Scholarships for students from the Middle East, Hong Kong, Saudi Arabia

September 15th, 2006 by admin

Today there are 2 scholarships that I’d like to draw attention to, both for students from particular countries, and a quick update on the Saudi scholarships.

First, the Karim Rida Said Foundation provides full and partial scholarships for Master’s degree study in the UK to Iraqi, Jordanian, Lebanese, Palestinian and Syrian students. You must have a first degree, be proficient in English, agree to return home, have two years work experience, and meet some other requirements. Application deadlines vary throughout the early part of the year based on the school in England that you will attend. For more information or for an application, go to: http://www.krsf.org/whatwedo/masters.shtml

You can also find this scholarship listed on InternationalScholarships.com: InternationalScholarships.com/KarimRidaSaidFoundationScholarship

The Get Foundation provides one or two $5,000 scholarships per year to deserving students from Hong Kong, based on financial need, to pursue undergraduate education at schools in the US. Application deadline is April 15 of each year. For more information or for the application go to: http://www.thegetfoundation.org/

The Saudi scholarship program, under which the Saudi royal family will pay full scholarships for up to 15,000 Saudi students in the US each year, is in full swing. Of the 10,229 Saudi students registered at schools in the US for this fall, the Saudi embassy reports that over 90% of them are receiving scholarships. President Bush and Saudi King Abdullah launched this program last year, and by next year it is expected that the full 15,000 scholarships will be awarded. Click here to read a CNN story with more information on the impact of these scholarships: CNN story on Saudi scholarships


College Costs On the Rise

September 8th, 2006 by admin

After our short series on evaluating school program costs, budgeting and opening a US bank account, I thought this article from the Jacksonville Times-Union online was very interesting and timely.

The point — everyone knows that college tuition has been increasing rapidly, but recently there has been a significant rise in all other college-related costs. An excerpt from the article:

“It’s no secret that college tuition has been on an upward climb for the better part of a decade.

What might be a surprise for college students and their parents, though: the rising cost of everything else, from books to cafeteria food to transportation.

The College Board, in its annual survey of college pricing, is reporting big increases on all those incidentals college students can’t live – or study – without: textbooks, supplies and a room to call their own. It’s a national trend that has touched most every school, from community colleges to four-year universities, both public and private. And while Southern states fared better than, say, the Northeast, books, supplies, transportation and room and board in recent years have all been hit by upticks in price.”

Click here to read the rest of the story:
College Costs On the Rise — Times Union Story


Opening a US Bank Account

September 1st, 2006 by admin

Why Open a US Bank Account?

A US bank account will make managing your finances a lot easier, and you should set one up as soon as you arrive. You can deposit your financial aid awards, loans and stipends, all of which are typically paid to you by check, as well as money from home. You can pay all of your bills by check, and with most bank accounts, you can even manage and make all of your bill payments online. In addition, most banks now issue debit cards with a MasterCard or Visa emblem, which means you can use the card to make purchases against your account anywhere that accepts credit cards, including online and in stores. Paying cash or purchasing money orders for payments is inefficient, carrying cash can also be dangerous and paying in cash doesn’t leave much evidence behind to prove your payment in case of a dispute. Certainly a bank account will make budgeting a lot easier.

How Do I Open a Bank Account?

Even though lots of banks now advertise that they allow new customers to open accounts online or by phone, as an international student, plan to open your account in person at a local branch. You do not fit neatly into a category for US banks, and if you need additional services it’s always good to have established a face to face relationship. When you go, make sure you bring your passport and the funds you want to deposit. In addition, you should bring as many of the following documents or ids as you have — although every bank has slightly different requirements, in addition to your passport you will likely need at least one of the following: your school id, your state driver’s license or id, your visa, your I-20, and your I-94. You do not need to have a social security number to open an account. If a bank asks for it, offer up your passport and any of the other id documents mentioned above.

Many schools have relationships with banks where they refer their international students. Ask your international student office or check their website for any guidance to a specific bank. If a bank is used to seeing international students for new accounts, things will go smoother. Here’s a good example of the guidance that an International Student Office can provide to its incoming students, from the University of Wisconsin.

How Do I Choose a Bank and an Account?

