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 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. 


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.


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.

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.

Find a loan.

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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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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Funding to study abroad: How do you fund your study abroad program?

March 29th, 2022 by Sagnik Santra

Studying abroad is an amazing opportunity. It opens your mind and broadens your perspective on the world. But, it can be a costly endeavor. That’s why many students rely on outside sources of funding to help them pursue their study abroad goals. There are several ways you can fund your study abroad program including scholarships, grants, loans, and even crowdfunding.

If you are looking for scholarships to help fund your study abroad experience, start by searching the internet and your campus study abroad office. Many organizations offer scholarships specifically for study abroad students. In this article, we will be discussing some of the different ways you can fund your study abroad program. So let’s get started!

Why it is hard to fund your study abroad program?

For many students, the opportunity to study abroad is a once-in-a-lifetime experience. However, the high cost of tuition, airfare and other expenses can make it difficult to finance a study abroad program. Here are some of the reasons why study abroad programs are hard to fund:

1. Tuition fee:

Tuition fee is probably the biggest obstacle when it comes to studying abroad. The cost of tuition for international students is often higher than the cost of tuition for domestic students. The average cost for undergraduate courses in the USA is $26,000 to $35,000. And when it comes to postgraduate courses it’s around $40,000 to $50,000.

2. Living expenses:

The second biggest obstacle is the cost of living. Expenses such as accommodation, food, transportation, and other daily expenses can add up quickly. In Europe, the average monthly cost of living is around €700 to €1000. And in the USA, it’s even higher with an average monthly cost of living of around $1200 to $1500. It can be even higher if you move to more developed cities like New York or London.

3. Flights and visas

Another cost that you need to consider is the cost of flights and visas. Depending on where you are going, the cost of a flight can be very expensive. And if you are going to study in a country like the USA, you also need to factor in the cost of getting a student visa. The average cost of a student visa for the USA is around $160.

4. Books and other materials

Another cost that you need to consider is the cost of books and other materials. Depending on your course, you may need to buy textbooks, which can be very expensive. In addition, you may also need to buy other materials such as a laptop or printer.

What are some of the best ways to fund your international education?

As you can see, there are several costs that you need to consider when funding your study abroad program. But don’t worry, there are several ways you can finance your experience. Here are some of the best ways to fund your education:

1. Financial aid:

One of the best ways to finance your study abroad experience is through financial aid. If you are a US citizen, you may be eligible for federal financial aid or federal student aid. This includes grants, loans, and work-study programs. You can also apply for scholarships and grants from a private organization, foundation, or financial aid office. If you are an international student, you will be able to apply for international financial aid programs as well.

2. Study abroad scholarships and grants

Another great way to finance your study abroad experience is through scholarships and grants. Many organizations offer scholarships specifically for students who want to study abroad. You can search the internet or your campus study abroad office for a list of scholarships and grants. Countries like the USA, UK, and Australia offer great scholarships for international students

3. Student loan

Student loans are some of the best financial tools to finance your international education needs. Student loans offer many benefits such as low-interest rates, long repayment terms, and deferred payment options. You can apply for student loans from the government or private lenders. Also, you have to remember that student loan debt is a huge issue, so make sure to manage your finances.

Top scholarships for international students to study abroad

Here are some of the most popular and generous scholarships for international students to study abroad

1. Fulbright Scholarships (USA):

The Fulbright Scholarship is a prestigious scholarship program that is funded by the US government. The scholarship is awarded to students from all over the world who want to pursue a master’s degree or Ph.D. in the United States.

2. Chevening Scholarships (UK):

The Chevening Scholarship is a fully-funded scholarship program that is awarded to international students from over 160 countries who want to pursue a master’s degree in the United Kingdom. It is one of the most prestigious and competitive scholarships in the world.

3. Eiffel Excellence Scholarship Programme (France)

If you are planning to study in France, you may be eligible for the Eiffel Excellence Scholarship Programme. The scholarship is awarded to international students who want to pursue a master’s degree or Ph.D. in France. The scholarship aims for academic excellence and cultural diversity.

