Financing Education
Loans are most common way of financing education. Unlike Scholarships they have to be repaid with some interest.
Student Loans (also called Stafford and Perkins Loans)
Federal Stafford Loan
The Stafford Loan is a federal-guaranteed, low-interest rate loan for students. Stafford loans are subsidized (need-based) and unsubsidized (non-need-based). The government pays the interest on a subsidized loan for as long as a student is in school plus a six-month grace period after leaving school. Interest accrues on unsubsidized Stafford loans from the disbursement date. A student can receive a subsidized loan and an unsubsidized loan for the same enrollment period.
The Free Application for Federal Student Aid (FAFSA) is used by US citizens and permanent residents to apply for financial aid from the US federal and state governments.
International students are not eligible for the US government aid programs (Pell Grant, SEOG Grant, Stafford Loan-student loans, Perkins Loan, PLUS Loan-Parent loans, and Federal Work-Study).
Pell grant
Need-based financial aid awarded to undergraduate students who have not completed their bachelor's degree (4-year degree). No repayment is required.
Every applicant must have a social security number in order to apply for federal student financial aid
A few US banks offers student loans to international students if the loan is co-signed by a credit worthy US citizen or permanent resident (holder of a "green card").
Norwest Bank (1-703-749-0131 or the financial aid department at 1-800-366-6227).
These MBA loans are for graduate business and medical
students (international students). Contact Norwest Bank/HEMAR Insurance Corp., GMAC, 2400 Broadway Suite 320, Santa Monica, CA 90404-3064
Some Important Links
Sallie Mae
Citibank Student Loan Corporation (Citicorp)
Chase Manhattan Bank
Wells Fargo Bank
American Express
US Bank
Bank of America (BAC International Credit Corp.)
Due to large number of visitors on our site from India we have created a page for Loans opportunities for Indians
Educational Loans by SBI
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