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International Student Loan expense

What Expenses Does an International Student Loan Cover?

What Expenses Does an International Student Loan Cover?

International Student Loan Expense

As an international student studying abroad in the United States, there can be a lot of expenses involved. These can include tuition, other school expenses, personal expenses, and other living expenses to name a few. Many international students cannot cover the total cost of studying abroad in the United States out of pocket, so they have to take out an international student loan to help pay for the expenses.

The total cost of attendance for an international student studying abroad in the United States can generally be broken down as follows:

  • School expenses,
  • Living Expenses,
  • Insurance,
  • Transportation,
  • Miscellaneous Fees.

This is not a complete list of what an international student loan can cover, just a general example. Further, each international student will have a different total cost of attendance. As you may notice, some of these categories are broad. For more information about the basics of an international student loan, please follow this link.

What if I Have a Scholarship? 

international student loan

Even if you have received a scholarship to help fund your education abroad in the United States, that does not always mean that your total cost of attendance will be covered. We suggest contacting the administrator of that scholarship to gain clarity on what is covered and what is not. For example, often, scholarships may not cover health expenses like insurance. College related health insurance sometimes does not cover every cost you may encounter, such as doctor’s appointments or dental/vision issues. However, most colleges do offer health insurance options to internationals students, in addition to private health insurance options. Visit this link for more information. If you decide to purchase one of these plans, make sure to read the details so you know exactly what is covered and what you are paying for. The United States has a very different health care system than the rest of the world has, so it may be a bit of an adjustment for international students.

So What Do International Student Loan Expenses Look Like?

international student loan

Typically, before giving you a student loan as an international student, lenders may look at what the average or estimated total cost of attendance for your school is. Factors they may consider are tuition, other school expenses, living expenses, and other miscellaneous fees. Please note that this is not a definite list of expenses that lenders factor in, but a general example. Before the loan is disbursed, the lender and school will likely communicate in order to figure out that the loan amount is accurate.

Generally, living expenses can cover a wide range of expenses. Usually, the largest chunk of living expenses is rent. Depending on your situation and the loan you are applicable for/school you are going to, this can mean either rent for a house or apartment, or the cost to live in a dorm. Arguably the other largest living expense would be food. Everyone needs to eat, and that costs money! Again, depending on your situation, this could either be a package through your school, i.e. the cafeteria, or what they deem an appropriate amount. Please remember that this is not everything living expenses cover, just a few examples.

School expenses can also cover a range of different expenses, including tuition. Arguably, the largest school expense besides tuition is school supplies. Almost every student will need textbooks, which can be very expensive. A way to lessen this expense is to look into renting your books, or by getting them digitally. Depending on your program or degree, you may also need special supplies. Please double check this with your program to make sure. This can range from special calculators all the way to required field trips.

Nomad Credit Can Help You Search for International Student Loan Options

Understanding student loans (also known as education loans) can be tough, but getting an international student loan can be even tougher. Nomad Credit is happy to help you navigate the difficult process and help you figure out all the expenses involved.

Please visit us at www.nomadcredit.com to search for your student loan (also known as education loan) options. Please don’t hesitate to email us at help@nomadcredit.com if you have any questions.

 

John Romanucci

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