Apply for International Student Loans

International student loans are available at competitive interest rates for education in the US and Canada. There is no application fees or out-of-pocket fees you need to pay when applying for International student loans. All you have to do is fill an online loan application and you will receive funds within 5 working days after submitting the complete online loan application. Students can actually find out within 15 minutes if they qualify for the preliminary approval or not.

The best place to start enquiring about student loans for studying in the US is TERI, short for The Education Resources Institute, which is one of the most experienced and largest nonprofit sponsors of private loans for education.

Another big source of obtaining educational loans is internationalstudentloan.com. From here, Graduate students can get educational loans up to $40,000 (Rs. 15.7 lakhs) a year. The aggregate maximum borrowing limit is $130,000 (Rs. 51 lakhs), and the minimum loan amount is $1,500 (Rs. 60,000).

Prospective students can go online and apply for loans. The information typically required includes:

• Credit Agreement
• Proof of Income
• Signature Verification
• Residency Verification

Remember that all Indian residents who apply for educational loans need to have a co-signer who is based in the US and has satisfactory credit, residence and employment history.

But before you start applying for international educational loans, it will be prudent to familiarize yourself with what the online application forms will ask for. It will be good if you can review the questions listed below and make sure you're prepared with answers about yourself or your co-signer. If you do that, you can get your preliminary approval in a very short time. If not, you may have to wait longer and stand the risk of having your loan application rejected.

Education in Australia

Australia is one of the most popular destinations among Indian students. Be it its cities marvelled for their architecture and landscaping, A class universities, vocational schools or the amazing features like affordability and accessibility, Australia is a rage for prospective students. No wonder education is the third largest industry in Australia.

The course most in demand which is also directly proportional to the demand in the international job market, is, Accounting. You can choose to go in for a diploma or a Masters. If you are looking for something short term, then courses like;

• Hair dressing,
• Hospitality industry,
• Construction,
• Building,
• Community welfare
• Plumbing and
• Automotive are your pick.

Aviation too is another exciting prospect for those geared to fly high. With so many private airlines coming into the domestic circuit in India and almost as many opportunities abroad it remains a lucrative option. Courses are under the Civil Aviation Authority of Australia and the only university providing it is Institute of TAFE, Melbourne. Other universities to look out for are:

• Sydney,
• Monache,
• Queensland,
• Adelaide,
• Tasmania and
• Western Australia.

The unique selling point of an Australian degree is that it takes three years, which is one year shorter than a US four-year degree and also, it costs comparatively less (40 per cent-60 per cent) than a UK or US degree. Nearly 37,000 Indian students were enrolled in Australian institutions YTD (Year to Date) March 2007, which is an increase of almost 50% as compared to the enrolments in the same period previous year.

Co-Signer Eligibility for Education Loan

The most common question asked by students applying for educational loans in the US is if they need to have a co-signer always to apply for a loan. If a student is applying for a TERI guaranteed loan that requires a credit-worthy borrower, s/he must be credit-worthy or must apply with a credit-worthy co-signer. However, if the student is a graduate student, a health professions student, or is studying for a second undergraduate degree, then s/he may apply without a co-signer as a credit-ready borrower. Certain of TERI's partner's loan programs (for graduate students and health professions students) allow the student to qualify for a TERI guaranteed loan even if s/he does not meet all of the criteria of credit-worthiness.

So how does a student know what "credit-ready" means? The simple criteria for finding out credit-readiness means that the applicant satisfies certain credit criteria, although an established credit history is not required, and is a US citizen or permanent resident who has had a stable residence in the US for the past two years.

The advantage of TERI-guaranteed loans to credit-worthy applicants is that they generally carry lower rates and fees than those made to credit-ready applicants. This means that if a student is credit-worthy or can apply with a credit-worthy co-signer, then the total cost of his or her loan will be lower.

The other problem may be that for some students, the university of their choice may not be TERI-approved. In this case, students should contact their school's financial aid office and have the Director of Financial Aid (or an administrator in similar capacity) apply to TERI for school approval. School approval is a long process and can take as much as 30 - 60 days. So it is recommended that if you know you will need a loan in a few months, then get in touch with your school of choice now. It is also possible that the school may already have applied for TERI approval, in which case the waiting time reduces.

