Funding Your Education in the US

August 16th, 2013 by Jennifer Frankel

As an international student in the US, chances are you have to worry more about funding your education in the US than your domestic peers do. Because international students do not qualify for federal loans and often have to pay out of state tuition at state colleges, they generally end up paying more for their education than US students.

This infographic seeks to help international students explore their options when it comes to funding their education in the US. Renata and Cristian are both international students, one at a private university, the other at a community college. Like 63% of international students, each primarily rely on personal and family support to pay for their education. However, when something comes up, they both have to find different ways to support themselves.

We hope that this infographic will prove helpful to you as you learn about your different funding options. With the right combination of financial aid, we are certain that you will be able to afford your US education.

Click the infographic above to zoom in.

Interested in applying for international student loans? Find your loans now.


5 Things International Students Should Do Upon Arrival in the US

August 9th, 2013 by Jennifer Frankel

college_avenue_100269512When you arrive in the US for the first time, you may feel that you have a million things to get done right away. While starting school is exciting, it can also be extremely overwhelming. To help you combat this feeling, here are 5 things international students should do upon arrival in the US to keep busy and relatively stress-free:

Exchange Your Currency

First things first, get some money changed. Ideally you should do this before you begin your trip to the US. Because it will likely take days or even a week to set up a US bank account, and your credit and debit cards will likely charge extra fees if you use them overseas, one of the first things you should do is make sure you have a couple hundred dollars in cash on you.

You can exchange your money at one of the airport bureaus. This way you will be ready if you need to take a bus, train, or taxi to get to your campus (although most forms of transportation in the US accept credit cards or debit cards).

Call Home

This serves a double purpose: calling home lets your friends and family know you’ve arrived safe and sound, and also helps with any homesickness you might be experiencing. Being in an unfamiliar country on your own and for the first time can be extremely intimidating. Calling home and hearing familiar voices can be a good way to help you feel less alone.

Explore Your New Home

Once you make it home, you’ll likely be faced with the overwhelming task of unpacking. Before you undertake this, try going out for a walk. You will probably be cramped from your long journey, and taking a walk is a great way to stretch your body while getting to know your new surroundings.

Don’t Give In to Jetlag

One of the first things you will want to do when you arrive in the US is sleep—don’t! The longer you can keep yourself awake that first night, the quicker you will fall back into a regular sleeping pattern. Additionally, make sure you eat your meals at the proper time, and keep busy throughout the evening. This will help ensure that you don’t lie awake all night.

Meet New People

The first person you meet upon your arrival will probably be your roommate. You should also take it upon yourself to go out and introduce yourself to a neighbor or housemate. When you’re unpacking or relaxing in your dorm room, keep your door open. That way, anyone who passes by can introduce themselves. Having new friends even before you start orientation is the best way to make you feel at home right away.


Hobsons’ Virtual Student Fair

August 9th, 2013 by Bryanna Davis

videochatIAG_025Hobsons’ Virtual Student Fair
Deadline: Variable

Students who are looking for a scholarship and a school to attend as an international student are in luck since the Hobsons’ Virtual Student Fair is just around the corner. There, students can chat live with US school representatives and current international students at schools throughout the US. Student are able to have all of their questions answered right away and receive further information on how to apply to the school of their interest. As a bonus, those who attend the fair are entered for a chance to win $3000 in scholarships.

Last year spots filled up quick as thousands of international students signed up to attend the fair. If you would like to attend the fair, the date and time will vary depending on your citizenship. Find your home region below, then follow the link and sign up to attend the Hobsons’ Virtual Student Fair to chat with US schools live and a chance to win a scholarship.

If you would like to attend the online fair, you are able to register now to reserve your spot for a chance to chat with US schools and win a portion of the $3000 in scholarships available!


International Students Contribute $21.8 Billion and Support 300,000 Jobs, Study Says

July 19th, 2013 by Jennifer Frankel

map of america in dollars 118408380This week, new economic data was released by NAFSA that found 764,495 international students contributed $21.8 billion dollars to the US economy and supported approximately 300,000 jobs. In a time when the US economy is recovering from the Great Depression, it is no wonder why an importance has been placed on international education worldwide.

The study also found that for every 7 enrolled international students, 3 US jobs were created in a number of industries including in higher education, accommodations, dining, retail, health insurance, telecommunication, and transportation. This comes as good news as enrollment for international students has been increasing year after year for the last three year, with a 6.5% increase in overall international student enrollments over the 2010-2011 academic year.

The press release by NAFSA shows the economic implication of opening the doors to allow international students and scholars to study and pursue further opportunities after graduation in the United States. Currently, the US immigration system requires international students and scholars to return to their home country upon completion of their program.

While there are some opportunities available to employers to help switch their visa from an international student F1 visa (international student visa) to an H1B visa (work visa), this remains a complicated, difficult and expensive process. With limited opportunities upon graduation, many international students are looking elsewhere to pursue their higher education dreams.

