, solutions and outlooks to the field.

Some scholarships that cater to women in computing include the Admiral Grace Murray Hopper Scholarship, the Northrop Grumman SWE Scholarship and the MPOWER Women in STEM Scholarship. These scholarships aim to support female students throughout their academic journey and into the workforce.

Applying for these scholarships is a fantastic opportunity for women to fund their computer science education and make a meaningful difference in the field. Researching and applying for these scholarships can help women in computing unlock their full potential and contribute to the industry’s ongoing growth and diversification.

Application process for computing scholarships

The application process for computing scholarships can vary depending on the scholarship, but generally involves:

  • Submitting an application form.
  • Providing transcripts.
  • Submitting letters of recommendation.
  • Writing essays.

Each scholarship will have its own unique requirements, so it’s essential to thoroughly research the application process for each scholarship you’re interested in.

Understanding the application process and requirements aids in submitting a comprehensive and compelling application that highlights your achievements and skills. This not only increases your chances of being awarded the scholarship but also helps you avoid any last-minute stress and confusion.

Remember to proofread your application and essay before submitting, as a polished and error-free application can make a significant difference in the eyes of the scholarship committee. By taking the time to ensure your application is the best it can be, you’ll be well on your way to securing the computing scholarship you deserve.

Maximizing chances of securing computing scholarships

Adopting a proactive approach and applying for all applicable scholarships is crucial to maximize your chances of securing computing scholarships. This increases your chances of receiving funding and helps you uncover scholarships you may not have been aware of before.

Another key factor is maintaining a high GPA, as this showcases your commitment and diligence as a student to scholarship providers. By continuously striving for academic excellence, you can increase the likelihood of being granted a scholarship and pave the way toward your computer science degree.

Summary

The world of computing scholarships offers a wealth of opportunities for students in computer science to fund their education and achieve their academic and career goals. By exploring various sources of scholarships, understanding eligibility criteria and applying for every applicable scholarship, you can maximize your chances of securing the funding you need. Remember to stay organized, research each scholarship thoroughly and submit polished, compelling applications. With determination and perseverance, you can unlock the door to a rewarding and fulfilling future in computer science.

Frequently Asked Questions

Can I use scholarship money for a computer?

Probably! With most organizations you can use your scholarship money to purchase a computer, but it’s worth checking with the provider first. Remember, scholarship money can be used for any educational expense deemed necessary by your school.

Does Apple offer scholarships?

Yes, Apple offers scholarships but the Apple Scholars program is currently invitation-only.

What are the hardest scholarships to get?

The Rhodes Scholarship, Fulbright Scholarship, Gates Cambridge Scholarship, Princeton Scholarship, Mitchell Scholarship, Churchill Scholarship, Marshall Scholarship and Jardine Scholarship are amongst the hardest scholarships to get.

Does Amazon offer scholarships?

Yes, Amazon offers scholarships through their Future Engineer Scholarship program, which includes a $40,000 scholarship and an offer for a paid summer internship.

What sources can I explore to find computing scholarships?

Explore online directories like IEFA.org, professional organizations, tech companies, universities, high school counselors and community organizations to find a wide range of computing scholarships for undergraduate and graduate students. These scholarships can help cover tuition, fees and other educational expenses. They can also provide additional support for research, internships and other activities related to computing.

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How to Refinance a Student Loan: Options for International Borrowers

September 28th, 2023 by IEFA

Refinancing your international student loans can be a game-changer in managing your student loan debt more efficiently and potentially reducing the amount of interest you pay by thousands of dollars. But, what are the steps to refinance, and what challenges do international students face in this process? In this blog post, we’ll uncover the benefits of refinancing for international borrowers, discuss the challenges and provide actionable steps on how to refinance a student loan, helping you take control of your financial future.

Key takeaways

  • Refinancing student loans can provide international students with better loan terms and help reduce the amount they pay in fees and interest.
  • International students must consider credit score, repayment terms, lender fees and eligibility requirements before refinancing.
  • Students can find lenders with competitive interest rates and build a U.S. credit history when they make timely payments.

Contents:

Understanding student loan refinancing

International student loan refinancing challenges

Eligibility requirements for refinancing student loans

Steps to refinance your international student loan

Top lenders for international student loan refinancing

Building your credit history in the U.S.

Additional options for international borrowers

Frequently asked questions

Understanding student loan refinancing

When you refinance your student loans, you secure a new loan from a lender to settle your current student loan debt. This new loan comes with different terms such as lower interest rates or reduced monthly payments, which could reduce the amount you pay over the life of the loan and potentially help you get out of debt faster. It’s an excellent solution for international students who want to change the terms of their international student loan and take advantage of better loan terms.

However, refinancing isn’t a one-size-fits-all solution. Before embarking on the process, you need to evaluate your financial situation, compare lenders and offers and familiarize yourself with eligibility requirements. The good news is there are excellent lenders like MPOWER Financing, SoFi and Citizens Bank that specialize in international student loan refinancing.

What is refinancing?

Refinancing is the process of obtaining a new loan to pay off an existing one, often with the goal of securing a lower interest rate or reducing monthly payments. For international students, refinancing can be an opportunity to release a cosigner and consolidate multiple loans into one, making it easier to keep track of payments and manage your finances.

Building a solid credit score in the U.S. may enable you to qualify for better rates on refinanced loans, thus reducing the amount you pay in interest every month. Keep in mind that not all lenders provide student loan refinancing for international students, so it’s essential to research and understand your options.

How refinancing works

Refinancing student loans involves a new lender paying off your existing loan(s) with a new loan. Your new loan will have different terms and a potentially more favorable interest rate. When you’re thinking about refinancing your student loans, it’s crucial to carefully examine the new interest rate, repayment terms and any fees the new lender might charge. By doing so, you can ensure refinancing is the best move for your financial future.

International student loan refinancing challenges

Refinancing international student loans comes with a unique set of challenges. Many lenders may not offer refinancing options for international students or may have stringent requirements making it difficult for them to qualify.

Limited credit history

A significant challenge faced by international students when attempting to refinance their student loans is having a limited or nonexistent U.S. credit history. Most lenders rely on credit histories and scores to make underwriting decisions, which can make it difficult for international students to get approved for refinancing.

Nonetheless, if you start building a U.S. credit history now, you can enhance your chances of refinancing in the future and qualify for superior loan terms. Most U.S. lenders report payment history to credit bureaus, and you can develop a credit history by:

  • Opening a secured or unsecured credit card account.
  • Financing a larger purchase, such as a car or an appliance.
  • Making timely payments.

Temporary visa status

Temporary visa status can also pose a challenge for international students when refinancing their student loans. Not all lenders have the ability to service and collect on loans internationally, and they may not be able to approve noncitizens on temporary visas, making it more difficult to find refinancing options.

Eligibility requirements for refinancing student loans

To qualify for student loan refinancing, you typically need to meet certain eligibility requirements, such as:

  • Having a history of making debt payments on time.
  • Having a steady income.
  • Having a low debt-to-income ratio.
  • Having good or excellent credit.

Understanding these requirements in depth and evaluating your financial status are crucial to determine if refinancing is a viable option for you.

Stable employment and income

Having stable employment and income is a key factor when it comes to student loan refinancing. Lenders want to ensure you have the means to repay the loan, so they require proof of steady income and employment. By providing pay stubs, tax returns and bank statements, you can demonstrate your financial stability and increase your chances of approval for refinancing.

Building a strong credit history in the U.S. can also improve your chances of qualifying for better refinancing terms and interest rates.

