Financing your college

I know, money really isn't the most fun thing to talk about, but sometimes it’s needed, especially if you are going to a college where you have to pay out of your own pocket.

Now I know some will raise an eyebrow by that statement, but in Denmark all education is free, when you go to college, the only thing you have to pay for is books.

And well, I am not sure I will say it’s entirely free, but education is paid through our tax, that is also why the state has a Student Fund system, or financial aid, as it’s called here in the US.

The Danish financial aid pays a student about $900 every month while in school, and if a student needs more than that, he or she can borrow up to $450 extra. Now that sound like a lot of money, and it is, BUT and yes that is a big but! A student often pays $700 for rent every month, and then he or she also pays for phone, car, internet, TV, food and so on. The rent is based on an apartment, but I know there are some who pays that for a single room too. However that mostly occurs in bigger cities, where there are too many students and too few apartments/rooms.

Now a student is allowed to work while attending college, but there is a limit to how much they may earn. Roughly a student may earn $900 more a month, or roughly $9000 a year.

If a student earns more than that he or she loses the right to financial aid and has to repay it to the state.

As a Danish citizen, I have the privilege to get financial aid while I take my education abroad, as long as they approve the education I’m taking. And so far they still haven’t decided if mine is approved.

When I got here a year ago, I was told not to apply for the financial aid before I was started, but I later found out, I should and could have applied before I left Denmark, making a few things much easier for me. Being six hours behind a country proves difficult if you REALLY have to call someone.

If you are interested in reading more about the Danish financial aid program click on this: http://www.su.dk/English/Sider/default.aspx

Now if financial aid isn’t an option and your parents aren’t millionaires, there really aren’t many options.
Savings: If you plan your stay you can save up the money, but that is a LOT of savings, but I won’t say it’s impossible. It’s mostly a time factor, I would say.

Scholarships: Scholarships is also a good help, but unless your own country offers you some, you are very limited. Most cases you can only apply for the ones your college offers, and even then there are some criteria’s you have to meet.  

Student loans: If you have the option to acquire the student loan from your home country, that might be the easiest and best solution, but should that not be an option, there are companies that make a living of borrowing money to international students.

However, using a company like that, you have to prepare yourself for a high interest, as they make their money on you! Another thing you need to consider is, you might need a cosigner, and in my experience the cosigner needs to be a citizen.

Finding the right company can be difficult, but use Google to make a search, and look at all the options you get. I know it’s not a solid answer, but I don’t think there is any. It all depends on you! Here are a few links, and I won't say one is better than the other, simply here you can see what you can expect from a loan company.

https://www.salliemae.com/welcome/

http://oedb.org/international-student-loan/

Also if you already know what college you are attending; use their staff as a resource. If the college is familiar with international students, they probably have a department for you, and you should make contact with them. They should be able to point you in a direction. I know you can’t always expect them to be helpful, but in general they should be able to give you some advice.

And if there are scholarships to be had for an international student, they should know.

Again, this is not a guide, this is simply something you need to be aware of when you make the decision to become an international student, and it’s not easy. So if you know anyone who can help you on this area, don’t be afraid to ask. It might save you some money in the end.

The good news:

As an international student, I am not allowed to work outside campus. Now that is a bit narrow, and definitely not as easy as just getting a regular job. But it’s a possibility.

The college I’m attending, Bunker Hill Community College, have jobs for international students. And I’ve worked for one semester, due to my schedule I can’t make it fit this semester. Now it’s not going to be the big cash, but it’s better than none. When I was working, I made about $130 every second week. Like I said, it’s not a lot, but the work actually covered my transportation, so that was something I didn’t have to worry about. And I could actually go out once in a while, and not always eat tuna and toast.

Last link http://www.iefa.org/ Iefa is like an international student database and it’s easy to use. They also have scholarships listed. That is a page I’ve used a lot since I found it, and from what I can tell, it covers more countries than just the United States. Use it, it’s a great aid.

Okay, so this was a long post, and I don’t know if this is too long or not enough information or? Please don’t hesitate to give me your input on this post.