Studying abroad is rewarding. But it comes with a hefty price tag. Tuition fees, boarding costs, and dining costs in the U.S. can be unaffordable to many international students. Scholarships and grants might help you ease the financial burden, but they can’t cover the entire cost. Most students don’t qualify for scholarships. That’s why you shouldn’t put your hope in them.
That’s where international student loans come in. Many foreign students apply for loans and borrow money to pay for the costs of studying and staying in the U.S.
Understand Some Important Terms for Your International Student Loan
During the process of choosing a student loan, you’ll come across some terms you might not be familiar with. You should understand them first to make the process effortless for you. Here are some of the terms that you will come across:
Interest rate: It’s a percentage of the total amount that you borrowed which is to be paid to your lender. Continue reading The What, Why and How of International Student Loans in the U.S