Debt-to-income ratio

Another important factor in determining your eligibility for refinancing is your debt-to-income ratio. This ratio compares your monthly debt payments to your gross monthly income and is calculated by dividing your total monthly debt payments by your gross monthly income.

A debt-to-income ratio of less than 43% is considered optimal for refinancing, as it indicates you have a manageable debt load and are more likely to be approved for refinancing.

Good credit score

A good credit score is essential for qualifying for better loan terms and interest rates when refinancing your student loans. Most lenders require a minimum credit score of 690 to refinance a student loan.

Steps to refinance your international student loan

Refinancing your international student loan involves following a series of steps to ensure a successful application and approval process. These steps include:

  1. Assessing your financial situation.
  2. Comparing lenders and offers.
  3. Preparing necessary documentation.
  4. Submitting your application.
  5. Monitoring progress.

Assess your financial situation

Before embarking on the refinancing process, it is vital to evaluate your financial status to decide if refinancing aligns with your needs. This involves taking a close look at your current income, debt-to-income ratio and credit score to get a comprehensive overview of your financial health.

By evaluating your current financial picture, you can determine if you qualify for a lower interest rate or lower monthly payments and understand the potential savings and benefits of refinancing.

Compare lenders and offers

After evaluating your financial status, the next step involves comparing different lenders and their offers to identify the most optimal refinancing option. This involves researching and evaluating the interest rates, repayment terms and other features of different lenders.

By comparing these factors, you can make an informed decision about which lender and refinancing option is most suitable for your financial situation and goals.

Prepare necessary documentation

Once you’ve selected the most suitable lender and refinancing option, the next move is to compile the requisite documentation for your application. This may include:

  • Recent pay stubs or proof of employment.
  • Tax documents.
  • Valid identification documents.
  • Loan statements.

Having all of this documentation readily available will make the application process smoother and increase your chances of approval.

Submit your application and monitor progress

The final step in the refinancing journey involves:

  1. Submitting your application.
  2. Tracking its progress.
  3. Proactively communicating with the lender.
  4. Providing any additional information or documentation they may require.

Staying on top of your application and maintaining open communication with the lender will help ensure a successful refinancing process and potentially save you time and money in the long run.

Top lenders for international student loan refinancing

Several leading student loan refinance lenders offer options to refinance international student loans specifically designed for international borrowers. These lenders include MPOWER Financing, SoFi and Citizens Bank, each of which has unique offerings and eligibility requirements for international student loan refinancing.

By evaluating these leading lenders, you can discover the ideal refinancing option that aligns with your unique circumstances and requirements.

MPOWER Financing

MPOWER Financing specializes in providing loans specifically tailored for international students, as well as refinancing options to help you reach your financial goals. Their services include:

  • Loans specifically designed for international students.
  • Refinancing options with competitive APRs.
  • Eligibility requirements that can help international students reach their goals more easily.

MPOWER Financing is an excellent option for international students who may not have a U.S. credit history or a U.S. citizen cosigner.

SoFi

SoFi is a personal finance company that provides a range of financial products and services, including:

  • Student loan refinancing options for nonpermanent resident aliens, U.S. citizens and permanent residents.
  • Competitive interest rates.
  • A variety of refinancing options to suit your needs.

In addition to refinancing, SoFi provides free financial advice from a certified financial planner and free career coaching, helping you take control of your financial future.

Citizens Bank

Citizens Bank is another lender that offers refinancing options for international students. Their refinancing options come with:

  • Competitive interest rates.
  • The freedom to choose your repayment terms.

These features make Citizens Bank an attractive option for international students looking to refinance their student loans.

We must note that refinanced loans from Citizens Bank do not qualify for the formal forbearance policy – a critical point to remember.

Building your credit history in the U.S.

Establishing a strong U.S. credit history is crucial for international students who want to improve their chances of approval for refinancing. Building credit in the U.S. involves:

  • Using secured credit cards.
  • Making timely bill payments.
  • Monitoring your credit report to ensure your credit history accurately reflects your financial behavior.

Adopting these measures can elevate your credit score and enhance your financial position, simplifying the process of qualifying for refinancing and potentially enabling access to better loan terms.

Secured credit cards

One way for international students to establish a credit history in the U.S. is by using secured credit cards. Secured credit cards require a cash security deposit, which acts as collateral and reduces the risk for the lender.

By using these cards responsibly and making on-time payments, international students can demonstrate their creditworthiness and build a positive credit history in the U.S. This, in turn, can help them qualify in the future for other types of credit, such as student loan refinancing.

Timely bill payments

Paying bills on time is another essential component in building a strong credit history and improving credit scores. Consistently making timely bill payments demonstrates to lenders that you are responsible with your finances, which can help you build a strong credit history.

You can ensure timely bill payments by setting up automatic payments, setting reminders and budgeting for bills, which will help you stay on top of your finances and avoid late fees.

Monitoring your credit report

Regularly monitoring your credit report is crucial in building and maintaining a strong credit history. By keeping an eye on your credit report, you can spot errors, identify areas for improvement and track your progress in building credit.

If you find any errors in your credit report, you should dispute them with the appropriate credit bureaus to ensure your credit history accurately reflects your financial behavior.

Additional options for international borrowers

Alternative financing solutions are available for international borrowers who might not meet the qualifications for conventional refinancing options. Exploring these additional options can help you find the most suitable solution for your unique needs and financial circumstances.

Personal loans

Personal loans can be a viable option for international borrowers looking to pay off their private student loans with a more favorable interest rate. These loans are typically provided by banks, credit unions or online lenders and can be used for various purposes, including paying off student loans.

To qualify for a personal loan, you typically need a reliable source of income, a healthy debt-to-income ratio and good credit, but the exact requirements may be different from a dedicated refinancing product. By comparing personal loan offers and carefully evaluating interest rates and repayment terms, you can determine if a personal loan is a suitable alternative to refinancing your student loans.

Family or friend loans

Borrowing from family or friends may be an option if you are unable to qualify for traditional refinancing solutions. While this option can provide you with the funds you need, it’s essential to establish clear written terms and repayment plans to avoid potential financial and relationship complications.

By setting a repayment plan, interest rate and any other relevant terms upfront, you can ensure a successful family or friend loan that benefits and protects both you and the lender.

Summary

Refinancing your international student loans can be a powerful tool in managing your student loan debt and potentially reducing the amount of interest you pay by thousands of dollars over the life of the loan. By understanding the benefits, challenges and steps involved in the refinancing process, and considering top lenders like MPOWER Financing, SoFi and Citizens Bank, you can take control of your financial future. As you navigate the world of refinancing, remember to explore all available options, including building a U.S. credit history, enlisting a co-signer and considering alternative financing solutions, to find the best refinancing solution for your unique needs.

Frequently asked questions

Is it hard to get student loans refinanced?

Getting student loans refinanced is not easy, as you typically need good credit and a steady income to qualify. Requirements vary by lender, but a minimum credit score and a strong debt-to-income ratio are generally needed. Prequalifying is the best way to determine eligibility.

How does refinancing a student loan work?

Refinancing your student loans is simple: you take out a new loan with better terms to repay your existing loan in full, allowing you to pay less over time or have smaller monthly payments. This can be a great way to reduce the amount you pay each month and make your student loan payments more manageable. It’s important to do your research and compare lenders to make sure you’re getting the best deal.

How much money do you need to make to refinance student loans?

It varies by lender. If you’re looking to refinance student loans, you’ll need to research what the lender’s income requirements are to qualify.

Can I refinance my student loan with a cosigner?

