How hard is it to get student loans?
Do most students get approved for student aid? If so, for how much usually? Do you choose the amount you want to borrow? The reason I ask is because I need to take out a student loan to pay for study abroad this coming summer. I don’t want to take out a private student loan. Are student loans difficult to be approved for?
Answer: Student loans are no harder than other types of loans to obtain. Many people think there is some magic bullet needed to qualify and secure a student loan.
Student loans are designed to help students who are unable to bear their educational expenses. Student loans are different in different countries in the way they are devised, but then the common types of student loans available are the undergraduate loans, college student loans, private student loans and federal family educational loans.
Student loan repayments are not made until the student completes their graduation. This facility helps them to concentrate on their studies and earn some money while they’re studying, but repayment has to start once he finishes his education, usually at the six month mark.
You should also keep in mind that there may be college scholarships and grants available to you for studying overseas. Many scholarships and grants go unrewarded because there are not enough applicants. This is one great travesty of the education World.
Whatever you do though, never, ever pay someone to find these hidden gems. They’re easy enough to find just by doing some research on college scholarships and grants. There are both federal grants and private grants available to most students. As a College student, your research skills should be honed. If not, you need to hone them quickly to find these alternate sources of college funding.
You can find a partial list of college scholarships by clicking the hyperlink.
You can visit this page for a list of Federal Grants.
Many students are too lazy to do the research it takes to find grants and scholarships. That’s a shame as once they get out of College, most are saddled with huge student loan debt that may take them a decade or more to pay back.
Also keep in mind that scholarships and grants may not cover all your expenses while studying abroad. You may need additional student aid or find a part time job *gasp* to fully fund your overseas study.
As for traditional student loans, they run the gamet of subsidized and unsubsidized loans. Being that you want to study overseas, there will be some restrictions on the student loans that are available to you. You’ll have to make sure that whichever loan you qualify for, that they will allow you to study abroad.
One that may be right for you is the Sallie Mae International student loan. But with all the trouble Sallie Mae has been in lately with the housing crisis you’ll want to double check and make sure they still offer student loans for studying abroad.
Sallie Mae International has agreements with hundreds of colleges and universities outside the United States that offer a customized package of federal and private student loans. Students in the past who’ve used Sallie Mae Internation loans have been able to select a variety of repayment plans, low interest rates, and competitive fees. They also have student loans for foreign students going to college here in the U.S.
This may be your only good shot at an Internation student loan. Due to the turmoil with the economy, many traditional private and public student loan lenders have either cut back or stopped making student loans to those who wish to attend college in a foreign country. The financial scene seems to be changing day to day in the student loan market, not only domestically, but internationally as well.
You should also check with your college counselor. Many times they have a line on which student loans, scholarships and grants are available to students who wish to study abroad. Some colleges, like Boston College have extension programs for students wishing to study overseas. Needless to say, they’ll know first hand what types of student aid you are and are not qualified for.