Studying abroad can be an incredible experience, but the costs can add up quickly. If you don’t have enough money to cover tuition, housing, travel, health insurance and other necessities while studying abroad, consider applying for a foreign education loan to cover these costs.
Federal student loans are a popular way to finance your overseas educational pursuits. These loans typically feature lower interest rates and more advantageous conditions than private loans.
In addition to federal loans, there are also private lenders offering foreign education loans. Unfortunately, these often require a co-applicant in order to be approved, making the process somewhat more challenging.
Affordability: Look into private student loans with low interest rates and fees, as well as deferral options to help you budget your payments.
Eligibility: The initial step for students applying for federal student aid is filling out the Free Application for Federal Student Aid (FAFSA), which applies to both those studying abroad and in the U.S.
The next step is to confirm if the international school you wish to attend participates in the US federal student aid program. You can do this by contacting the US Department of Education and checking their list of participating schools.
Additionally, you must determine whether the school has a direct loan agreement with the U.S. Treasury; if so, then you can apply for an international school direct loan by filling out the FAFSA application.
According to your country of origin, you may be eligible for a loan from your local government. This could be especially advantageous for students with low incomes or those needing large sums of money to finance their international education.