Yes, you can refinance your student loan with a cosigner. A cosigner should have a good credit score and steady income in order to strengthen your loan application. However, one of the best reasons to refinance is to release a cosigner from their responsibility on your existing loan or loans.

What is student loan refinancing, and why is it beneficial for international students?

Student loan refinancing can be a great option for international students, as it allows them to improve on the terms of their existing loan and potentially reduce the amount they pay in interest over the course of the loan. It involves obtaining a new loan with better terms, such as lower interest rates or reduced monthly payments, to pay off an existing student loan debt.

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Engineering Scholarships for College Students

August 3rd, 2023 by IEFA

Imagine a world where financial barriers don’t stand in the way of pursuing an engineering degree. Sounds fantastic, right? Well, engineering scholarships can help make that goal a reality. In this blog post, we’ll explore the different types of scholarships available for undergraduate and graduate students enrolled in a variety of engineering fields, along with tips for applying and alternative funding options.

Table of Contents

  1. Engineering Scholarships Overview
  2. Top Engineering Scholarships for Undergraduate Students
  3. Top Engineering Scholarships for Graduate Students
  4. Specialized Engineering Scholarships
  5. Tips for Applying to Engineering Scholarships
  6. Alternative Funding Options
  7. FAQ

Engineering Scholarships Overview

Engineering scholarships open up a world of possibilities for students who are passionate about pursuing a career in this field. With a vast array of scholarships available to undergraduate and graduate students, there’s never been a better time to pursue your engineering degree. From mechanical and civil engineering to aerospace and nuclear engineering, the opportunities are endless.

Types of Engineering Scholarships

Engineering scholarships come in various forms, such as merit-based, need-based and demographic-specific scholarships.

Merit-based scholarships are awarded based on academic performance, such as grades or test scores. Need-based scholarships, on the other hand, are awarded based on your financial need and can be a great way to help fund your college education.Finally, demographic-specific scholarships, such as those tailored to women and minority students, can make college more accessible.

Eligibility Criteria

Eligibility criteria for securing an engineering scholarship typically include factors such as academic performance, background, location, extracurricular activities, financial need, leadership, potential for professional success and responses to essay questions.

Top Engineering Scholarships for Undergraduate Students

Top undergraduate scholarships are available for mechanical and civil engineering students, with varying award amounts and application requirements.

Mechanical Engineering Scholarships

Mechanical engineering scholarships cater to students who are studying in this specific field of engineering and may be aimed at students who have displayed academic achievement, financial need or the potential to contribute significantly to the field.

There are various types of mechanical engineering scholarships available, including:

  • General engineering scholarships.
  • Scholarships for specific mechanical engineering fields.
  • Scholarships for high academic achievements.
  • Scholarships funded by alumni and corporate sponsors.

Here’s an example of a merit-based award: the Engineering Excellence Scholarship (Overseas Students).

Civil Engineering Scholarships

Civil engineering scholarships often require applicants to be members of professional organizations, such as the American Society of Civil Engineers (ASCE). Eligibility criteria for civil engineering scholarships may include enrollment in an accredited civil engineering program, a minimum GPA and a demonstration of financial need.

If you’re a budding civil engineer with the drive to make a difference, scholarships like the Yang Civil Engineering Scholarship could be the key to unlocking your potential.

See all American Society of Civil Engineers (ASCE) Scholarships.

Top Engineering Scholarships for Graduate Students

Top graduate engineering scholarships for aerospace and nuclear engineering students include the NASA Aeronautics Scholarship Program and American Nuclear Society scholarships.

Aerospace Engineering Scholarships

To be eligible for aerospace engineering scholarships, applicants are often required to have a minimum GPA or be members of aerospace-related professional organizations. Like many other scholarships, applicants may also be required to write an essay outlining their career goals or about an engineering-related topic.

Examples of aerospace engineering awards include the American Institute of Aeronautics and Astronautics (AIAA) scholarships, which provide financial assistance as well as access to a network of professionals in the aerospace industry to help build relationships and further your career.

Nuclear Engineering Scholarships

To be eligible for a nuclear engineering scholarship, applicants must be enrolled in a nuclear science or nuclear engineering degree program and have completed at least two years of the program. So, if you’re passionate about harnessing the power of the atom, scholarships like the American Nuclear Society Scholarship can provide the financial support you need to fuel your educational journey.

Specialized Engineering Scholarships

Beyond the realm of general engineering scholarships, specialized engineering scholarships cater to unique demographics and interests. Women, minority students and those passionate about green engineering technology can all find scholarships tailored to their specific needs.

With varying award amounts and eligibility criteria, these scholarships can help pave the way for a more diverse and sustainable engineering landscape.

Scholarships for Women in Engineering

Scholarships for women in engineering aim to empower more women to pursue careers in engineering. These scholarships often require membership in professional organizations, such as the Society of Women Engineers (SWE) or the Association for Women in Science (AWIS).

Examples of scholarships for women in engineering include the MPOWER Financing Women In STEM Scholarship, Amelia Earhart Fellowship, the Society of Women Engineers (SWE) Scholarships and the Women in Aviation Engineering Scholarships. These awards provide financial assistance and also connect you with a network of like-minded women in engineering, fostering a supportive community to help you thrive in your career.

Scholarships for Minority Engineering Students

Minority engineering scholarships endeavor to increase diversity in the engineering field by providing financial support to underrepresented students. These scholarships often have specific eligibility criteria based on ethnicity or nationality.

Examples of scholarships for minority engineering students include the National Action Council for Minorities in Engineering (NACME) scholarships, the Hispanic College Fund scholarship and the Society of Hispanic Professional Engineers (SHPE) scholarships. Not only do these scholarships provide financial aid, they also connect you with a community of professionals and students who share your background. This supportive network will help you excel in your engineering career.

Green Engineering Scholarships

For students committed to sustainable and environmentally friendly engineering practices, green engineering scholarships offer a fantastic opportunity to further their education while making a positive impact on the planet. These scholarships have varying award amounts and eligibility criteria, ensuring that there’s a strong fit for every eco-conscious engineering student.

Examples of green engineering scholarships include the Udall Scholarship and the Environmental Engineering and Science Foundation Scholarships

Tips for Applying to Engineering Scholarships

Navigating the world of engineering scholarships can be overwhelming, but with a few tips and tricks up your sleeve you can maximize your chances of success.

In the following sections, we’ll discuss how to research scholarship opportunities. This includes understanding the different types of scholarships available, researching organizations that offer them and learning what criteria they use to evaluate applicants.

Preparing a strong application is also key to success. This includes writing a compelling essay, gathering letters of recommendation and submitting all required documents.

Researching Scholarship Opportunities

Uncovering the perfect scholarship opportunity is a matter of diligent research. To find scholarships that fit your specific criteria, use online search engines like:

Additionally, don’t forget to reach out to your college’s financial aid office for more information and guidance.

When researching scholarship opportunities, pay close attention to eligibility criteria and application deadlines. This way, you can focus your efforts on the scholarships that best align with your background, interests and goals to increase your chances of success.

Preparing a Strong Application

When it comes to scholarship applications, first impressions matter. Here’s how to create a compelling application:

  • Gather all required documents – Find all of the scholarship documentation you’ll need,  including transcripts, resumes and letters of recommendation. 
  • Craft engaging essays – When writing your essays you’ll want to showcase your unique personality, service and volunteer work, and special talents or skills.
  • Proofread your application – Take the time to proofread your application and double-check all submission requirements to ensure you’ve put your best foot forward. 