Banks offer many different financial services. You may wish to compare the services and costs of several banks before choosing one at which to open an account. If your school has a relationship with a particular bank for all of its international students, you should certainly consider that bank first. You will need a checking account for proper money management (for writing checks, online bill payment, debit cards, etc.), and if you have large amounts of money just sitting in your account, it may make sense to open a savings account as well. Investigate the accounts the bank has available, with an eye towards how much it could cost you to keep the account. Find out whether the bank offers interest on checking accounts, what the interest rate is on savings accounts and whether the account offers overdraft protection. Hopefully you never write a check, accidentally, for more than you have in your account — but if you do, does the bank pay the check and just fine you, or do they refuse payment to the company you wrote the check to (“bounce” the check)? If so, both the company AND the bank will fine you and that adds up quickly!

Ask how long it will take to “clear” a check — that is, how long from the time a check is deposited in your account until the time you are allowed to withdraw the funds. Typically wired funds are available immediately, but the “hold” on checks (local, out-of-state and foreign) varies by state and by bank, and can be several days to a week or even longer.

Most major US banks offer “student checking”, accounts and services designed specifically for students — here’s a small sample:

Wachovia Bank Student Checking
Key Bank Student Checking
Bank of America Student Checking

Initial Money Needs on Arrival

You should evaluate your needs for the first few weeks of school — most schools suggest bringing about $2,000 in readily available funds. You can bring this amount in traveler’s checks, or better yet, bring your foreign bank card, after checking that it will work in US ATMs (automated teller machines), to access an account at home. All other money can be wired to your new US bank account after you arrive. Remember, if you have a scholarship, assistantship or another form of employment, it will typically take a month or more to get your first payment, so make sure you have enough money to live for your first few weeks.

Before you arrive, find out from your bank at home how to wire money to the US, and how much it will cost in fees. After you have set up your new bank account, you can arrange the transfer by providing your home bank with your US bank details. You will need to provide your account number, the US bank’s name and address, and the US bank’s ABA number. Wire transfers typically take between 2-5 days. Ask your home bank for a confirmation once the funds are wired.

Check out our posts on Evaluating School Program Costs and on Creating a Realistic Budget.


School Estimated Budget vs. Reality

August 25th, 2006 by admin

When you are admitted to a US institution, take a close look at the international student budget provided by your school. These estimated expenses will also appear on your I-20, and they are usually accurate insofar as they go. International students are required to prove that they have funds to cover the full amount shown, and you cannot arrange for more financial aid once you arrive at school. Click here to see three samples of school-estimated international student budgets from our last post.

Although the summary budget provided by your school and shown on your I-20 is helpful in outlining some of the bigger expenses, like tuition, fees, and if you live on campus, room and board, it does not tell the full story. For instance, if you are not planning to live on campus, you should check carefully what your accommodations will cost. There is always a range of off-campus housing, and costs vary widely. Some students want their own luxury one-bedroom condo, while some are happy to share an old 2-bedroom apartment with 3 other students. Perhaps the biggest variant is the “Personal/Other” category, for which most schools include a budgeted amount between $1,000 and $2,000. For many students who intend to travel, who may need clothes, who have taxes to pay, who call home frequently, or who like to eat out, or who spend money in any other myriad ways, this number may not be realistic at all.

Use this list to help you think about all the possible expenses you may have. When you prepare your own realistic budget, make sure you have considered all of the following categories:

Expenses

* Tuition
* Fees
* Rent
* Meals (Board)
* Health Insurance
* Medical costs (doctor visits, prescriptions, dental and eye care)
* Books and supplies (computer equipment, etc.)
* Communications (cell phone, internet, home phone, international calling)
* Utilities (electric, water, gas, cable)
* Car ownership (insurance, registration, gas, parking, repairs, etc.)
* Other transportation (buses, trains, etc.)
* Clothes
* Personal Expenses (laundry, haircuts, contact lenses, eyeglasses, etc.)
* Family Expenses
* Entertainment (shows, restaurants, nights at the pub, dates, movies, cds, music, parties, etc.)
* Recreation (gym fees, club dues, hobbies, teams)
* Travel
* Taxes (you will pay US taxes on assistantships, scholarships, job income, etc.)
* Bank fees, credit card payments, etc.

Preparing a realistic budget can be an uncomfortable experience, as it forces you to examine how you spend your money. However, going through the process will ensure that you have a good handle on how much money you actually need to live. Or you will understand much better that you’ve really got to cut back in certain areas to make your budget hold up in the US.

