International Financial Aid Blog

Sources of Funds for International Students in the US

2010-03-05T09:11:00.002-05:00

Each year, the Institute of International Education publishes the Open Doors Report, packed full of information about international students in the US, US students abroad and trends in international education.

One of the tables I check out each year is the Primary Source of Funds table. This shows the primary source of education funding for international students in the US, and it really has not changed much over the past five years. The online table is great, and shows that most international students at US colleges and universities still must rely on their own funds to pay for their education -- like family funds, loans and savings.

But the printed report is even better, as it breaks the data down by academic level. IIE just released the full printed 2009 Open Doors Report, and the data shows that the overwhelming majority (81.9%) of international undergraduates in the US are self-funded, while less than half (48.8%) of international graduate students cite personal and family funds as their primary source of funding.

The next set of numbers shows how those graduate students are funding their education - with help from their school. 43.3% of international graduates receive their primary funding from their US College or University, while the number is only 9.1% for undergraduates.

Here's the full data table from the 2009 Open Doors Report showing the primary source of funds for international undergraduate and graduate students in the US:

Primary Source of Funds	% undergraduate	% graduate

Personal & Family	81.9	48.8
U.S. College or University	9.1	43.3
Home Government/University	3.9	3.1
U.S. Government	0.3	0.8
U.S. Private Sponsor	1.4	0.9
Foreign Private Sponsor	2.1	1
International Organization	0.1	0.3
Current Employment	0.2	1
Other Sources	1	0.8

Total	100	100

Graduate students are much more likely to receive financial assistance from their school, often in the form of assistantships, research grants, etc., whereas very few undergraduates receive any form of aid from their school. This information is quite helpful as you set expectations about how to pay for an international education. There are scholarships for undergraduates, but far fewer than the financing opportunities available to graduate students.

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International Student Financing in 2010

2010-01-05T11:08:00.002-05:00

As we did last year, we would like to provide a quick update as we start 2010 for international students looking to finance an education in the US. We begin 2010 in a much more settled position that we did 2009, with loans available, but still with constraints to education financing as a fallout from the worldwide economic turmoil over the past two years.

Although many lenders have gone out of business or canceled their international student loans, and private loans in general have been cut back dramatically, International Student Loan has loans available to international students in the US. These loan programs require a co-signer with excellent credit, and require "school certification." Visit International Student Loan and click the Apply Now button to begin your online application.

There are no longer any direct-to-consumer, non-school certified private student loans available to anyone. These DTC loans - ones that did not need to be certified by your school, and therefore could process very quickly and let you borrow more than the total amount that your school permits - were very popular with international and US students. But because of perceived and actual abuse, DTC student loans are gone and may not come back any time soon.

For international students, the basics of sound education financing become even more important. Those basics haven't changed:

1. Be very realistic about your budgeting and financial needs, and choosing a college that is within your budget. Visit these two posts to see more on being realistic about your choice of college and setting an accurate school budget.

2. Consider a community college for the first two years of your education. Visit this post to learn how international students save money at community colleges.

3. Get as much in scholarships as you can. Start with your school, your government, and look online on sites like International Education Financial Aid.

4. If you need loans, check with International Student Loan and your school about the availability of a loan program for you.

Best of luck as we begin 2010. From an international education financing perspective, things are much better than last year, but we still have a long way to go to make an international education affordable to anyone with the initiative to pursue one!

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International Students in USA, US Students Abroad, both at all-time high

2009-11-30T11:24:00.004-05:00

International Students in the USA

The number of international students studying at colleges and universities in the USA (2008/2009 schoolyear) increased by 8% to 671,616, and the number of US students abroad (2007/2008 school year) increased by 8.5% to 262,416. Both the inbound and outbound totals, released by the Institute of International Education (IIE) in its annual Open Doors Report on November 16, 2009, are all-time highs. The report stresses that any impact from the global economic downturn may not be reflected in these numbers, as the commitment to study overseas was made prior to last fall for most of these students.

For international students in the USA, Canada overtook Japan for fourth place but otherwise the top five sending countries remain the same:

India 103,260 +9.2%
China 98,235 +21.1%
South Korea 75,065 +8.6%
Canada 29,697 +2.2%
Japan 29,264 -13.9%

India and China continue their dramatic growth, as enrollment by Chinese students in the US increased 21.1%, while Indian student enrollment grew by 9.2%.

The University of Southern California remained the top single destination for international students, with 7,482 international students.

For more information and data regarding international student enrollment in the USA, see the Open Doors press release and the international student data tables.

US Students Abroad

Although Western European destinations continue to be most popular for US students abroad, with England, Italy, Spain and France taking the top four spots, China, India and several other countries continue to grow in popularity. Shorter-term programs are very popular, and there are 23 US colleges that send 80% or more of their students abroad. IIE releases tons of information and statistics, so feel free to follow the links below to learn all you want about the enrollment of US students abroad.

For more information and data regarding US students abroad, see the Open Doors Press Release and the study abroad data tables.

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4th Annual InternationalStudent.com Travel Video Contest - $3500 Grand Prize!

2009-09-18T12:19:00.002-05:00

InternationalStudent.com is excited to announce the launch of the fourth annual InternationalStudent.com Travel Video Contest! Prizes are bigger than ever – the Grand Prize is $3,500 and there will be other great prizes, like an iPod Touch and a video camera. Not to mention worldwide fame and fortune in the international education community with your very own blog on InternationalStudent.com.