In fact, according to the same report, the overall share of international students studying in the US decreased by 10%. The findings from the report says that immigration reform can further enhance the economic benefits for the United States as well as allow students looking to pursue employment post graduation.

>> Read more about the new report released by NAFSA


Finding the Best Value School

June 7th, 2013 by Jennifer Frankel

weigh158461873If you are interested in studying in a foreign country, it’s important that you find a school that both fits your educational (and career!) goals as well as your wallet. Many schools in the US can be pricey compared to what you may expect to pay back home, but the value of a US education in the long-term can be invaluable to your career and long-term earning potential.

With this in mind, it’s important to consider the following factors when choosing your school and finding the best value school:

  • How much will you be expected to pay?
  • Is there any available scholarships, grants or other awards?
  • Does the school offer a unique program that will coincide with your career goals?
  • How much money on-average can you expect to pay upon graduation and 5-years post graduation?

Considering these questions will help you narrow down the selection so that you have help find the best value school. The US News came out with the Best Value Schools in the US:

  1. Harvard University
  2. Yale University
  3. Princeton University
  4. Stanford University
  5. Massachusetts Institute of Technology
  6. Columbia University
  7. Dartmouth College
  8. California Institute of Technology
  9. Duke University
  10. Rice University

As you evaluate schools, keep in mind that finding the best value school may be different for you depending on your needs. The first place to start would be to see what schools are top in the area you wish to study. You can do this by looking at rankings, comparing statistics, and talking to alumna. Once you have narrowed down your selection, then start the dialogue with the school and see what the average per-year cost would be and what the likelihood of obtaining any financial assistance is. As you continue to gather more information, the clearer value will soon be revealed.


Top 4 Places for Financial Aid for International Students

May 31st, 2013 by Jennifer Frankel

girl with computer146789416Funding college can be expensive, especially if you have to pay for your education overseas. Most students rely on their own personal savings and get help from family members, however this many not necessarily be enough to cover all of your costs. With most degree programs taking four years, and sometimes even longer, getting an international education can certainly add up. If you are looking to get financial aid for your education overseas, we recommended looking at the following sources:

– Institutional Help – Many colleges and universities offer some sort of financial assistance to their international students. While some schools offer more than others, get in touch with your international student advisor to see what’s available, how competitive it can be, and whether you can rely on it. You will also want to find out when you need to apply and be sure to write down any deadlines in your calendar to make sure you don’t miss any deadlines.

– Private Scholarships & Grants – Universities aren’t the only organization that provides financial assistance to international students. Home country governments, host country governments, non-profit organizations, and international companies do support studying abroad through scholarships, grants, and other awards. Be sure to do your research to find out which awards are available so that you can apply and increase your likelihood of winning awards.

– Work in the US – Many visas have restrictions on the type of work you can do and in what capacity you can do it. Many schools do have openings for part-time employment opportunities that are available to international students. To find out what’s available, check out your school’s current openings and make sure that you are eligible. Remember, payment is minimal and should be expected to cover only ancillary expenses.

– International Student Loans – International students can apply for an international student loan as long as they have a US cosigner. This cosigner must be a US citizen or US permanent resident with good credit and who has lived in the US for a minimum of two years. If international students have a cosigner, they can apply for the total cost of their education minus any other financial aid they’ve received.


Taxes for International Students

April 9th, 2013 by Ben Cohen

shutterstock_131714795Tax time in the United States is here, with the IRS’s filing deadline of April 15th quickly approaching. Taxes are confusing for anyone, but taxes for international students can add another layer of difficulty given the varying classifications that international students can fall under.

The first thing for international students to determine at tax time is whether they are filing as residents or non-residents. Taxes for international students will mostly fall under nonresident filing status, but to make sure what category you fall under you should go to the Substantial Presence Test on the IRS website. Note that residency status is different from your immigration status, and depends on a number of factors revolving around the dates, length, and nature of your stay in the U.S.

If you find that you need to file as a resident, you can proceed to complete your taxes as any U.S. resident would. Remember that this includes your total worldwide income, not just money earned in the U.S.

But as most taxes for international students are filed as nonresident status, you’ll likely find yourself moving on to the next step: determining whether you’ve had a U.S. source of income. What exactly counts as a U.S. source of income is also outlined in detail on the IRS website.

All nonresidents must file Form 8843. Those without a U.S. source of income get to stop there; nonresidents with a U.S. source of income must also fill out a 1040 NR or 1040 NR-EZ. To fill out either of these latter forms you will need either a Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN). If you do not have one, you can apply for an ITIN at the time of your filing.

Tax time is a notoriously stressful period for anyone in the United States, and international students certainly aren’t spared. Get started navigating the process as soon as you can so you have time to sort out any snags, and don’t be afraid to reach out to friends, family, or school advisors for help! Check out our partner, International Student’s Tax Return Help, for more information.

* Tax, budget and calculator photo courtesy of Shutterstock


When Are Student Loans Disbursed?

