international-students.biz

Every year costs for education in the USA increases and for US students it is difficult to pay and even more difficult to pay for foreign students. Near two-thirds of US students usually study during four years at colleges and universities and are connected with student loans. They can get federal loans like Stafford loan, which are available only for students who are US residents, or it is possible to take private student loans which are available for all students, either domestic or international.

Before applying for loan check out very carefully what your own funds are, because the less you borrow, the less you’ll have to repay.

Here are the main terms, the meanings of which you should know before take a loan:

- “U.S. Co-Signer Required” - it means that it is required for international student to find co-signer who is US citizen with good credit history and stable work.

– “Funds Paid Directly to You “– this term means that money of the loan will be paid directly to you, not to the educational establishment. That’s why you should be very careful with expenses; don’t spend money for unnecessary things.

–“Repayment” – the returning of borrowed money can be delayed till the graduation and also for six month after graduation, then you have 20 years to return your loan.

– “Proof of Finances” – the permission for the loan can be a proof for school and visa department of your financial solvency. This permission also can be used for the campus authority.

–“Interest Rates” - are based on the LIBOR with margin. LIBOR is London Inter Bank Offered Rate. These rates are change every month, so they are not fixed.

–“Online Application” – it means that you can ask for the loan through the Internet or by phone and get fast reply on your request.

– “No Application fees” – means that there are no fees for the application, so there are no additional payments.