Hi guys, I have a question: throughout your study in college, if you don’t have enough money to pay for the tuition, will they kick you off? or you will have to loan? after college how long are you given to pay the loan?
Also, where does the student loan come from?
This is my limited understanding:
When the semester bill comes out (after scheduling the classes) it is due by a certain date, usually a month later.
If the bill is not paid on time then the school might charge a late fee, they might disenroll you from your classes.
So if you get your bill and can’t afford to pay it you should contact the financial aid office as soon as possible to see what your options are. Processing the loan papers might take a while.
There are student loans as part of the aid package. Freshman can take out $5,500 , sophomore $6,500, junior and senior $7,500. I think the Department of Education administers them.
Students who are attending at least half time can defer payment of student loans until 6 months after graduation I believe. There are different repayment terms I think. Most students pay on their loans for 10 years.
If you are not a US citizen, you cannot qualify for US backed loans.
Money for college comes from the college or university in the form of **merit aid/b or **need-based aid/b.
Merit aid may not be enough to cover your room and board or tuition.
Need-based aid may not cover your school fees. The universities decide what you need, you don’t get to decide that. Sometimes the amount is not enough to cover your tuition and room/board, so you have to have your own funding.
Expect most schools to cost $40k to $60k. Some schools disenroll you if you don’t pay your fees.
Really? International students cannot take a loan?
I doubt that the United States government will give you a loan. Most education loans in the U.S. are provided by the government. You can try to get a private (bank) loan, but without a U.S. cosigner or collateral, that will probably be difficult.
Can you get a loan from your own government or from a friend or family member?
That’s very difficult. I don’t think anyone can help me pay the 200,000$/4 college years. In the USA, can I get a bank loan or anything?
No, you will not get a loan. You should try to go to a school that gives a lot of merit money or is very cheap to begin with. Look in the southern US not only at the public schools but at some of the smaller schools. Some may be religious. Some may be Historically Black College and Universities (HBCU). You need to be very flexible.
be realistic. What’s the annual salary of a family in the US? How about Vietnam? Why would a bank make $200,000 available to anyone without real collateral? In your thinking, every person who could reach the shores of the US could then afford the most expensive schools in the country. Besides a very small number of US colleges that are generous to non-US students with limited funds, most internationals who attend US colleges ARE paying $200,000 or more because they come from wealthy families.
Most wealthy Vietnamese family make about 20000$ a year. I come from a middle-class family, we make only about 10000$ a year.
But that’s what we’re saying, many if not most foreign students are from wealthy families who pay for college in the US. Even in US families making $60k can’t just send their kids to colleges that cost $60k as that’s the income for the entire family. Some international top students do get scholarships, just like a few US students do. You have to be at top in grades and test scores, and even then be lucky.
I’d also just like to clarify very explicitly that not every college costs $200,000. I don’t know why students seem to think those schools are the only ones worth attending. There are thousands that are much, much cheaper.
Not affordable on a $10k income only, but depending on your situation (the full details are sparse here – do you live in the US already, etc?) maybe you can work while taking a few credits here and there.
The OP is from Vietnam and wants to attend Harvard per his previous posts: http://talk.collegeconfidential.com/harvard-university/1857692-help.html#latest
Then finances are not a problem. If he gets into Harvard, everything should be covered on a $10k/year family income.
the OP may want to go to Harvard, and indeed if acceoted, his costs will likely be covered. But I don’t see an SAT score or ACT score yet. And getting accepted is a high hurdle. It is likely hat less than 5% of international applicants get accepted to Harvard.
So…this is a 14 year old freshman with one semester of high school under his belt?
Thanks for your replies. @Madison85 8th grade actually. I’m just doing some searches recently about colleges and ask questions about things that I can’t find. And yeah, I would like to study in Harvard, but the chance is very tiny, so I ask about loan, in case I get declined. (In the future).
WHy harvard?
Well…if you are in 8th grade, you have plenty of time to research less costly college options. Spend some time on that.