Foreign Enrolled Loan
U.S. students can apply for a Study Abroad Loan if they're planning to study abroad for a short period of time like a semester or year.
Many U.S. students don’t just want to study abroad for a semester or two, they want to complete their entire degree program overseas.
If you’re one of them and plan on enrolling directly at a university abroad, you may soon find that your funding options are much more limited compared to your peers studying in the USA
With fewer financial aid options, and the potential for exchange rates eating away at the value of a dollar, you may find that you need additional help financing your international college experience.
If you want to study abroad full-time, you should apply for a Foreign Enrolled Loan.
Our comparison tool finds study abroad loans - with reasonable interest rates - that provide complete funding to cover your education costs while studying outside the United States.
Hundreds of foreign schools are approved for Foreign Enrolled Loans. Medical schools, business and law schools, and more! And more schools are approved all the time. Our Student Loan Comparison Tool can show you in under 10 seconds if your school is approved.
There are no application fees or out-of-pocket expenses, and you can apply online. The application process can be completed in 2 weeks or less.
Please note that the offerings from many lenders may have changed due to the impact of the coronavirus outbreak. So please check carefully when you apply for your student loan.
Undergraduate and graduate students can apply for the Foreign Enrolled Loan as long as they meet the federal student aid eligibility requirements and those of the private lender.
Preparing for the Application Process
The most economical way to fund your international education is to borrow as much as you can on Federal Student Loans - so make sure you complete your FAFSA and get your federal funding.
Typically, you will need more financial assistance than is available through the Stafford Loan Program, and if this is the case for you, you can borrow the remaining funds from a private lender.
You can use our comparison tool or check our list of eligible schools to see if your chosen school is eligible for a foreign enrolled loan. If your school is listed, you will be matched with lenders that offer loans that meet your requirements.
Checking eligibility takes less than 10 seconds using our tool, and if you’re matched with a lender you can complete the entire process online.
Most lenders will provide initial approval within a few weeks or less.
Cosigner Recommended for All Applicants
A cosigner is not required for a student loan, but is strongly recommended. There are very few students who have good enough income or credit history to qualify without a cosigner, so we recommend that everyone apply with a cosigner to increase your likelihood of being approved - and obtain a more favorable interest rate based on the creditworthiness (credit history) of your cosigner.
The cosigner must be a U.S. citizen or permanent resident, with a good credit score, income history and who has lived in the USA for the past 2 years.
Your cosigner must be aware that their credit history and score will be reviewed by the lender. Upon the loan's approval, the cosigner's credit history is updated to reflect that they have cosigned on a loan. They will be responsible for payment of the loan should the primary borrower (you) not repay the loan.
Advantages of these loans
- The loan amount can be up to the total cost of your education as determined by your school (minus any other aid received)
- Check your eligibility online in less than 10 seconds
- Apply online and get approval in a few weeks
- No application fee and no out-of-pocket costs