Can International Students Apply for Student Loans in the USA?
Student loans for overseas scholars! Welcome aboard the voyage of international academia! You’re on the cusp of a thrilling expedition teeming with fresh experiences, innovative notions, and burgeoning friendships. If you’re an overseas student setting your sights on the USA for your advanced studies, you’re in...
Written by
Facundo Bermúdez
Published on
23 Jun 2023
Table of Contents:
Student loans for overseas scholars! Welcome aboard the voyage of international academia! You’re on the cusp of a thrilling expedition teeming with fresh experiences, innovative notions, and burgeoning friendships. If you’re an overseas student setting your sights on the USA for your advanced studies, you’re in good company. The influx of international students gracing U.S. soil peaked a few years back and despite a brief decline courtesy of the pandemic, it’s poised for a resurgence in the forthcoming years.
Contents
Why is it good to have a student loan?
While the prospect of academic pursuit in the USA emits an alluring gleam, there’s no sidestepping the reality that it does carry a hefty price tag. American college tuition can vie for the title of being among the most exorbitant globally. Beyond the tuition, there’s a whirlpool of additional expenditures to be factored in, such as accommodation, sustenance, textbooks, and sundry living costs. The figures can swiftly pile up, posing a daunting scenario, particularly for international students.
Nevertheless, there’s no need for your spirits to flag, for the silver lining is the plethora of financial avenues available to actualize your American study aspirations. A diverse spectrum of financial aid, including loans, scholarships, and grants, stand ready to mitigate the monetary strain of an overseas study endeavor. In this article, we intend to delve deep into the nitty-gritty of these financial facilitators accessible to international students.
Student Loans for Overseas Scholars
The thought of funding your education might immediately trigger the idea of student loans. Although scholarships and grants serve as brilliant non-repayable resources, loans constitute another avenue worth exploring. However, the cardinal rule to remember here is that loans constitute a debt that must be progressively repaid to the lending institution or bank.
Typically, international students don’t qualify for federal student loans in the USA. But the financial landscape does feature private loans tailored for international students. Certain lenders offer student loans to international students given the presence of a creditworthy co-signer who is a U.S. citizen or permanent resident. Though this presents an alternative, it’s prudent to tap into all other funding reserves first, given the repayable-with-interest nature of loans.
Scholarships and Grants
While student loans might be the knee-jerk reaction when it comes to education funding considerations, they certainly don’t monopolize the field. Scholarships and grants offer a significant advantage, chiefly because they’re forms of financial aid that don’t demand payback!
While the availability of grants for international students isn’t as abundant, there are still pockets of opportunity. For instance, noteworthy grants include those offered by the Open Society Foundation and the Humphrey Fellowship. These grants extend financial support to international students, alleviating a considerable share of the costs associated with studying in the USA.
On the scholarship front, the offerings for international students are rather rich. A couple of notable instances include:
Fulbright Program for Foreign Students Scholarship
This distinguished scholarship program sanctions funds for students worldwide to study or engage in research in the United States. The prerequisites for this scholarship fluctuate by country, potentially encompassing enrollment in a bachelor’s degree program, English language proficiency, and citizenship in the applying country.
MPOWER Global Citizen Scholarship
This scholarship, accessible to international students enrolled full-time in an MPOWER-supported degree program, pledges substantial funding to assist with tuition and other educational expenses.
Moreover, numerous American universities extend considerable scholarship opportunities to international students, typically evaluated on academic merit, financial need, or extracurricular contribution. Beyond these, an assortment of scholarships from private organizations and donors, each with a unique set of eligibility criteria, are also within reach.
Types of Scholarships
Comprehending the array of scholarships at your disposal can facilitate the quest for the ideal one. Here’s a compilation of scholarship types you might encounter in your explorative journey:
Institutional Scholarships:
These are funds extended by the university you aspire to join. A majority of universities boast scholarship programs, many of which open their doors to international students.
Need-based Scholarships:
These scholarships center on the financial requirements of students. While most of these are earmarked for U.S. residents, certain universities do disburse needs-based scholarships to international students.
Merit Scholarships:
These scholarships cater to students endowed with academic prowess, high school sports aces, or those who have distinguished themselves in community or entrepreneurial ventures.
Geographically-Targeted Scholarships:
These scholarships primarily cater to students hailing from developing nations.
Government-Funded Scholarships:
The U.S. government administers several scholarship schemes for international students.
Privately-Funded Scholarships:
These scholarships, funded by private enterprises or benefactors, are extended to international students. They’re likely to be earmarked for developing nations, minority groups, or specific areas of study.
Partial Scholarships:
These scholarships range from a modest one-time payment that students can apply toward their fees to a more substantial disbursal staggered to cover certain university-associated costs.
Summary
To wrap up, a multitude of financial resources await international students with a dream of studying in the U.S. Ranging from scholarships and grants to student loans, there’s a diverse mix of avenues to alleviate the financial weight of your education. Remember to traverse all possibilities and apply to as many pertinent scholarships and grants as possible. Although it may appear a daunting endeavor, the benefits can be immense. Each fragment of financial aid can lighten the load of tuition costs and other expenditures, enabling you to concentrate on the crucial aspects – your education and the enriching experience of overseas study. Here’s wishing you the best for your academic journey!
If you are planning to relocate to the United States, you may encounter the difficulty of obtaining a credit card. This is primarily due to the fact that numerous credit card issuers demand a credit history in the U.S., which poses a challenge for non-U.S. citizens who have recently arrived.
However, there is good news. Nova Credit has collaborated with American Express to offer a solution for individuals from supported countries. They now have the opportunity to utilize their foreign credit history when applying for any American Express Personal Card, without the need for a U.S. credit history. Find out more here!
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