Read this tip to make your life smarter, better, faster and wiser. LifeTips is the place to go when you need to know about Private Student Loans and other Student Loan topics.

Can I get a private student loan for a study abroad program?

Private Student Loans For Study Abroad Programs

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.

Comments

Nobody has commented on this tip yet. Be the first.

Ask a Question

Not finding the advice and tips you need on this Student Loan Tip Site? Request a Tip Now!

Guru Spotlight

Jennifer Mathes, Ph.D.

Buy My Book

Ever wonder how you could make your life better and more fun? So have tens of millions of fans who have turned to LifeTips for answers over the past decade. We keep the tips, advice, books, podcasts and writing services flowing, so you can keep your life and business growing in the right direction. Upward!