Many students have found that studying abroad is a life-changing experience that made them want to see much more of the world. Programs that give students the opportunity to study abroad allow them to see the world in a way they never knew they could.
However, many students don’t even apply for overseas programs because of the high costs, which are generally more than $3,000. For the average college student, this is simply too expensive.
Students who are interested in studying abroad may be surprised to find out that federal student loans will cover the costs. This is what Dan Hauber found out when he began looking into obtaining his MBA at INSEAD Business School in France.
The cost of attending the 12-month program at INSEAD is roughly $80,000, and after filling out a FAFSA, Hauber received just over $100,000 in federal student aid.
A growing number of international schools participate in the Department of Education’s federal loan program as more Americans are seeking to continue their education abroad. While most are graduate students, there is a growing interest in pursuing an undergraduate degree in English-speaking countries, like Canada and the U.K.
The Department of Education has accepted 400 foreign universities as being eligible for receiving federal loans. More than half of these are located in the U.K., with Canada coming in second. Other schools that participate in the Department of Education loan program include the University of Copenhagen in Denmark and the University of Cape Town in South Africa.
Kristen Moon is the founder of Moon Prep, a firm that walks families through the process of applying for college. She says she has seen the list of overseas universities grow extensively over the years and worked with a student who received federal loans to attend a small business school in Germany.
The process of disbursing federal loans is the same overseas as it is when students attend college in the United States. The funds are applied directly to the school’s bank account and are anywhere from $5,500 to $20,000.
Moon says that her experience has shown that the process of obtaining loans to attend school overseas is much easier in Germany and the U.K. But she says that no matter where students attend school, it is important to fill out the FAFSA.
Any students who are interested in earning a degree overseas can check out the Federal Student Aid website to find a list of international schools that have partnered with the Department of Education. According to government officials, this list is updated on a regular basis. It should be noted that foreign education financing could still be possible through a private bank or lender, but this should be a last resort after federal options are exhausted.
Hauber says the process of both applying for loans and moving overseas is much more difficult, but worth the effort in the long run.