The contest is pretty simple. Simply make a video and submit it. Your video can be no longer than 5 minutes long; there is no minimum length. For those already studying outside of their home country, the video can describe any trip you’d like to take. For those who are not currently studying abroad, but who would like to, your video must describe your proposed study abroad. Click here for more information on how to enter.

Entries will be judged by the judges panel on creativity, video production and editing quality, originality and interest level in the proposed trip or study abroad, and pure subjectivity. on our part.

For more information and to enter, go to:
http://www.InternationalStudent.com/contest/

International Student Loans Now All School Certified

2009-08-11T07:26:00.002-05:00

Over the past few years, there have been two main types of private loans, including those private loans available to international students. The first are called "school certified" (or school channel, in lender terms) and the second are called "direct to consumer" loans (DTC in lender terms).

Direct to Consumer Loans

With direct to consumer international student loans, the school is not really involved in the loan process at all. The student has to prove that he or she is enrolled in a school approved by the lender, typically by submitting a class schedule or letter of acceptance; however, the school itself does not need to do anything. The student can borrow the amount that the student decides is needed, up to a maximum set for that school by the lender, and the lender doesn't care or know what other funds the student may have available. The upside is that these loans are very flexible, very fast in processing, and typically paid directly to the student. The downside is that they are easier to abuse and get in trouble by borrowing too much, as there is no school involved in determining exactly how much the student needs to borrow to afford his or her education. Often direct to consumer loans have higher interest rates and fees than school channel loans as well - the difference can be minor or major.

School Certified Loans

In school certified or school channel loans, the financial aid office is involved in determining exactly how much a student can borrow. The school looks at all of the student's available funds, scholarships, other aid or loans, etc., and sets a maximum borrowing amount that could be far lower than the maximum total permitted for a school. For instance, as a very rough example, if a school had a total maximum annual cost of attendance of $30,000, then a student with no personal or family funds available and no other aid could borrow up to $30,000. However, if the school determined that the family should pay $5,000 per year and the student received a scholarship for $10,000 per year, then the student would only be approved to borrow $15,000 per year. For this reason, school channel loans are harder to abuse by borrowing too much, usually offer lower interest rates than DTC loans, but are less flexible and take longer. Funds are disbursed to the school, not the student.

DTC Loans No Longer Available

Over the past 18 months, as a result of the credit crunch and student loan legislation, most (if not all) direct to consumer private student loans have disappeared, and all direct to consumer international student loans have certainly disappeared. Only school channel international student loans are left, including on InternationalStudentLoan.com.

This means that it is even more important to work through your school, plan carefully, and only budget to borrow the smallest possible amount you need - as that is all the school will certify you for anyway. ANd start your process earlier, as it takes time to process a school channel loan. The lender and school each have to do their part in evaluating your eligibility for a loan and the amount you can take, and this extends the process.

Click here to learn about the international student loans available through InternationalStudentLoan.com.

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Update for International Student Loans

2009-07-06T13:22:00.014-05:00

As the fall semester approaches, and the level of inquiries that we receive about international student loans peaks, its a good time to review the state of play in the market for international student loans. Much has changed in the past year.

The credit crunch and economic crisis continues to impact the availability of international student loans. There are many fewer lenders providing private loans to international students than there were a year ago. Underwriting and credit criteria have gotten tougher, and school lists have shrunk.

InternationalStudentLoan.com continues to try to direct students to the best lender under current, admittedly less than ideal, market conditions. To find a lender that may be appropriate for you, visit the InternationalStudentLoan.com Apply page, submit basic information about your school and educational level and the school picker will direct you to the most appropriate lender that we are aware of.

Remember, all regularly-available international student loans require a US co-signer.

There are a few business schools (for instance, the business schools at Harvard, Yale, University of Chicago, University of Virginia, Duke University, Stanford, University of Pennsylvania, MIT, University of Michigan and University of California - Berkeley) that will provide no-cosigner loans to their own international MBA students. These prestigious business schools have the resources and ability to negotiate special arrangements with lenders for their international students, and students there should certainly take advantage of these programs.

For everyone else, make sure you talk directly with your international student office and financial aid office. People in those offices are in the best position to know if your school has any special financing arrangements in place for international students, and simply to provide guidance in general.

MBA Students Suffer as Custom Loan Programs Close

2009-01-27T11:54:00.002-05:00

Reports continue about the problems caused by the lack of international student loans this year. Although international student loans have never been available to the general population of international students without a co-signer, a few prestigious schools had negotiated with Citibank and Sallie Mae for no-cosigner private student loan programs for their students in particular. We talked about the University of Chicago custom loan program in this blog last year.

A new article in CIO Today addresses the problems students at these schools face now that CitiAssist and Sallie Mae have terminated many of those school-sponsored custom programs. From the article:

"A number of leading business schools and graduate programs were dealt a serious blow this fall when big private lenders including CitiAssist and Sallie Mae suddenly terminated their popular "no co-signer" student loan programs. The canceled loan programs, which typically allowed applicants to obtain up to $150,000 without a co-signer to assume stewardship of the loan should the borrower default, were a financial lifeline for many international students, many of whom have no other way to finance their MBA educations. They were yet another victim of the credit crunch, which has decimated many private lenders and made those still in business more cautious than ever."

