Douglas Olsen
Studying abroad is a fantastic way to broaden your horizons, immerse yourself in a new culture, and gain valuable international experience. However, the cost of tuition, textbooks, and living expenses can be a significant burden for students and their families. To fund their studies, many students turn to student loans, which can be obtained from various sources, including federal loans, private loans, scholarships, and grants. In this discussion, we will explore the different options available for those seeking to finance their university education in a foreign country, highlighting important considerations such as eligibility, interest rates, repayment plans, and alternative funding sources, to ensure that students can make informed decisions about their financial future.
What You'll Learn
Federal student loans and grants
If you are a US student, you may be eligible for federal student loans to help cover the costs of studying abroad. However, it is important to note that federal grant aid, such as the Pell Grant, cannot be used for this purpose. To be eligible for federal student loans, you must attend a school that is approved by the US Department of Education and is eligible to participate in the Direct Loan program. The US Department of Education maintains a list of international schools that participate in the federal student aid program, which is updated quarterly.
The maximum borrowing limits for federal student loans range from $5,500 to $20,500 per student per year, depending on factors such as dependency status and year of college. Grad PLUS and Parent PLUS loans may allow borrowing up to the full cost of attendance minus all other financial aid received. It is important to note that by choosing to study abroad, you will not be eligible to participate in the federal work-study program, which can help reduce reliance on student loans. Additionally, you may miss out on state grant aid and scholarships, and your ability to work may be restricted depending on the country's visa requirements.
If you are enrolled in an accredited US institution that offers a study abroad program, you can include the program's cost in your application for College Ave undergraduate or graduate loans. Sallie Mae also offers loans for study abroad up to the cost of attendance minus any other aid received. However, no specific perks or benefits are available for study abroad students. Private student loans are also available, but they typically have higher interest rates and may not include the same benefits and protections as federal student loans.
If you are a student from outside the US, you may still be eligible for federal student loans to study abroad, but the eligibility requirements may vary. Each country's government may have specific programs or loans available for international students. For example, in Australia, the government-administered Higher Education Loan Programme (HELP) provides interest-free loans to university students, with repayment terms based on the borrower's income.
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Private student loans
Private lenders will generally review information about the applicant, including their credit score, when making their lending decisions. This is unlike most federal loans, which are need-based and have lower interest rates. The US Department of Education provides information on which international schools are eligible for federal student aid programs, and it's important to confirm the eligibility of your chosen school before applying for any type of loan.
If you are a US citizen, you may be eligible for federal student loans to help cover the cost of studying at an approved international university. The amount you can borrow will depend on factors such as your education level, income level, and dependency status. You can apply for federal student aid by filling out the Free Application for Federal Student Aid (FAFSA) form, after which you will receive a Student Aid Report (SAR) confirming your details and how much you can borrow.
If you are unable to borrow federal student loans or need additional funds, you can consider private student loans. Private loans are not affiliated with the US government and are generally borrowed after other options have been exhausted. They can be used to cover education-related expenses, including tuition, books, fees, insurance, transportation, and room and board. It's important to note that private loans may have different requirements and terms compared to federal loans, and they may not offer the same protections, such as income-driven repayment options or forgiveness.
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Scholarships
The Benjamin A. Gilman International Scholarship Program is a scholarship for students who are recipients of the Pell Grant, a US government education grant of up to $7,395 USD a year for students demonstrating financial need. Gilman scholars can receive up to $5,000 USD, or up to $8,000 USD if they study a "critical need" language while abroad.
GO scholarships offer over 50 scholarships for studying abroad, with many third-party program providers offering Pell Grant matching programs. There are also thousands of dollars in scholarships available from program providers, which can be either needs-based or merit-based, with some even offering full rides.
Some universities also offer scholarships specifically for students studying abroad. For example, Syracuse University provides short-term loans to students with financial needs to cover the cost of a plane ticket, which students repay without added interest once they receive financial aid. The University of Wisconsin-Madison awards scholarships of up to $5,000 to its students who participate in semester-long study abroad programs.
It is important to start researching and planning early, as scholarships are often competitive and may have specific eligibility criteria and application deadlines. You can start by checking your university's study abroad website and contacting your school's study abroad coordinator for more information. Additionally, many countries, such as the US, the UK, and Australia, allow full-time students to work part-time on or off campus, which can help supplement your scholarship funds.
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Part-time work
Firstly, it is important to understand the regulations regarding work for international students in your host country. For instance, if you are an international student in the US on a student visa, there may be a limited number of jobs for which you qualify.
When looking for a part-time job, be transparent with your employer about your study commitments and availability. This will help build a healthy relationship and make it easier for your employer to be flexible with your shifts. Choose jobs with evening or weekend shifts that do not conflict with classes, or look into remote or freelance opportunities that allow you to work from anywhere.
There are several part-time job options for international students. Retail jobs are very common, with shops often offering hourly rates and providing on-the-job training. Hospitality work is also a good fit for those who are attentive to detail and can juggle multiple responsibilities.
If you excel in a particular subject, tutoring services are a great way to earn money while also gaining valuable teaching skills. Other options include receptionist, library assistant, sales associate, and research assistant positions.
Freelancing is another flexible and diverse option for students with skills in graphic design, writing, coding, or social media management. Platforms like Upwork, Freelancer, and PeoplePerHour offer a range of freelance gigs, allowing you to set your own hours, work independently, and earn competitive incomes.
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Country-specific schemes
United States
The US Department of Education provides student loan funding to eligible citizens and permanent residents. This loan money can be used in the US or at approved international universities. The US federal student aid program includes many international schools, and you can apply for federal student loans by completing the Free Application for Federal Student Aid (FAFSA). The maximum borrowing limits for federal loans range from $5,500 to $20,500 a year for undergraduates and up to $20,500 for graduate students.
India
The Indian government has implemented various schemes to provide financial assistance and
Germany and Norway
Germany and Norway offer free tuition at public colleges, even for international students.
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Frequently asked questions
If you are a US citizen or permanent resident, you can apply for a federal student loan through the US Department of Education. This loan can be used in the US or abroad, but you must choose an approved international university to enrol directly. Alternatively, you can use study abroad loans with a program provider or a faculty-led program at your school. You can also look into private student loans.
The amount for federal loans 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 and whether you are considered dependent on your parents or independent.
Some alternatives to student loans include scholarships, grants, and part-time work. Many countries, such as the US, UK, and Australia, allow full-time students to work part-time on or off campus. You can also look into other forms of financial aid, such as federal grants or state grants, which may be available to those studying abroad. Additionally, some countries offer free tuition for international students, such as Germany and the Nordic countries.
