Hello ! Good morning! Good morning! No ho! If you are considering studying abroad, you may be brushing up on your foreign language skills and planning sightseeing trips. But have you thought about how you are going to pay for it?
For many students, the price can come as a shock. The average cost to study abroad is around $15,000 per semesterbut you also need to consider other expenses like travel and visas.
Studying in another country can be expensive, so you might be wondering, “Can I get a student loan for study abroad programs?” Fortunately, there is student loans and scholarships available, so you can gain international education experience while enjoying financial aid.
Factors that affect the cost of a study abroad program
When it comes to studying in another country, there are many options available to you. The number of American students studying abroad is usually around 300,000 per year, and the majority of students study in Europe. In fact, the UK, Italy and Spain were the three best study abroad destinations since 2000.
But you can choose to study anywhere in the world. You could study business in Japan, agriculture in Costa Rica, or learn about marketing in Kenya.
The country you choose and the school you attend will likely impact your costs. When evaluating your study abroad options, consider the following factors:
- Type of establishment : In some cases, your study abroad program may be facilitated by your college in the United States. If so, the school is likely one of the international schools that participates in the federal loan program and would also be eligible for other forms of financial aid. If you enroll alone in an international school, this may not be the case.
- Distance: Consider the distance from where you are studying abroad and what you will need to pay to get to and from college. International airline tickets can be very expensive, so factor the cost of flights into your plans.
- Duration: Some study abroad programs are relatively short, lasting a few weeks. Others may last for a semester or an entire academic year. The more time you spend abroad, the more you will have to pay for tuition, room and board, and other expenses.
- Cost of life: The cost of living in your country of choice may affect your total cost. Countries and cities with high living costs, such as London or Stockholm, mean that you will have to pay more for daily expenses. Other places may actually be cheaper to live than where you normally go to school.
- Other requirements: Some countries have strict requirements for international students, including vaccination rules. If you need to obtain additional vaccinations or medical documents, this may incur additional costs. And student visas can cost hundreds of dollars.
Study Abroad Student Loans and Other Financial Aid Options
In general, the average cost of studying abroad is higher than the average cost of a semester at an American university. But there are scholarships, grants, and student loans that can make the cost more manageable.
Scholarships and grants
There are scholarships and grants which are specifically for students who are studying in other countries to further their education. As forms of grant aid, you don’t have to repay grants or scholarships, and they can reduce the need for student loans.
Scholarships and grants can come from your school, non-profit organizations, government agencies, and private companies. Here are some examples :
- The gateway scholarship: Offered by the American Association of Japanese Teachers, the Bridging Scholarship gives eligible students up to $4,500 to study abroad in Japan.
- The Boren Prize for International Studies: The Boren Prize is an initiative of the National Security Education Program. It provides funding for US undergraduate students to study languages less commonly taught in other countries. Eligible beneficiaries can get up to $25,000 for their education.
- The South India Term Abroad (SITA) Scholarship: The SITA scholarship offers up to $5,000 for undergraduate students studying abroad, with preference given to students who wish to study abroad in India.
We have compiled a list of quick and easy scholarships which you can request to facilitate the search for scholarships. You can also ask your school’s financial aid office for more information about scholarships.
Point: You can come in College Ave Student Loan Monthly Scholarship Contest and earn $1,000 to pay for your education.
Federal student loans
After researching your gift aid options, you may be looking for student loans for study abroad programs. A common misconception is that federal financial aid is not available for international studies, but that is not the case. You can use federal student loans to pay for your program as long as the selected school participates in the Federal Student Loans Program. To find out if your selected school does, search for your university on the Office of Federal Student Aid database.
Federal student loans for studying abroad include:
- Directly funded: For undergraduate students with significant financial need.
- Non-subsidized direct: For undergraduate and graduate students.
- Graduate PLUS: For graduate students.
- Parent MORE: For parents borrowing on behalf of a child.
Complete the Free Application for Federal Student Aid (FAFSA) to obtain the maximum amount of federal financial aid and contact your school’s financial aid office to discuss your options and eligibility for aid.
Private student loans
If you are reaching the annual or lifetime maximum for federal aid or if the school or program you have selected is not eligible for federal aid, another option is to enroll private student loans. Many private lenders will issue loans to pay for programs in other countries, so you can borrow up to 100% of the cost of certified school attendance.
College Ave offers loan options for undergraduates, graduate students, and borrowing parents. You can choose from several repayment plans and you can have up to 15 years to pay off your loan.
You can use a College Ave loan to pay for your study abroad program as long as you are enrolled at an accredited institution in the United States that offers a study abroad program with international schools.
Financing your study abroad experience
Can I get a student loan to study abroad? Now that you know the answer to this question, you can start planning your study abroad experience.
Studying abroad can be a transformative opportunity, but it can also be expensive. But by looking for scholarships and grants, you can reduce your out-of-pocket expenses, and student loans can cover the remaining cost. So don’t let price keep you from pursuing your dream destination – there are plenty of financial aid options available to make studying abroad more affordable.
If you are ready to apply, you can complete a College Ave student loan application online.