Borrowers typically have three different options available on private student loans, it includes full deferral, payment of interest only, or immediate interest and principal repayment. We will explain the three options below, however keep in mind the further you delay payments the more money the lender will expect you to pay.

• Full Loan Deferral – Student loans with a full loan deferral mean that you will not be required to pay back interest or principal until 6 months after graduation, or if you are no longer considered a full time student. Keep in mind that interest will accrue during the deferral period and will be added to the amount you owe.
• Interest Payments Only – As the name alludes, you will only pay back interest while you are enrolled in school and the principal (and remaining interest) will be deferred until 45 days after graduation or if you are no longer considered full time. With this option, you will be required to begin making payments on your loan while you are in school, but since you will be paying back interest during this period – you will owe less since you will not be deferring interest as well.
• Immediate Repayment – This means that once you’ve received your loan, you will begin immediately making payments back to the lender to cover both the principal and repayment. This option requires you to pay back the money right away, and thus is typically the less expensive option since you do not defer payments (and accrue more interest).

Interested in learning more about student loans? Check out our previous blog on understanding interest rates.

The post Student Loan Repayment Explained appeared first on International Education Financial Aid Blog.

University of Wisconsin-Stout International Student Scholarship

Fifteen international students who are admitted to the University of Wisconsin-Stout have the opportunity to receive a $5,000 scholarship to use toward tuition fees. Degree-seeking international students can be from any country around the world, pursuing any area of study offered at the University of Wisconsin-Stout.

The University of Wisconsin-Stout international student scholarship is awarded based upon academic achievement, community service and the availability of funding. To be eligible, students must be enrolled on a full-time basis, have an average GPA of 2.5 (undergraduate students) or 3.0 (graduate students), have a minimum TOEFL score of 70 and an overall IELTS score of at least a 6.0. Students must apply for this award by July 1, however, it is renewable for up to four years- provided that the international student is still eligible.

The University of Wisconsin-Stout is a career-focused, polytechnic university located in Menomonie, Wisconsin that takes pride in hosting an innovative and technology-rich atmosphere.

If you plan on attending the University of Wisconsin-Stout, you can find more information on the University of Wisconsin-Stout international student scholarship here.

The post University of Wisconsin-Stout International Student Scholarship appeared first on International Education Financial Aid Blog.

JDRF Career Development Award

The Juvenile Diabetes Research Foundation (JDRF) is host to a number of scholarships, including the career development award. This award is designed to assist those who are newly pursuing their career path with funding to perform diabetes- related research.

This gives qualified scientists the chance to not only perform industry research but to also establish themselves within areas that reflect the JDRF research emphasis areas.

There is not a citizenship requirement for this award and research can be conducted at foreign or domestic locations, so individuals around the globe are able to apply.

Additionally, applicants must have an academic, faculty-level position at the time of application. To apply students must submit a proposal which includes the following:

• Research Plan
• Future Career Plan Statement
• Recommendation References
• Institutional Assurance

The JDRF career development award is granted in the amount of $150,000 for up to 5 years. At the end of each year of funding, awardees must provide a progress report.

You can find more information and how to apply for the JDRF Career Development Award here.

The post JDRF Career Development Award appeared first on International Education Financial Aid Blog.

Find A University-Approved Wire Service

Many US colleges and universities work with a particular few wire services which are designed to help students send substantial amounts of money to the host country. These schools most often times do their research to ensure that they are legitimate and that the money is safe. Contact your bursar or accounting office to find out which companies your school works with. You will also need to find out the banking information from your school if they agree to accept direct wire transfers.

Confirm the Tuition Deadline

International students wiring tuition will need to first confirm the deadline in which the money must be fully received and paid. Depending on the school, you may be required to pay one semester’s (or in some cases, more) tuition and any on-campus room and board fees. While in theory a wire transfer should be immediate, it is not uncommon to find that there are frequent delays with the process. If the money arrives past the specified deadline, this may require you to pay additional late fees. Because of this, we recommend that you do the wire transfer weeks in advance of the deadline to ensure that you have adequate time in case of delays.

