Studying abroad is a great way to get international experience and see the world. As an American student, you may be wondering how to fund your overseas degree. Luckily, there are many different options for funding an international education: scholarships, grants, loans, employment opportunities and more!
After you've explored all your options from Federal Aid and scholarships, a loan will be your next step. Let's take a look so that you can find the best path for financing your degree abroad.
If you're planning to study abroad for a short period of time, the US Study Abroad Loan is perfect. But a lot of American students don’t just want to study abroad for a semester or two, instead they want to study their entire degree program overseas.
If you want to study abroad, your financial options are limited. You may find that scholarships and grants offered by the school can only cover so much, which is why you have to think about how you’ll pay for the rest of your degree abroad.
You may find that your college experience abroad is a little more expensive than you anticipated. Americans pursuing higher education abroad have fewer funding options than those studying at home and exchange rate fluctuations can change the value of your dollar significantly, so it's up to you to figure out how best to manage your expenses while in school.
Hundreds of foreign schools are approved for Foreign Enrolled Loans. Medical schools, business and law schools, and more! And with new approvals coming in all the time it's never been easier to find a school that works best for you. So if you're ready to take your education abroad check out our Student Loan Comparison Tool today - it only takes under 10 seconds!
There are no application fees and you can apply online. The application process can be completed just a few weeks.
All students from undergraduate to graduate level can apply for a Foreign Enrolled Loan program as long they meet all of the federal and private lender's eligibility requirements.
The most economical way to fund your international education is by borrowing as much of it from the government as you can on Federal Student Loans - so make sure you complete your FAFSA and get all the federal funding you're eligible for!
Stafford Loans are often not enough to cover the costs of your international college tuition, and if you need more funding than they provide for, there is the option to find a private lender that will lend to students enrolled abroad.
Our comparison tool will show you if your school is eligible for foreign enrolled loans. If it's listed, we'll direct you to lenders that offer the best deals tailored to your needs.
You may check to see if you're eligible in less than 10 seconds! If you are, you can complete the rest of the process online.
The approval process that typically takes a few weeks or less!
You will need to show proof of enrollment by submitting an acceptance letter or transcript.
You can apply for an international student loan to cover all your expenses including tuition, room and board, living costs, textbooks etc.
When you are going to apply for a student loan, it is best if someone else can cosign with you. This will increase your chances of getting approved and also allow the lender to give an interest rate based on that person's creditworthiness (credit history).
A cosigner must meet the following criteria: be an American citizen or permanent resident with good credit history and income. They also need to have lived in America for at least two years before applying.
Your cosigner must be aware that their credit will be reviewed by the lender. If approved, the cosigner's credit history is updated to reflect that they have cosigned on a loan. They will become responsible for repayment of the loan if the primary borrower (you) does not repay the loan.
To learn about the different types of International Student Loans see: