An international degree can be an exciting way to see the world and experience different cultures while on one University Degree.
Approximately 341,000 US students chose to study internationally in the 2017/18 academic year, according to the Institute for International Education. Students can enroll for a semester abroad or apply for an international degree if they are looking for a more intensive experience.
In addition to preparing travel plans and Housing forms, it is also necessary that Study abroad costs. Students may be surprised to learn that there are a number of international schools that cater for federal Student Loans.
“If you are enrolled in a US college and doing a semester abroad, you can pay for it with federal tuition if the study abroad is accepted for credit by your US home institution,” said Mark Kantrowitz, editor and vice president of research at SavingForCollege .com.
Kantrowitz said students who spend their entire college career in an overseas school can use federal student loans to pay for it if the school signs a program enrollment agreement with the U.S. Department of Education. From 2020 it will be just over 400 foreign colleges and universities who have such an agreement.
The list includes schools from around the world, including the University of Montreal, Copenhagen Business School, and the French International Space University. Federal student loans can also be applied for at medical schools, such as the Lublin Medical University in Poland.
Application from the federal government Student aid Paying for study abroad is no different than applying for loans to pay for college in the United States. Students must fill out the free application for federal student aid (FAFSA). This form is used to determine eligibility for loans, dual study programs, federal grants and scholarships.
Borrowers can qualify for direct subsidized or unsubsidized undergraduate loans, while graduate students can be eligible for PLUS loans. In the case of international schools eligible for federal student loans, Kantrowitz says, there is a caveat that students need to be aware of. Only loans, not dual study grants, can be used for studying abroad.
Once approved, the loan funds are paid out directly to the school. Students would then be responsible for paying them back just as they would have borrowed US schools. Loans used to pay for study abroad are not excluded from lending programs.
The beginning of the process begins with ensuring that students are eligible for government grants. From there, they can research which schools are participating in federal loan programs through which Ministry of Education.
One final note: Students can also apply for private student loans if the federal loan funding is insufficient to finance international studies. It is important to compare every private student loan provider to find the best student loans at the cheapest interest rates. Note that private lenders may require a co-signer for approval.