Study Abroad in Singapore- With Visa simplified, Reasons Galore

Higher education in Singapore offers not only world-class courses but also a chance to experience the melting pot of eastern and western cultures!

With four national languages which include Mandarin, Malay, Tamil and English, Singapore has come to represent the ultimate heady mix of modernity with a hint of traditionalism. The country is often considered to be one of the leading contenders for ease of doing business and has taken vital lessons from its management ethos and unity amongst diverse cultures. Today, Singapore is considered to be a modern, vibrant nation with an excellent (yet often unknown) educational system for students wishing to complete their studies abroad in an international location. Along with its high and exacting standards for academics and research, the country has also witnessed great success in connecting with the industry to understand the prevalent business landscape. This ensures that students can gain practical experience to find employment easily in the field of their choice.

With its world class infrastructure, facilities that delights shoppers and businesses alike as well as political stability, the country has emerged as a great destination for drawing international experience and expertise for abroad education loan. Its higher education courses are comparatively more affordable but the quality in sync with courses from universities based in US, UK, Canada, Australia, etc. and above par when compared to other Asian destinations. Not many other places globally can boast the sheer amount of diversity found in such a relatively tiny piece of land as Singapore. With its high standards of living, Singapore can be seen as an expensive place to put up although a lot of this would depend on the individual/student’s lifestyle. On an average, be prepared to apply for an education finance option since living costs with tuition fees could reach up to Singapore Dollars 10,000/ annum.

Students who wish to study abroad in Singapore will need a visa. However, the application route is linked to university application process. After securing the offer letter from the Singaporean university of their choice, students will need to apply for student visa to enter Singapore. Most colleges will help file the student pass for Indian applicants with the Singapore Immigration and Check Point Authority (ICA). The usual costs for visa application is broken into three phases for most Indian applicants with processing, issuing and application fees ranging to about $180. This is apart from the bank statement that needs to showcase proof of funds for students which could be in the range of $8500 + tuition/ course fees annually. Note: It is advisable to secure or work out details for a bridge loan option for such funding requests to ensure funds are available for entering Singapore colleges. Apart from the regular visa which is sent with the in-principle approval letter by the institution, students have to apply for the student pass. This has to be applied for no earlier than two months before the course commences but has to be secured latest one month from the course commencement. The student pass allows needy students to also work during their studies for a maximum of 16hours per week. To obtain a Student Pass, students are required to sign up with the special Student’s Pass Online Application & Registration System (SOLAR). Do note that while studying abroad in Singapore, medical or health insurance is compulsory for students. The cost of health insurance will be S$45 approximately per year and it will cover all medical expenses while studying in Singapore. Students applying to Singapore based colleges should also possess a valid passport with a minimum validity of six months from the completion of the course as well as a valid Singapore visa. Since Singapore has English as the primary language, students with any other native mother tongue are required to share a TOFEL and IELTS score certificate whichever is applicable in concerned educational institute.

The spouse and children of full-time graduate research students in Singapore can get sponsorship from the university for a Social Visit Pass to stay in Singapore. The graduate students should get their spouse and children to apply for an entry visa at Singapore’s embassy. Singapore offers both bachelor’s as well as master’s degree courses in all disciplines for international students. With its top notch teaching infrastructure and high quality methodology, the course curriculum is designed to increase student’s potential and make them more efficient. Truly, a degree from a Singapore university is recognized globally and offers a wide range of job opportunities to students across the World.

Source : http://avanseeducationloan.blogspot.in/

 

6 Ways to Get Funding to Study Overseas, and One Way Not To

While the financial situation is looking a little grim for U.S. citizens studying at overseas schools that are not approved by the Department of Education, it is not entirely hopeless. Students, who are willing to transfer, or get creative, might find ways to finance an overseas education.

Generally, though, Alan’s right. If a school is not on this Education Department list, the federal government will approve neither students’ applications for low-cost Stafford loans nor parents’ applications for federally backed PLUS loans.

Like Alan, I, too, couldn’t find any U.S.-based banks that would make private educational loans to schools that haven’t been approved by the Education Department. Sallie Mae, one of the few big lenders still making private educational loans, said it would approve a private loan only if the school was approved by the Department of Education and the borrower was a U.S. citizen with good credit.

So what can students who want to study overseas do?