Remember, persistence is key when applying for scholarships. Don’t be discouraged if you are not granted a scholarship on your first try – keep refining your application and applying to as many scholarships as possible. With determination and a strong application, you’ll be well on your way.

Here’s more on how to write a scholarship application.

Alternative Funding Options for Engineering Students

While scholarships are an incredible resource for engineering students, they’re not the only financial support option available. In this section, we’ll explore alternative funding options, such as employer sponsorship, grants and fellowships, employment and international student loans.

Employer Sponsorship

Employer sponsorship can be a game-changer for engineering students looking to further their education without breaking the bank. Companies may offer to cover partial or full tuition costs in exchange for a commitment to work for the company after graduation. If companies offer tuition reimbursement programs, it would allow you to pay for your tuition and fees with pre-tax dollars. 

To take advantage of employer sponsorship, reach out to your company’s human resources department to discuss available opportunities. Keep in mind that some companies may require you to maintain a minimum GPA or complete your degree within a specific timeframe. By partnering with your employer, you can achieve your educational goals while also securing your future career.

Grants and Fellowships

Grants and fellowships offer a valuable financial lifeline for engineering students pursuing graduate degrees. Often awarded based on academic achievement, research potential or teaching abilities, these awards can help you cover the cost of your graduate education without taking on additional debt.

Some examples of grants and fellowships available for engineering students include the Margaret McNamara Education Grants, the Fulbright Program for Non-US Students, and the National Science Foundation Graduate Research Fellowship Program. By exploring these options, you can secure additional financial support and focus on achieving your engineering dreams.

Employment

Getting a job could be a viable option to help cover your college or university costs. However, before you start looking for work, make sure you check the terms of your visa. Depending on your visa type, there may be restrictions on working while studying. Additionally, it’s important to ensure that your school permits international students to work.

Once you’ve determined your work eligibility, start exploring your options. Whether it’s a part-time job on campus or an internship in your field of study, employment could help ease your financial burden while providing valuable work experience. With the right approach and a bit of effort, you’ll be able to enjoy the perks of working while studying.

International Student Loans

For students studying abroad, international student loans can provide a much-needed financial boost. These loans are typically offered by private lenders and have varying interest rates and repayment terms.

To secure an international student loan, research private lenders who offer loans specifically designed for international students. Keep in mind that some loans may require a U.S. cosigner or other eligibility criteria, such as enrollment in an accredited program. By considering all available funding options, you can confidently pursue your engineering degree, wherever your studies may take you.

Wrap up

Engineering scholarships and alternative funding options can make the seemingly impossible dream of pursuing an engineering degree a reality. From undergraduate and graduate scholarships to specialized awards for women, minority students and green engineering enthusiasts, the possibilities are endless. With diligent research, a strong application, and a little persistence, you can secure the financial support you need to fuel your engineering dreams and make a lasting impact on the world.

Frequently Asked Questions

How do you get a NASA scholarship?

To get a NASA scholarship, you must demonstrate strong academic performance and aptitude in STEM fields, a related science degree as well as financial need and involvement in school or community activities. Additionally, those from traditionally underrepresented backgrounds are particularly encouraged to apply.

What is the hardest type of scholarship to get?

Securing an athletic scholarship can be incredibly competitive and requires dedication, skill and hard work. It can be one of the most challenging scholarships to obtain, but also one of the most rewarding.

Athletes who are successful in obtaining an athletic scholarship have put in the time and effort to make themselves stand out from the competition. They have worked hard to hone and demonstrate their skills.

What types of engineering scholarships are available?

If you’re an engineering student, you have access to a range of scholarship opportunities! These include merit-based, need-based and demographic-specific scholarships for women or minority students.

Take advantage of these resources to invest in your future career success.

How can I find the best scholarship opportunities for me?

Start your search early and be proactive. Use online resources such as IEFA and get in touch with your college’s financial aid office – they will provide you with great advice and scholarship opportunities that are tailored to you!

With some research and effort, you’ll be able to find the best scholarship opportunities for yourself.

What are some tips for preparing a strong scholarship application?

Begin your application process early, research the scholarship thoroughly and compose strong essays that accurately convey who you are and what you’ve accomplished. Be sure to stay organized, and make sure you follow any instructions precisely. Additionally, be sure to communicate your background and accomplishments in a compelling and concise way.

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Building a Global Network: Top Networking Strategies for International Students to Forge Lasting Connections

July 7th, 2023 by IEFA

Strong networking connections can open up incredible opportunities for international students for internships, future jobs  and academic advancement.

Making these connections can be more challenging than it seems as you navigate an unfamiliar environment in a new country. 

From language barriers to unfamiliar faces, creating meaningful connections can seem overwhelming, but with some insider tips and proven strategies, it’s possible! 

Let’s explore some of the top networking strategies for international students.

The Importance of Networking for International Students

First, let’s take a look at why it is so important for international students to build long-lasting networks:

1. Access to jobs and internships

Building strong networks can help you discover job and internship opportunities you might not find otherwise.

Your new connections can share insider info, give you referrals, and help you better understand different industries.

2. Cultural exchange and understanding

Connecting with people from diverse backgrounds helps you gain insight into different  traditions, perspectives and cultures. In addition, if you get a job in a different country – having a network of friends who are familiar with the local customs and culture can help you feel more at ease in your new home.

3. Personal and professional development

Interacting with a variety of individuals allows you to learn from their experiences, pick up new skills, and expand your knowledge in your field of study.

Plus, these connections can lead to collaborations and partnerships that can further enhance your career prospects.

4. Mentorship and career guidance

Connecting with experienced professionals in your field can lead to valuable mentorships.  Mentors can offer personalized advice and guidance, help you navigate your academic and professional journey more effectively, and open doors to new opportunities.

5. Support system

Building a network of supportive people can ease your transition to your new school in a new country. 

6. Long-lasting friendships

Networking can lead to lifelong friendships. As you get to know each other more, connect over shared interests or hobbies, and support each other’s endeavors – these relationships help you professionally and add value to your personal life.

Top 10 Ways to Network as an International Student

Now that you understand the importance of networking, let’s look at 10 key strategies you can use to build meaningful and lasting connections:

1. Prepare yourself

Don’t just jump into a conversation with someone randomly. Take some time to prepare yourself – think about what you want to talk about and practice your conversation skills.

If you are planning to join a club or organization, it’s even more important to be well-prepared.

Plan ahead of time and try to have a few conversation starters ready. You can also write an outline of what you are going to talk about and do some research to familiarize yourself with the group or organization.

If you take your time to plan and practice, you will be able to make a positive impression.

2. Develop a personal story

It’s always a good idea to have a story you can share with the people you meet. This helps you stand out and makes it easier to start a conversation.

For example, if you are at an event for international students, try to focus on talking about your experiences in the country. You could share why you chose to study abroad and how that experience impacted your life.

3. Join clubs, organizations and events

Joining a club or other organization is a great way to meet like-minded people with similar interests. When you find yourself surrounded by people with similar backgrounds, passions, and goals, it’s easier to build relationships.

Find out what clubs, career fairs, or organizations your school has to offer and join the ones related to your field of study. Almost every university or college has some kind of club that caters to international students.

Also attend local events related to your field. This will help you make new connections and is a great way to spend your free time and explore the city.

4. Use social media to your advantage

Social media is great for networking and connecting with people from all over the world. Start by joining and interacting with online professional groups related to your field or interests. You’ll have opportunities to showcase your technical and professional skills through these conversations.

LinkedIn is a popular professional and business networking platform that allows you to create meaningful connections and build relationships with professionals around the world.

