I took an $80,000 loan for my masterâs at Columbia University + spent another $25,000 in living expenses. To all students wanting to study abroad now: here are 3 ways you can save money.
When I got my education loan in 2017, the USD to INR rate was 64.
Now, itâs an insane 82.3 (~30% increase). Itâs 30% more expensive for students to study abroad today, not to mention increases in tuition fees, travel, and rent.
In this environment, itâs prudent to try to save money where you can, and here are 3 ideas for you.
1/ SCHOLARSHIPS (Yes, theyâre out there!)
I got two loan scholarships for my masterâs â from J.N.Tata and K.C.Mahindra Foundation â that together amounted to INR 18,00,000 (about $27,000 back then).
This helped reduce the loan I needed for my masterâs. Still, it was a loan scholarship, meaning I had to return the money, although with 0% interest.
I recommend spending at least 25 hours scouring the internet for scholarships you can find. Those 25 hours might end up saving tens of thousands of $$ for you.
It certainly did for me.
Here are some websites that make this process very easy for you:
- StudyFree
- WeMakeScholars
- Scholly, Inc.
- ScholarshipsOwl
- iefa.org
2/ REFINANCING YOUR LOAN.
This wasnât very popular a few years ago, but has come up lately.
If youâre already in the US and want to reduce the interest rate on your loan, go for this.
Some players who offer this today: Stilt Inc., MPOWER Financing, Leap, etc.
They transfer your loan from your existing bank to themselves for a reduced interest rate, anywhere between 7-10%.
Go for this option if:
- You have a loan with a heavy interest rate (>10%)
- You have a U.S. bank account and address.
My loan had an interest rate of 8.5%, which then increased to 10.5% later. I was able to pay it back pretty quickly â but if I hadnât, it wouldâve made sense to move the interest rate down to 7%.
3/ GETTING LOAN FROM US BANK
Itâs possible to get interest rates anywhere between 4-8% when you get loans in the US directly.
But, the big caveat here is you need to find a co-signer, who is either a citizen or a permanent resident and willing to vouch for you.
Generally, this person is a trusted relative of yours with a decent credit score (>690).
If you have someone like that, go for this option without fail!
If you donât, do not try to get a loan from a US bank even if they say âWe offer loans without a co-signer.â Theyâre generally high-risk loans with bad terms.
If youâre an international student or aspiring to be one, be sure to tag your friends and reshare this so it reaches the right people!
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Btw. if you're an immigrant in America, I send out a weekly newsletter compiling top stories and resources in simple, engaging language. Come join 3,350 other awesome humans: https://lnkd.in/dAJfmGFH :)
#finance #loans #masters #studyabroad #leapfinance #money #savemoney #usa #india
When I got my education loan in 2017, the USD to INR rate was 64.
Now, itâs an insane 82.3 (~30% increase). Itâs 30% more expensive for students to study abroad today, not to mention increases in tuition fees, travel, and rent.
In this environment, itâs prudent to try to save money where you can, and here are 3 ideas for you.
1/ SCHOLARSHIPS (Yes, theyâre out there!)
I got two loan scholarships for my masterâs â from J.N.Tata and K.C.Mahindra Foundation â that together amounted to INR 18,00,000 (about $27,000 back then).
This helped reduce the loan I needed for my masterâs. Still, it was a loan scholarship, meaning I had to return the money, although with 0% interest.
I recommend spending at least 25 hours scouring the internet for scholarships you can find. Those 25 hours might end up saving tens of thousands of $$ for you.
It certainly did for me.
Here are some websites that make this process very easy for you:
- StudyFree
- WeMakeScholars
- Scholly, Inc.
- ScholarshipsOwl
- iefa.org
2/ REFINANCING YOUR LOAN.
This wasnât very popular a few years ago, but has come up lately.
If youâre already in the US and want to reduce the interest rate on your loan, go for this.
Some players who offer this today: Stilt Inc., MPOWER Financing, Leap, etc.
They transfer your loan from your existing bank to themselves for a reduced interest rate, anywhere between 7-10%.
Go for this option if:
- You have a loan with a heavy interest rate (>10%)
- You have a U.S. bank account and address.
My loan had an interest rate of 8.5%, which then increased to 10.5% later. I was able to pay it back pretty quickly â but if I hadnât, it wouldâve made sense to move the interest rate down to 7%.
3/ GETTING LOAN FROM US BANK
Itâs possible to get interest rates anywhere between 4-8% when you get loans in the US directly.
But, the big caveat here is you need to find a co-signer, who is either a citizen or a permanent resident and willing to vouch for you.
Generally, this person is a trusted relative of yours with a decent credit score (>690).
If you have someone like that, go for this option without fail!
If you donât, do not try to get a loan from a US bank even if they say âWe offer loans without a co-signer.â Theyâre generally high-risk loans with bad terms.
If youâre an international student or aspiring to be one, be sure to tag your friends and reshare this so it reaches the right people!
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Btw. if you're an immigrant in America, I send out a weekly newsletter compiling top stories and resources in simple, engaging language. Come join 3,350 other awesome humans: https://lnkd.in/dAJfmGFH :)
#finance #loans #masters #studyabroad #leapfinance #money #savemoney #usa #india