1. Ask. The first and best place to start searching for aid information is your college. The folks in the finance office may very well know of aid programs for people just like you.
2. Search. Students also can check out a few websites that compile overseas scholarships, like this one created by theInstitute of International Education and this one created by the University of Minnesota
3. Go American. Instead of enrolling directly in the foreign school, students can enroll in an accredited American school with an approved study-abroad program. This is one of the simplest alternatives, because such American schools typically handle the aid hassles for students.

But there are some downsides. The overseas school you’re interested in might not have an American partner. American schools typically don’t approve study abroad for more than a year, disappointing those who may want to spend more time overseas. And this can be a costly option, since most American schools charge higher tuition than most foreign schools. (Though that may be offset by higher living costs overseas because of the dollar’s recent weakness against other currencies.) And while some students like having lots of American support and friends when they are abroad, others feel some of the American programs don’t sufficiently immerse them in the host country’s culture. Students can contact the overseas school they are interested in to see if any American schools have preapproved study-abroad programs there. Tools to search among study abroad programs can be found.

4. Transfer. As this official list shows, hundreds ofoverseas schools are approved to receive federal educational loans. Overseas students who need access to federal loans can transfer to one of the schools on the approved list.
5. Persuadeyour school. If there are lots of American students at your overseas school, or your school is interested in attracting more American students, it pays for the school to get approved by the States. There are lots of forms to fill out and lots of hoops to jump through, but hundreds of other international schools have done it. Information for overseas school administrators can be found.
6. Alternative loans. If a student has an adult with good credit willing to take on the debt responsibility, the adult can take a second mortgage or other loan and then have the student agree to pay back that Education loan to study abroad through contracts such as those executed byVirgin Money. A growing number of students—many without cosigners—are trying out the new social network lending websites.

Source: (http://www.usnews.com/education/blogs/college-cash-101/2008/10/17/6-ways-to-get-funding-to-study-overseas-and-one-way-not-to)

Education Loans for Studying Outside India

Planning to study abroad this fall but are facing financial crunch? Do not worry. There are 10s of banks and NBFCs (Non-Banking Financial Companies) that offer loans to students willing to study abroad.

The overseas education costs are higher compared to studying at home. It includes paying the fee in foreign currency, living costs, books and other expenses. Therefore, the financial institutions offer loans that meet students requirements, but the loan amount varies from one bank and NBFC to another. It depends on the course, duration of study, and the country one opts for.

The Requirements and Conditions

1. Parent(s) and student will be co-applicants and there are no margin requirements for loans below Rupees Four Lakhs.
2. The loan repayment tenure is between 10 and 15 years. It is based on the amount and differs from one financial institution to another. That said, in most cases, the repayment period begins 6 months to 1 year after completion of education or finding a job, whichever is earlier.

Examples:

• Axis Bank provides Rs. 10 Lakhs for studies in India, but raises the limit to Rs. 20 Lakhs for overseas education. The margin requirements are between 5% and 15% based on the loan amount and place of study.

Government Schemes

In a recent move, the Telangana government, in a budget of Rs. 425 Crores for fast scheme, reserved Rs. 25 Crores for minority students willing to study abroad. The budget of 25 Crores will help 250 students go abroad to pursue higher education.

It is known as the Overseas Study scheme for post-graduate studies in foreign universities starting from 2015-16.

Requirements for Telangana Govt. Overseas Study Scheme

• Maximum age 30-years
• Family’s income limit Rs. 2 Lakhs/annum
• 60% marks or equivalent grades in graduation
• Valid IELTS/TOEFL score cards
• Applying for USA, UK, Canada, Australia, and Singapore.

Then there are schemes like Ambedkar Overseas Vidya Nidhi (AOVN) and many other that specially help the people from SC/ST background and minorities. Students willing to study abroad can consider obtaining Education Loan for Abroad from any of the banks, financial institutions, or under other government schemes.

Source: (https://www.y-axis.com/news/education-loans-in-studying-outside-india/)

Education loans: From India or US?

Interest rates are favourable in the US. However, either the university or a greencard holder should be a guarantor.

Planning to study abroad? Most students’ first thought would be to take an education loan. And, the cheaper the rate, the better.

For students applying to US universities, there is another option to garner funds. Provided they have a guarantor – a green card holder or, in some cases, if the university stands the guarantee – they can avail the loan in the US itself.

According to data from the Open Door Report published by the Institute of International Education, US was the preferred destination for Indian students, with 104,897 of them opting for courses in 2010.

According to Study Abroad Loan an education consultant, countries like UK, Australia and New Zealand require students to make a partial or complete payment of fee as a visa requirement. Therefore, the funding has to be done from India itself.