MBA Study Expenses in US

For what is considered one of the most prestigious and sought after qualifications in the world today, the costs involved are big. An MBA in the US is costlier than in most other countries. While the annual tuition fees in top schools like Harvard, MIT, Kellogg, Wharton, NYU etc varies between $30,000 and $60,000, others cost between $15,000 and $30,000 per year. The tuition fee varies between private (which can cost $15,000 to $60,000 annually) and state schools (between $10,000 and $20,000)

Add to this the living expense which, according to the College Board, varies between $14,050 (low budget) to $20,970 (moderate budget) for a 12-month period in 2007-2008. The breakdown of the living expenses is as follows: housing - 54%, transportation - 20% and miscellaneous - 26%. Living expense cost according to region and metropolitan area are available for guidance.

Medical insurance is mandatory for foreign students. The total cost of an MBA in the US thus depends on the tuition fee of the business school you have chosen, your lifestyle which can make a big difference in the cost of living and the location both of your school as well as your residence.

The total approximate cost for an MBA in Boston University, Virginia, Duke, Yale, Stanford, New York and Columbia exceeds $50,000 for non-resident students. In universities such as Stetson University, the University of Tampa, University of Mississippi, North Carolina State University, Louisiana State University, Georgia Tech, SUNY Buffalo and Brigham Young University, the total costs vary between $15,000 and $20,000.

Admission requirements of MBA in the US

The US continues to be the destination of choice for Indian students seeking an MBA from a foreign university. Undeterred by the post 9/11 visa restrictions, Indian students constituted the largest group of foreign students in the US for the fifth consecutive year in 2005-2006, according to the Open Doors Survey of the US based IIE (Institute of International Education).

Selection for an MBA program is based on a consideration of educational background and academic achievements, basic skills in English, professional experience and personal statements.

Eligibility for admission in an MBA program in the US

The basic minimum requirement in most US universities is a degree from an accredited US four-year undergraduate college/university or its equivalent. For an Indian aspirant this means that a three-year degree program does not meet the eligibility criterion. To be considered for admission in US, an Indian student must have a post-graduate degree or a professional four-year degree like engineering or a degree from a recognized one-year university affiliated program. Completion of the first year of a two-year degree course may not meet the eligibility criterion of most US business schools.

GMAT (Graduate Management Admissions Test)

GMAT is a must not only for admission but also for getting a student visa. Both quantitative and verbal scores are considered separately. A good score will give you an edge above the others.

TOEFL (Test of English as a Foreign Language)

TOEFL is another requirement for Indian students from non-English speaking universities. It is a measure of one’s reading, listening, speaking and writing skills in English. There are facilities both for paper-based test as well as internet based test. The minimum scores required for most universities range from 550 to 600 on the paper-based TOEFL and 213 to 250 on the computer based TOEFL.

Letters of recommendation/ references/ assessment reports either academic or/and professional are required. Usually two or three such letters are required from individuals other than family members assessing the applicant’s performance either in an academic institution or at the work place. It is advisable to get references from both academic as well as professional sources.

Personal statements/admission essays have to be submitted. These essays are a very important component of the admission form. Care should be taken to explain how a master’s degree in that particular school fits in with the applicant’s career plans. It is recommended that both essays as well as letters of recommendation be fine tuned with the respective vision of the particular school.

Work experience

Work experience, usually between 3 to 5 years, is an important consideration in most schools. This has to be relevant. An interview may be required with the Admission Committee.

Association of Biotechnology Led Enterprises

The Association of Biotechnology led Enterprises (ABLE) is a consortium of leading Biotech companies of India. This body came into force due to the lack of a communication interface among the Biotech industry, the government, academic and research bodies, and domestic and international investors. It provides extensive information for students wanting to understand the industry goings-on.

Accreditation

• Department of Biotechnology, Ministry of Science & Technology, Government of India as authorized under Section-8 of Seeds Act 1966, vide Gazette Notification dated 10th March 2006 is the Certification Agency for the purpose for certification
• An Accreditation/Certification Unit has been set-up at Biotech Consortium India Limited, New Delhi for undertaking Accreditation of Test Laboratories and Certification of Tissue Culture Production Facilities
• National Assessment and Accreditation Council (NAAC) - is an autonomous body established by the University Grants Commission (UGC) of India to assess and accredit institutions of higher education in the country. As for many other branches of study, it also accredits Biotechnology courses and institutions across the country.