Who else wants to know about student loan?

Student Loan, if you are planning to get from your native country, continue reading, I’m about to uncover some real facts. Is it better to get student loan from my country or from U.S. based bank? … Keep reading for the answer.

About 64% of International students in 2005/2006 who came to study in U.S. use their Personal and Family funds for covering the cost of education. That includes both Graduates and Under Graduate study. But, I assume, it will be some form of Student loan will be used to fund the education cost. Most of the students fund their education in U.S. from student loan.

Student Loan will be usually issued in the form on Bank Draft in the name of the University and separate bank draft in the name of the student for personal living expenses.

Considering the the scenarios where there is no financial aid or Scholarship, only with part time job, at the end of course, there will be around $20,000 in student loan. But, the good news is, its worth every cent spent from the student loan. Usually, entry level jobs will pay anywhere from $50,000 to $80,000 per year,

Now, lets assume that after graduation, you will be still left with student loan of around $20K and that’s usual in U.S. I have seen people who have much more in student loan debt. There are so many options available here to repay the loan. But, International students loan will have different payment options.

In general living expenses will increase after you graduate. It will be difficult to share room with 4 people in job going environment. When number of people to share the cost with decreases, monthly living expenses will also increase. I was paying around $1,100 per month in Florida and around $1,300 per month North Carolina.

Here are few tips to pay off the student loan much faster:

* Watch where your spending goes, categorize them and cut miscellaneous expenses

* Avoid spending in luxury items

* Make a list when you go to grocery shop and stick to the list when you buy items.

( Trust me, when you drive to get a can of Milk, you will end up spending $30)

* Participate in companies 401(k) retirement savings plan.

* Save atleast 5% of every pay check for emergency

Above tips would help to save money and that can be used to repay student loan.

Suppose you get $3000 after tax in hand, at max you will spend $1,500 per month for living and saving $150 will give you $1350 to pay student loan. With this calculation student loan can be paid off in 14 months. But wait, you will definitely need to buy a car to commute, unless you are in Metro’s. If you buy car for $20,000, monthly payment will be around $350 for 5 years. That will delay student loan repayment. But the scenario is different if you earn $80K per year,

<p style=”float:left”><!–adsense#SmallRect–></p>I have heard about students getting loan from U.S. based banks for lower rates, but I’m not sure how feasible that will be. I haven’t explored those options. But considering the visa process, getting student loan from native country will be the best choice.

If you want to avoid student loan, here are few interesting tips to get scholarship. Here’s a way to get scholarship

 

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