Paying for study abroad

After we talked about financing an education in the United States if you aren’t a U.S. citizen, we fielded several questions about how U.S. citizens can fund study abroad Click here to learn about third-party website links.

I’ve always been intrigued with the idea of studying abroad. Several of my friends spent time at a university in Spain. They came back with awesome stories and Spanish speaking skills far superior to my own — yes, I’m still jealous, but I digress.

Some students choose to study abroad for a semester or so through an exchange program Click here to learn about third-party website links with their home university. Others choose to seek their degree in a different country.

In each of these scenarios, federal funding from the U.S. is usually available. Foreign schools can choose to participate in the Federal Family Education Loan Program (FFELP). Of course, before you borrow, consider options for grants and scholarships that you won’t have to pay back after you graduate. There are some notable scholarships Click here to learn about third-party website links designed to help students study abroad.

Just like when attending a U.S. school, you’ll work with your financial aid office to get your funding squared away.

If you do need to borrow for your education, your first step to federal aid is still the FAFSA Click here to learn about third-party website links (Free Application for Federal Student Aid). But you might have to do a little extra work. Some foreign schools may not be able to receive the Institutional Student Information Record (ISIR) Click here to learn about third-party website links electronically, so there might be additional steps to the process. Check with the school to see if they need you to mail a paper copy of your Student Aid Report (SAR).

And if federal aid, coupled with scholarships and grants, isn’t enough to fund your education, some lenders offer private loans for study at foreign schools. In general, Wells Fargo isn’t a lender at colleges and universities abroad. However, there are some exceptions.

If you’re looking for more information on funding, NAFSA Click here to learn about third-party website links, an association of international educators offers a great resource page Click here to learn about third-party website links for students pursuing education abroad. Or don’t be shy about talking with your financial aid officer.

Let me know if you have more questions. I’ll just be contemplating taking a couple years off to get a graduate degree at Oxford Click here to learn about third-party website links.

Pip, pip, cheerio! smiley

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5 Responses to Paying for study abroad

  1. nj says:

    Depending on where you do your year abroad, you can also save on living expenses. When I was an undergrad, I went to Costa Rica through my university. I paid my regular in-state tuition and only about $400 per month for room and board. A huge savings over food and rent in my college town!

  2. Poly says:

    I would like to ask you a question. If an african wants to study abroad, do you have different guidelines or the same qualify. I will be checking you soon. I stumbled upon your site and believe you have the best answer for me. Thank you. I also want to write an article guiding Kenyans on their choices to make in order to go for education abroad. That is why i need your opinion
    Editor’s note: Just so you know, we removed a URL from this comment in accordance with our Comment Guidelines. Nothing else has been changed or altered in any way.

  3. Rosann Stabler says:

    Great post, thanks for taking us along for the trip!

  4. kpo philippines says:

    I visit your site all the time. I love your articles and blogs

  5. Mi Ost says:

    Thanks so much Doug!  Yes people think gratitude needs to come naturally but for some it takes a lot of work!!!!!  I appreciate your comment Judy

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