Comment on posts, ask questions and share your own experiences – all of these things can help you make connections and build relationships.

5. Be ready to ask and answer questions 

Asking questions helps you get to know a person better, and it shows you value them and are interested in what they have to say.

At the same time, be prepared to answer questions about yourself so you can share your experiences and talk about why you chose to study abroad.

By getting to know each other better, you are one step closer to forming a lasting connection. 

6. Learn to listen to others

Listening is an art.  It takes practice. Active listening means paying attention to what the other person is saying, asking thoughtful questions and reflecting back on your understanding of their words.

This will help you form stronger relationships and strengthen your own communication skills.

7. Follow up after your conversation

Once the conversation is over, follow up with a message or an email. This is an excellent way to show you value the connection and are interested in continuing it in the future.

8. Research

Take time to research professors, other students or employers. You’ll gain deeper insight into their background and interests, which can then help make the conversation more meaningful.

Start by using social media platforms such as LinkedIn and Twitter to research their profiles.

By taking the initiative to learn more about people, you will make a better impression and form stronger relationships with the people you meet while studying abroad.

9. Be patient

Don’t expect overnight results. Building meaningful relationships requires effort, and it’s important to give them time to grow and develop.

With patience and perseverance, you can create meaningful connections with people from all over the world.

10. Keep it going 

Lastly, stay in touch with your network. Whether through a quick email or message once in a while, staying connected can help keep the relationships alive and growing.

At the same time, keep looking for ways to connect and build new relationships – whether by attending networking events or joining online groups related to your field of study.

By continually looking for new networking opportunities, you will be able to form more meaningful connections and build a strong network that can benefit you in the long run.

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Explore the World of Merit Scholarships

June 27th, 2023 by IEFA

The world of merit scholarships is vast and filled with opportunities to help you achieve your dreams of higher education without financial burdens. In this blog post, we’ll guide you through understanding, finding and applying for merit scholarships.

Key Points:

  • Merit scholarships reward academic achievement, extracurricular activities, leadership skills and community involvement.
  • Researching multiple sources to discover tailored opportunities may increase your chances of securing financial aid for college.
  • Strategies such as selecting the right scholarship, crafting a compelling essay and gathering strong letters of recommendation can help secure merit scholarships.

Table of contents

  1. What is a merit scholarship?
  2. How to find the best merit scholarships
  3. How to successfully apply for a merit scholarship
  4. Maintaining and renewing merit scholarships
  5. Navigating the merit scholarship timeline
  6. Summary
  7. FAQ

What is a Merit Scholarship?

A merit scholarship is a financial award given to college students based on their academic achievements or other talents in a specific field. 

Unlike need-based financial aid, merit-based scholarships are awarded based on academic achievement, extracurricular activities and other criteria, such as leadership skills or community involvement. Merit scholarships are an excellent way to fund your college education. These merit awards can help relieve some of the financial burdens that often accompany a college education, allowing students to focus on their academic success and personal growth.

Merit scholarships come in many forms, from generous scholarships offered by colleges and universities to partial awards provided by private organizations and foundations. To help find the right one for you, let’s dive deeper into the criteria and types of merit scholarships available.

Criteria for Merit Scholarships

The criteria for merit scholarships can vary and generally revolves around a few key factors. Your grade point average (GPA) is often a significant consideration with the minimum requirement usually starting at 3.0, although this may vary. In addition to your GPA, standardized test scores, such as SAT or ACT results, are commonly considered as well.

Beyond academic achievements, merit scholarships also consider your extracurricular activities and demonstrated leadership skills. For example, serving as an officer or team captain in student organizations, sports, honor societies, community groups or jobs can showcase your leadership abilities and increase your chances of securing a merit scholarship. So, make sure you give equal weight to both your academic performance and extracurricular involvement when applying for merit scholarships.

Types of Merit Scholarships

There are several types of merit scholarships available to talented students with a wide range of interests and achievements. Merit scholarships may be offered by colleges and universities themselves, private corporations or foundations, and local or community-based organizations.

The National Merit Scholarship Program is an esteemed program which recognizes the best high school students in the country. Those who qualify are rewarded with scholarships based on their exceptional PSAT and SAT scores. Applicants must satisfy certain criteria to be eligible. They must be U.S. citizens or permanent residents in high school and have taken the Preliminary SAT/National Merit Scholarship Qualifying Test (PSAT/NMSQT) by their junior year.

With various tiers and awards available, the National Merit Scholarship Program is just one example of the many merit scholarships that can help support your college education.

How to Find the Best Merit Scholarships

A little research and persistence will uncover a treasure trove of scholarship opportunities. Always start with your school’s financial aid office. It’s a great resource. Next, search online using a search platform such as IEFA.org  The site lists thousands of scholarships for international students. As you research, you’ll be able to create a list of potential merit awards tailored to your unique qualities and achievements.

Also, apply for partial scholarships. Partial scholarships will only cover a portion of your costs, but there are advantages that make the application effort worthwhile. Partial scholarships outnumber full scholarships. There’s less competition for partial scholarships, so you have a better chance of winning one, and there’s no limit to how many you can apply for. Having multiple partial scholarships can quickly add up.

College and University Scholarships

Start by exploring your college or university’s website. Many institutions offer merit scholarships to incoming freshmen, current students and even graduate students. Some scholarships may be specific to a certain major, while others may cater to students with outstanding achievements in various fields. Be sure to explore pages for specific majors, offices of community or civic engagement, athletics and the arts for more specific awards. 

Reach out to your assigned admissions counselor. Once they get to know you better, they can direct you to opportunities specific to your interests and skills.

Private Organizations and Foundations

Private organizations and foundations also offer merit scholarships with varying eligibility requirements. For example, the Terry Crews “Creative Courage” Scholarship is a $20,000 scholarship designed to support talented artists, while the BTL Athletes Scholarship is a $75,000 merit scholarship available to high school upperclassmen and undergraduate student-athletes from low-income backgrounds.

Search online and check the eligibility criteria of each scholarship before applying. Pay close attention to the application process, which may require a separate application, essays, recommendation letters and other evidence of exemplary performance.

Local and Community-based Scholarships

Local and community-based scholarships can be a hidden gem in your scholarship search. These scholarships may have a lower applicant pool due to their more restrictive eligibility requirements, increasing your chances of success. For example, the Peter T. Buecher Memorial Scholarship is a $1,000 scholarship open to high school seniors or undergraduate students in Minnesota who play sports.

To find local and community-based scholarships, consult with your high school guidance counselors, college financial aid offices and community foundations. They can provide valuable information about scholarships that cater to your interests and achievements, giving you additional opportunities to fund your college education.

How to Successfully Apply for a Merit Scholarship

Applying for merit scholarships can be a competitive process, but with the right strategies, you can increase your chances of success. Next, we’ll go over three key strategies for a successful merit scholarship application: selecting the right scholarships, crafting a compelling essay and gathering strong letters of recommendation.

By employing these tactics, you’ll be better prepared to showcase your unique talents and achievements, making you a strong candidate for merit scholarships. Remember, the key to obtaining any scholarship is adhering strictly to the requirements. If you have any inquiries regarding a scholarship, it’s essential to contact the scholarship coordinator for further information.

Now, let’s dive into each strategy in more detail.

Selecting the Right Scholarships

One of the first steps in applying for merit scholarships is creating a prioritized list of scholarship opportunities. This allows you to allocate your time and effort effectively, ensuring you submit the most competitive applications possible. After creating your list, read the directions carefully, adhere to the instructions and finish the application, including any required essays, interviews, or additional materials.