4. DAAD Scholarships (Germany):

The DAAD scholarship is a German government-funded scholarship program that is awarded to international students from all over the world who want to pursue a degree in Germany. It is one of the most popular scholarships for international students.

5. Australia Awards Scholarships:

If you want to study in Australia, you may be eligible for an Australia Award Scholarship. The scholarship is fully-funded and is awarded to international students from developing countries who want to pursue a degree in Australia.

How to apply for scholarships?

Getting a scholarship in international colleges is a competitive task. Here are some tips on how to apply for scholarships:

1. Start early

One of the best ways to increase your chances of getting a scholarship is to start your search early. The earlier you start, the more time you will have to find and apply for scholarships. You don’t want to stay behind in the competition. So keep yourself updated with the latest dates and deadlines.

2. Do your research

Before you start applying for scholarships, you must do your research. You need to know what type of scholarship you are eligible for. There are many different types of scholarships available such as need-based, merit-based, and student-specific scholarships. You can use online resources or visit your campus study abroad office to get more information on scholarships.

3. Stay organized

When you are applying for scholarships, it’s important to stay organized. Keep track of all the scholarships you are applying for and their deadlines. This will help you stay on top of your applications and increase your chances of getting a scholarship. Also, keep your documents and materials ready so that you can easily submit your application.

4. Follow the instructions

When you are applying for a scholarship, it’s important to follow all the instructions. Make sure you fill out the application form correctly and include all the required documents. Any mistakes in your application can lead to your application being rejected. So be careful and make sure you follow all the instructions.

5. Apply for multiple scholarships

One of the best ways to increase your chances of getting a scholarship is to apply for multiple scholarships. The more scholarships you apply for, the greater your chances of getting one. So don’t limit yourself to just one or two scholarships. Apply for as many as you can.

Conclusion:

So there you have it! Studying abroad is not an easy task. But with the right planning and preparation, it is achievable. And remember, there are many resources and scholarships available to help you fund your study abroad program. So don’t let the cost of studying abroad deter you from your dream study abroad program. Just do your research and explore all your options. Good luck!

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Partner Live Event on International Student Loans

March 11th, 2022 by IEFA

partner live webinar on international student loans

On Tuesday, March 15, 2022, our lending partner, MPOWER Financing, will be hosting a special live session about a limited-time 2.00% interest rate reduction. This will reward international students applying for future semesters with a better rate (because it pays to be an early planner!).

The live session is to help students understand the finer points of this program and interact with MPOWER student loan experts.

Why should you attend the event? Well, to get answers to questions like:

  • What can you do to qualify for a lower interest rate?
  • What can you do to get your application approved faster?
  • Free Q&A session: Ask the panel anything!

The international student loan information session takes place on Tuesday, March 15, 2022

9:00–10:00 a.m. EST (USA) / 9:00–10:00 p.m. BJT (China) / 6:30–7:30 p.m. IST (India)


Can You Get a Student Loan to Study Abroad?

December 29th, 2021 by Sagnik Santra

The short answer to the question is: yes. The simple fact is that studying abroad can be costly, and most students do not have the money to pay in full. For this reason, most people will look into student loans as a possible option for paying for school expenses.

Since study abroad is an official academic program set up by your school, your student loan can be used to cover any of the associated costs. This could include airfare, room and board, tuition, and other related expenses. Studying abroad brings a lot of opportunities with it and should not be hindered by financial limitations.

You should keep in mind a few things if you are thinking about using student loans to finance your education abroad. Let’s explore what you need to know in a little more depth.

Why do you need student loans to study abroad anyway?

As we mentioned earlier, studying abroad can be an expensive venture. Some students will have the resources to come up with a large sum of money, but most will not. For this reason, students need to look into student loans as a possible option when it comes time to pay their way through school.

If you want to study in developed countries like the U.S. and UK, it is not surprising that the tuition fees are expensive. Even the living cost can be very high in these countries. For example, the tuition costs for studying at Harvard is $38,891 per year, while Oxford University’s one-year course fee is around the £18,000 mark (more than $29,000).

Therefore, it makes sense to look into student loans as a possible option if you want to study abroad in such countries.

