International Student Loan for Students Studying Abroad

By Charles Gloson

Were you planning to study abroad this year, but haven't been able to work out the financial part? Don't get discouraged. Approximately 175,000 other students are, also, planning to study abroad, and many of them are facing the same difficulty that you. There is a much higher financial commitment when you study abroad. Why not join the ranks, and apply for an international student loan?

Many of the students who study abroad apply for grants and scholarships, but even when they receive one, it doesn't pay for all of their expenses. The advantage of an international loan is that it will pay for all of your university expenses minus the grants or scholarships you have received.

The qualifications for an international loan are: Be enrolled full time and be working toward a degree in an approved foreign university or be enrolled part time for a short period of study with plans to earn your degree from a university in the United States. You will, also, need a FAFSA pin number. You can apply for that pin number on-line.

There are two types of international loans: federal loans and private loans. Most financial advisors advise their customers to obtain all of the grants, scholarships and federal loans that they can get before applying for a private loan. Private loans usually carry higher interest rates than federal loans.

Stafford loans are the most popular type of federal international loan. Both graduate students and undergraduate students can apply. Make sure the school you choose is on the approved list for international schools, and ask them to show that you have a financial need.

If you don't want to make payments while you are in school and for six months after you graduate, then apply for a Stafford loan. They even give you the benefit of paying your loan back early without charging you any extra. You can, also, follow and manage your account on-line. They will not do a credit check on you.

If you are a U.S. Citizen or permanent resident, you can qualify for an international student loan. Find an approved foreign college or university and begin the application process as soon as you can. - 29971

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