Are you a US citizen interested in studying abroad? If you are currently enrolled in a two-year or four-year undergraduate degree then this may just be your opportunity to study abroad. Two undergraduate students are awarded this scholarships based on need twice a year to attend a non-traditional study abroad experience. If you have knocked off Western Europe, Australia, and New Zealand, this scholarship may just be for you!

“The Gilman Scholarship Program aims to support students who have been traditionally under-represented in study abroad, including but not limited to, students with high financial need, community college students, students in under-represented fields such as the sciences and engineering, students with diverse ethnic backgrounds, and students with disabilities.”

Those awarded the Benjamin A. Gilman International Scholarships will have program tuition, room and board, books, local transportation, insurance and international airfare covered by the scholarship. Scholarships will depend on the expense, need, and length of program however many awards are around $4,000.

The Benjamin A. Gilman International Scholarship is supported through the International Academic Opportunity Act of 2000 and is sponsored by the Bureau of Educational and Cultural Affairs at the U.S. Department of State. Applications will be available early January here.

Principal
Principal is the total amount of money you were loaned. Let’s say you are planning to attend New York University and you took out a $30,000 loan to cover tuition, room and board, books, etc. This amount is what you have borrowed from the bank, and thus will be expected to pay back.

Interest Rate
There is a cost to borrowing, and this is known as the interest rate. This is the amount that you pay back to the bank on top of what you initially borrowed (the principal). Lenders typically have a range for the amount of interest they charge, which will depend on you (and your co-signer’s) creditworthiness. Typically this is expressed on an annual basis known as the annual percentage rate (APR) which will be finalized after your loan application has been submitted and reviewed. There are two types of interest rates that will be disclosed before you apply for a loan:

• Variable Interest Rates – These interest rates move up and down depending on the interest rate index. The index is a floating rate, called the prime rate, which is typically added to a margin which is determined based on your creditworthiness. The true margin will be disclosed and finalized once your application has been reviewed.

• Fixed Interest Rates – These interest rates will remain the same over the entire length of your loan.

Most student loans are fixed rate interest, however many private student loans do offer variable interst rate. It is important to read the terms and conditions to know how the principal and interest rate are defined, how it will be determined, and how it may change.

We’ve put together a list of tips to help you when applying for international scholarships:

- Deadlines. When it comes to financial aid in general, timing is everything. Make sure that you know what is due, and more importantly when. Many scholarships have limited funding and are competitive with many applicants. Make sure to keep track of when you’ll need to submit the necessary documents to increase the chances of receiving a scholarships. If you use a calendar, make sure to note deadlines and set reminders to keep you on track.

- Essays. Many scholarships require applicants to write essays. You may find yourself writing, reading, and then re-reading your essay. Many students at the end of the process will end up reading what they thought they wrote – instead of what they actually wrote – and will miss small typos or key words. Have friends, teachers, and family members read over your essay and make any changes. Proofreading your essays can increase your odds of being awarded a scholarship.

- Don’t waste time. Many scholarships have eligibility requirements – before applying make sure you read all the fine print. There are many scholarships out there that you can apply for, but spending time applying to scholarships that you are not eligible for is a sure loss of time. We all know that international students are busy, between wrapping up school, working, and the many other day-to-day tasks. Spend your time wisely by reading the details carefully.

- Best foot forward. While content is #1, there is something to be said for presentation. Make sure that your documents are well organized and presented neatly. If you need to handwrite documents, be sure to spend the extra few minutes to make it clear and legible.

- Application. Not all fields on an application will apply to you. Don’t leave any ambiguity as to whether you forgot to fill it in. Make sure that you fill out every field, if it doesn’t apply to you just indicate “N/A” (or, not applicable).

- Create a timeline. Applying for international scholarships can require many steps, including essays, applications, references, transcripts, and much more! Don’t leave it to the last minute. Create a calendar that divides up the tasks to make sure there is enough time to get everything done.

- Make copies. Before submitting the information, make sure you keep copies on hand. It’s always a good idea to be able to refer back to it for other scholarships or to resubmit it in case it gets lost in transit. No need to do the same work twice if you’ve already done a good job the first time. Make it count, and make the most of your time!

- Last glance. Finally, before you submit your work to the organization make sure you go over all the requirements and dates. If you have additional time, have another trusted person take a look at it as well to make sure that you meet all of the requirements.

Good luck applying for international scholarships! Let us know if you have any additional scholarships tips that you’ve found.

One way people are doing this is by enrolling at a MBA program in the US. Many students and professionals see education in the US as one way to build connections, increase one’s skills, and develop a worldwide prospective. According to a recent report by Council of Graduate Schools, the increase demand for US MBA Programs jumped 6% over last year. Bloomberg BusinessWeek reported that 33.4% of MBA programs are made up of international students. The primary reason for this increase was due to the number of Chinese applicants, followed by Taiwanese and Vietnamese.

The increase demand for US MBA programs has been helped by the increase in F-1 international student visas issued in the US. An increase of 54,000 visas were issued last year, totaling 385,210 visas. This increase in visas has been directly attributed with increasing the number of foreign students enrolling in MBA programs in the US.

This comes as good news to MBA programs in the US, who are competing with other higher education institutions from around the world. Because of the expense and difficulty of going to a US institution, many international students have been opting for schools in Canada or the United Kingdom. With the help of the Department of State, there has been a shift back to America where this year has been the largest increase in demand for US MBA Programs since 2007.

Cornell saw a 12% increase in their international enrollments in New York. On the western coast, University of Southern California saw that 75% of their one-year international MBA program was from Asia. This is just two of the many graduate programs seeing an increase in their international student numbers.

As economies recover, recruiting efforts expand, and the need for a business degree becomes ever more important, it is likely that this is the beginning of a trend for MBA programs in the US as long as the US State Department continues it’s visa policies for international students.

International Student Loan matches students will loans for their upcoming academic school semester. If you are an international, study abroad, or foreign enrolled student, you are not too late to apply for loans for Spring semester. To do this, you can simply compare your loan options, and apply right online.

You can apply for up to the total cost of education, as determined by your school, minus any other aid received. After you apply and receive credit approval for you and your co-signer, your school must certify the amount of the loan. The proceeds are then disbursed directly to the school. Most US students and all international students must have a US co-signer thatis a US citizen or permanent resident with good credit and income history and who has lived in the US for the past two years.

Check the eligible school list to see if your school has been approved so that you can start applying for loans for Spring semester!

Kennedy-Lugar Youth Exchange and Study (YES) Abroad program is offering 55 scholarships to US high school students interested in studying abroad in Bosnia and Herzegovina, Egypt, Ghana, India, Indonesia, Malaysia, Morocco, Oman, Thailand and Turkey.

Funded by the U.S. Department of State, the Study (YES) Abroad program gives high school students (ages 15-17) the opportunity to study in selected countries. Bringing US citizens overseas, as well as non-US students to the US, this exchange was started back in 2002, “as a key component of renewed commitment to building bridges between citizens of the U.S. and countries around the world, particularly those with significant Muslim populations.”

These are full merit-based scholarships covering program costs, travel, tuition, room and board, food, and much more! These full scholarships will cover students planning to study overseas for a year, thanks to the U.S. Department of State’s Bureau of Educational and Cultural Affairs.

To be eligible for a scholarship, applicants must be U.S. Citizens, high school students at the time of application, and 15-18 years of age. The deadline for applying is January 11, 2012.

Many international students have had difficulty finding lenders that will loan to international students. Some lenders require students to be a US citizen or permanent resident and all lenders work with specific school (and these lists of approved schools vary by lender). Because of this, many international students have to read through the terms and conditions or complete the application to see whether they meet the eligibility requirements for each lender.

This has all changed thanks to International Student Loan’s new loan comparison tool. This loan comparison tool takes all of this information into consideration to match international students with the right loan options instantly. International students simply indicate their school, citizenship, and whether they have a cosigner, and they will be given a list of lenders to compare that have been matched based on their eligibility. Once international students have chosen their loan, they can proceed to the application and apply for the loan directly.

International Student Loan’s Comparison Tool is making financial aid easier for students to study overseas, saving  time and providing students with option to make studying abroad a possibility. For any questions on how this works, you can contact representatives at International Student Loan.

So you may be asking yourself, what is the net price calculator? Thanks to the Higher Education Opportunity Act of 2008, the Net Price Calculator was introduced to increase the transparency of how much a student must pay or borrow to enroll. Previously, the cost of education was not all that clear. Adding up all of the costs, like books and living expenses, was difficult to measure.

That’s where the net price calculator comes in. By entering in your personal information, like income, residency, assets, among other details, you can determine approximately what the cost will be to enroll. Tuition and fees, room and board, books and personal expenses, as well as scholarships and grants, are all clearly laid out for you to evaluate on many college and university websites.

