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Loans are available for US students studying abroad, and are becoming incredibly important in meeting the demand for international education. US students studying outside the US fall into two categories for student loans, Study Abroad Loans for short-term foreign study and Foreign Enrolled Loans for direct enrollment overseas.
Study Abroad Loans are for those enrolled in a US school and studying abroad on a short-term program. You must be receiving credit at your home school for your study abroad, and your home school also must be approved. If so, your program can be located anywhere in the world. Of course, although you can apply on your own, you are much more likely to be approved and to get better rates with a qualified co-signer. We partner with two programs for Study Abroad Loans, each of which offer very similar and competitive products with different strengths:
… offers competitive rates, online application and fast funding directly to the student. There are thousands of approved schools, and annual loan limits are the lower of $30, 000 per year ($40, 000 at certain select schools) or the maximum amount calculated for your school.
… offers competitive rates, online application and fast funding directly to the student. There are a large number of approved schools, and student can obtain up to $50, 000 per year for their study abroad program.
Which program is better for studying abroad?
In most regards the loans are very comparable from the two providers. However, StudyAbroadLoans.com will lend up to $50, 000 per year for study abroad, so it's a good choice if you need a large loan. The StudyAbroadLoans.com program does not have as many approved schools, so if you do not see your school listed on that site, check out the InternationalStudentLoan.com study abroad loan program described above.