When searching for local scholarships, make sure you consider those tailored to your individual qualities, such as your interests, achievements, or background. By focusing on scholarships that align with your unique strengths, you’ll maximize your chances of being awarded the financial aid you need to pursue your college education.

Crafting a Compelling Essay

A compelling essay can be the key to standing out in a competitive pool of applicants. Start the writing process early, allowing yourself ample time to reflect on your experiences, research the scholarship provider’s mission and purpose and seek feedback from others. Reading examples of successful scholarship essays can help you craft a personal and captivating essay.

In your essay, focus on any skills, talents, or unique experiences that differentiate you from other applicants, such as your personal experiences, achievements, or aspirations. By crafting an essay that showcases your unique qualities and aligns with the provider’s goals, you’ll increase your chances of securing the merit scholarship you desire.

Gathering Strong Letters of Recommendation

Letters of recommendation are a crucial component of most merit scholarship applications, as they attest to your capabilities and potential. Consider asking individuals who know you and your talents, such as teachers, coaches, high school counselors, extracurricular advisors, job supervisors or members of church or community organizations.

It’s essential to submit your recommendation and nomination requests at least one month prior to application deadlines, and early submission is encouraged. By allowing ample time for your recommenders to craft thoughtful and compelling letters, you’ll enhance your chances of securing the merit scholarship you seek.

Maintaining and Renewing Merit Scholarships

Once you’ve been awarded a merit scholarship, it’s important to understand the requirements and strategies for maintaining and renewing your scholarship. By keeping track of renewal requirements and implementing strategies for continued success, you’ll ensure you remain eligible for financial aid throughout your college education.

In this section, we’ll discuss the importance of adhering to scholarship renewal requirements and share strategies for ongoing success to help you make the most of your merit scholarships.

Scholarship Renewal Requirements

The renewal requirements for merit scholarships can vary and typically include maintaining a certain GPA, completing a minimum number of credit hours and demonstrating satisfactory academic progress. For example, a scholarship might require a minimum GPA of 3.0 and the completion of at least 12 credit hours per semester.

It’s crucial to stay informed about the renewal requirements of your specific scholarship to ensure you remain eligible for financial aid. By diligently maintaining your academic performance and adhering to the established criteria, you’ll be well-positioned to renew your merit scholarship and continue benefiting from its financial support.

Strategies for Continued Success

To maintain success with merit scholarships, it’s essential to adhere to deadlines, maintain a high GPA and consider applying for additional private scholarships. By staying organized, prioritizing your academic performance and exploring additional funding opportunities, you’ll increase your chances of continued success in your college education.

Also, don’t forget to keep up with any continuing requirements from your school’s financial aid office and participate in extracurricular activities that showcase your commitment and leadership abilities. By staying proactive and consistently striving for excellence, you’ll be well-equipped to maintain and renew your merit scholarships throughout your college journey.

Navigating the Merit Scholarship Timeline

Consider the merit scholarship timeline when applying for and maintaining scholarships. Research application deadlines, notification timelines and acceptance timelines, so you’re well prepared to submit competitive applications and manage your financial aid effectively.

Application Deadlines

Timeliness is paramount when applying for merit scholarships. Application deadlines vary with each scholarship, so it’s essential to check the scholarship’s website for their deadlines. For example, the GE Foundation Engineering Scholarship Program for Freshmen has a deadline of early May, while the Ronald McDonald House Charities Scholarship usually requires applications to be submitted by the end of January.

To ensure you submit your applications on time, start the application process at least four months prior to the earliest deadlines. This will give you ample time to collect the necessary materials, write compelling essays and gather strong letters of recommendation.

Notification and Acceptance Timelines

The notification and acceptance timelines for merit scholarships varies depending on the particular scholarship and the institution offering it. Generally, you can expect to hear back about your application one to three months following the submission deadline.

By being aware of these timelines, you can plan accordingly and ensure you’re prepared to accept any scholarship offers you receive. Additionally, staying informed about the notification and acceptance timelines will help you manage your financial aid effectively and make well-informed decisions about your college education.

Summary

In conclusion, merit scholarships offer a wealth of opportunities for talented students to fund their college education while being recognized for their academic achievements and extracurricular involvement. By understanding the criteria and types of merit scholarships, researching and applying for the best opportunities and maintaining and renewing your scholarships, you can pave the way for a bright and successful academic future. So, go ahead and explore the top merit scholarships for 2023.  Your journey to academic excellence and financial freedom awaits!

Frequently Asked Questions

What is a good GPA for merit scholarships?

Maintaining a GPA of 3.5 or higher is usually required to qualify for merit-based scholarships, and a GPA of 3.75 or higher will make you a very competitive candidate.

What award amounts might I expect?

Merit-based scholarships vary greatly but generally range from $1,000 at state schools to full rides worth as much as $35,000 annually. The Davidson Fellows Scholarship, one of the most competitive undergraduate scholarships in the world, awards up to $50,000. The average award amount is around $5,000, making this an excellent opportunity for students seeking financial support for their educational expenses.

Scholarships can be a great way to help pay for college, and merit-based scholarships are a great option for students who have achieved academic success. With the right research and application process, students can find scholarships that can help them cover the costs of their studies.

Does a merit scholarship mean a full-ride?

No, a merit scholarship typically does not provide full funding for tuition and other college expenses. While merit scholarships can help offset the cost of attendance, they are highly competitive and require applicants to demonstrate outstanding academic achievements or other talents in a specific field. Multiple partial scholarships could provide the funding you will need.

What is an academic scholarship?

An academic scholarship is a financial award given to students based on their academic achievements or other criteria such as financial need. These scholarships are typically provided to support the student’s education and can be used for tuition, fees, books and living expenses.


Three Things All International Students Should Know about Financing Their Education

February 23rd, 2023 by IEFA

For international students who want to get a quality education, financing can be a major concern. If you plan on studying in a foreign country, the costs can be a huge obstacle.

However, if you know how to find the right resources and opportunities, you can take some of the stress out of financing your education and make studying abroad a reality.

In this article, we will be sharing the top three things every international student should know about financing their education. If you are an international student looking to finance your education abroad, keep reading.

1. Apply for multiple grants and scholarships.

Grants and scholarships are the most affordable way to finance your education and are designed to help students of all backgrounds with their educational funding.

In many cases, you can search for grants and scholarships that are specific to your country, university, or field of study. Make sure you apply for as many as you can – because the more applications you have, the greater your chances of being awarded one. 

There are no restrictions in regard to how many grants and scholarships you can apply for. So make sure to research your options thoroughly so that you don’t miss out on any great opportunities.

Why grants and scholarships? They’re a beneficial form of funding for international students because they do not have to be repaid.

Search for scholarships here.

2. Apply for a government education loan first, then private student loans

Sometimes, grants and scholarships can’t pay for all of your educational expenses. This could be because the amount of money awarded is limited, and often not enough to cover the entire cost of your education, or because scholarships to study in a foreign country can be highly competitive.

That’s especially the case for full grants and scholarships – which are very competitive indeed – as you must meet certain criteria to be considered eligible for them. 

This is where education loans come in. The amount of the loan will be determined by factors such as the cost of attendance at your university and your credit history and finances. There are mainly two types of loans: government or federal education loans, and private student loans.

As you might guess by the names, private student loans are offered by private institutions. In many cases, the interest rate for private student loans is higher than for government education loans.

Government loans usually have highly competitive interest rates. These student loans should be a priority because of the low-interest rates they offer. But they may not be available to all students.

You should check whether your home country offers this type of funding for international students, because you are unlikely to qualify for government backed loans at your destination.

So, if you need additional funds for your educational expenses, make sure to apply for a government education loan from your home country first, if they are available, before considering any private student loan options.

If you still need extra loans for your education, then it’s time to consider private student loans of up to US$100,000.

The great thing about private international student loans is that they are available to many students, from many countries, studying at many schools. Getting an education loan to cover the costs of your time abroad can be an excellent investment in the long term, so don’t be put off by the repayments.

3. Work on your academics

If you are planning to study abroad, you need to ensure you’re getting excellent grades in school. Many grants and scholarships are awarded to international students with exceptional academic performance.

If you want to increase your chances of getting a grant or scholarship, working on your grades is the key. There are many opportunities out there for students who excel in academics and have excellent GPAs.

There is a correlation with loans, too. While many lenders require a cosigner in order to approve the loan, there are some that base their decisions on other criteria. In some cases students taking on MBAs, Masters and STEM degrees – courses that are often highly competitive and require excellent academic standards just to be accepted – are more likely to be approved for an education loan without the need for a cosigner. Find out more about the loans you could be eligible for here.

Don’t forget to work on your communication skills, leadership skills, and any other skills that are relevant to your field of study as well. These extra activities will help you stand out from the crowd and increase your chances of receiving a grant or scholarship.


These are the top three tips for international students who are looking for funding. Study abroad programs are expensive so you must take all the steps necessary to find the best option for you. We hope this article helped you understand how you can reduce the burden. Make sure you take advantage of all the resources available to you when looking for grants or scholarships. There are websites dedicated to helping international students find grants and scholarships, so make sure you do your research. Good luck!

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UK International Student Scholarships

February 14th, 2023 by IEFA

The UK is one of the most popular international study destinations around the world and is widely known for the availability of scholarships on offer. International students in the UK can access numerous scholarships for both undergraduate and graduate courses in many fields of study. 

These awards can provide valuable financial assistance towards tuition fees and other living costs to help make studying in Britain a reality. Scholarships can be awarded based on academic excellence, leadership potential, or financial need.

If you are planning to study in the United Kingdom, you should definitely look into some of these scholarships:

1. The Chevening Scholarship

One of the top international scholarships in the UK is offered by the Chevening – the UK government’s international scholarships and fellowships programme. This world-renowned scholarship, supported by the government and administered through its diplomatic posts worldwide, provides comprehensive funding for a full year of postgraduate study at any British university.

Students who receive these scholarships are chosen by British Embassies around the world. These students are both academically outstanding and demonstrate a strong commitment to their community.

2. The Commonwealth Scholarship

The UK’s commonwealth scholarships are open to international students from all Commonwealth countries except the United Kingdom itself. These scholarships provide full tuition fees, a living allowance, and other benefits for one year of study in the UK.

The high cost of study and living in the UK often makes it difficult for international students to pursue their studies; the Commonwealth Scholarships are designed to pay for the cost of living and studying in the UK.

The scholarships are funded by the UK Department for International Development (DFID) and administered by universities in the UK. Recipients are chosen on a competitive basis through an open call for applications from eligible Commonwealth countries.

3. Oxford Pershing Square Scholarship 

The Oxford Pershing Square Scholarships are offered by the University of Oxford and funded by the Pershing Square Foundation. It is open to international students who are enrolled in a one-year postgraduate course at the university, and is a fully funded award that covers tuition fees and living costs. Recipients of this scholarship also receive additional benefits like mentoring, internship information, and networking opportunities.

At the University of Oxford, this scholarship is awarded to international students who demonstrate outstanding academic potential and leadership skills.

4. Gates Cambridge Scholarship

The Gates Cambridge Scholarships are offered by the University of Cambridge and funded by the Bill & Melinda Gates Foundation. It is open to international students who are enrolled in a full-time postgraduate course at the university.

It is a fully-funded award that offers £18,000 per year, including health care, travel costs, and other benefits. The scholarship also provides mentoring and access to exclusive events. Students can apply for a Gates Cambridge Scholarship if they demonstrate leadership potential and a commitment to making a difference in their community.

5. University of Bristol International Scholarship

The University of Bristol offers a range of scholarships to international students who are enrolled in postgraduate courses at the university. The scholarships are funded by the university and provide full tuition fees, living costs, and other benefits.

Students can receive between £6,500 and £26,000 depending on the course they are enrolled in. The scholarships are awarded based on academic excellence, financial need, and leadership potential.

6. Imperial College London International Scholarship

The Imperial College London offers a number of scholarships for international students in undergraduate and postgraduate programs.

The college offers partial tuition fee waivers, plus funding to cover living expenses, travel costs, and other financial needs.

Eligibility requirements vary according to the type of scholarship being applied for, but all require that you have excellent academic performance and demonstrate financial need.

Students can receive up to £22,900 per year depending on the scholarship for which they are applying, and the course they are studying.

Studying abroad can be an expensive endeavor, but fortunately there are a number of international scholarships available in the UK to assist aspiring students. Whether you’re looking for support with tuition fees or course-related expenses, these six scholarship opportunities might provide just what you need – so don’t hesitate to seek them out.

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Strategies for Financing your International Education

January 16th, 2023 by IEFA

higher education for international students

The cost of studying abroad is increasing day by day. Studying in developed countries like the USA, UK or other European countries can be particularly expensive.

However, there are several options for financing international education that you can take advantage of. If you are able to qualify for those options, you will be able to fund your international studies without too much of a financial burden.

In this article, you will learn everything you need to know about financing your international education and how you can make the most of it. So if you are looking for ways to finance your international education, this article is for you!

Why do you need financing to study abroad?

is the US the best destination for international students?

Studying abroad can be a costly venture, and there are many expenses involved beyond tuition fees.

These include travel costs, living expenses such as food and accommodation, insurance costs, books and supplies, language courses, and more. It is often difficult for students to meet these costs on their own.

For example, in the US the average cost of studying abroad for one year is estimated to be around $20,000. This can be a significant expense for a regular family that may not have the savings or income to cover these costs.

This is why financing is often a necessity for many students who wish to study abroad. With financial aid packages and scholarships, students can receive funding to help cover some of these expenses.

This way, students can ensure that they have the funds to pursue their studies without having to worry about going into debt or compromising their financial security. Financing also allows students to gain access to educational opportunities and experiences that would otherwise be unattainable.

Things to consider before financing your international education

how to pay for an education abroad?

Financing your studies is not an easy option and there are certain things to consider before you take this step.

Firstly, as international students, you should always research the different financial options available and make sure that you select the one that best suits your needs.

You should also be aware of any requirements or restrictions associated with each option, such as the loan terms and conditions, repayment plans, and so on.

In addition, you should also be prepared for any unexpected costs that may arise during your stays, such as health care or travel expenses. Be sure to create a budget and research the cost of living in your destination country before financing your studies.

Finally, it is important to understand the repayment terms and conditions associated with the loan that you choose. Make sure that you are aware of the repayment plans and interest rates, as these can have a significant impact on your financial future.

By understanding the implications and researching all your options before making a decision, you can ensure that financing your education abroad is an informed choice.

How to fund your study abroad program?

apply for an international student loan

So now that we know a few things about financing for your studies abroad, let’s look at some of the best ways to cover these costs.

1. Student loans

Student loans are one of the most popular ways to fund your studies abroad. Most banks and lenders offer student loan packages that can cover tuition fees, living expenses, and other related costs.

There are mainly two types of student loans – federal and private.

