Federal/Personal Student Loans
Student loans fall into two categories:
- Federal loans
- Private loans
You can use Stafford or Perkins federal loans you receive at your home campus to pay for study abroad—as long as your school approves your program. If you are interested in using federal loans to finance your semester abroad, visit your school’s financial aid department as soon as possible. Learn more about the different loan options:
Federal Educational Loans
Do you receive a Perkins or Stafford loan (either subsidized or unsubsidized) to pay for tuition and room and board at your home campus? If yes, then you can use these same funds to pay for the tuition and room and board costs associated with study abroad. In fact, the Federal government requires that colleges and universities allow students to use certain federal loan monies for study abroad programs as long as your school approves your program.
Federal PLUS loans for parents
Federal PLUS Loans give parents an affordable way to help pay for your study abroad program. Like the other federal student loans, the PLUS Loan lets parents borrow funds at significantly lower-than-average interest rates with favorable repayment schedules.
Check with your financial aid office
Check with your school’s financial aid office to make sure your loans will be applied to the tuition for study abroad. To qualify for federal loans, you must complete the Free Application for Federal Student Aid (FAFSA). Visit www.fafsa.ed.gov (en español)
Private Educational Loans
Private student loans resemble federal loans in that the funds can help pay for studying abroad. Unlike federal loans where you repay the Federal government, private loans are administered by various private banks and organizations. In addition to funding your program costs, other private loan benefits include*:
- Funds can pay for your airfare
- Funds can pay for cost of living while abroad
- Funds can pay for cultural excursion
- Interest from student loans is tax deductible
With low interest rates and often no loan fees, private loans serve as an excellent alternative to using high-interest-rate credit cards or home equity to pay for the cost of study abroad.
Student Loan Providers
Hundreds of organizations offer student loans. Shop around for the best deals. Click the link below and get access to some of the major providers of private and federal student loans that can be used for study abroad:
Study Abroad Loan Search
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