You can read the complete story on CIO Today.

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International Student Financial Aid Update - 2009

2009-01-05T14:00:00.003-05:00

From the perspective of an international student seeking funding for an education in the US, we begin 2009 much like we ended 2008 - with worldwide financial markets in turmoil and very limited options for international education financing. A quick update as we start the new year.

For starters, both International Student Loan and Study Abroad Loans paused many of their loan programs late last year, and most programs remain paused. These market-leading programs offer loans to international students studying in the US and US students studying abroad, but because of the ongoing economic turmoil and the inability of lenders to sell their existing student loans, they cannot offer new loans at this time for most students. International Student Loan and Study Abroad Loans are working to replace and relaunch their loan programs, and we will keep you updated as that effort progresses. Visit International Student Loan and click the Apply Now button to submit your information to be contacted as soon as a loan program is available for you.

Private student loans in general have been difficult to obtain. Almost all programs, even for US students, now require a co-signer and excellent credit for both parties, and require "school certification." In fact, there do not appear to be any direct-to-consumer, non-school certified private student loans available to anyone. These loans - ones that did not need to be certified by your school, and therefore could process very quickly and let you borrow more than the total amount that your school permits - were very popular with international and US students. But because of perceived abuse, it is an open question as to whether such DTC (direct to consumer) student loans will come back at all.

For international students, the basics of sound education financing become even more important. Those basics haven't changed:

1. Be very realistic about your budgeting and financial needs, and choosing a college that is within your budget. Visit these two posts to see more on being realistic about your choice of college and setting an accurate school budget.

2. Consider a community college for the first two years of your education. Visit this post to learn how international students save money at community colleges.

3. Get as much in scholarships as you can. Start with your school, your government, and look online on sites like International Scholarships and International Education Financial Aid.

4. If you need loans, continue to check with International Student Loan, Study Abroad Loans and your school, which may have other lenders available.

Best of luck as we begin 2009. From an international education financing perspective, let's hope we have a much better year than last!

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International Student Enrollment in the USA Soars

2008-11-17T10:48:00.002-05:00

Open Doors Report 2008 released today by the Institute of International Education

After several years of modest rises and even post-9/11 declines this decade, the number of international students studying in the USA soared this past year, to a record total of 623,805, a 7% increase over the previous year's enrollment of 582,984. The 7% increase is the largest year over year increase since the 1969-1970 school year, and will be widely celebrated as the result of greater emphasis on attracting international students by the US State Department and US institutes of higher education.

The Open Doors Report is compiled by the Institute of International Education, and released annually during International Education Week, which kicks off today. This year's report shows strong growth from the top three sending countries, as the number of students in the US from India (94,563), China (81,127) and South Korea (69,124) increased 12.8%, 19.8% and 10.8%, respectively. In addition, Saudi Arabia moved to #9 on the list with a tremendous increase of 25.2% to a total of 9,873, as King Abdullah's extremely generous scholarship program reached maturity.

The Open Doors press release from this morning quoted Allan E. Goodman, President and CEO of the Institute of International Education, “The steady increase in the number of international students in the United States reflects actions taken by the U.S. government and many individual colleges and universities to ensure that international students know they are welcome here, and that we appreciate how they contribute to the intellectual and cultural environment on campus and in the wider community. Furthering academic exchange – in both directions – is one of the best investments that we can make to strengthen U.S. higher education and research activities and foster cross-border collaboration on shared global problems such as fighting disease, protecting the environment, and countering terrorism.”

The University of Southern California maintained its top position as the school with the most international students at 7,189, followed by New York University with 6,404 and Columbia University with 6,297. US students studying abroad also showed a sharp increase of 8.2%, from 223,534 in 2205/6 to 241,791 in 2006/7.

Click here to read the Open Doors press release from IIE.

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New Rules for International Students - British Home Office

2008-11-03T10:12:00.000-05:00

New Rules for International Students - British Home Office
(from the UK Visa Bureau)

Last week, the British Home Office announced the new Australian-style points-based system for international students in the UK, known as Tier 4 under Home Office rules.

Under the new system for UK student visas, all universities and colleges wanting to educate nationals from outside the European Economic Area (EEA) will need a licence to do so.

As of March next year, only those licensed universities and colleges will be able to sponsor overseas non-EEA students to study in the UK.

Further, before studying at a UK licensed educational facility, foreign students will have to supply fingerprints and meet new criteria to be allowed to study in the UK.

The new system involves a 'sponsor management system', which includes a technology system that allows licensed sponsors to inform the UK Border Agency if students do not attend a required amount of classes.

Immigration Minister Phil Woolas said, "International students contribute £2.5bn to the UK economy in tuition fees alone. The student tier of the points system means Britain can continue to recruit good students from outside Europe.

"Those who come to Britain must play by the rules and benefit the country. This new route for students will ensure we know exactly who is coming here to study and stamp out bogus colleges which facilitate the lawbreakers."

Click here to read the full release from the UK Visa Bureau.

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3rd Annual InternationalStudent.com $3000 Travel Video Contest

2008-09-02T15:58:00.003-05:00

Its that time of year again -- everyone's back in school, and InternationalStudent.com has launched its 3rd Annual Travel Video Contest! Time to start thinking about what you would do and where you would go with a fat wad of cash. The entry deadline is October 31 and the grand prize has been increased this year to $3,000. The winners will be announced in early November, and the finalists will be available for all to see on InternationalStudent.com.

Never mind the money - past winners now have worldwide fame among international students from their videos and blogs! In addition to the cash prize, the winner gets to blog on InternationalStudent.com for the duration of their trip or study abroad - providing a huge platform and millions of visitors to impress.

To enter, you must submit a video no longer than 5 minutes that describes the trip you would take if you win, and why you should win. The best entry will win the $3,000 grand prize. Humor is good, great footage helps, artistry and story-telling matter - you can tell from the past winners, which you can see on InternationalStudent.com. So be funny, or include some great footage and music, or tell a great story -- something to get your entry noticed and stand out from the crowd.

Film students, technical and artistic types -- you may have a leg up on the competition. But the contest is open to anyone 18 or older and studying outside their home country, or planning a trip to study abroad. And past winners include a guy going for his MBA - not exactly what you think of as an artistic pursuit - so anyone can win!

For more information and to enter, go to:
http://www.InternationalStudent.com/contest/

University of Chicago Business School Provides Loan For its International Students

2008-08-22T10:57:00.003-05:00

We've been talking about the turmoil in the student loan market, and how this turmoil will impact international students in particular. In this difficult student loan environment, one US school has really stepped up to provide a solution for its international students. Yesterday, the University of Chicago Graduate School of Business announced in a press release that they have launched a guaranteed loan program for international students that covers the full cost of tuition, housing and related expenses. All international students in the M.B.A. and Ph.D. programs qualify for the loan program and no U.S. cosigner is required.

An excerpt directly from the press release on PR Web:

"Administered by Citibank, the Chicago GSB International Loan Program is available to returning students as well as new students entering the school in September. The new program replaces one that ended abruptly in July when the Illinois Designated Account Purchase Program (IDAPP) failed to renew its line of credit due to disruptions in the capital markets.

"In order to obtain the best terms for our students, the school is contributing funding to the new program," said Rosemaria Martinelli, associate dean for student recruitment and admissions. "Compared with the previous loan program, the new rates and terms are more favorable to students."

The school is committed to ensuring that all students, regardless of citizenship, have access to funds by the start of classes on September 25, 2008, Martinelli said. An online application will be used to simplify the process for applying for a loan.

"Students will be able to borrow up to $150,000 and have 20 years to repay. Payments can be deferred to begin six months after graduation. The University's arrangement with Citibank is for one year. Beginning next year we expect to offer our international students a choice of several loan programs from multiple lenders," Martinelli said.

The University of Chicago Graduate School of Business is one of the leading business schools in the world. The school's faculty includes many renowned scholars and its graduates include many business leaders across the United States and worldwide. The Chicago Approach to Management Education is distinguished by how it leverages fundamental knowledge, its rigor, and its practical application to business challenges."

Its great to see a US school taking the financing needs of its international students seriously enough to ensure a loan program available to all. Of course, its easier to put together a program like this when you are a premier business and graduate school like the University of Chicago. However, as loans get tougher and tougher for international students to get, more schools could look to this model.

International student loans are still available from International Student Loan. However, credit criteria and interest rates have gone up, and all borrowers need a US co-signer. Click here for more information.

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Sweden to Charge Non-EU Students

2008-07-09T10:27:00.002-05:00

Almost two years ago on this blog, we talked about the debate in Sweden about whether to charge tuition to international students. Higher education in Sweden is free, but of course Swedes pay extraordinarily high taxes for high level services like free education. International students in Sweden so far have enjoyed the same free education as citizens -- but unfortunately it looks like that is changing.

According to higher education minister Lars Leijonborg, no later than January 1, 2010, international students will have to pay tuition, unless they come from an EU country, Iceland, Liechtenstein and Norway.

From the Local online, Sweden's News in English: “Our primary argument is that it is unwise of a country not to benefit from a payment system which obviously exists. Why should these students pay money to American or British universities, but not to Swedish [ones]?” Leijonborg explained to the Svenska Dagbladet newspaper.

The proposal includes stipends for students that cannot afford to pay the tuition. How those stipends would be implemented and how it would impact students from developing countries is yet to be determined.

The argument in favor of charging tuition to international students is understandable, as in general they don't pay taxes into the Swedish system and most other country alternatives would require tuition payments. However, the simple fact that Sweden ignored this relatively minor revenue opportunity, and was gracious with its international student population, set it apart from the rest of the world of international education. While other countries have been criticized for viewing international students as a cash cow (for instance, in the UK international students typically pay much higher tuition than domestic students; in Australia universities have been criticized for enrolling students without sufficient English, arguably after the fees; and in the US international students are not eligible for subsidized federal loans like US students), Sweden has been the shining city on the hill, helping to attract the best and the brightest to its universities. As worldwide competition for international students continues to heat up, Sweden will likely lose a substantial portion of its international student population when it enacts this plan; there's no doubt that it will lose some of its glimmer in the eyes of students from developing countries.

Click here to read the article in the Local.

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The Credit Crunch and International Student Loans

2008-04-21T10:31:00.005-05:00

"College students in need of private loans to pay for the coming academic year will have to grapple with higher interest rates and tougher credit checks. Even then, some who have qualified for such loans in the past probably won't this year."
Wall Street Journal, 4/9/08

There has been a lot of media attention on the turmoil in the US student loan market over the past few months. In case you haven't been paying attention, the Wall Street Journal quote referenced above should get your attention.

