Paying for your own education is a long-term investment that can turn into very good dividends. In addition, education allows you to constantly improve yourself, and in the future, you will have a stable income and confident career growth. Naturally, you can count on this only if you receive a quality education, which, by the way, can be obtained not only in Canada, but also abroad, for example, in the United States.
It should be noted that despite the traditional misconception about the high cost and inaccessibility of foreign education for ordinary people, almost every Canadian can enter an American university. And for this it is not at all necessary to be very rich, since you can use lending programs available in the United States.
For several decades in a row, consumer loans for education in the United States have been special government programs. At the expense of the state and credit funds, many American citizens have the opportunity to receive education, regardless of age. In the United States, the most popular student loans are as follows:
Let’s make a reservation right away that it is rather difficult for foreign students to enter American universities, since the competitions are very high. However, with high academic performance, it is quite possible to do this. The only problem may be the high cost of American education. However, here you can find a way out. For example, take part in a loan program.
To obtain a loan for education in the United States, a Canadian citizen will need to prove to the bank’s specialists that the student has the financial ability to repay the loan. In other words, in order to get an educational loan, you need to provide documentation confirming a stable level of income (this can take into account the total budget of the parents). Another prerequisite is a guarantee from a citizen of the United States or a legal resident of America.
In addition, a loan for foreign students must be guaranteed directly by the educational institution in which the foreign citizen enters. It is not difficult to guess that US universities are not very willing to act as a loan guarantor, but if a foreign student is interested in an educational institution, then there are no obstacles in this regard.
Note that interest rates for a foreign borrower are somewhat higher than for residents, but at the same time they are much lower than the same loan in Canada.
You can pay for tuition at a US university with the help of a sponsor. But in order to receive sponsorship, the applicant will have to make a lot of efforts:
Another option for obtaining financial assistance for education can be a grant (special scholarship). Getting such a scholarship for a Canadian student is very problematic, but still possible (especially if an American education is almost a dream of a lifetime). To receive a grant, a Canadian student must:
Getting a credit card in the USA is not so easy if you are not a resident of the country.
Everyone in the United States uses loans, almost everyone has a credit card. Many international students take out a loan to study. Some universities, such as MIT, are already helping foreign students get loans in the US. However, you will have to face difficulties before getting a loan in the USA.
Your credit history shows how you have paid off loans and borrowings in the past. According to your credit history, bank employees assess how risky it is to give you a loan, and the amount of the loan depends on your credit history. In America, there are three large credit organizations that collect the entire credit history.
The problem is that foreign students and immigrants have all their credit history in another country, and this information is not available for the US.
Not only banks check your credit history in America but also home management councils when you want to rent a house in the USA. Employers check your credit history to see if you can be trusted. In addition, insurance companies assess your credit history.
Even if you do not plan to stay in America after graduation, it is important to build a good credit history. Recently, banks offer special loans for foreign students, and credit cards can be issued from another country and picked up upon arrival.
In order for you to have a credit history, you need to start by applying for a credit card in an American bank. Immigrants and foreign students often issue a secured credit card – this is a a type of credit card that is backed by a cash deposit from the cardholder. To issue such a card, the bank needs basic information about you:
If you find it difficult to get a credit card in the US, there are other ways.
If you feel that nothing is working, no university is responding to your pleas for “financial help”, then go the other way. Do not be afraid to look for information in a variety of sources. Contact the American Education Center at the Foreign Literature Library, call the embassy. We heard a story about a girl who accidentally met a professor of higher education where she wanted to study, and … convinced him of how talented she was. As a result, she was given a scholarship for four years of study. You can even contact university professors on the Internet. Write letters to them, tell them why you need to learn from them and get this education. Perhaps this will help.