With the fall semester quickly approaching, we want to make sure you're traveling smart. With that in mind, we bring you the latest guest post from InternationalStudentLoan.com, with some tips on how to make student loans benefit study abroad.
Don't forget about utilizing the Study Abroad Loan Comparison Tool, and start saving on study abroad costs today!
Studying abroad is an important aspect to any college experience allowing you to travel internationally, gain real-world experience, learn languages, and grow as a person.
One day, I asked a graduate their one regret. Their answer: they wish they had studied abroad.
Many students think of studying abroad as an expensive luxury, but it doesn’t have to be. There are many ways that you can plan a successful study abroad trip that doesn’t put a dent in your wallet. There is no doubt that in today’s world we live in a globalized environment where international experience is a must, allowing you to stand out among other job applicants. Not only does studying abroad give you a leg up in the job application process, but it can help further your career especially in many large companies whose offices span the globe.
So how can you afford to study abroad?
Once you’ve saved your money, reduced your spending, and taken on additional work to grow your savings, you may find that you are still short of your financial goal. Not to worry, there are other alternatives that will help finance your study abroad. First, you’ll want to maximize your scholarships and grants. Think about this as free money since you do not have to pay it back. A few well-written essays can go far!
After scholarship assistance, if you still need help, student loans can be a helpful way to cover the remaining gaps in your funding. Student loans can give you immediate money so that you can take advantage of the many opportunities that come your way. There are two types of loans you may be eligible for: federal or private. Federal loans are to be used directly for your education and many times require you to demonstrate need. Private student loans are generally more lenient, and can help pay for your cost of living, cultural trips abroad, transportation, etc.
Student loans are typically disbursed to your school, who will then give you the funds before departing for your study abroad destination. It’s important to remember that you’ll be responsible for paying back not only the amount you borrowed, but also an additional interest rate (your cost of borrowing). You will need to plan ahead so that you get the best student loan rate.
Travel smart, make the most of your study abroad trip and compare loans today. See the many benefits student loans can offer and how they can help you make the most of your study abroad experience.
Click here to use the Study Abroad Loan Comparison Tool!