Keep in mind, however, that tool has been designed for US students attending US schools so there may be variations in the prices for international students. At the same time, many schools have taken the tool one step further and have adjusted rates for international students. The net price calculator was formally implemented across the United States on October 29, 2011.

While some people are asking what is the net price calculator, others are looking for ways to improve it. Currently, the tool only provides the annual cost so don’t be fooled. If you are going for a four year degree, make sure to multiply the number by 4.

So, if you are an international student, make sure you know what is the net price calculator – and even more importantly, how to use it!

One way students reduce their costs is by applying for scholarships and grants. While many students hope for a full scholarship supported by their college or university, this can be a challenge. In fact, only 23% of international students in the US cover the majority of their expenses with assistance from their college or university. This is the largest external source of funding for international students (excluding self and family funding) – see the graph below that reflects funding for foreign students in the US.

The Institute of International Education publishes an annual report monitoring data on international students in the US called the Open Doors Report. This publication, released last month, confirmed that funding remained consistent over last year with relatively minor fluctuations. What does this means? In the 2010-2011 academic year 63% percent of international students primary funding for international students was by personal and family funds.

Here are some important tips for students looking to budget responsibly:

1. Know the cost of your education.

The initial budgeting stage for your education overseas is to know what expenses you can expect. You should be aware of costs that include your tuition, books, living expenses, etc. The Net Price Calculator can be a useful addition to develop an accurate budget.

Since October 29, 2011, in compliance with the Higher Education Opportunity Act of 2008, those colleges and universities who participate in Title IV federal student aid programs are required to estimate the cost of attendance for current and prospective students seeking a degree and/or certificate. The idea of the Net Price Calculator is to provide students with transparency on the cost of their education as well as any grants/scholarship awards they typically distribute to students. This tool will outline tuition and associated fees, books and supplies, room and board, personal expenses, transportation, grant aid, etc. Keep in mind that the tool was developed for US students so results may vary for international students, however this can be a good start!

2. Apply for scholarships and grants.

It is important for international students to apply for scholarships and grants to reduce their personal expenses. Be aware of programs, dates, and eligibility requirements, and add them to your calendar to stay on top of those awards that are distributed by your school. Funding for international students can also be found through your home country as well as non-profit organizations or third parties. You can use resources like International Education Financial Aid (IEFA) and International Scholarships to begin researching your overseas funding.

3. For additional financial assistance, you may need to apply for an international student loan.

Once you have maximized your scholarships and grants, you may consider looking for a loan for international students. If you have a US co-signer, you may be eligible for a US-backed loan that can help you support your education overseas. Be sure to read through the terms and conditions before you apply.

Student loans can assist you in supporting the many costs that you may incur as an international student. Keep in mind, however, that this aid is expected to be paid back along with interest. While funding for international students can vary, this may be a helpful alternative for students looking for financial assistance from a US bank.

Data for graph was extracted from the Open Doors Report as noted above.

Countries of Origin

A big story this year, like last year, is Chinese student enrollment.  The number of Chinese undergraduates studying in the US increased by 43%, and overall Chinese enrollment increased by 23% to 157,558, ensuring that China was the largest sending country again this year.  Saudi Arabia also had a large percentage increase of 44%. Here are the top ten countries of origin for international students in the USA:

Taken together, the top 3 countries sending students to the US (China, India and South Korea) account for almost half of all international students in the US.

Leading Host Institutions and Fields of Study

The University of Southern California maintained its top spot as the US school hosting the most international students with a total of 8,615.  Here are the ten schools in the United States, by total international student enrollment:

International students have been consistent in the fields of study that they choose, as the top five have not changed.   Business and Management and Engineering are by far the most popular two choices for international students at US schools, followed by Physical and Life Sciences, Math and Computer Science, and Social Sciences to round out the top five.

US Students Abroad

Not only are the numbers for international students growing, but so are the numbers of US students going overseas. According to the Open Doors Report, the number of US students studying abroad increased almost 4% to 270,604. Consistent with previous year records, the most popular destinations for US study abroad students included the United Kingdom, Italy, Spain, France and China as reflected below:

Interestingly, while there are more students studying overseas they are going to non-traditional destinations. There was an eight percent increase for each of the following destinations: Africa, Asia and the Middle East.

For more information, please visit the 2011 Open Doors Report published by the Institute for International Education.

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