Are you thinking about studying abroad but unsure how to finance it? Fortunately, there are numerous financing options available: federal student aid, private loans and both.
Federal Student Aid
You have two main forms of federal student aid you can use to finance your study abroad program: Direct Subsidized and Unsubsidized Loans and the PLUS Loan. Both help cover tuition fees, housing expenses and more at a college abroad. To apply for these federal loans, complete the Free Application for Federal Student Aid (FAFSA) form.
Private Loans
Banks, credit unions and online lenders provide private student loans for international students. But their terms and requirements differ, so it’s essential to compare them before applying.
You must meet the eligibility requirements for both programs and maintain satisfactory academic progress. This includes completing your coursework, earning good grades, and making timely payments.
Many government and nonprofit organizations offer scholarships for study abroad, such as the Fulbright Foreign Student Program and National Science Foundation’s Global Undergraduate Exchange. Some are merit-based while others depend on financial need.
Private student loans for international students can be difficult to come by, but not impossible. Start by reaching out to your school and asking about the available options available to you.
The US Department of Education maintains a list of participating international schools. To make sure your chosen program is eligible for US student loans, be sure to check this list before enrolling. Moreover, submit your FAFSA directly to your international school so they can process any loan requests on your behalf.