Both federal and private loans can help students pay for study abroad.
There are many private and public loans for study abroad. The application process will differ depending on what organization or agency is extending the loan. But all lenders will want students to have basic information including name, address, Social Security number, school they attend, international program they want to attend and financial information. Academic information such as grade point averages might also be important to many lenders. Apply for federal loan programs first because they tend to have the lowest interest rates and most liberal repayment terms.
Instructions
1. Log on to the Free Application for Federal Student Aid (see Resources). Many federal loan programs can be approved through this website that will fund studies not only domestically but also abroad. This site will guide you through an application, asking about personal and family finances as well as where you intend to study.
2. A few days after filling out the application, you should receive your Student Aid Report, which will tell you how much aid you are eligible for. Send this to your school. The school may want additional paperwork, such as a promissory note.
3. Find a co-signer if you intend to seek a private loan for study abroad. Most private loan programs require another person with a solid credit rating to co-sign for the loan. Some prefer it be a parent, grandparent or guardian. Look for study abroad loan programs on websites such as Diversity Abroad, Study Abroad and International Student Loan (see Resources).
4. Fill out the online applications, which may ask questions about your personal information, personal and family finances, cost of attending the study abroad program, other financial aid received, loan amount, loan period (how long you will need the money for), expected graduation date and the name and contact information for your co-signer.
Tags: loan programs, study abroad, family finances, federal loan, federal loan programs