Ibrahim Gardner
If you're a student looking to study abroad, you may be eligible for a student loan to cover your costs. The availability of loans depends on your citizenship status, the country you're studying in, and the foreign institution you're attending. Many international schools participate in the U.S. federal student aid program, and U.S. citizens and eligible non-U.S. citizens can complete the FAFSA (Free Application for Federal Student Aid) to determine their eligibility for loans, grants, or work-study funds. Additionally, the U.S. Department of Education provides student loan funding to eligible citizens and permanent residents, which can be used in the U.S. or abroad at approved international universities.
| Characteristics | Values |
|---|---|
| Student loan options for foreign universities | Federal and private loans |
| Federal loan options | Direct Subsidized Loans, Direct Unsubsidized Loans, Direct PLUS Loans, Stafford Loans, Perkins Loan Program |
| Federal loan providers | U.S. Department of Education, U.S. Government |
| Federal loan amounts | $5,500 to $12,500 per year for undergraduates, up to $20,500 for graduate students |
| Federal loan eligibility criteria | U.S. citizens or eligible non-citizens, enrolled at least half-time, satisfactory academic progress, valid social security number, no default on Title IV program loans, Selective Service registration, no ineligibility based on drug conviction |
| Federal loan application process | Fill out the Free Application for Federal Student Aid (FAFSA) |
| Federal loan repayment | Flexible repayment options, grace period of six months after graduation, income-based repayment plans |
| Private loan providers | Banks or other approved lenders |
| Private loan eligibility criteria | Credit check required |
| Private loan application process | Contact the university's financial aid office or the lender directly |
| Private loan repayment | May have different interest rates and repayment options compared to federal loans |
| Country-specific loan options | Australia's Higher Education Loan Programme (HELP) provides interest-free loans with repayment based on income |
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What You'll Learn
Federal student loans for international schools
Federal student loans are available for students looking to study abroad at participating international schools. The U.S. Department of Education maintains a list of international schools that participate in the U.S. federal student aid program, which is updated quarterly. As of July 6, 2021, more than 760 foreign colleges and universities were listed as participants.
If your school is on the list, you can apply for federal student loans by completing the Free Application for Federal Student Aid (FAFSA). The form is the same regardless of where you're attending school. Once you've filed the FAFSA, you'll hear directly from your school about the next steps, including how and when your loans will be disbursed, how to cover other costs, and key deadlines and paperwork requirements. Depending on your financial circumstances, you may be eligible for a direct subsidized loan and/or a direct unsubsidized loan.
If you're an undergraduate student eligible for a subsidized loan, which is need-based, the U.S. government covers interest payments while you're enrolled at least half-time and in some other cases. This means that your student loan does not accumulate interest during those times and your loan balance doesn't grow while you're in school. The government also pays the interest on subsidized loans while borrowers are enrolled in certain repayment plans. Unsubsidized loans are available to students regardless of financial need, but interest accumulates on these loans while you're in school.
If you're unable to borrow federal student loans or need additional funds, you can consider private student loans. However, these should be a last resort as they typically don't include the same benefits and protections as federal student loans. International student loans are specialized private education loans available to international students studying in the U.S., offering high loan amounts, extended repayment terms, and reasonable interest rates.
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Private student loans for international schools
If you're a US citizen looking to study at an international school, you may be eligible for federal student loans. Many international schools participate in the US federal student aid program. This means that, depending on which school you attend, you may be able to borrow federal student loans to help cover your college costs. The US Department of Education maintains a list of international schools that participate, which is updated quarterly. As of the most recent update on 6 July 2021, more than 760 foreign colleges and universities were listed as participants.
If your school is on the list, you can apply for federal student loans by completing the Free Application for Federal Student Aid (FAFSA). The form is the same regardless of where you're attending school; there is no separate FAFSA for international schools. Once you've filed the FAFSA, you'll hear directly from your school about next steps, including how and when your loans will be disbursed, how to cover other costs, and key deadlines and paperwork requirements.
However, if you're an American student planning to earn a degree abroad, you won't be eligible for federal grant aid such as the Pell Grant. And even if the school is significantly cheaper than options in the US or you don't have to pay tuition, you'll likely have fees as well as expenses such as travel and visa costs and room and board.
If you are not eligible for federal student loans, you may need to borrow from a private lender. Some banks, credit unions, and online lenders offer private student loans for international students, but they often require you to have a co-signer who is a US citizen or permanent resident. Your co-signer will likely need good credit (a credit score of at least 690) for approval and to get the lowest rates. You may be able to find a private lender that doesn't require a co-signer, but you'll likely pay higher interest rates as a result.
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Direct loans for foreign universities
If you are a US student looking to study at a foreign university, you may be eligible for federal student loans. Many international schools participate in the US federal student aid program, and as of July 6, 2021, more than 760 foreign colleges and universities were listed as participants. To apply for federal student loans, you will need to complete the Free Application for Federal Student Aid (FAFSA). The form is the same regardless of where you plan to attend school. Once you have filed the FAFSA, you will hear from your school about the next steps, including how and when your loans will be disbursed, how to cover other costs, and key deadlines and paperwork requirements.
It is important to note that if you are an American student earning a degree abroad, you will not be eligible for federal grant aid such as the Pell Grant. Additionally, you will likely have fees and expenses such as travel, visa costs, and room and board. Even if your school is significantly cheaper than options in the US or tuition-free, these additional costs can add up.