Most US universities have tie-ups with banks like Citibank and institutes like Sallie Mae which provide student loans. The university is the guarantor to the loan. However, after the 2008 recession, the number of universities offering such facilities and the courses for which the loans can be availed have come down.

The other option is to directly approach these institutes for a loan. However, one needs to have an American citizen as a guarantor in such cases.

COMPARISON

Opting for loans from US banks works because of the low interest rate they offer. Currently, loans sanctioned through US universities charge interest at around 7 per cent. In contrast, education loans from Indian bank are expensive. For instance, State Bank of India and Axis Bank extend loans at 12.75 and 14.75 per cent, respectively.

Loan repayment tenure is longer in the US. According to educational consultants, management and technical courses for which loans are offered cost around Rs 45-50 lakh and the equated monthly instalments for these works out to at least Rs 1 lakh. Thus, the students would either need high paying jobs on the completion of the course or be given the option of longer tenure to repay the loans.

While university backed loans have a tenure of 20 -30 years, those availed directly through banks are shorter, at 15 years.

In comparison, most Indian banks have a repayment tenure of around 7 years. Also, the quantum of loan disbursed in India is capped at Rs 20 Lakh. However, officially, there is no cap on the amount in the US. “Lenders fix their own parameters depending on the course and degree level,”

GUARANTORS AND CO-BORROWERS

Most Indian banks ask the parents to sign up as co-borrowers and pledge collateral in case the loan amount is higher than Rs 7.5 lakh. However, some banks may be willing to forego the collateral, “This could differ on a case to case basis. Depending on the family’s standing, just a guarantee could also be sufficient,” he adds.

In the US, banks will look at your guarantor’s credit history before giving a loan. In case you plan to return to India, you will have to foreclose the loan, else, your guarantor will be held liable.

LOWERING LIABILITY

Whether in India or the US, students are expected to start repaying six months after completing the course. “However, there is nothing that stops them from making early payments, at least, the interest component, to reduce liabilities,”

While the course is underway, banks charge only the interest component, and that too, on a simple interest basis. There is no compulsion to pay off this portion while still studying, but doing so would help as once the repayment begins, calculations are done on a compound interest basis. The additional interest burden could mean a huge payout.

Source : http://www.business-standard.com/article/pf/education-loans-from-india-or-us-111050600095_1.html

Education Loan : The Popular Study Abroad Choice

How to take education loan?

An education loan can be a saving grace. However, high interest rates and the cumbersome process could come as a dampener. Read on to find out how to get the best deal?

High cost of study does not imply you are denied access to a chosen programme. Most banks are into lending of education loans. In fact, study loans are categorised as priority sector lending for public sector banks. But again, it does not mean that lending institutions are quick to disburse loans to all kinds for all programmes and for all institutions

 

How much education loan should you take?

This question may haunt you if you are don’t do cost benefit analysis (Refer Box: Fee Vs EMI). The maximum loan that lenders disburse for studies in India is Rs. 10 lakhs and for overseas.

The education loan you should take would depend on the course fees and your capacity of generating down payment (payment from own pocket) towards it. For a loan above Rs. 4 lakhs, one has to generate minimum down-payment of 5% for studies in India and 15% for studies abroad. For a loan below Rs. 4 lakhs, one can get the entire fees as loan, as the banks claim. But you can pay the down payment or the margin money piecemeal. Allahabad Bank, for instance, takes the margin money on year-to-year basis and disbursements are made on a pro-rata basis.  Though a student may be eligible for uppermost loan limit he should exercise prudence while filling the loan amount. If the course for which the loan is being taken enables better earnings then it may more than justify the loan, says Harsh.

Default on education loan repayment?

The education loan repayment period is between five and seven years and it starts from one year after the course completion or six months after securing a job, whichever is earlier. But in case of Aparna Singh, the bank from which she took credit told her that repayment period starts within six months of course completion. “I have to find a job with in this period,” says a little stressed out Aparna. She is not taking up the campus placement as she possess four years of work experience and wants to be placed suitably. “So, I have to find a job myself in these 6 months,” the clock will start ticking for her as soon as the course gets over in a month and a half. Students too, must make these  aspects clear with the bank because any default would smear their credit track record.
Considering that the default is unintentional, when a student foresees hiccups arising in loan servicing then he/she should request the lender to re-schedule the payoff beforehand. If the lender agrees – as they did in quite a few cases in early 2009 when the employment markets was adversely hit – then it is fine. “Otherwise there is no real option,” says Harsh of apnapaisa. In case the student is not able to pay education loan, the default will be reflected in his credit information report says Harsh. Default gets reported in the Credit Information Bureau Limited (CIBIL) as well, which can affect the credit history of the student. Legal proceedings take place in case of defaults If students are regular in servicing the loan then access to future loans like auto Loans, housing loans can be negotiated at competitive rates, based on the good credit history. So, follow the golden rules and approach your dreams in good faith. Set off now.