Student loans will be harder to get, and for those that get them, they will be more expensive. The harsh reality is that there will be less students who can afford to go to school this coming year. Of course the majority of those impacted will be US students, but international students will face the same hurdles.

The problem stems from the fact that student lenders typically sell their student loans, to raise more capital to make more loans as well as for overhead and profit. Right now, no one wants to buy those loans. So lenders have had to take a number of actions -- here's a few of the responses we've seen:

Tightening Credit. Many student lenders have had to increase their credit requirements, meaning that you or your co-signer will need to have better credit to get a loan this year than you did last year. Although specific FICO score requirements are not made public by most lenders, we know that FICO score requirements are going up.
Less Schools. Many lenders are trimming schools from their list of "approved schools," both for federal and private loans.
More Expensive Loans. Lenders have increased the pricing on loans to make sure they are profitable enough to be able to sell.
Out of Business/Eliminating Programs. Over 60 lenders have decided to eliminate a private, consolidation or federal loan program or simply exit the market since they cannot make a profit on loans. Just last week, Bank of America decided that it will no longer make any private student loans, concentrating only on federal loans. Editor Mark Kantrowitz keeps a detailed chronology of the bad news on his site FinAid.com.

There is some good news. International student loans and study abroad loans are still available through InternationalStudentLoan.com and StudyAbroadLoans.com. We are committed to helping students fund an international education -- we do not participate in the much bigger domestic student loan market, so international loans are all we do. We will continue to source and make available the best international loan products available. Also, interest rates are based on LIBOR, and that index has been going down,helping to offset the higher margin that lenders are requiring.

What can you do to ensure that you will have enough money to pay for your education, if you rely on loans? First, as always, borrow as little as you can. Use your own funds or family funds, apply for scholarships, cut as much as possible out of your budget. That advice never changes. But here is some guidance specific to the educational funding mess, bordering on crisis, that we are now in:

1. Apply Early. InternationalStudentLoan.com and StudyAbroadLoans.com both process and fund loans quickly, so students typically can apply at a very late stage and still have their funds in time. However, with the current uncertainty, it is best to apply, get approved, and get your funds for this coming academic year as soon as possible.

2. Good Co-Signers. Get the best co-signer you can. Since credit criteria and pricing have gone up, a good US co-signer is critical to getting your loan approved and priced reasonably.

3. Check Your School. Don't assume that because you got a loan last year, you can automatically get another loan through the same program again. Many lenders have reduced their school lists. Also, InternationalStudentLoan.com now operates multiple programs -- if your school is not on the list, contact us, as there may be another alternative for you.

No one knows for sure how long this credit crunch will continue, or what the student loan marketplace will look like when it is over. One thing is for sure -- the earlier you start preparing for the coming school year, the less likely that you will be personally impacted by the turmoil.

We will continue to update any significant impact from the credit crunch on international student loans in this blog. Click here to subscribe to our blog and get an update when the next post comes out.

Canada Funds 500 New PhD Scholarships

2008-02-29T11:23:00.001-05:00

The new Canadian federal budget announced this week includes ambitious new funding for international education to help Canadian universities compete for top talent from Canada and around the world. From Macleans.Ca online:

"The program will award 500 PhD students with $50,000 each year for up to three years of study. The program will cost the government $25-million over two years. It will be open to both Canadian and international students.

The new initiative is a response to universities’ complaints that they are unable to attract the world’s brightest students to Canada. The program, named after Governor General George Vanier, aims to compete with high profile scholarship programs like the Rhodes program."

Click here to read the rest of the story on Macleans.ca Online.

The Canadian Federation of Biological Societies also reported on a new study abroad program for Canadian students:

"The Government will also provide $3 million over two years for Canada Graduate Scholarship recipients ($6,000/year to 250 students) to help Canadian students study abroad for one semester." For more information, visit the CFBS story.

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Dartmouth Goes Need-Blind for International Students!

2008-02-14T11:35:00.001-05:00

Dartmouth College, a member of the Ivy League and at the "forefront of US higher education since 1769," has joined the elite group of US universities and colleges that offer need-blind admissions to international students.

From Dartmouth's news release:

"Need-blind admissions for International Students

Starting immediately with the Class of 2012, the College will extend its need-blind admissions policy to all international students. Previously the College was need-blind for students from the U.S. as well as those from Canada and Mexico and provided financial aid to other international students up to a preset budget maximum. This cap will now be lifted and Dartmouth will join a very small group of schools that have a fully need-blind admissions process for international students."

Under a need-blind admissions policy, a school reviews a students application for admission without considering the student's ability to pay. Then if the student is admitted, the school must make the tuition affordable by meeting the student's demonstrated financial need for all four years of their undergraduate study, through a combination of grants and loans. Dartmouth will become the 7th US school offering need-blind admission, joining MIT, Harvard, Princeton, Yale, Williams College and Middlebury College.

Visit InternationalStudent.com's Schools Awarding Aid page to see more on the US colleges and universities that offer aid to international students.

Read the entire press release on Dartmouth's website.