Wire Money Directly to the University or College

Many banks charge a fee to do a wire transfer, and this can be deducted from the overall money that is being wired. A $15 USD wire transfer fee by each bank can result in inadequate funds by the time the money is received by your school. Be sure to ask your country’s bank if there are any additional fees associated with the transaction. International students wiring tuition should see whether university will accept the money directly. Often times there may be no fee, or a minor fee, associated with the wire transfer. If you will be sending the money to a US bank, be sure to find out if there is a fee charged by that bank – and if there will be any intermediary banks involved who will be charging a fee as well.

These and other tips for international students wiring tuition can be found here at our IEFA.org blog. Share with us your experience of paying for tuition, what issues you faced, and how you overcame it.

The post Tips for International Students Wiring Tuition appeared first on International Education Financial Aid Blog.

Takis Chrysanthou Honored Scholar Award

In previous years, the Takis Chrysanthou Honored Scholar program has been granted to one student each semester that is studying in Cyprus. However, this semester the award will be granted to 100 students! This award is granted to qualifying students this Spring in the amount of $1,500 to those who are studying around the globe through the Global Learning Semesters (GLS) Study Abroad Program. This award can be used toward the fees associated with studying abroad through the GLS program.

The Takis Chrysanthou honored scholar award is granted on a merit basis to students with a GPA of 3.5 or higher. To receive this scholarship students must have first been accepted into a semester-long study abroad program through GLS and send in the following by July 15 to apply for the Spring semester award:

• A copy of their latest FASFA
• Other expected financial aid sources
• An essay of 600 words or less based upon the contribution the student expects to make toward the group trip experience

If you are studying abroad through GLS and would like to apply for this award, you can find more information on the Takis Chrysanthou honored scholar award here.

The post Takis Chrysanthou Honored Scholar Award appeared first on International Education Financial Aid Blog.

National Speakers Association Scholarship

The National Speakers Association (NSA) Foundation has an annual scholarship program that was established in 1989 to help support students that would like to pursue a career in professional speaking.

Four winners will be selected to receive the $5,000 National Speakers Association Scholarship to be used toward achieving their career goal. The winner will be chosen by a pre-determined committee that will judge students based upon their academic excellence, financial need and desire to become a professional speaker. Since the award originated, over $350,000 has been awarded to eligible students and professors.

To apply for this scholarship, eligible students must submit the scholarship application, a letter of recommendation, an official transcript and an essay based upon their career objectives and desire to become a professional speaker. Students are also able to submit a video, approximately 10 minutes in length, that highlights their speaking ability. This video should be of an actual speech given in front of an audience and be able to give the judges an insight into what type of speaker the student is.

You can find more information on how to apply for the National Speakers Association Scholarship and the eligibility requirements here.

Media interview photo by Shutterstock

The post National Speakers Association Scholarship appeared first on International Education Financial Aid Blog.

Starting in 2016, 200 international Schwarzman Scholars annually will get the opportunity to study in China at one of the country’s most prominent educational institutions in an all-expenses-paid, year-long program in Public Policy, International Relations, Engineering, or Economics & Business. These elite students will then leave the program with a Master’s Degree.

Schwarzman hopes that encouraging students from around the world (though scholars from the United States will represent the largest proportion) to study in China will foster an enduring academic and cultural relationship between the rapidly rising China and the rest of the world. Classes in the Schwarzman Scholars program will all be taught in English, further emphasizing the program’s mission of connecting Western, English-speaking powerhouses like the United States and the United Kingdom with the increasingly relevant China.

The Schwarzman Scholars program’s international commitment is also reinforced by its impressive advisory board, which is graced by influential figures such as former British Prime Minister Tony Blair, former U.S. Secretaries of State Henry Kissinger, Colin Powell, and Condoleezza Rice, and even famous cellist Yo-yo Ma.

The Schwarzman Scholars program represents a very exciting new opportunity for U.S. students looking to study abroad. With its high level of prestige in its host university and advisory board, setting in an emerging world superpower, and its fantastic zero dollar price tag, the program looks poised to provide quality international education to students when it does kick off in 2016.

