June 8, 2007, Newsletter Issue #20: Private Student Loans For Study Abroad Programs

Tip of the Week

A study abroad program can enhance the overall educational experience for any college student. However, one of the problems that many encounter is how to pay for all of those expenses (unless there is a huge savings account to dip into). Most private lenders offering these loans do not require you to complete the Free Application for Federal Student Aid (FAFSA) but do require you to complete their own credit application. Your ability to get the loan will depend on your credit worthiness and may require a co-signer. To be considered for these loans, you need to be a U.S. citizen enrolled in an approved U.S. school that participates in the lending process for study abroad programs. A potential advantage to this program is that there may be tax benefits for a loan used to cover college expenses. You should always check with your tax advisor to find out if this applies to you.

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