| Estimated expenses for international Student: |
| Tuition expenses: | 12000$-15000$ annually |
| Living Expenses: | 1000-1100$ per month |
| Health insurance: | 1200-1400$ anually |
| Books: | 400-500$ annually (it is advisable to get books from India as they are very expensive in U.S) |
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Studying abroad is expensive and you might need loan to pursue your studies. US students can receive federal loans guaranteed by the government, but these valuable loans are not available to international students. Luckily, private student loans are available to international students.The loans are cheaper compared to those available in India if an international student is fortunate to get the loan. The interest rate is around 4-6% compared to around 12 % in India. The International Student Loan Program is available to international students studying in U.S. In order to be eligible for the student loan you should 1) Be atleast 18 years of age. 2) Should have a US citizen or permanent resident (Green card holder) as a co-signer. 3) Be enrolled at least half-time at an eligible US institution. Loan Limit: The loan limit covers the total cost of attendance. Loan is paid directly to the individual, not to the school so you can use to meet your living expenses too. Interest Rates: Interest rates are variable, based on the LIBOR plus a margin. LIBOR is always several points below prime, so the margin is from 3.5% to 7.75%, and will be set by the lender based on the credit history of your co-signer and the repayment plan you select. LIBOR changes monthly, up or down, so the rate will be reset monthly. The interest rate will come to around 4-6%. Repayment: Repayment can be deferred while you are enrolled in school and for six months after you finish your school.After that, you will have up to 20 years to repay the loan, with a payment due every month. You are also eligible for hardship extensions if you run into unexpected circumstances that prevent you from being able to repay the loan for a short period of time. U.S Co-Signer: You must have a co-Signer who is a US Citizen or permanent resident. The co-borrower must meet the criteria for creditworthiness. The co-signer must have good credit history and good employment history since the loans are credit based. Get the best co-signer you can. Since credit criteria and pricing have gone up, a good US co-signer is critical to getting your loan approved and priced reasonably.The better your co-signer, the better your rate. The co-signer is responsible for paying back the loan if you should default on it. Online Application: You can apply online or by phone and know whether you are conditionally approved for the loan.There is no application fee for the international student loan, however there is origination fee that is later rolled into the loan amount. Sallie Mae Bank offers following loan options to the students: Sallie Mae Smart Option Student Loan: Sallie Mae Bank offers Sallie Mae Smart Option student Loan for international students. Students can borrow up to the full cost of their education. The Smart Option Student Loan helps students save money, build good credit, and pay off their student loan faster. U.S. permanent residents and other eligible aliens must submit a copy of the front and back of their current Citizenship and Immigration Services Form I-551 (Alien Registration Card) to be eligible for this loan. Some other loan options offered by Sallie Mae are : 1. MBA Loans 2. LAWLOANS Private Loans The entire cost of the business education, law program can be financed with the help of MBA Loans, LAWLOANS Private Loans respectively. An international student is required to apply along with a cosigner who is a US Citizen or a permanent resident. However you need to ensure that the school you chose to study participates in these programs. |
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