$5.75 Million for African Scholarships at Brown

2008-01-28T11:35:00.000-05:00

From the Brown Daily Herald

A new endowment will increase financial aid for students from sub-Saharan Africa and will help them financially for two years after graduation if they pledge to return to work in Africa, President Ruth Simmons and Israeli businessman Idan Ofer P'12 announced Thursday.

The "Advancing Africa Scholarship Fund" was announced in Davos, Switzerland, where both Simmons and Ofer are currently attending the World Economic Forum. The scholarship requires students to sign a pledge to return home for at least two years after receiving their degrees - an effort to "build capacity" in the continent, Simmons told The Herald.

Ofer's gift of $5.75 million will fund $250,000 a year in scholarships for undergraduate students starting with the 2008-2009 academic year. The endowment will grow over time due to returns on investment, Simmons said, allowing the University to fund more students in the future.

The establishment of the fund marks an important milestone in Brown's efforts to attract international students. Until recently, Simmons said, it was hard to attract students from Africa. Even with financial aid, those students would have difficulty paying off loans or fulfilling the parent contribution. International students have long complained about a lack of economic diversity among their peers at Brown, something Simmons called "a valid concern." The endowment came as good news after years of "agonizing" over financial aid for international students, Simmons said.

Click here to read the rest of the story from the Brown Daily Herald.

Here's a list of US schools that offer aid to international students.

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International Student Loans for Study in the US and Canada

2008-01-16T08:26:00.000-05:00

Its that time of year again when international students are frantically trying to put together their funding for the year, and evaluating how much of a loan to apply for. To help, we are re-posting this article that originally ran last year.

Financing an education in the United States is difficult, even for a US student. For international students, paying for college in the US is even harder. Almost two-thirds of all students enrolled at private four-year US schools receive loans of some type. US students can receive loans guaranteed by the government (Stafford loans, among others), but these valuable loans are not available to international students. Luckily, private student loans are available to international students on the same terms received by US students.

Before applying for a loan, you should exhaust the following potential funding sources:

1. Apply for international student financial aid from your school. Here’s a searchable list of schools awarding financial aid to international students: http://www.internationalstudent.com/schools_awarding_aid/

2. Research and apply for international student scholarships on your own: http://www.InternationalScholarships.com

3. Carefully evaluate how much money you or your family can provide towards your education. Every dollar you can pay directly is one less dollar you have to borrow.

Some international students can fund their US education simply using the sources above. However, like US students, most international students will need to fund at least a portion of their US education, if not the entire amount, with loans.

· US Co-Signer Required. International student loans require a US citizen or permanent resident (Green card holder) as a co-signer. The loans are credit-based, meaning the co-signer must have good credit history, good employment history (or other income history if the co-signer does not work), and must have lived in the US for the past two years. Although not everyone can find a family member, friend or other US citizen or permanent resident to co-sign for them, for those that do, they can access private student loans on the same basis as US students.

· Funds Paid Directly to You. Loan funds are paid to you, not to the school. This is a great feature in that you can use the funds for living expenses – but it also means that it is up to you to use the funds responsibly. Pay your tuition, room and board, health insurance and books first – anything extra is a luxury!

· Repayment. Repayment of an international student loan can be deferred while you are in school, and for six months after you finish school. After that, you will have up to 20 years to repay the loan, with a payment due every month. You are also eligible for hardship extensions if you run into unexpected circumstances that prevent you from being able to repay the loan for a short period of time.

· Interest Rates. Interest rates are variable, based on the LIBOR plus a margin. LIBOR is always several points below prime, so the margin is from 3.5% to 7.75%, and will be set by the lender based on the credit history of your co-signer and the repayment plan you select. The better your co-signer, the better your rate! LIBOR changes monthly, up or down, so the rate will be reset monthly. Click here for repayment examples for a $10,000 undergraduate international student loan.

· Online Application. You can apply online or by phone, and receive an almost immediate response as to whether you are conditionally approved for the loan. Then, you will need to sign the promissory note, and provide proof of enrollment and immigration status to receive your funds.

· No Application Fees. There are no application fees to apply for an international student loan. There is an origination fee if you actually receive the loan, but that amount is rolled into the loan amount and does not have to be paid out of pocket.

For more information on international student loans, visit InternationalStudentLoan.com

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Rethinking College Rankings

2007-11-19T16:13:00.000-05:00

As we discussed in the last post, US News and World Report dominates rankings of colleges and universities in the US. The US News rankings are comprehensive and helpful in many ways, but there are critics of the rankings system. One small newspaper has proposed its own rankings system for the past three years.

When the Washington Monthly published its 2007 College Rankings, which can be viewed online here, it didn't look at average SAT score, average starting salary or average alumni giving, all standard fare in the US News and most other rankings. Instead, it graded schools based on three general categories -- Social Mobility, Research and Service. Why? In the words of Editor Paul Glastris, from his stint on the Colbert Report, colleges should be ranked on their contribution to the public interest, not on whether they have great rock-climbing walls.

Here's the three things Washington Monthly uses to rank a college's contribution to the public interest:

1. Social Mobility: "We want our colleges to be engines of social mobility so that the poor can get a better life." Under this criteria, the magazine looks at the percentage of students receiving Pell Grants, which it considers a good indicator of the school's commitment to poorer students, as well as the percentage of those students that graduate.

2. Research: "We want colleges to create the research and PhDs that can power the economy." Because Washington Monthly believes that research and PhDs are the key to growing the economy in a global market, they measure numbers of PhDs and amount of research spending by the university.