Having a US bank account can really help you stick to a budget. You can set bills up for automatic payment, write checks or use a debit card instead of carrying cash, and track all of your expenses much more accurately and easily.

Next Post: Opening a US Bank Account


Evaluating School Program Costs

August 18th, 2006 by admin

International students spend a lot of time and energy trying to find enough financial resources to fund their foreign study. An important part of this effort is understanding exactly how much money you will need for your time overseas, and then carefully managing your finances to stay within your budget. Dealing with a new currency and cost of living add to the challenge, but with a little effort and planning you won’t have to spend your academic experience in a constant state of panic over money.

Evaluating School Program Costs

The first step is to carefully evaluate the cost of your program, and be realistic about your ability to afford a particular school. Many students are amazed at the range of cost for the same basic product — a US post-secondary education. To give you some idea of the range of cost you can expect, here are the 2006/2007 estimated annual international student budgets at 3 schools — Harvard Law School ($59,300), the University of Washington ($38,312), and Western New Mexico University ($14,867):

Harvard Law School

Tuition $ 37,100
Room/Board/Personal $ 16,966
Health & Insurance Fees $ 2,606
Books and Supplies $ 1,050
Travel Allowance $ 1,578
TOTAL BUDGET $ 59,300

University of Washington:

Full-time Tuition & Fees $ 23,113
Health Insurance (required) $ 1,536
Room & Board on Campus $ 9,902
Books & Supplies $ 1,100
Transportation (local) $ 396
Clothing, Entertainment,
Personal Items $ 2,265
Total Annual Expenses $ 38,312

Western New Mexico University (Graduate):

Insurance, Health and Accident $ 500
Tuition and fees $ 7997
On-campus room and board $ 4,370
Textbooks/supplies $ 1,000
Other/personal living expenses $ 1,000
(*not including travel)
TOTAL YEARLY EXPENSES $ 14,867

A 3-year program at Harvard Law School would cost close to $200,000, while a 3-year graduate program at Western New Mexico University would cost less than $50,000. Remember, these estimated budgets, though usually fairly accurate insofar as they go, do not necessarily cover all of your needs, as the personal living expenses are unlikely to capture all of the travel and basic needs you will face. Also, the cost of living is much greater in urban areas like Boston, New York and Los Angeles, and you’ve got to take that into account when evaluating personal needs.

Next topic: Preparing a realistic budget


Last minute funding?

August 15th, 2006 by admin

Did you know that you can apply for funding with InternationalStudentLoan.com and receive preliminary approval in as little as 15 minutes? With the International Student Loan for international students studying in the USA and Canada you can apply as long as you meet the following guidelines:

– An Undergraduate or Graduate Student
– Enrolled at least half-time
– Attending a Teri-Approved School
– Proof of Enrollment
– An eligible US Cosigner

For full information about the eligibility guidelines and to apply please visit:
International Student Loan Program


Which US Schools Offer Financial Aid to International Students?

July 3rd, 2006 by admin

Lots of research and early planning are the most effective tools for figuring out how to afford a US higher education. If you are a good student, there are lots of US colleges and universities that want you to enroll — but which ones are more likely to offer you a financial aid package that will make it affordable for you? Although the amount of financial aid offered to international students shouldn’t be your only criteria for choosing a school in the US, it is helpful to know before you apply what type of aid is typically offered. The link below will take you to InternationalStudent.com’s searchable list of US schools that award financial aid to international students. The list shows the number of international students, the number of international financial aid awards, and the average amount of the award — use it in your early planning:

http://www.internationalstudent.com/schools_awarding_aid/


Subscribe to our blog!

June 29th, 2006 by admin

We have now made it really easy to keep up-to-date with our blog through RSS feeds and email updates! If you have an RSS Reader simply click on the following link to subscribe!

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Still Time to Apply for Junior Year Abroad Reality Webshow

June 26th, 2006 by admin

If you plan to study abroad this fall, check out this show that NBC Digital Studios has planned. You still have a week to get your audition in — this would be a great way to pay for your time abroad!