Different types of student loans?

There are two types of student loans – Federal Student Loans and Private Loans.

1. Federal Student Loans:

Federal loans are the loans that are offered and regulated by the United States Department of Education. These loans are typically offered to students who cannot afford to pay out-of-pocket for their education and living expenses. Federal loans are usually offered at a lower interest rate than private student loans.

2. Private Student Loans:

Private loans are offered by private lenders, such as banks and credit unions. These loans usually have a higher interest rate than federal loans, and they also come with a range of fees. The United States Department of Education does not regulate private loans. They are controlled mainly by private organizations like banks and credit unions.

Federal Student Loans vs. Private Student Loans

When it comes to comparing Federal Loans and Private Loans, here are some of the differences between them.

1. Interest rates:

Typically, private loans have a higher interest rate than federal loans. The interest rates vary from 3% to 12%, depending on the borrower’s credit score, among other factors. Federal Loans are offered at an interest rate that the government determines. The current interest rate for Federal Loans is 4.29%.

2. Fees:

Private lenders usually have a range of fees, which can include an origination fee, a late payment fee, and a prepayment penalty. Federal loans do not come with any origination fees, late payment fees, or prepayment penalties, as they are considered non-profit loans.

3. Cosigners:

Private student loans typically require a cosigner. A cosigner is a person who agrees to be responsible for the loan if the borrower cannot repay it. And if you are applying for study abroad loans, it is essential to have a cosigner with a good credit score unless you are lucky enough to be approved for a loan without a cosigner. Federal loans do not require a cosigner.

4. Repayment options:

Private lenders typically offer a range of repayment options, including deferred payment, interest-only payments, and graduated repayment.

5. Eligibility criteria:

Federal loans do not have any eligibility criteria for income level or geographic location. They are not affected by the ability of the student to repay the loan or find a job after graduation. They mostly look into students’ academic history and credit scores. On the other hand, private student loans have very stringent eligibility criteria that are based on the credit score of the borrower and cosigner, as well as the borrower’s income level.

6. Loan amount:

Private international student loans usually offer a higher loan amount than federal loans when it comes to the loan amount. The annual limit for Undergraduate students is $12,000-$15,000 and $55,000-$60,000 total in federal loans. Graduate students can borrow up to $20,000-$22,000 annually and $135,000-$ 140,000 total. When it comes to private students loan borrowing, you can almost double the loan amount.

7. Default:

One of the most significant differences between a private student loan and a federal student loan is that personal loans typically have stricter repayment options if the borrower defaults on the loan payments. In the case of Federal Loans, there are no such repayment options, and the government can even garnish the borrower’s wages.

Which type of student loan should you get?

Now that you know some of the differences between Federal Loans and Private Loans, it is essential to decide which type of loan is best for you. Private loans can be expensive and come with a lot of fees. Also, if you default on repayment, private lenders have more stringent repayment options. If you want to save money on interest rates and smaller or no fees, federal loans are the way to go.

However, keep in mind that there are stringent eligibility criteria for federal loans compared to private student loans. You must have a good credit score and meet the income level requirements. So, if you want to study abroad and do not have a perfect credit score or do not meet the income level requirements, you might want to consider getting a study abroad loan from a private lender. A cosigner with a good credit score can help you get a better interest rate as well.

Can I take both Federal and Private Loans to Study Abroad?

Yes. You can take both federal loans and private loans to study abroad. However, remember that you need to have a cosigner for any private loans you want to take, as they have stringent eligibility criteria.

As we mentioned before, federal loans only offer a limited amount of money for students studying abroad. And sometimes that amount is not enough. So, in that case, you can take a study abroad loan from a private lender. For example, you can use the federal loan towards your tuition fee and the private loan towards the living costs.

What should you consider before taking a study abroad student loan?

Before taking a study abroad student loan, there are a few things to consider. If you are not sure whether it is the right decision for you, here are a couple of points that can help you make that decision:

1. Double check if you qualify for any scholarship, financial aid, or grant for studying abroad.

2. Make sure that you understand your private student loan repayment options.

3. Make sure to read all the terms and conditions of your loan before signing on the dotted line. Please do not take it lightly!