3. Service: "And we want colleges to inculcate an ethic of service for young people." For this, Washington Monthly looks at the number of students entering the Peace Corps, the size of the school's ROTC program, and the percent of work-study funds spent on community service projects.

Click here to see the whole college rankings report.

As an international student, did you use the US News and World Report rankings to help you select a US school? Would this alternative rankings system play into your decision-making process at all? We would love to hear your input.

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The Problem With College Rankings

2007-10-29T08:54:00.000-05:00

US News and World Report has dominated the college and university rankings in the US for years. Eagerly awaited each year, school administrators with improving US News rankings earn bragging rights while those schools on a downward trend must react vigorously to determine what has gone wrong. Parents and students use the rankings to determine to which schools to apply. By all measures, rankings have become critically important to how a college or university is perceived, particularly the US News rankings.

Critics of the US News ranking system are widespread and nothing new. For a summary of common critiques, read this excerpt from The Presidents Letter (dated May 10, 2007), developed by Lloyd Thacker of the Education Conservancy, and sent to college and university presidents in the United States in May 2007, concerning the U.S. News rankings:

"Among other reasons, we believe [...] rankings: imply a false precision and authority that is not warranted by the data they use; obscure important differences in educational mission in aligning institutions on a single scale; say nothing or very little about whether students are actually learning at particular colleges or universities; encourage wasteful spending and gamesmanship in institutions' pursuing improved rankings; overlook the importance of a student in making education happen and overweight the importance of a university's prestige in that process; and degrade for students the educational value of the college search process."

Perhaps the simplest critique is that parents and students get overly focused on rankings during their college search, and ignore the most important thing: what college or university is the best "fit" for the student? With thousands of excellent colleges and universities in the United States, offering all kinds of programs and experiences, there are so many better ways to choose a school than whether it is in the top 20 in the latest US News rankings.

For international students in the US, finding the right fit in a US school is even more important. Since you will be far from home, largely on your own, and probably on a limited budget, setting up a life you will enjoy in a comfortable environment is critical. The key is to start your research early, and be clear and realistic about your educational goals and budget. To get you started in choosing a school in the US, visit the Study USA section of InternationalStudent.com. This will help you think through questions like, city vs. country, large public university vs. small private college, community college or four-year college, specialized school vs. liberal arts college, etc., and will put you on the track to finding the school that is the right fit for you.

In the next post, we'll discuss an alternative rankings system proposed by Washington Monthly, a small, progressive DC-based magazine. Maybe you caught the editor on the Colbert Report last week? Check it out here.

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2nd Annual InternationalStudent.com $2500 Travel Video Contest

2007-09-28T15:38:00.000-05:00

InternationalStudent.com is running its travel video contest again this year, with an entry deadline of November 1 and an increased first prize of $2500. The winner will be announced in early November,and the finalists will be available for all to see on InternationalStudent.com. You can win $2,500 to travel anywhere in the world -- not to mention worldwide fame if your video is posted on the site! Any trip you want to take, and InternationalStudent.com will pay for it. There will also be runner-up prizes.

To enter, you must submit a 4-8 minute video that describes the trip you would take if you win, and why you should win. The best entry will win the $2,500 grand prize -- so be funny, or include some great footage and music, or tell a great story -- something to get your
entry noticed and stand out from the crowd. Check out last year's winning video and some other great entries.

The contest is open to anyone 18 or older and studying outside their home country, or planning a trip to study abroad.

For more information and to get an entry form, go to:
http://www.InternationalStudent.com/contest/

UAS7 Announces 45 Scholarships for Study in Germany

2007-09-21T09:17:00.000-05:00

If you are interested in studying and interning in Germany, you need to look at this program. UAS7, a consortium of 7 leading German Universities of Applied Sciences, announced this week that their Study & Internship in German program (SIP), launched last year, will continue and expand this year. UAS7 is cooperating with the German Academic Exchange Service (DAAD) and is granting 45 scholarships for the academic year 2008/09.

The program includes one semester of study at one of the 7 participating German universities, followed by a one semester internship in a company or research institute in Germany. Winners will receive a scholarship for the academic semester, a monthly stipend for the duration of the internship, and travel assistance, making it a very generous overall award.

To be considered for the program, students have to be currently enrolled in an undergraduate program at an accredited US or Canadian college or university (although US or Canadian citizenship is not required). Sophomores and Juniors in the fields of engineering, science, life sciences, business,management, economics, architecture, art, design, journalism, or social work are invited to apply. German language proficiency is an asset, but not mandatory.

All applications for the academic year 2008/09 must be postmarked no later than February 15, 2008. The application requirements are quite thorough and explicit, so make sure you start early and do the best job you can.

For complete details about the program, please visit the SIP website.

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Australian Technical Colleges Attract International

2007-09-07T14:17:00.000-05:00

For some international students, the ultimate goal of an overseas education is to obtain residency and the right to work in their adopted country. An article in today's Sydney Morning Herald, excerpted with explanation below, shows how international students have flocked to vocational training programs in Australia as an easier way to permanent residency.

In Australia, vocational training colleges are increasing their share of international students at a rate eight times faster than that of universities, after changes to the Australian Government's skilled migration system made vocational courses a more affordable way to gain residency.