WHAT IS J.Y.A.?
J.Y.A. (Junior Year Abroad), a new show from NBC Digital Studios, chronicles the first-person travel escapades and cultural discoveries of ten college students living and studying in all corners of the globe. With camera-wielding students in five unique continents, the show will capture all facets of life abroad, as lived and breathed by our cast. Our audience will experience the journeys vicariously through our young travelers, while learning interesting country facts and meeting colorful locals along the way. J.Y.A. and its accompanying website will soon become the definitive on-line destination for anyone with a penchant for global travel and a voracious appetite for adventure!

WHO IS THE CAST?
Could be you! Are you planning to study abroad in the fall of ’06? Do you love to be in front of the camera? Do you thrive on the adrenaline of foreign travel? Do you have charisma oozing from your ears? Then we want YOUR audition tape! NBC Digital Studios is currently casting for the premiere season of J.Y.A.. We’re searching for bright, articulate college students who wish to self-document the adventure of a lifetime. Cast members will receive cameras, tape stock, monetary compensation, and possible cash bonuses. Sound too good to be true? It isn’t!

Click here for more: http://www.nbc4.tv/jya/index.html


Better Resources for US Students Abroad

June 21st, 2006 by admin

US students that want to spend their college career overseas have difficulty finding funding at the right levels. Here’s the press release where InternationalStudentLoan.com made a splash with higher loan limits of $50,000 per year for undergrads, and $70,000 per year for grads. Stafford loans alone just don’t do the trick.

InternationalStudentLoan.com Announces Higher Loan Limits for Foreign Enrolled Students
To see the original release, go to: http://www.prweb.com/releases/2006/6/prweb399787.htm

For US students that enroll directly in a foreign school for their undergraduate or graduate education, costs are higher and funding options are much more limited than for domestic study. Federal loans can only cover a portion of the cost, and other aid is often not available. To address escalating funding needs, InternationalStudentLoan.com has introduced higher funding limits for the Foreign Enrolled Loan for US students studying at approved foreign schools, allowing students to borrow the full cost of their international education.

Quincy, MA (PRWEB) June 20, 2006 — For US students that enroll directly in a foreign school for their undergraduate or graduate education, costs are higher and funding options are much more limited than for domestic study. Federal loans can only cover a portion of the cost, other aid is often not available, and the weakened dollar puts many already expensive but popular destinations for US students, like the United Kingdom and Western Europe, out of reach. Private student loans have become an increasingly popular and available method to finance an international education.

We are delighted to offer a loan with higher funding limits that are more realistic considering all of the costs associated with an international education. Although we encourage students to avail themselves of federal aid and scholarships whenever possible, the shortfall can be quite dramatic. Our Foreign Enrolled Loan can fill the gap, or can be the sole funding source when necessary.

To address escalating funding needs, InternationalStudentLoan.com has introduced an improved Foreign Enrolled Loan for US students studying at approved foreign schools. The Foreign Enrolled Loan now has high funding limits of $50,000 per year for undergraduates and $70,000 per year for graduate study, allowing students to borrow the full cost of their international education. Keith Clausen, President of InternationalStudentLoan.com, commented “We are delighted to offer a loan with higher funding limits that are more realistic considering all of the costs associated with an international education. Although we encourage students to avail themselves of federal aid and scholarships whenever possible, the shortfall can be quite dramatic. Our Foreign Enrolled Loan can fill the gap, or can be the sole funding source when necessary.”

Hundreds of foreign schools are approved for the Foreign Enrolled Loan, including medical, dental, business and law schools, with more schools being approved all the time. There are no application fees or out-of-pocket costs, borrowers can apply online or by phone, and the entire process can be completed in as little as 2 weeks.

“As the value of an international education continues to grow, and demand for internationally-trained graduates soars, more and more US students are enrolling directly in foreign schools. These students need realistic financing options. With deferred repayment, competitive rates and a simple application process, foreign enrolled students can access private loans just as readily as domestic students.” added Mr. Clausen.

Undergraduate and graduate students can apply for the Foreign Enrolled Loan at http://www.internationalstudentloan.com/foreign_enrolled/ or by calling (800) 926-3069.

Contact Keith Clausen at e-mail protected from spam bots for more information.

InternationalStudentLoan.com is owned and operated by Envisage International Corporation and has been helping students from all over the world achieve their goals of international education since 1998. InternationalStudentLoan.com is a proud member of the International Student Network and the Student Loan Network, which can be found on the web at www.InternationalStudentNetwork.com and www.StudentLoanNetwork.com.

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