Loans for Overseas Study
What You Need to Know to Get Financial Aid Done
Education knows few international bounds. Some of the best research, for example, is done when foreign and U.S. students collaborate either here or abroad. And as much as there are excellent and prestigious universities in the U.S., there are just as attractive institutions abroad, consider the prestigious Oxford University in London.
Use this as a basic guide to accessing student loans abroad, whether you are a U.S. student seeking funds to study outside the country or a non-U.S. student looking for financial aid for study within the States.
Plenty of U.S. students choose to study outside the country every year, a trend more likely to escalate. This is a new, globalized world and many students not only engage in short-term study abroad, but international universities offer compelling educations. But are you eligible for the same student loans?
The FAFSA Remains Key for U.S. Students
U.S. students anywhere that wish to access federal student loans are required to complete the Free Application for Federal Student Aid (FAFSA). It’s simple: if you fail to do this you eliminate yourself from many forms of aid.
**U.S. students also include citizens of Puerto Rico, Guam, the U.S. Virgin Islands, and the Northern Mariana Islands.
Consider this scenario:
You are a U.S. student and you want to attend a university in another country. First step: file your FAFSA. Next, contact the financial aid/admissions office of the university where you’d like to study. Most international schools host a wide array of foreign students every year—they already know the answers to many of the questions you have regarding financial aid and how you can make your federal funds work.
Optimize your financial aid funds when you specifically look for scholarships and grants from private or professional organizations, as well as federal aid. Corporate funds may be available to you for study outside the U.S.
Use Lender Resources
The Federal Family Education Loan Program (FFELP) lenders may work with both national and international institutions. Hands-on communication is the key to making a long-term international study abroad education work. You will need to connect the financial aid dots yourself, including picking up the phone and asking the right questions. Contact lenders that provide a selection of student loan types. Student loan providers will have a list of international schools with which they have partnerships.
Foreign Students: How You Can Access Funds for U.S. College
Many thousands of foreign students come to study in the U.S. every year. How do they finance their education?
Students outside the U.S. that may be eligible for some federal student aid:
Student citizens of Palau, the Marshall Islands, and Micronesia may qualify for Pell Grants and students from Palau may apply for campus-based Federal Supplemental Education Opportunity Grants (FSEOG).
Foreign (non-U.S.) students: you may qualify for a wide variety of private student loan products when you apply with a creditworthy co-signor who is a permanent U.S. citizen. Cosigners may be family members, friends, associates, or anyone else willing to provide help.
Don’t overlook the possibility of academic and need-related scholarships from the college or university where you’ll be studying.
Graduate Students Have Big Advantages
Foreign graduate students will discover widespread financial incentives from many schools, especially those with strong research bases. If you have outstanding academics or an exemplary research project you’ll be in particularly high demand. Maximize your aid options: contact specific university departments directly as well as general admissions.
U.S. Citizens Living Abroad: Want to Study in the U.S.?
For U.S. students living abroad: if you wish to study in the U.S. getting the aid you need is simple—you complete the FAFSA. This is a must. Every year millions of students miss out on their federal financial aid; don’t be one of them. This is one of the most affordable ways to finance your education.
International Medical School Students and Graduates
If you want to study medicine outside the U.S. follow the same process for any other student going overseas, beginning with the FAFSA. When U.S. medical schools fill up and can no longer accept students, U.S. students may head overseas. A word of caution: research any foreign medical school every carefully. Only attend a school listed in the International Medical Education Directory (IMED). Medical education is highly regulated within the U.S. This means that should you wish to pursue a medical residency in the U.S., as an IMG (international medical school graduate), you will have to undergo a certification process that evaluates your education.