If your international school is not on the list of participating institutions, you may still have options for funding through private foreign-enrolled student loans. These loans are offered by private lenders to eligible US citizens or permanent residents enrolled directly in an eligible college or university outside their home country. To determine your eligibility, you will need to find a lender, as each lender will have varying requirements. Universities in many countries are eligible for private international student loans, but the school must be approved by the US Department of Education.
In addition to federal and private loan options, some countries offer free tuition at public colleges, even for US students. For example, Germany and Norway offer tuition-free public colleges, which can significantly reduce the financial burden on international students.
Lastly, it is worth noting that the Australian student loan system differs from that of the US. Under the Australian government-administered Higher Education Loan Programme (HELP), loans are interest-free and indexed based on cost-of-living increases. Borrowers only start repaying their loans once their income reaches a certain threshold, and the repayment rate scales up with their income. This model ensures that graduates with higher-paying jobs repay their loans faster, while those with lower incomes have a lower repayment obligation.
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Student loans for foreign medical schools
If you're a US student looking to study at a foreign medical school, you may be eligible for federal student loans. Many international schools participate in the US federal student aid program. This means that, depending on which school you attend, you may be able to borrow federal student loans to help cover your college costs. The US Department of Education maintains a list of international schools that participate, which is updated quarterly. As of the most recent update on July 6, 2021, more than 760 foreign colleges and universities were listed as participants. If your school is on the list, you can apply for federal student loans by completing the Free Application for Federal Student Aid (FAFSA). The form is the same regardless of where you're attending school; there is no separate FAFSA for international schools. Once you've filed the FAFSA, you'll hear directly from your school about the next steps, including how and when your loans will be disbursed, how to cover other costs, and key deadlines and paperwork requirements.
However, it's important to note that not all foreign medical schools participate in the US federal student aid program. In such cases, international students may need to secure private loans or institutional loans if offered by the medical school. Some medical schools may require applicants to prove they have sufficient financial resources for all four years of medical school or require the full amount in an escrow account. International students should talk to the financial aid office and admissions staff at their schools of interest to understand their financing options.
Additionally, while studying abroad can offer many advantages, such as an expanded worldview and foreign language skills, it's crucial to thoroughly research your chosen institution. Before opting for an international medical school due to lower tuition or less stringent admissions criteria, ensure the institution has an acceptable medical licensing exam pass rate for graduates.
It's also worth noting that if you're a US student planning to earn a degree abroad, you won't be eligible for federal grant aid such as the Pell Grant. Even if the school is significantly cheaper than US options or has no tuition fees, you'll likely still have expenses such as travel, visa costs, and room and board.
Lastly, to be eligible for federal student aid, a student must be a US citizen or an eligible noncitizen. This includes citizens of the 50 states, the District of Columbia, Puerto Rico, the US Virgin Islands, Guam, and the Northern Mariana Islands. Eligible non-citizens are typically those with the intention of becoming citizens or lawful permanent residents.
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Student loans for study abroad
If you are a US citizen or eligible non-citizen, you may be able to get a student loan to help fund your studies at a foreign university. The first step is to fill out a FAFSA (Free Application for Federal Student Aid) form. This will determine whether you are eligible for federal student loans, grants, or work-study funds. Federal loans are granted through the US government, while private loans are granted through private institutions such as banks or other approved lenders.
If you are eligible for federal student loans, you can apply for them by completing the FAFSA form. The US Department of Education maintains a list of international schools that participate in the federal student aid program, which is updated quarterly. As of July 2021, more than 760 foreign colleges and universities were listed as participants. If your chosen school is on the list, you can apply for federal student loans. Once you've filed the FAFSA, you'll be informed by your school about the next steps, including how and when your loans will be disbursed, and any deadlines and paperwork requirements.
The amount of federal loan funding you can receive varies between $5,500 to $12,500 per year for undergraduates, and up to $20,500 for graduate students. The amount will depend on factors such as how long you intend to study internationally, and whether you are considered dependent on your parents or independent. Each of these loans has different interest rates. If you are already receiving federal aid for your US university studies, you can apply your current aid package to your study abroad.
If you are not eligible for federal student loans, you may be able to get a private loan. Private loans are an option for students who have maxed out their federal borrowing limits or do not qualify for federal loans. However, you must be enrolled in an approved study abroad program at an eligible school to receive a private student loan. Your sending school must appear on the lender's list of eligible schools.
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Frequently asked questions
Yes, US citizens can get federal student loans for eligible foreign universities. You must choose an approved international university to enrol directly. You can also use study abroad loans with a program provider or a faculty-led program at your school.
There are two main types of student loans available: federal and private. Federal loans are granted by the US government, while private loans are granted by private institutions such as banks or other approved lenders.
To apply for a federal student loan, you must fill out the Free Application for Federal Student Aid (FAFSA). This will determine your eligibility for loans, grants, or work-study funds. Once you have submitted your FAFSA, you will receive a Student Aid Report (SAR) that will confirm how much you can borrow.
To receive a student loan for a foreign university, you must be enrolled at least half-time, make satisfactory academic progress, meet certain citizenship criteria, and not be in default on any Title IV program loans, among other requirements.
Yes, there are several alternatives to student loans for financing your studies at a foreign university. Some options include scholarships, grants, and work-study programs. You can also explore income-based repayment plans, cancellation for certain employment, and deferment options.
