Student loans can be taken out through the federal government or through private lenderssuch as banks or credit unions,and be used for your studies abroad. The US Department of Education provides student loan funding to eligible citizens. This loan money can be used in the U.S. or abroad.
People also ask
Can I use federal student loans to study abroad?
As a rule of thumb, you should always use federal loans before borrowing from a private lender. These typically have lower interest rates, more repayment options, and better financial hardship protections. You can typically use federal student loans to study abroad if your school is already apart of the federal student aid program (which most are).
How can I get financial aid to study abroad?
Undergraduates can use a Direct Subsidized or Direct Unsubsidized loan, and graduate students can take out Unsubsidized or Direct PLUS loans (also available to parents of dependent undergraduates). One drawback: federal grants are not accepted for overseas study, so you will have to depend on other forms of aid.
How much money do you need to study abroad?
Studying abroad can be a rewarding experience for students, but one of the biggest barriers is figuring out how to pay for it. The average cost is around $18,000 for a semester, according to GoAbroad.com. If you have exhausted your scholarship and grant options, the next form of financial aid to consider is study abroad loans.
Do I need to update my student finance application if studying abroad?
If you had planned to study abroad but will now be studying online with your overseas provider, you檒l need to update your student finance application. Normally, students studying abroad for a year of their course would be entitled to a higher amount of Maintenance Loan to help with the costs of living overseas.