Education Loan Checklist

Obtain a checklist from the bank beforehand and keep all the papers and documents ready which the lender would require.

Approach the bank with which you (your parents) have an existing relationship with.

Check up if the institute you have applied has any tie-up with banks for education loans. This expedites the process

Compare the rate of interests of banks, says Rishi Mehra, founder-director, Deals4loans.com. While Axis Bank interest rate is 14.25% for studies in India, Bank of Baroda charges 13.5% for loans above Rs 4 lakhs.

On paper, lenders may declare they loan processing is 7-14 or 30 days but be prepared, it may take more time.

Most banks would state that repayment starts after one year moratorium period, or after six months of securing a job, whichever is earlier but in reality  some banks lend only on the clause that the servicing of loan starts from six months after the course completion.

EDUCATION  LOAN  RECKONER

Education loan procurement is easy if the programme is recognised and the college/ university is government affiliated/ approved.

study loan overseas  is easy for job-oriented professional/technical courses. Students applying in private colleges which have good placement record are entertained.

Banks lend up to Rs. 10 lakh for studies in India and Rs. 20 lakh for education overseas.

Banks provide loans only between 75 to 90 per cent depending on the total cost of the course and the rest of the fund percentage you have to generate from your own sources.

Education loan interest rate varies from bank to bank, which could be anywhere between 11-14%

Banks may claim to offer loan up to Rs 4 lakh without collateral, however, that’s usually on paper. Banks ask for collateral.

Collateral includes assets like national security certificates, insurance policies, bonds and property papers.

How much credit to take? Check the placement record of the institution and do a rough calculation on the expected monthly income you are likely to draw as fresh employee. Don’t forget to take into account the running expenses.

A few banks allow a moratorium on interest payment, but under this option, the interest is compounded quarterly and added to the principal sum for repayment. Banks offer lower interest rates (usually one percent if you start repayment during the moratorium period).

 Source : http://www.studyabroad.careers360.com/how-take-education-loan

Insure your child’s career early

Parenthood brings lot of joy but also ushers in responsibilities.

A nationwide survey conducted by Aviva has suggested that most parents view education as the most important milestone for their child and try saving for it. The survey also revealed that most parents were unaware of the rising cost of education.

The good news is that there is a plethora of financial instruments available which can help you do this.

Education loans are very common among students largely looking at professional courses in India as also education abroad. These loans cover the tuition fees as well as the living expense (if required) of the student while he/she is studying.

However, these loans are mostly offered for select, well-known, credible universities. Furthermore, loan repayment is an added burden for the child. Investing and saving over a longer period makes it easier to accumulate corpus and to choose what or where he/she wants to study.

Plan for uncertainty

Among the various investment options, mutual funds and fixed deposits work on the premise that you are going to be alive through the product term and invest regularly.

So, unfortunately, if the parent is unable to continue investment due to sudden death or a critical illness, the nominee can get only the total corpus available on that date

This is where a child education insurance plan comes to your rescue. Child plans ensure that the corpus for education will be available as planned.

The policy is not terminated in the event of the policyholder’s untimely death, disability or critical illness as all future premiums are paid by the insurance company (as lumpsum). Additionally, interim expenses, such as school fee, are provisioned through a regular stream of income till the child turns 18. Investing in such plans can give you the peace of mind and the assurance that your child’s dreams will be met, whether or not you are around.

So invest early and gift your child a bright future for Education Loan to Study in USA.

Source: (http://www.thehindubusinessline.com/portfolio/your-money/insure-your-childs-career-early/article7723188.ece)

Student Education Loans Get Cheaper And Attractive

Students in India can now pursue their higher studies or any professional course with ease. With the help of education loans one can pursue their dream courses in India and abroad. Many banks are offering loans to potential students, with simple steps and processes. In a recent move, many nationalized and private banks have put up competitive rates of interest for student loans.

