Studying in the U.S. – financing your education

Explore essential tips for international students studying in the U.S., including student loan options, scholarships, health insurance and more.

Studying in the U.S. as an international student is an exciting but financially demanding journey. But don’t worry. We’ll help you find your way by showing you how to thoroughly explore loan options, seek scholarships and employ strategic financial planning.

Understanding international student loans for studying in the U.S.

The first step for many international students seeking to study in the U.S. is figuring out how to finance their education through loans. For international students, private loans are often the go-to option since federal loans require U.S. citizenship or eligible non-citizen status. Private education loans come with their own set of terms, including varying interest rates and repayment schedules. Comparing private student loans is a crucial part of finding the right option for your needs.

Here are some things to consider with private education loans:

Student loan Interest rates:
- Fixed-rate loans offer the benefit of predictable monthly payments, as the interest rate remains the same throughout the loan's term.
- Variable-rate loans might seem appealing as they usually offer lower rates initially, but they carry the risk of rate increases over time, which can affect your financial planning and overall interest paid.
Cosigner requirements: Many loan lenders require that students have a cosigner who is a U.S. citizen or permanent resident with a solid credit history. This requirement can be a significant barrier for those without close contacts in the U.S. Some lenders, however, do not require a cosigner – learn more about no-cosigner loans.

Exploring scholarships and grants for studying in the U.S.

Beyond loans, scholarships and grants provide funds that don't need to be repaid:

University-specific scholarships: Many institutions in the U.S. offer scholarships aimed directly at international students. These awards can be based on various criteria, including academic merit, financial need or specific study areas.
External scholarships and grants: A wide range of organizations and foundations provide financial aid to international students studying overseas. While securing these funds can be competitive, they offer a way to reduce educational expenses while studying in the U.S.

Studying in the U.S. Common obstacles and solutions

International students often encounter specific financial challenges when planning to study in the U.S.

Meeting visa requirements: A key part of the visa application process is proving your financial capability to cover your education and living expenses in the U.S. Proper financial documentation is essential for visa approval.
Managing currency exchange rates: Currency fluctuations can impact your budgeting and financial planning. Keeping an eye on exchange rates and exploring financial products for better rates can help manage this uncertainty.
Learning how to build credit in the U.S.: For international students, establishing a credit history in the U.S. can be advantageous for future financial transactions. Investigating options like secured credit cards can be a starting point for building credit.
Acquiring health insurance for international students: Health insurance is a crucial, yet often overlooked, aspect of financial planning for international students in the U.S. Many universities require international students to have a health insurance plan, which can be a significant expense. Researching and understanding the health insurance options available, including those offered by universities or external providers, is vital to ensure you're adequately covered during your studies.

International Student Loans for the U.S.

Are you an international student planning to study at a U.S. college or university? Learn how international student loans can help fund your study abroad education.

Learn More

Additional tips for studying in the U.S.

Here are some strategies to help you manage your expenses:

Budget for living expenses: Take some time to understand the cost of living in your chosen U.S. city. Create a budget that accounts for housing, food, transportation and health insurance to avoid financial surprises.
Seek on-campus employment: U.S. universities often offer on-campus job opportunities for international students. These roles can provide a source of income and valuable work experience as long as your visa allows for them.

Studying in the U.S. with International Student Loan

At International Student Loan, our purpose is to ease the stress of financing your education, allowing you to concentrate on what truly matters – realizing your academic ambitions. Through our study abroad essentials, we’re here to support you every step of the way – whether it's your first experience in a new country or you’re taking a moment to reassess your financial strategy.

Find my international student loan

Our loan comparison tool can help you find an international student loan that’s right for you.

Find My Loan

FAQs

What kind of financial proof do I need for my student visa application?

For your student visa, you'll need to show proof you can cover your tuition and living expenses for at least the first year of your studies. This can include bank statements, loan approval documents, scholarship letters and any other financial support documentation.

Can I work while studying in the U.S. to help cover my expenses?

Yes, international students on an F-1 visa can work on campus up to 20 hours per week during the academic term and full time during breaks. However, off-campus employment is restricted and typically requires authorization based on economic hardship or optional practical training (OPT).

How do I find scholarships for international students in the U.S.?

Start by checking with your university's financial aid office and check for any aid you might be eligible for. Additionally, use scholarship search engines and databases that cater to international students.

Is it better to choose a fixed-rate or variable-rate loan?

The choice depends on your financial situation and risk tolerance. Fixed-rate loans offer stability with consistent payments, making financial planning easier. Variable-rate loans might start lower but can increase over time. Consider your ability to manage potential payment increases in the future.

What should I do if I can't find a cosigner for a loan?

Look for lenders that offer student loans without a cosigner. These loan options help remove some of those barriers international students face. It is important to compare your options carefully to find the best fit for your financial situation.