March 28th, 2013 by Ben Cohen

student handing in application87347451Students going to college in the United States may be partly paying their way student loans, using them for everything from tuition and room and board to books and supplies. But the exact time for student loan disbursement, as important as it is, can be hard to pin down. So when are student loans disbursed?

Generally speaking, student loan disbursement is split between a school’s two semesters (or four quarters, three trimesters, etc.). This means that your $2,000 yearly loan won’t give you that full amount right away in the fall; you’ll get $1,000 for fall semester and $1,000 for spring semester. This splitting of the disbursement by semester is usually not a problem since tuition and fees are charged by semester as well – meaning you won’t be left with a huge bill to cover in the fall and only half of your yearly loan amount to help cover it.

When are student loans disbursed within each semester, though? The answer to that question is a little less definite because student loan disbursement ultimately depends on each school’s financial aid office and its specific policies. The loans usually show up in a student’s account sometime between the start of classes and the tuition payment due date. Before the funds actually show up, they will often be listed as “pending” so you can get a clear picture of what your financial situation will look like once the loan comes through.

There are some reasons that your student loan disbursement may be delayed, however. A delayed disbursement may be due to a failure to meet minimum enrollment or GPA standards, an unpaid fee from a previous semester which must first be settled, or various other factors. If you think your disbursement should have come through already, contact your financial aid office to see if there are any other snags like these you need to address.

So when are student loans disbursed? It’s not an exact science, but they come through in halves toward the beginning of each semester. If you’re waiting on student loans for immediate needs like housing or food, get in touch with your school to find out exactly when you’ll be getting them.


Understanding Interest Rates on Student Loans

March 25th, 2013 by Ben Cohen

interest rate149070729Coming to college in the United States involves a lot of expenses, and you may find yourself turning to a private loan to help you meet the financial burden. While loans can be great, it is important to understand the full financial burden of repaying them. One of the most important factors in picking a loan to help you finance your college education in the United States is understanding interest rates on student loans.

Interest is a fee that a bank requires you pay on top of the base loan amount so it can make money from the loan. Interest rates on student loans are given as yearly percentages. For example, a $1,000 loan with an interest rate of 7.5% APR (annual percentage rate) will mean a total repayment of $1,075 after one year of interest.

Stretch this out across years – even decades – of repayment, and clearly interest rates on student loans can have a huge impact on how much you pay in total. So how can you make sure you lower your interest rates on student loans?

To a certain extent, interest rates on student loans are fixed. Student loan interest rates are based off parameters set by reputable American and international banks and generally vary between about 2% and 9% APR.

But your student loan interest rates will also change based on the creditworthiness of your US cosigner. A cosigner is a financially responsible person who, by cosigning a loan, agrees to cover any costs that the original borrower can’t. Find a cosigner with a solid credit history (as an international student, you’ll need a cosigner in the US anyway) and banks will be more likely to give you a favorable interest rate on the loan.

Another way to lower the overall impact of interest costs is to repay your loan more quickly – thereby accruing less total interest. This can mean anything from paying a little more than the monthly minimum when you have the spare cash to choosing an official repayment plan that features earlier or more substantial regular payments.

Understanding interest rates on student loans is very important part of your college financing, so make sure to look into your best options before you decide on a loan!


Ten Highest Paying Majors

March 18th, 2013 by Ben Cohen

A report recently released by NACE, the National Association of College Employers, has detailed the ten highest paying majors in the United States. The study measures these majors with top pay by looking at the average starting salary for a newly hired employee. Here’s the full list:

  1. Computer Engineering
  2. Chemical Engineering
  3. Computer Science
  4. Aerospace/Aeronautics/Aeronautical Engineering
  5. Mechanical Engineering
  6. Electric/Electronics and Communications Engineering
  7. Civil Engineering
  8. Finance
  9. Construction Science/Management
  10. Information Sciences Systems

Unsurprisingly, the overwhelming majority of these ten highest paying majors come out of the STEM fields – science, technology, engineering, and mathematics. There are a few major reasons for this.

First off, STEM fields are many of the vital forces that drive our world today – the influx of computer and web technology in day-to-day life, for example, makes jobs in the above categories of Computer Engineering, Computer Science, and Information Sciences Systems significantly more important than they were even a few short years ago.

Another main reason that most of these majors with top pay come from the STEM fields is that relatively few students choose to pursue these majors over the more popular ones in liberal arts, making the actual STEM-field graduates very hot commodities for employers desperate to hire workers with the appropriate expertise.

Does this mean that you should go into one of these fields just because it’s one of the ten highest paying majors in the United States once you snag that first job? Certainly not. But some planning ahead and honest soul-searching in your pre-college and early college years can help you consider what you’d really like to do and see if any of the above majors is in fact something that inspires you.

Also keep in mind that it’s never too late to shift gears into one of these ten highest paying majors if you decide that it is indeed the right thing for you. Even if you’re already finished with your undergraduate education, there are various ways such as grad school and community college that you can use to get you started on a major career change.

If one of the above majors sounds like a good choice for you, make the commitment, study hard, and be ready to land a great job once you join the workforce!