12.07.06 | International Loans/Studying Abroad
Want to study abroad but your not sure what type of loan to apply for or what federal aid you can receive? Before you decide to cancel your dreams of studying abroad in Australia or Dublin let me suggest a couple of loan programs that may change your mind.
If you are an undergraduate student you must pick a school that is TERI-approved (which most are) and be attending half time or more. Then you want to apply for The Study Abroad Loan provided by The International Student Loan Center. You can find out more information at www.internationalstudentloan.com. You may also apply directly from this site.
I know that when you hear Private Loan you automatically think high interest rates and credit checks. Though it is based on your credit, the interest rates are competitive and there are no application fees. If you think that your credit is not so hot, you can always have a friend, parent or relative co-sign a loan for you. This is sometimes the better option in getting a lower rate. Another perk is that the application process takes about 15 minutes and funds are sent directly to you in as little as five business days. There are no prepayment penalties and they offer many different repayment plans. Also, there is not a lot of paper work and there is no filling out a FAFSA.
As far as what federal aid can transfer over, it is different for every school. Since you are attending the same school but studying abroad you may want to ask the schools financial aid office if they will wire the money over to the school you will be studying abroad at.
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