Australian TAFE (Technical and Further Education) institutes provide mainly vocational and technical courses. Hospitality, secretarial skills, visual arts, computer programming, hairdressing and cooking are some of the courses and training typically offered through TAFE institutes. By contrast, higher education in Australia is dominated by universities offering degree courses in more typically academic subjects.

Universities remain the biggest educator of international students, with just under half the market share, but enrolments grew by just over 5 per cent in the year to July, compared with growth of more than 43 per cent in the vocational sector, government figures show. "It's clear that the main reason for that expansion is that it's seen as a relatively cheap and accessible route to migration," says Bob Birrell, a Monash University demographer who has mapped international students' paths to residency.

In 2005 the Australian Federal Government made it more difficult to migrate without expertise in an area of skills shortage, leading to a flood of international students taking cooking and hairdressing courses. Both courses give students extra points towards permanent residency. Unpublished government figures show that in 2005 just 3560 international students took vocational courses in services, hospitality and transport, which includes cooking and hairdressing courses. By last year, the number had swollen to 6339. And by this year it was 9454.

Read the whole story in the Sydney Morning Herald online.

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International Student Loans for Study in the US and Canada

2007-07-23T08:52:00.000-05:00

Its that time of year again when international students are frantically trying to put together their funding for the year, and evaluating how much of a loan to apply for. To help, we are re-posting this article that originally ran last august.

Financing an education in the United States is difficult, even for a US student. For international students, paying for college in the US is even harder. Almost two-thirds of all students enrolled at private four-year US schools receive loans of some type. US students can receive loans guaranteed by the government (Stafford loans, among others), but these valuable loans are not available to international students. Luckily, private student loans are available to international students on the same terms received by US students.

Before applying for a loan, you should exhaust the following potential funding sources:

1. Apply for international student financial aid from your school. Here’s a searchable list of schools awarding financial aid to international students: http://www.internationalstudent.com/schools_awarding_aid/

2. Research and apply for international student scholarships on your own: http://www.InternationalScholarships.com

3. Carefully evaluate how much money you or your family can provide towards your education. Every dollar you can pay directly is one less dollar you have to borrow.

Some international students can fund their US education simply using the sources above. However, like US students, most international students will need to fund at least a portion of their US education, if not the entire amount, with loans.

· US Co-Signer Required. International student loans require a US citizen or permanent resident (Green card holder) as a co-signer. The loans are credit-based, meaning the co-signer must have good credit history, good employment history (or other income history if the co-signer does not work), and must have lived in the US for the past two years. Although not everyone can find a family member, friend or other US citizen or permanent resident to co-sign for them, for those that do, they can access private student loans on the same basis as US students.

· Funds Paid Directly to You. Loan funds are paid to you, not to the school. This is a great feature in that you can use the funds for living expenses – but it also means that it is up to you to use the funds responsibly. Pay your tuition, room and board, health insurance and books first – anything extra is a luxury!

· Repayment. Repayment of an international student loan can be deferred while you are in school, and for six months after you finish school. After that, you will have up to 20 years to repay the loan, with a payment due every month. You are also eligible for hardship extensions if you run into unexpected circumstances that prevent you from being able to repay the loan for a short period of time.

· Interest Rates. Interest rates are variable, based on the LIBOR plus a margin. LIBOR is always several points below prime, so the margin is from 3.5% to 7.75%, and will be set by the lender based on the credit history of your co-signer and the repayment plan you select. The better your co-signer, the better your rate! LIBOR changes monthly, up or down, so the rate will be reset monthly. Click here for repayment examples for a $10,000 undergraduate international student loan.

· Online Application. You can apply online or by phone, and receive an almost immediate response as to whether you are conditionally approved for the loan. Then, you will need to sign the promissory note, and provide proof of enrollment and immigration status to receive your funds.

· No Application Fees. There are no application fees to apply for an international student loan. There is an origination fee if you actually receive the loan, but that amount is rolled into the loan amount and does not have to be paid out of pocket.

For more information on international student loans, visit InternationalStudentLoan.com

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US Students Can Save Money With a Foreign Degree

2007-07-19T13:53:00.000-05:00

A recent article in SmartMoney.com highlighted the potential time and money savings that US students, particularly future professionals, can realize by studying at a foreign university. Here's an excerpt from that article:

NEXT YEAR, CHRISTOPHER SCHULLER, a native of Nashville, Tenn., will complete his law degree at Oxford University, and he'll qualify to take the New York State Bar exam. Assuming he passes, he'll become a practicing attorney at age 22. Schuller didn't skip grades in high school or overload on his college coursework. Instead, he chose to attend college in England where most undergraduate programs — including law school — are three years long and where students begin their major on the very first day of classes.

"I knew since high school that I wanted to be a lawyer," says Schuller. "Once I realized that the Oxford law degree could get me straight to the Bar exam, going there seemed like the obvious choice."

In addition to skipping four years of traditional undergrad education, Schuller saved big bucks. Tuition for U.S. students at Oxford costs about $20,000 per year — or $60,000 to get a law degree. If Schuller had attended the University of Chicago, which was his first choice in the U.S., he'd pay more than $93,000 for an undergraduate degree, and then have to pay for a three-year J.D. to boot.

To read the rest of this story, click here.

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To read about Foreign Enrolled Loans, for US students like Christopher Schuller that want to study at foreign universities, click here.