Graduate education can be expensive regardless of where you choose to pursue your degree, in the United States an average LL.M. will cost between $50,000 and $70,000. As a result, financing your LL.M. can be a challenge. In our third post in the ?Financing Your LL.M.? series we?ll discuss the option of student loans. For international students that do not have the personal capital available to pay for the LL.M. program out of pocket, student loans may provide a way to finance the degree.
Types of Loans Available
For international students, there are generally three types of loans you may apply for:
- Loans from banks in your home country,
- Loans from U.S. banks that require a U.S. based cosigner to guarantee the loan,
- Loans from U.S. and international banks that do not require a U.S. based cosigner.
Loans from banks in your home country
Generally speaking we recommend you start your loan research with loans that originate in your home country. Checking with your local department of education or education ministry is often the best first step. Depending on your home country you may have access to government subsidized loans or private student loans. Some examples of these loan programs are:
Loans from U.S. banks that require a U.S. based cosigner to guarantee the loan
Several U.S. banks offer loans to international students who are studying in the U.S. and have a family member, relative or friend who is willing to cosign the loan. The cosigner guarantees that the loan will be paid after you return to your home country.
- InternationalStudentLoan.com is a wonderful resource that allows students to identify possible lenders based on the school they wish to attend.
- Students may also want to contact individual banks directly. Some of the U.S. banks that offer student loans to international students are:
Loans from U.S. and international banks that do not require a cosigner
As a result of the increased interest from international students who would like to pursue their graduate studies in the U.S., there are a couple of companies who will provide student loans to international students without a U.S. based cosigner. For students interested in pursuing their LL.M., the Global Student Loan Corporation (GSLC) and The Education Resources Institute (TERI) are the most used loan sources. These loans may require some sort of collateral to secure the loan.
Loan Information ? Application
While the requirements vary a bit between loan programs, students should be prepared to start their application while waiting for school acceptance and no later than immediately after they have been accepted to an LL.M. program. You should have the following information readily available when you start your loan application:
- Personal Index Information (name, age, address, previous credit history)
- Personal Index Information for Cosigner if necessary
- LL.M. Program Information (school name, program length, student budget)
Loan Information ? Repayment
Loans come with differing repayment terms and you should consider them carefully when selecting a loan. Typical repayment terms are one of the following options:
- In school deferment and 6 month post-graduation deferment before repayment begins
- In school deferment of the principal loan amount but payment is required on the interest accruing on the loan
- Principal and interest payments required immediately upon disbursement.
Loan Information ? Disbursement
Once you have selected the loan that meets your needs and the loan has been approved, loan funds will typically be distributed directly to your school of choice during the first week of classes. Any loan proceeds beyond the cost of tuition and fees will then be distributed by the school to you.
We encourage you to carefully consider the type of loan you accept, the repayment terms and whether or not the loan will be sufficient to meet your needs during the pursuit of your LL.M. If you have additional questions about other funding sources, including scholarships and employer funding of your LL.M., please take a look at our other posts on these subjects.
Source: http://onlinelaw.wustl.edu/financing-your-ll-m-loans-for-international-students/
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