What You Need to Know About Study Abroad Financial Aid - PowerPoint PPT Presentation

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What You Need to Know About Study Abroad Financial Aid


Need an education loan to fund your abroad studies? It provides education loan for students planning for their higher studies abroad. – PowerPoint PPT presentation

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Title: What You Need to Know About Study Abroad Financial Aid

  • What You Need to Know About Study Abroad
    Financial Aid

  • The cost of attending college or university has
    been on a steady increase the past decade,
    forcing many students to take out loans to afford
    higher education. While loans can be extremely
    helpful and make the dream of college attainable,
    it definitely complicates studying abroad.
  • The biggest questions we'll be answering in this
    article are whether or not your college loans an
    be applied to studying abroad? If not, what do
    you have to do to keep them rolling if you put
    them on pause? Secondly, can you get a loan to
    study abroad?

  • Can You Get a Loan to Study Abroad?
  • Yes, you can absolutely get a study abroad loan.
    Although you can apply to a study abroad
    scholarships and grants to offset costs, they may
    not necessarily be enough to cover everything. If
    you are planning a study abroad experience that
    exceeds available funding, it'll be helpful to
    look into study abroad loans.
  • Loans can help with expenses related to tuition
    and books, housing and board, and even cultural
    experiences. There are two different types of
    study abroad loans
  • Federal Students Loans
  • Private Student Loans

  • Student loans can be confusing, so it's very
    important to conduct read all the fine print and
    understand eligibility, the requirements, and
    what exactly you're signing up for.
  • Generally speaking, to be approved for a Student
    Loan For Study Abroad, the school you're
    attending abroad needs to be accredited. Now this
    sounds easy, but the US Department of Education
    doesn't provide a list of accredited schools
    outside of the US. Instead, they rely on other
    agencies to approve and accredit international
    institutions. An applicant should be able to
    demonstrate that the college or university is in
    good standing and reputable.
  • Your college study abroad office and financial
    aid office should be able to help you with both
    identifying relevant post secondary institutions
    and the application process.

  • It's also important that the applicant (you) be
    in good financial standing. Study abroad loans
    can be more competitive than general school
    loans, so it's even more important to demonstrate
    that you have good credit.
  • It might be required that you have a co-signer on
    the loan. If you're doing this research well
    before your study abroad program (say, a year or
    two out), it might be a good idea to apply for a
    student credit card (and pay off everything on
    time!) to help build your credit if you haven't
  • Basically, most institutions and loan agencies
    treat the two types of loans separately and have
    separate processes for each one. The applications
    are different, the repayment schedules are
    different, and often the qualifications are
    different. Therefore, one of the easiest first
    steps to take is to start with your own
    institution to figure out if you'll need a study
    abroad student loan or if you can get away with a
    normal student loan.

  • Many schools are able to apply broader Student
    Loan For Study Abroad experiences if study abroad
    experience is through that school. For example,
    if you attend the University of Michigan, you
    will probably be able to apply your student loan
    funds to a University of Michigan study abroad
    program -- i.e. one of their faculty-led programs
    or a direct exchange with a partner university
  • While it may sound limiting, many schools have
    extensive study abroad programming, even some of
    the smaller liberal arts schools are offering
    programs in multiple countries. Your first step
    should be to meet with your study abroad and
    financial aid offices and see what your options
  • Federal Student Aid, sponsored by the Department
    of Education, provides a helpful list of schools
    that are eligible to participate in federal loan
    programs. Here you can search programs and
    schools and learn more about the application
    process and what is required of students and
    their institutions. For students already
    receiving federal aid for college or university,
    you will be familiar with the standard FAFSA
    forms (Free Application for Federal Student Aid)
    that need to be filled out every year.

  • The key to successful application process is
    starting early (even as much as a year in
    advance), staying organized, and contacting your
    university, the FAFSA hotline, or your
    international institution when you have
    questions. You're probably not the first person
    to be applying for a loan at your chosen
    international school, so be sure to reach out and
    clarify any questions that might arise.
  • A federal student loan from the William D. Ford
    Federal Direct Loan (Direct Loan) Program.
  • A Direct Subsidized Loan or Direct Unsubsidized
  • Direct Unsubsidized Loans and Direct PLUS Loans
    available to graduate students.
  • Your parent also might be able to borrow on your
    behalf he or she should ask about getting a
    Direct PLUS Loan for parents.
  • International schools do not participate in the
    U.S. Department of Education's grant programs, so
    you will not be able to obtain a Federal Pell
    Grant to get your degree at an international

  • Amounts for federal loans vary between 5,500 and
    20,500 (definitely enough to cover much of the
    cost of study abroad). The amount will be
    determined by a large number of factors,
    including how long you intend to study
  • If you're applying for federal loans for the
    first time you will be required to attend
    entrance counseling, which explains the loan
    process in detail and provides financial planning
    tools. Repaying a loan after your study abroad
    experience is just like repaying it for an
    American school. Student aid has some helpful
    steps to understanding the process. For more
    questions, consult this helpful myths and
    realities page that addresses specific concerns
    of students on federal financial aid hoping to
    study abroad.
  • Source http//tinyurl.com/hcmpn4w

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