Yearly, there are 200,000 students from the United States that study in foreign universities. Because of the greater financial commitment, many students forfeit the opportunity because they don’t have the financial help that they need. Somehow the student has to pay for their air travel to and from the country, local housing arrangements and travel inside the country. One solution for students who desire to study abroad is an international student loan.
Many of the students who study abroad apply for grants and scholarships, but even when they receive one, it doesn’t pay for all of their expenses. The advantage of an international loan is that it will pay for all of your university expenses minus the grants or scholarships you have received.
You must be a U. S. Citizen or have your permanent resident card in order to apply for an international loan. You must, also, be enrolled in a foreign university for a short time with plans to return and earn your degree in the United States, or be attending a university on the list of approved schools on a full-time basis with intention of earning a degree. To apply for federal international student loans you must have a FAFSA pin number.
The best types of international loans are federal loans. The best advice is to apply for all the federal loans, scholarships and grants that you can, and, if possible, get all of your financial aid from them. The other type of international loan is a private loan. These have much higher interest and should only be used as a last resort.
The federal loans that most students apply for are Stafford loans. Any students can apply upon showing that they have a financial need and that the school they are attending is on the approved list of foreign schools.
If you don’t want to make payments while you are in school and for six months after you graduate, then apply for a Stafford loan. They even give you the benefit of paying your loan back early without charging you any extra. You can, also, follow and manage your account on-line. They will not do a credit check on you.
Either legal residents or citizens of the U. S. Qualify for an international student loan. With this excellent opportunity, it’s time to go ahead and make plans to get your degree in a foreign university. Don’t lose the opportunity to study in another culture.