4. Increase your credit score so that you can increase your chances of getting a reasonable interest rate on your student loan.

5. Make sure that you do not borrow any more money than you need to study abroad.

6. Do not think of a study loan as a free ride to have fun during your stay overseas. You still have to pay it back with interest!

Conclusion:

Studying abroad is the dream of millions of students around the world. But the costs associated with studying abroad make it difficult for students to fulfill their dreams. If you are one of those students, getting a student loan is the key to making your dream a reality. This article will help you understand everything you need to know about getting a student loan to study abroad.


Just in: MPOWER Financing raises loan limits to $100,000 in the U.S. and Canada

October 29th, 2021 by IEFA

borrow up to $100,000

Do you need a loan to pay for your college tuition in North America?

MPOWER Financing announced this month that they have raised their maximum loan limit for international students in the U.S. and Canada. You can now borrow up to $100,000 over the course of your studies! This means that you can get access to more money than ever before to cover the cost of your international education!

We understand how expensive it is to study abroad, which is why we want to help as many people as possible afford this experience by offering them a better way of financing their education through our partner lenders.

We know that studying outside of your home country isn’t cheap – but it shouldn’t be out of reach either! That’s why we work hard every day so that everyone has access to affordable education regardless of where they live or what financial situation they are in. Our goal is simple – make sure all students around the world have access to higher education no matter who they are or where they come from. And we believe that anyone should be able to study in Canada or the U.S. without having any financial barriers standing in their way!

That’s why we’re sharing this news today – because we want everyone around the world who wants an education at one of over 350 universities across North America to be able to find the funding they need! So whether you’re looking for undergraduate or postgraduate programs, find out if you are eligible today using our loan finder or find out more at mpowerfinancing.com


Financial Aid for Studying Abroad

September 30th, 2021 by IEFA

An adventure of a lifetime. A dream for many. A great opportunity to pursue your higher education in a foreign land – but is it affordable? Between tuition, insurance, travel and living expenses the cost of an international education quickly adds up.

If you’re thinking about studying abroad, it’s important to know your options for financial aid – and start saving!

One of the biggest factors in finding appropriate financial aid for a study abroad program is the location of the university you would like to attend. The availability of support for foreigners attending an American school is very different from that available to Americans pursuing an international education in Europe or elsewhere.

With that in mind, there is no simple answer to the best way to fund your study abroad adventure, but there are resources and opportunities for everyone, including undergraduate and graduate students.

From federal student aid to study abroad scholarships and from private sponsors, state organisations and your schools’s financial aid office – there is a financial aid package that will help you cover your study abroad expenses.

In this post we’re going to explore all the options and answer all the most common questions our readers have about securing financial aid for study abroad programs in the U.S., Canada and around the world. We’ll cover sections for Americans studying outside the U.S., international students coming to America, and those attending international schools around the world.

FAFSA and studying abroad: What American students need to know

This is a topic that comes up all the time with our readers. Many students ask “Can you get FAFSA for study abroad?”.

First, let’s explain that FAFSA is the the Free Application for Federal Student Aid. This is a federal government form that determines your financial needs and informs most colleges’ financial aid offers. FAFSA collects information from applicants and parents, then uses a formula to calculate your capacity to pay for college in the United States and your financial aid requirements.

You won’t be able to receive any kind of federal financial aid in the US without completing the FAFSA, and it is very likely that you would need to complete it in order to receive financial aid directly from your college or university, too.

Can you use financial aid to study abroad?

Federal aid is available for U.S. students seeking to study abroad. The type of program, duration of study and your status as an undergraduate or graduate can affect your eligibility, just like it does at schools in the U.S., but there are some differences when applying for this type of funding.

Study abroad program or foreign enrolled student

One of the biggest differences in the financial support for international studies is the duration of the intended study abroad program. At IEFA we generally talk about 2 main categories of international study: Study Abroad and Foreign Enrolled.