Federal student loans are funded by the government and come with lower interest rates, whereas private ones are provided by banks or other lenders.

You should always opt for federal student loans if available, as they can provide more favorable terms and conditions. If you don’t qualify for a federal loan or it’s not enough to cover your expenses, you can always opt for a private one.

You have to remember that you have to pay back the loans upon graduating or when you no longer meet the eligibility requirements.

As an international student in the U.S. Federal loans are not going to be an option, so you should seek an alternative, private lender.

2. Scholarships and grants

Scholarships and grants are a great way to fund your studies abroad without having to worry about repaying the money.

Most universities offer scholarships tailored towards international students, so you should always check with them first. You can also look for external sources such as foundations or organizations that provide scholarships specifically for studying in a certain country or field of study.

You should also look into any grants offered by your home country’s government, as they may be able to provide financial aid for international studies.

Scholarships are both full-time and part-time, so you can find one to suit your needs.

3. Part-time jobs

If you’re looking for a way to supplement your financing, you can always look into part-time jobs.

Most universities allow international students to work part-time for up to 20 hours per week during the semester and full-time during the summer holidays.

This allows you to earn money to cover your tuition fees and living expenses while still being able to focus on your studies. You can look for part-time jobs at the university or in surrounding areas such as restaurants, retail stores, etc.

4. Crowdfunding

Crowdfunding is another great way of financing your studies abroad. It involves getting donations and contributions from people who believe in and support your cause.

You can set up a crowdfunding page and share it on social media channels or reach out to your friends and family for support. Make sure that you have an honest and compelling story as to why you need the money so that people are willing to contribute.

5. Sponsorships

a student can get sponsorship for their studies abroad

Sponsorships are another great way to cover your study abroad costs. You can look for companies or organizations that might be willing to sponsor you based on your academic excellence and achievements.

You can also approach businesses in your home country and the destination country, as they may be interested in investing in international students who come from their countries.

These are some of the best ways to fund your studies abroad. While some require a little more effort than others, all of them offer great opportunities for you to finance your education and secure a bright financial future.

Conclusion

So there you have it! As you can see there are many ways you can full fill your dream of studying abroad. From grants to sponsorships and student loans, there are plenty of options available to finance your studies abroad. Be sure to research all your options carefully and take advantage of any opportunities that come your way. Good luck!

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Fully Funded Scholarships for International Students

January 5th, 2023 by IEFA

Studying in an international institution is a dream that millions of students strive for, but it’s not always easy to access the resources needed to make this dream a reality.

The rising cost of education and other related college fees is an important factor to consider, which can discourage potential students from pursuing the opportunity of studying abroad.

Luckily, there are scholarships and financial aid available that can help to cover educational costs. Fully funded scholarships for international students offer an opportunity to attend school without having to worry about covering tuition, fees, room, and board, or other related expenses.

Let’s learn more about some of the fully funded scholarships and how can increase your chances of being awarded one

What is a fully funded scholarship?

A fully funded scholarship is one that covers the entire cost of educational expenses for an international student. This type of scholarship can include tuition and fees, room and board, books and supplies, travel costs to and from school, as well as any other related costs.

Fully funded scholarships are highly competitive due to their value and because they are limited in number. To be eligible for a fully funded scholarship, students must meet certain criteria, such as academic excellence, leadership skills, and a commitment to the field of study.

What can I expect from a fully funded scholarship for international students?

Fully funded scholarships can provide students with an opportunity to study abroad without having to worry about financing their education. Students who are awarded a fully funded scholarship will be able to attend the university of their dreams and have the support they need while earning their degree.

Fully funded scholarships are typically granted by the government or private organizations, such as foundations or corporations. The amount of money given may vary from one scholarship to another, so it’s important to look into the details and terms of each scholarship before applying.

In addition to financial support, fully funded scholarships for international students can also provide additional resources such as mentorship programs and internship opportunities that can help students succeed throughout their studies and build their careers.

The level of study masters, Ph.D., and undergraduate determines the type of scholarship and amount awarded.

Top 20 fully funded scholarships for international students

Here are the top 20 fully funded scholarships for international students:

1. Chevening Scholarship UK (Masters)

2. Yale University Scholarships USA(Undergraduate, Masters, PhD)

3. DAAD Scholarship Germany (Masters and Ph.D.)

4. MIT Financial Aids USA (Bachelor)

5. Fulbright Scholarships USA (Masters and Ph.D.)

6. Monash University Scholarships Australia (Masters and Ph.D.)

7. Gates Cambridge Scholarships UK (Masters and Ph.D.)

8. Stanford University Scholarships USA (Masters and Ph.D.)

9. Harvard University Scholarships USA (Bachelor)

10. Yale University Scholarships USA (Bachelor)

11. Columbia University Scholarships Canada(Bachelor)

12. Chinese Government Scholarships China (Masters, Ph.D., and Bachelor)

13. MEXT Scholarship Japan (Masters, Ph.D., and Bachelor)

14. ETH Zurich Excellence Masters Scholarship Switzerland (Masters)

15. Netherlands Government Scholarships Netherlands (Masters)

16. KAIST University Undergraduate Scholarship South Korea (Bachelor)

17. Simmons University Kotzen Scholarships UK (Bachelor)

18. Muhammad Bin Zaid University Scholarship Dubai, UAE (Masters and Ph.D.)

19. Ton Duc Thang University Graduate Scholarships Vietnam (Masters and Ph.D.)

20. GIST Scholarships South Korea (Masters)

Top tips to get a fully funded scholarship

So now that we know a bit more about the top 20 fully funded scholarships for international students, here are some tips to help you increase your chances of being awarded one.

You have to remember that the completion of fully funded scholarships is fierce. Even the level of study undergraduate and postgraduate have a lot of applicants. So these tips are here to help you stand out and make the most of your applications:

1. Research Thoroughly

The first thing you want to do is to research thoroughly about the scholarships. You should read all the information about it, know who is offering it, what are their criteria, and if you meet them or not. This will help you when you are preparing your application.

2. Highlight Your Achievements:

When you are putting together your application, make sure that you include all the awards, certificates, and achievements you have achieved in your academic career so far. Doing this will help to show the scholarship providers that you are a capable and deserving student who is worth investing in.

3. Check the requirements:

Different scholarships have different requirements. Before you apply, make sure that you are meeting all of them as not meeting even one could mean the rejection of your application. If you find that you are not eligible for a certain scholarship, you should not waste time applying for it.

4. Focus on your grades

The higher your grades are the higher your chances of getting a fully funded scholarship. Additionally, make sure that you are on track with the classes that are required to attend the university you want to go to.

5. Work on your extra curriculum activities:

Many fully funded scholarships also look at the extracurricular activities you do. Not only should you focus on your studies, but also make sure that you are joining and participating in different activities such as sports, volunteering, or leadership roles. Doing this will show that you are an all-around student and a good candidate for the scholarship.

6. Apply for multiple scholarships:

Make sure that you are applying to as many scholarships as possible. This will increase your chances of getting one and you never know which one could be the one for you. Do note, however, that each scholarship requires additional preparation so make sure not to apply for too many at once.

7. Talk to the college authorities

If you want to study in a particular college, then it is highly recommended that you talk to the college authorities. Even if you are not, it is always a good idea to learn from the experts. Ask them about scholarships and other opportunities they might have for international students. This could open a lot of chances for you as many colleges provide their own set of scholarships as well.

Conclusion

So there you have it! These are the top 20 fully funded scholarships for international students, along with some tips to help you increase your chances of getting a fully funded scholarship. We hope you find this article useful, thanks for reading!

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