Financial Aid for Study Abroad Options

Posted by Shyamoli Shah on September 2nd, 2016

You've made the decision to study abroad. Congratulations! It is seriously an experience that will forever stay in your mind as one of the most amazing things you've ever done. Now comes the hard part of figuring out how to pay for it. Financial aid can be found from many different outlets, you just need to know where to look!

There are four main types of financial aid for study abroad. These can come from the federal or state governments, foundations, private and public organizations or your own university. The differences between them are found below:

· Grants - There are different kinds of grants. Some, like the Federal Pell Grant, are awarded to a specific group of students who have financial difficulties. Grants are mainly issued from the federal government and include some sort of research or study program to coincide with your study abroad experience to be shared when you return stateside.

· Loans - Loans are available through federal or state governments as well as banks. Most study abroad loan are available to students who are minimally enrolled part-time in a university. The worst part about loans is they accumulate interest so figure out if subsidized or unsubsidized loans are your best bet if choosing a loan. Compare student loan options here.

· Work-study - This kind of financial aid for study abroad focuses on a working internship while studying abroad. The company you work for overseas covers the financial aid for study abroad experience.

· Scholarships - Scholarships are usually issued by your university or a private organization. They cover your financial aid for study abroad after you fill out an application that usually has an essay attached to it. Scholarships are available to specific ethnicities, genders.

Once you know the differences between the financial aid for study abroad available, you can look at your student budget and figure out what kind of financial aid is right for you. If you don't think you'll be able to pay back anything that has accumulated interest, maybe loans aren't for you. If you a minority check out scholarship opportunities specifically made for your minority. No matter what your financial situation, there are plenty of options to make your dreams of studying abroad a reality.

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