Today on GoAbroad, we are pleased to announce one of GoAbroad's newest strategic partnerships with InternationalStudentLoan.com, an organization has that has been helping students achieve their goals of international education since 1998. InternationalStudentLoan.com works hard to present the best financing options available for international study, and GoAbroad is thrilled to be bringing new resources to your fingertips.
In today's post, InternationalStudentLoan.com takes a look at how student loans can make study abroad a reality, and how to use the Study Abroad Loan Comparison Tool to your benefit!
Are you looking to finance your upcoming study abroad?
If you have already utilized available scholarships and grants as well as federal loans, you may need additional help covering the gap. Study abroad loans can be an alternative way to afford tuition, books, travel, insurance, and living costs.
Private study abroad loans offer more flexibility than federal loans allowing you to cover incidental costs like cultural excursions, airfare, rail tickets, etc. If your US college or university has been approved, you can borrow up to the total cost of attendance minus any other financial aid. While loans can be a helpful means to cover student expenses, it is important to recognize that you will be responsible for paying back the loan, plus any interest that has accrued over the course of the loan.
To improve the possibility of getting a study abroad loan at the most affordable rate, students will want to have a creditworthy US co-signer. To qualify, this co-signer must be a US citizen or permanent resident who has lived in the US for at least the last two years. Keep in mind that your credit rating – and that of your co-signer’s - will affect the terms and interest rate you are offered.
If you are a student interested in applying for a US study abroad loan, check with your school and lender to confirm that you are eligible for a student loan.
Be sure to also use the Study Abroad Loan Comparison Tool, to compare study abroad loan terms and choose the one that’s right for you!