If a US student plans to study abroad for a short period of time, such as a semester or year, they can apply for a Study Abroad Loan. Many US students desire to study abroad for more than a semester or two; many want to complete their full degree program abroad. If you are one of them and intend to enroll immediately at a university abroad, you may soon discover that your funding possibilities are far more limited than those of your colleagues studying in the United States.
With fewer financial aid possibilities and the possibility of exchange rates eroding the value of the dollar, you may find that you require additional assistance in financing your overseas education experience. If you plan to study full-time in another country, you should apply for a Foreign Enrolled Loan.
Who Can Get Foreign Enrolled Student Loans?
There are several requirements you must complete in order to be eligible for federal student aid for attending a foreign school. Students must be citizens of the United States, permanent residents of the United States, or eligible non-citizens.
You must be a “regular” student enrolled in an eligible program at an eligible foreign institution. A “regular” student is one who is enrolled — or is approved for enrollment — in order to achieve a degree, certificate, or other recognized educational certification given by the school. Schools must evaluate whether or not each individual kid is a regular student on an individual basis.
You must also be qualified to pursue postsecondary education. This means you must have a high school diploma, a secondary school completion credential, or an equivalent recognized by the state. General Education Development examinations, state certificates, and secondary school completion credentials from overseas schools are examples of equivalents. Students enrolled in foreign schools are not eligible to take a “Ability-to-Benefit” Test.
Other prerequisites for receiving financial help include:
- students must be enrolled at least half-time.
- Students must demonstrate acceptable academic progress (SAP) in accordance with the school’s SAP policy.
- A valid social security number is required of the student (SSN).
- Students may not be in default on any Title IV program loan (unless they have taken prescribed procedures to remedy the default), receive excess Title IV loan amounts or grant payments, or have property subject to a judgment lien for a debt owed to the United States.
- Selective Service registration standards must be met by students.
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What Kinds of Loans Are Available to Foreign Enrolled Students?
The following federal student loans are accessible to Foreign Enrolled Students:
- Stafford loans (subsidized and unsubsidized)
- Parent PLUS loans
- Graduate PLUS loans
Private loans include:
- Smart Option Student Loan
- Sallie Mae Residency and Relocation Loan
- Use our Student Loan Comparison Tool to help you find the loan that suits your needs.
Begin the Application Procedure
The Free Application for Federal Student Aid (FAFSA) is the initial step in applying for a federal student loan. This can be completed online at www.fafsa.ed.gov. Following that, you will obtain your Student Aid Report (SAR). It is recommended that you wait one or two days after submitting your FAFSA before contacting the Federal Student Aid Information Center at (800) 4-Fed-Aid (433-3243) and requesting that a hard copy of your SAR be mailed to you.
Explain that you are attending a foreign school with no electronic access to SAR data, and that you will need to provide a printed copy to your school once you receive it. Keep a copy of your SAR for yourself and send the original to the financial aid office at your institution for review. Then you can get started on your loan application.
International students also apply for these organizations for study loans.