With the recent change in RBI guidelines regarding subsidizing of education loans, the RBI Gov. Raghuram Rajan sent a breather to all those banking on education loans. He said, “Banks are actually subsidizing student education loans for overseas studies under the PSL (priority sector lending segment)”. Under this lending segment, it is imperative for banks to lend nearly 40% of their allocated credit to housing, agriculture, education and businesses.

The good news for students aspiring to go abroad under student visa is that various banks have put forward their best competitive rates of interest. The minimum student loan amount that can be availed to study within the country is Rs 50,000 and the maximum Rs 2 lakh. The margin money that needs to be shelled out by the student or applicant for the student loan is at 15%.

Before one goes for an overseas education loan , the following points could prove to be helpful:

• Education loan money generally covers tuition fee, books, hostel expenses, travel expenses, money for useful equipment and other expenses needed to complete the course.
• The maximum amount of the loan could be between Rs 10 to 20 lakhs, with exceptions for a higher loan amount could be considered depending on the course.
• Margin money for loans above Rs 4 lakh is very much necessary.
• Parents of the student have to be the joint borrowers for all types of education loans. If the loan amount is above Rs 7.5 lakh, tangible assets have to be produced as collateral security. Loans between 4 and 7.5 lakh needs third party guarantees.
• Repayment of the loan begins six months to one year after the ending of the course or after the student gets a job.
• The EMI’s are generally calculated with a tenure not exceeding 10 years for loans up to 7.5 lakhs and 15 years for higher amounts.
• The entire interest paid on the loan amount is under section 80E tax deduction with the deduction for interest payment being available for 8 years with the first year taken as a beginning to the repayment period.

Source : http://www.y-axis.com/news/student-education-loans-get-cheaper-attractive/

Loans for your study abroad programs- Some Facts!

In today’s world, education is perhaps the most expensive thing, especially if one wishes to enrol for a higher degree in a premium institute abroad. According to the Google’s AdWords Keyword tool, nearly 1.5 lakh people from India, on an average, searched information for keywords like Education Loan, Student Loan Abroad and similar other phrases. This clearly points out that the craze of going abroad for further studies is snowballing in the Indian students.

Seeing the present state of the Indian currency, studying abroad has become more expensive than ever. Students planning to study abroad or are already a student of an international university are in a soup because the tragic devaluation of the Rupee against the British and American currencies has made the course fee soar at a rapid pace. While some might be in a state to postpone their studies until the following year or when the rupee becomes stable in the international market, the others will desperately seek education loans to deal with the sudden shortfall. The Indian banking sector has helped students with their education since 2001 by providing student education loan at amazing rates and without much hassle. However, a majority of students can be seen mourning about their decision to take a student loan. They aren’t able to earn that much and there is nothing much left to be done except struggling hard to make both ends meet and deal with their loan obligation. Consequently, there has been a constant rise in the number of cases where students have failed to repay the loans within the stipulated period. Seeing the NPA (Non-Performing Assets) figures rising quickly over the last few years, the IBA (Indian Bankers Association) has decided to revise the original education loan scheme that was framed in 2001.

Higher Fees – Low Funding Situations

The latest document of IBA on the new education scheme gives a fair idea about the government’s observation regarding the current public funding policies for higher education abroad. The government thinks that the present scheme isn’t feasible and needs to be more viable and sustainable in order to meet the aims and objectives of the society. Though the basis of this new international education funding scheme is not yet revealed, the critics believe that it is designed keeping in mind that it is not in the interest of the students to be burdened with the loan obligations in the early phases of their career.

More importantly, they finally realised that an expenditure of below 1% of GDP on the higher studies of the nation’s aspiring individuals is less than many other developing nations. Seeing the low tax-to-GDP ratio, there is a greater scope for funding the higher education of Indian students through tax revenue. The RBI has also included student loans as an integral part of the priority sector lending of public banks. This necessarily aims at providing need based education loans to the meritorious students without much hassle.

Credit Worthiness

Students need to bear in mind that financing their higher studies will now be more like obtaining any other commercial credit and is only in the bank’s hands to sanction the loan after carefully evaluating the credit worthiness of the student. Though students don’t have a credit history, the banks presume their credit worthiness for granting student loans. Also, a clear credit history of the parents, who are generally the joint borrowers, will be a plus point. Employability Not only the students, it is also important for the bank that the students land up in a good and better paying job upon the successful completion of their overseas course. This would give them the power and confidence of repaying the loan within the stipulated time period. Therefore, banks go through the ratings available at public domains regarding the employment prospects in the respective field of study or the employability by the means of campus placement of the underlying institute before granting an education loan.

