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 enrollment 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 Education 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 education 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.articles.gappoo.com/2015-Article-Directory/use-federal-financial-aid-pay-college-abroad)
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