International education is thriving! Every year number of students is increasing for studies abroad However, studying abroad often requires financial help for extra expenses like room charges, boarding, books, travel and other education-related expenses. International education is quite expensive, and everyone cannot afford to fund their International studies. Although there are many scholarships, grants and bursaries for international students but they are highly competitive and rarely cover all of your expenses. But then there is an excellent way to thwart financial hurdle, opt for loans. Educational Loans for International Students can be quite beneficial to overcome these financial troubles.
International Student Loans in USA:
If you are planning your further studies then read following information to seek out financial help:
Getting student loan in USA is quite difficult for international students. Student’s loan can broadly be classified into two categories i.e. federal and private student loan.
Federal loans :
Federal loans are need based and subsidized too but this is not for all. US citizens can apply for federal loans like Stafford loans, Perkins loans, PLUS loans but international students cannot apply for these .
Private student loans :
International students can apply for private loans for which they require a co-signer who must be a US citizen : it can be either their relative or any other person who has an acceptable credit record in America. These loans are obtainable to international students on the same stipulations as US students.
Certain questions you should have in mind and ask the banking official while applying for loan:
Is the loan private or federal?
Is the loan private or federal?
What is the interest rate?
What are the eligibility requirements?
Do I need a cosigner?
When to start repaying?
Is there anything I need to do to defer payment of past loans while I’m abroad?
What are the eligibility requirements?
Do I need a cosigner?
When to start repaying?
Is there anything I need to do to defer payment of past loans while I’m abroad?
International Student Loans in UK :
If we talk about UK: Eligibility for student loans for international students from the UK government is difficult.
Basically, loans are only available to those international students who have been residing in the UK from last three years prior to the beginning of their course.
If you think you meet this requirement, be sure to read all of the eligibility requirements that are available at UKCISA.( UK council for International Students Affairs)
International Student loan in Australia :
In Australia many universities provide help to eligible international students through their Student Loan Schemes like the University of Western Australia provides two types of Student loans for International Students:
1.General Purpose Loan: General Purpose Loan are for necessary expenses linked with studies and directly associated living costs, especially where continuation of studies may be threatened. An international co-signer is required by the students for the loan and the loan should be repaid fully by the end of your current UWA course of study.
Short Term Loan: In case of Short term Loan no guarantor is required. It is available to overcome urgent, unexpected emergencies.
University of Southern Queensland offers Emergency Loans (EL) International studentsfor daily living expenses such as food and medicine.
Financial bodies of almost every country offers educational loans to its citizens, who wish to pursue their studies in their home country or abroad. For example, following is student loan information pertaining to India:
In India all the Public and Private Sector Banks are providing financial assistance to Indian students going abroad. The set limit for the loan amount is Rs.20 lacs. The repayment for the loans starts one year after completion of course or 6 months after getting a job, whichever is earlier.
- Now a days Education loan proves to be a boon for students who don’t have enough finances to get higher education, but at the same time if students don’t get job, they might experience stress due to the burden of education loan.
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