*Photo Courtesy of BusinessInsider.com

The post Schwarzman Scholar Program Sends Students to China appeared first on International Education Financial Aid Blog.

Roy W. Dean Los Angeles Video Grant

Are you a film student who needs funding to create the film of your dreams? If so, you may be interested in the Roy W. Dean Los Angeles video grant. This award is available for individuals around the world wanting to create a short, low budget film and will provide sponsorship for those who qualify. This grant program was started by Carole Dean in honor of her father Roy W. Dean, to help passionate filmmakers achieve their goal. This year alone the Roy W. Dean grant has awarded nearly $60,000 in grants.

Student filmmakers, independent producers or production companies can apply for this sponsorship for new projects, or projects that are currently in progress.

To apply for the Roy W. Dean Los Angeles video grant you will need to submit a grant form application and written proposal that includes the following about your film:

• Style, format and approach you will be taking
• Your plan for distribution
• Your role in creating the film (director, producer, etc.)
• How your project is unique and will benefit the society
• Your relationship to the content
• The names, role and experience of everyone involved in the film

To find out more or to apply for the Roy W. Dean Los Angeles video grant, visit here.

Vintage 8mm film projector photo courtesy of Shutterstock

The post Roy W. Dean Los Angeles Video Grant appeared first on International Education Financial Aid Blog.

1. Address the prompt

While some scholarship essay prompts will be very open, others will ask you to write about a pretty specific issue or prompt. Make sure you look closely at exactly what the prompt is asking for and write your essay accordingly! If you’re supposed to describe a time you learned from a mistake, for example, writing a scholarship essay about your life-changing trip to India won’t get you anywhere.

2. Be yourself

Though it is quite possibly the single most cliché bit of advice on writing a great scholarship essay, it is VERY true that you should write honestly rather than trying to say what you think the reader will want to hear. The readers are professionals; they can smell dishonest kowtowing and they respect reading an applicant’s true voice.

3. Tell a unique story

Whatever the prompt is, try writing a scholarship essay that avoids commonality. For example, if the prompt asks you to recount a difficult time in your life, try to avoid common topics like parents’ divorce, deaths of loved ones, and so on. Of course, in keeping with Tip #2 above, if you are very passionate about writing on one of these topics you should listen to your instinct and go for it.

4. Show growth

Especially if you’re asked to discuss a negative experience, you’ll want to put emphasis on how you learned and grew from the issue. This will show maturity, perseverance, and insight.

5. Proofread!

It’s awful to have a great scholarship essay derailed by poor grammar, spelling, and punctuation. Have friends, teachers, and family members look over your essay exclusively for these specific problems. The more eyes you get on it, the better.

If you enjoyed reading our article on the 5 tips when writing a scholarship essay, then check out our partner InternationalStudent.com’s Scholarship Essay Center.

The post 5 Tips When Writing a Scholarship Essay appeared first on International Education Financial Aid Blog.

Stella Blum Research Grant

The Costume Society of America promotes the research and understanding of dress and appearance around the globe- throughout time. Each year the society hosts the annual Stella Blum research grant to promote and encourage research based around dress by granting one individual financial assistance to be used towards research in this field. Individuals around the world, including international students, who meet the following are able to apply for the Stella Blum research grant:

1. Are enrolled in a degree program at an accredited institution
2. Is a good standing member of the Costume Society
3. Is applying for the grant to perform research projects in the field of North American costume

This award is granted in an amount up to $2,500 and can only be used for project support. Submitted entries will be judged by a panel of five individuals who will evaluate the following five areas:

• Creativity and innovation
• Attention to costume matters
• Impact the research will have within the field
• Awareness of the interdisciplinary nature of the field
• Ability to carry out the research in a timely manner
• Faculty advisor recommendations toward the international student

If you are an international student and meet the eligibility requirements for the Stella Blum research grant, you can find more information on the Stella Blum research grant and apply here.

Grant word on paper photo courtesy of Shutterstock

The post Stella Blum Research Grant appeared first on International Education Financial Aid Blog.