3 GREAT SOURCES OF FINANCIAL AID FOR STUDYING ABROAD

Studying abroad can be one of the best choices you make during your time in college. No matter whether you go to another country for the summer, a semester, or the whole academic year, it can be a great way to explore other countries and learn about other cultures. Colleges and universities often offer their own study abroad programs so that their students can continue to earn credits while studying at a university in a different country. But how can you pay for studying in another country? There are many different ways to find financial aid.

First of all, you should budget carefully. In addition, you should make sure that you meet all of the requirements your university may have for students wishing to study overseas. Also, your financial aid is most likely to come from a number of different sources. Schedule a meeting with your school's financial aid office, as they will be able to give you professional advice tailored to your own financial situation. Here are three different options for funding that you might find useful.

Scholarships

Many colleges, universities, and organizations offer scholarships that can be used for studying abroad. For example, if you are studying Spanish at your university, you may be able to get funding through an organization that promotes the study of the Spanish language. Several of these organizations offer scholarship contests that can partially or fully cover your costs. If you have exceptional grades, you may be able to earn a scholarship based on merit. Many of the scholarships available have certain entry requirements, such as writing an essay. Make sure that you meet any and all deadlines they might have.

Depending on your field of study, you may also qualify for program-based scholarships. These might require you to take on a research project, but they will be invaluable for forming contacts in your field, as well as providing you with a body of work to show to future academic programs as well as employers.

Federal Student Aid

If you have not exceeded the amount that you can borrow from the US Department of Education, you may be able to use some federal funding for your study abroad program. In addition, if you choose to earn your degree abroad, you can use federal student aid. You can find out more about federal funding here: Federal Student Aid.

Private Loans

While the terms and conditions of a private loan may not be the best option for funding your study abroad program, you should consider it as an option if you need cover any additional expenses. You may or may not have a grace period for repaying these loans, as you do with federal student aid. This should be a last resort for funding your study abroad, but if it is necessary, shop around for the best loan rates possible, and remember to pay the loan back on time and in full.

With some advance planning and budgeting, studying abroad can be within your reach financially. By applying for every possible source of financial aid, you can ensure that your studies are reasonably affordable.

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