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As a study abroad student, you are probably interested in pursuing loans to help you with the cost of your education. The eligibility requirements for study abroad loans vary depending on whether the student loan is federally funded or private. In this article we will explore both options and discuss the requirements to help you determine if you are eligible.
Study abroad student are eligible for federal aid as long as they are receiving credit at a US college or university. Study abroad students are looked at just the same as if they decided to complete their semester on-campus.
In order to be eligible for federal aid for study abroad, you must meet the following requirements:
Financial need is defined as the difference between the cost of attendance (COA) at a school and your Expected Family Contribution (EFC). Although COA varies from school to school, your EFC stays the same regardless of the school you choose.
To be eligible for federal aid, the student must be a US citizen or an eligible non-US citizen. An eligible non-US citizen is a US national (including natives of American Samoa or Swains Island), US permanent resident, or an individual who has an Arrival-Departure Record (I-94) from US Citizenship and Immigration Services (USCIS) showing one of the following designations:
All study abroad students must have a valid Social Security number with the exception of students from the Republic of the Marshall Islands, Federated States of Micronesia, or the Republic of Palau.
If you're male between the ages of 18 and 25, you must be registered with Selective Service. The Selective Service maintains contact information to get in touch with you and call you in for military service in the event that there is military conscription.
All study abroad student must be enrolled or accepted for enrollment as a regular student in an eligible degree or certificate program.
To be eligible for Direct Loan Program funds, you must be enrolled at least half-time, maintain satisfactory academic progress in college or career school, as well as:
If you find that federal aid is not enough to cover your educational expenses, you and your parents might consider applying for private student loans. Students are generally advised to pursue this route only after exhausting all other options.Specific eligibility requirements vary from loan to loan, but most study abroad loans require that students: