Student loans in the U.S.
Regulatory framework
Higher Education Act of 1965 US Dept of Education
FAFSA Cost of attendance
Distribution channels
Federal Direct Student Loan Program
FFELP
Loan products Perkins ·
Stafford PLUS ·
Consolidation Loans
Private student loan
Financial aid for U.S. students may include a combination of scholarships, government student loans, and private student loans.
Scholarships
Financial aid for U.S. students may include a combination of scholarships, government student loans, and private student loans.
Scholarships
Scholarships are offered by a number of organizations and foundations. Scholarships can be highly competitive, because students are not required to repay the money awarded. Research into available scholarships and private grants should be initiated well in advance of a student's planned travel date. In addition, government or private aid may need to be sought.
Government Student Loans
Government Student Loans
Amendments made in 1992 to the Higher Education Act of 1965, TITLE VI, SEC. 601-604[7] in the U.S. ruled that students can receive financial aid for study abroad if they are enrolled in a program that is approved by their home institution and would be eligible to receive government funding without regard to whether the study abroad program is required as a part of the student's degree.
Financial aid can cover all "reasonable" costs for a study abroad program, including:
Health insurance Living costs incurred during the program Passport and visa fees Round-trip transportation for the approved program Tuition and fees for the program To get government financial aid, students must complete the Federal Application for Student Aid (FAFSA). Funds are awarded by the United States Department of Education. As long as the issuing institution pre-approves the credit to be earned abroad, federal aid can be used toward study abroad programs. Forms of government aid include the PLUS Loan, Perkins Loan, Pell Grant, and Stafford Loan programs.
Private Student Loans
Financial aid can cover all "reasonable" costs for a study abroad program, including:
Health insurance Living costs incurred during the program Passport and visa fees Round-trip transportation for the approved program Tuition and fees for the program To get government financial aid, students must complete the Federal Application for Student Aid (FAFSA). Funds are awarded by the United States Department of Education. As long as the issuing institution pre-approves the credit to be earned abroad, federal aid can be used toward study abroad programs. Forms of government aid include the PLUS Loan, Perkins Loan, Pell Grant, and Stafford Loan programs.
Private Student Loans
Private student loans are not guaranteed by a government agency, but generally offer higher loan limits, grace period with no payments due until after graduation, and base availability on credit history vs. financial need.
Private loans are a good option:
If a student is not currently enrolled in a U.S. college or university If a student is not eligible for federal financial aid If federal financial aid doesn't cover all study abroad tuition, living arrangements, and/or transportation costs
Private loans are a good option:
If a student is not currently enrolled in a U.S. college or university If a student is not eligible for federal financial aid If federal financial aid doesn't cover all study abroad tuition, living arrangements, and/or transportation costs
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