Employability

Not only the students, it is also important for the bank that the students land up in a good and better paying job upon the successful completion of their overseas course. This would give them the power and confidence of repaying the loan within the stipulated time period. Therefore, banks go through the ratings available at public domains regarding the employment prospects in the respective field of study or the employability by the means of campus placement of the underlying institute before granting an education loan.

Latest Regulations

The IBA made some changes in the education loan guidelines lately. Students need to be aware of these changes in order to avoid any complications that might arise in the application process and reduce the odds of loan approval.

• Eligibility: Loan is provided to Indian nationals for pursuing graduate, postgraduate or other recognized courses from reputed foreign universities.

• Eligible Expenses: The Study loan for abroad covers fees payable, hostel fees, library and exam fees, expenses for purchasing books and required equipment like laptop, travelling expenses and any others as mentioned in the university’s prospectus.

• Finance Limit: A maximum amount of Rs. 20 Lakh for studying abroad, or higher, which is only given in special cases.

• Security: Parents are required to be joint owners and a tangible security of reasonable value is to be kept with the bank. Moratorium Period: The course duration plus one year or six months after getting a job, whichever is earlier

• Margin Money: 15% on the amount above Rs. 4 Lakhs

• Tenure: 15 years

• Tax Exemption: Interest paid on the loan by students is exempted under section 80E for a period up to 8 years.

Source : http://www.moneycontrol.com/news/education-loan/loans-for-your-study-abroad-programssome-facts-_1000331.html

Use Federal Financial Aid to Pay for College Abroad

There are several ways that students can access loans and grants to help finance an education outside the U.S.

In today’s global environment, more and more American students choose to complete at least part of their higher education credentials at a school outside the U.S. In fact, the U.S. government encourages this practice.

What consumers may not be aware of is that there are several methods to finance an education overseas, and how you choose to do so can affect not only your wallet, but also your degree. There are two primary paths students pursue: full-time enrolment at an overseas college, or a study abroad program.

Enrolling in a Foreign Institution

Some college students may choose to obtain their degree from a foreign institution. They may do this because their school of choice has a good reputation for a particular degree, or simply to immerse themselves in a different culture.

Many also choose this option as they find that many foreign countries offer the same degrees they can obtain in the U.S. but at a much lower cost.

Some foreign schools, especially those located in the United Kingdom, Australia, New Zealand and Canada; participate in the U.S. federal student loan program.

This means that students enrolling directly in participating schools are eligible to receive Stafford loans as well as Parent PLUS and Graduate PLUS loans to finance their studies at the university. These students would not be eligible for federal grants or most state aid, however. Private student loans may also be available, especially for students who are attending a school that participates in the U.S. program.

The Free Application for Federal Student Aid will list the school as a choice if they are eligible. You can also find a list of participating schools online.

One thing to note is that, even if the tuition is less than it would be in the U.S., the living expenses might be more. You will also need to take the additional travel costs and exchange rate into consideration when calculating your budget. U.S. loans are issued initially in U.S. dollars, so if the exchange rate fluctuates significantly during the school year, you might find yourself with less money than you had originally.

One final caution about attending a foreign institution is that federal regulations do not allow U.S. students​ to do any of their degree through distance learning or online options. There is a limited exception for master’s programs, but otherwise, plan on taking every class in person, on campus.

Study Abroad

A semester of year abroad is a good option if you want to obtain your degree at a U.S. school but still want the international experience. In this situation, your financial aid is processed by your home school, making you potentially eligible for not only federal loans, but also grants, state aid and other local financial aid options during your time abroad.

Your school will work out the financing with the host school abroad, and your credits will be applied to the degree you are pursuing at the U.S. school. In order to participate, your school must have an agreement with the foreign school you want to attend.Most colleges and universities that participate in study abroad programs have a page on their website that will list the schools that they partner with. If the school you want to spend time at is not listed, visit the financial aid office at your home school to see if a partnership can be created.

Graduating college seniors, graduate students and other young professionals may also find study abroad opportunities through the Fulbright programs. These programs allow students to spend time at international locations teaching English, studying, preparing their dissertation or working in the public sector.

Adding an international component to your higher overseas education loan experience can be rewarding and cost effective. You can find out more details about how the federal student loan program works with foreign schools through either the school itself or by visiting the federal financial aid website.

Source : http://www.usnews.com/education/blogs/student-loan-ranger/2015/02/25/use-federal-financial-aid-to-pay-for-college-abroad