Financing Education
Best Student Loans in the USA
Getting a college education isn’t cheap anywhere but the cost of a degree in the U.S. can be frightening for students who have to borrow their way to meeting their educational goals. If loans are your only option however, a little research can save you a lot of debt. It’s obviously much more of a challenge for foreign students who are in the U.S. to study but are not citizens; however there are also reasonable choices for foreign nationals that simply require time and diligence to seek out.
For U.S. born students or students who have become citizens the best student loan options are those made available by the U.S. Government. Stafford Loans are available to both undergraduate and graduate students based on need as shown in the FAFSA form which can be submitted online. Student loan options for undergraduates are divided into subsidized and unsubsidized loans which have different interest rates. For graduate students, the allotted loans are not based on yearly allocations but rather on a total sum. A graduate student can borrow up to $8,500 as a subsidized loan and up to $20,400 as a combination of subsidized and unsubsidized loans in a year, and up to $138,500 it total loans for both undergraduate and graduate studies.
There are also Direct Loans made by the U.S. Department of Education to students who meet certain criteria. Graduate students can also take out PLUS Loans, which are designated as loans for parents of undergraduate students. Graduate students may apply directly for these loans but the interest rate is currently 7.9%, higher than a Stafford Loan. Finally, there are Consolidation Loans that allow graduate students to bring all loans taken through the federal government into one refinanced entity.
Loans for Foreign Students
There are some federal loans available for foreign students who meet certain requirements; however the great majority of students interested in studying in the U.S. aren’t going to meet them. But many universities make an effort to advise foreign students on the best loans available from banks and other private institutions. There will be the inevitable forms to fill out with the government as well as the bank; it takes a little patience. But university student finance offices at U.S. universities have some skills today working with international students; don’t be afraid to ask for help from the schools you apply to. Many private loans to foreign students will ask for co-signers who are residents of the U.S. but there are also many universities that can steer you to loans without such a requirement. Here is one example: the University of California provides excellent information on loans for international students at StudentLendingAnalytics.com (PDF Attachment)
About Those Test Scores
We have also noticed that GRE and GMAT scores are of great interest on this website; there are many reputable and accredited schools that don’t require test scores for certain graduate programs. There are also quality online graduate programs that may require a TOEFL score but not a GRE or a GMAT. Not all good graduate schools require a test score, especially from students who have some work experience or the right undergraduate degree.
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Bob Hartzell writes on education topics for several websites. He is a regular contributor to blogs dedicated to higher education and personal finance as it relates to making education affordable. He also writes on the fluctuating job market and the changing educational requirements for careers in the new economy. We recently highlighted the Top 5 Masters in Management Degrees.
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