What You Need to Know About Study Abroad Financial Aid

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• What You Need to Know About Study Abroad
  Financial Aid

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• 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?

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• 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

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• 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.

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• 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
  already.
• 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.

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• 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
  abroad.
• 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
  are.
• 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.

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• 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
  Loan.
• 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
  school.

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• 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
  internationally.
• 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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