The fall semester will be here before you know it, and we at GoAbroad want to make sure you're as prepared as can be for the adventure that awaits you. If you're considering financing your travels with study abroad loans, there are a few things to be aware of when applying for them. GoAbroad's newest partner, InternationalStudentLoan.com, offers the following tips to keep in mind when applying.
Don't forget about using the Study Abroad Loan Comparison Tool available on GoAbroad as well!
It's summer time and your study abroad trip is right around the corner. It's an exciting time where you will find yourself in a new country exposed to a rich culture and tradition, new and exciting foods, and perhaps a deeper understanding of a foreign language. To make the most out of your study abroad experience, making sure you have the financial means to support yourself is an absolute must. If you are looking for a private student loan to make an investment in your future, there are 5 things you need to know when applying for student loans:
1. Find a Creditworthy Co-signer
Having a creditworthy co-signer can not only make it easier for you to get a loan, but it can also reduce your interest rate. Family members or friends can be a good resource as they themselves can act as your co-signer, or they may be able to recommend someone they know.
2. Give Yourself Enough Time
It can be stressful to wait until the last minute - especially with something as important as financing your upcoming study abroad. Many lenders recommend beginning your application as early as 6 months in advance.
3. Make Sure That Your Loan is Ready For Disbursement Before You Leave
Loans are typically disbursed a few days before your program starts. Be sure to check with your lender to make sure you are eligible and that your program qualifies - and double check your application to ensure that you chose the correct disbursement period.
4. Confirm That Your Home Institution is Eligible
Study abroad loans require that you go to an approved US college or university study abroad program. When completing the student loan comparison tool, be sure to select the US institution sponsoring or recognizing your program.
5. Plan Ahead
While scholarships and grants do not need to be repaid, loans do. You will be responsible for paying back the amount you borrowed plus an additional percentage. Make sure that you are aware of your terms and conditions, and prepare ahead so that you can repay your loan on time.