“Study Abroad” would be the term for those taking part in a short program of one semester or up to one academic year at a foreign university. Students on this type of program may be able to receive financial aid from the government if they fill out the FAFSA, meet the eligibility requirements and get the required paperwork completed by the financial aid office both at their home (U.S.) college and the foreign university they will attend.

Unfortunately, if your college is not part of the federal program then you would not be able to receive federal support for your study abroad costs.

A “Foreign Enrolled” student, on the other hand, is a U.S. citizen or permanent resident who is taking their degree program entirely at a foreign university. These students don’t have a “home institution” – a college in the U.S. They must therefore navigate the application process and study abroad experience themselves directly with their chosen school.

The good news for foreign enrolled students is that at many top universities around the world federal student aid is available and those same universities may have relationships with lenders who offer private loans for eligible students, too, meaning there are more funding opportunities and your study abroad dreams may be closer than you think.

Federal Student Loans

If you are studying inside the U.S. or abroad, there are a number of different federal student loan programs and financial aid options. If you’d like more information on federal loans, you can learn about Stafford Loans here. Stafford loans are for students attending college at least half time. They provide an excellent educational funding resource for US citizens and permanent residents.

Studying in the U.S. – information for foreign students

Funding options for international students in the U.S. are more limited than they may be in your home country.

In terms of the financial aid that you may be able to receive there are a few broad categories.

  • The primary source of funds for most international students in the U.S. is their own or their family’s savings.
  • However most are not able to cover all of their costs and the remaining funds come from a variety of sources.
  • Many colleges offer financial aid information and support, which may include partial or full tuition waivers, as well as scholarships which may be merit based or awarded according to financial need. They may also offer scholarships based on country of origin, a student’s degree program, sport, culture or need. Speak to your study abroad advisor or admissions counsellor.
  • Read more about types of scholarship
  • You may also be able to work on or off campus depending on your visa status.
  • There are also many private international and local organizations that can assist with study abroad scholarships, awards and more. Some people think of scholarships as “free money” but there are often conditions you must meet in order to keep the funds you have been awarded. scholarships can also be highly competitive to win.
  • Read about how to write a scholarship-winning essay.
  • If additional funding is required then a private student loan may be the next option. You can search for a loan servicer using the eligibility checker on our site or at International Student Loan.

Studying in Canada

Whatever country you’re from, if you’re studying in Canada you’ll face the same challenges as many other students around the world.

The great news is that as well as the funding that you may be able to find by talking to your study abroad office such as tuition discounts, waivers, scholarships and more, there are also student loans available at a number of top universities across Canada. These loans do not require you to have collateral or a cosigner. Find out more about international student loans in Canada.

Do you have any questions about funding your study abroad experience? Let us know in the comments!

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Resources for International Students

September 16th, 2021 by IEFA

Many international students attend college or community college in the USA or go to a university or other higher education institution in Canada, the UK, Australia or many other countries around the world.

At IEFA we encourage students to broaden their horizons and take on the rewarding experience of an international education just like the estimated 5 to 6 million international students currently enrolled at universities in all four corners of the globe.

Some international students may feel they are isolated in their new country away from friends and family. However, this does not have to be the case! You can find communities of other international students, clubs and societies with common interests and the local community who will help you with the transition to your new country. Many international students actually report that the social life and extra curricular activities many colleges offer is even more valuable to them in their future careers than the quality education they receive compared to staying in their home country.

There are also plenty of resources specifically for international students – from housing, to scholarships and even financial assistance – whether you attend a small college or a large university overseas. You will have access to an international student advisor who can provide assistance and guidance to you before, during and often after you’ve completed your degree program. Many schools have dedicated support teams, or an international student office, who can help with any student visa questions foreign students might have, financial aid and advice on funding sources and access to financial resources.

I hope that this article offers some helpful advice on what people need when they first come over to a different country; don’t be afraid or shy! If you ever need any help please don’t hesitate to reach out to us.

International Students

International students, or foreign students, are individuals who choose to do all or part of their post-secondary education in another country and relocate there for the explicit purpose of study. Most international students (more than 40% of all international students around the world) study at colleges and universities in just four destination countries – The U.S., The U.K., Canada and Australia.

Requirements

Many countries require prospective international students to complete standardized tests to demonstrate language competence in the language of instruction or the main spoken language in that country. Students who do not have the required level of language to enter onto their chosen degree program may be able to take a Pathway Program at many colleges and universities. Pathway programs allow students to develop their language skills before proceeding onto their chosen degree programs.

Requirements will also vary depending on your chosen academic studies – whether you’re enrolling for undergraduate study or pursuing a graduate degree.

Student Visas

A student visa is one of the required documents for enrolment for many students. The exact student visa requirement will vary depending on the destination country, length of program and many other factors. Your chosen college or university will be able to give you the latest advice on whether student visas are required or not – for example for a short course of less than 6 months in Canada may not require a study visa as the course can be completed in the time allowed for many temporary visitor visas. Talk to the admissions office or international student office for guidance.

Financial Resources

Living expenses, travel, tuition fees, having a social life… the costs of your education soon add up. Of course this is great for a country’s economy! It does mean that you may have to demonstrate that you have the resources to pay for the total cost of your education in that country in order to be granted your student visa. If you will be studying in the U.S. then there is definitely a requirement to prove you can pay for your own education and living costs. You can do this by providing statements from your bank account, as well as information about whether you receive funding from other sources to pay for your education.

Isolation and homesickness

The feeling of homesickness can be very real for international students when they first study abroad. Most students go through a period of adjustment where they may feel very emotional and even want to return home.

It may feel like the people you meet don’t understand your culture, you miss your friends and family back home, or you can’t get used to the weather or find food that reminds you of home. It can be many things. But there are a number of ways for an international student to overcome homesickness:

  • Stay connected with people back home by sending them photos and updates on how things are going.
  • Socialize with other international students who are studying at the same university. This is a great way to get support, advice and make new friends that will be able to understand what you’re going through.
  • Join clubs or sports teams at your college or university – not only will it help you meet people, but you’ll have a great time doing it!
  • Make sure you’re eating well and exercising regularly. You’ll feel better about yourself and be prepared to take on the day with energy.
  • Get enough sleep! If you don’t, it’s going to be harder for you to face each day with positivity.
  • Use the support offered by your university – the international students’ office, counselling services, social and recreational clubs as well as your teachers, lecturers and support staff you interact with every day – they are there to help you get the most out of your education.

There are also plenty of resources specifically for international university students-from housing, to scholarships and even financial aid information, we have it all covered here!

International Financial Aid Resources

International Scholarships

As well as the IEFA international scholarship database you can also search internationalscholarships.com and speak to the advisors at your college or university as there may be some specific financial aid available for you. Many organizations and top universities offer financial and other aid to support talented students who otherwise wouldn’t be able to access higher education at home or abroad.

You can set up a free account to use IEFA here.

International Student Loans

Many international students simply cannot afford to study abroad with only their own income and family support. Even after securing scholarships, awards and grants there can still be a gap between the funds available and the costs.

If this is the case most international students on graduate programs or in their final 2 years of their undergraduate studies at many Canadian or American universities may be eligible for international student loans.

Loans for U.S. permanent resident students abroad are also available (and Stafford Loan funds can be used for study abroad, too). The majority of international students studying in other countries will struggle to find loans available to them.

International Student Resources at Your School

Whether it’s advice on financial aid or support with on or off campus housing, your university has one or more departments dedicated to getting you the advice and resources you need as an international student. Your education, happiness and welfare is their number 1 priority.

You will have access to

  • Financial Aid Office
  • International Student Advisors
  • Admissions Services
  • Housing and Accommodation
  • Cultural, Spiritual and Physical Wellbeing

Studying in the USA

Although the federal government doesn’t offer financial aid to those studying abroad in the USA, that doesn’t mean that there are no other funding sources. In fact, American colleges and universities are among the most generous in the world when it comes to offering international student financial aid in the form of tuition waivers or discounts as well as scholarships based on financial need, academic merit or athletic ability.

Studying in other countries

Wherever you are studying the advisors at your school or university should be your first port of call for any questions or concerns you have along your international student journey, from admissions requirements right through to job prospects and careers advice after graduation.

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