How to pay for study abroad

Studying overseas in the United States or Canada is an exciting idea, but figuring out how to pay for it may seem a little daunting.

The cost of education at U.S. and Canadian colleges and universities can be pretty high, and international students often don’t qualify for help from the U.S. or Canadian government.

However, there are plenty of options for financing your study abroad – if you know where to look. Here’s a brief overview of the costs to study abroad in the United States and Canada, as well as some possibilities for getting financial help to complete your degree.

The costs to study abroad> in the U.S. or Canada

What does study abroad cost in the U.S. or Canada? It’s a little hard to believe, but the total cost can easily reach US$70,000 per year for attending a private college or university, though there are many more affordable options. As an international student, you’re likely not eligible for federal financial aid from the U.S. or Canadian government, and you’ll typically pay out-of-state tuition at public universities.

Study abroad costs include:

Tuition: Tuition will be the biggest expense each year.
Fees: The amount of fees differs from school to school, but they can add up. These often include fees for student activities, residence hall activities, access to a health center and more.
Room and board: Whether you live on campus in a dorm or in an off-campus apartment, you’ll need to figure in the cost of housing, expenses for a meal plan or weekly groceries, and the cost of utilities if you’re living off campus.
Books and supplies: Include the cost of textbooks as well as fees for labs, technology and other essentials.
Transportation: If you’re living off campus, you may need to pay for a bus, metro pass or parking permit.
Insurance: Many schools charge a health insurance fee to cover any medical expenses you may have during the year.

Financing options for study abroad

As an international student in the U.S. or Canada, you may be able to pay for study abroad in several ways.

Financial aid from your home country. Many governments have programs that help fund the education of their young citizens at foreign colleges and universities.
Financial aid from the U.S. or Canadian government. While this type of funding is limited, some foreign students may be eligible for federal student aid, such as students studying through the Fulbright or EducationUSA programs.
Financial aid from a college or university. Many educational institutions offer financial aid directly to international students. Be sure to contact the admissions office and the specific academic department where you want to study to explore financial aid options.
Scholarships. There are many sources for scholarships for international students. While these awards can be competitive, the money they provide is a grant and does not need to be paid back.
Student loans. Many international students rely on a study abroad student loan to help cover the cost of their education in the U.S. or Canada. When you borrow money to study abroad, you’ll need to pay back the loan with interest, but in some cases, you won’t need to make payments until you’ve finished your education.

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What to know about student loans

There are several types of loans for international students who want to study abroad

Public versus private lenders. Most international students are not eligible for public loans from the U.S. or Canadian governments. That means most of your options will be loans through private education loan lenders. These are banks or financial companies that offer a variety of loans to students.
Cosigner versus no-cosigner loans Most loans for study abroad require a cosigner. In the U.S., for example, a cosigner must be a U.S. citizen with a good credit history and stable income who guarantees they’ll pay back the loan if you cannot. Because many international students don’t have someone who can cosign a loan, there are also options for student loans without a cosigner.
Fixed interest rates versus variable interest rates. The interest rate on a student loan determines the amount of money you’ll have to repay in addition to the original loan amount. The higher your interest rate, the more your loan will cost. Interest rates may be fixed or variable. Fixed rates mean you’ll have predictable monthly payments throughout the terms of the loan, while the monthly payments on loans with variable rates may go up and down.

Finding private student loan options

Researching potential lenders on the internet is a great place to start as you look for options to finance your study abroad. However, an internet search on “private loans for international students”, for example, will turn up lots of results, and it can be hard to know which lenders to trust and which loans are right for you.

Fortunately, there are online tools that can help you find reputable lenders quickly and easily. The International Student Loan Comparison Tool is an online resource that will identify potential lenders after you enter a bit of information about yourself and your study plans. The tool will show you all the lenders who offer loans matching your situation, so you can review and compare your options. Once you find a lender you like, you can apply online through the comparison tool.

Learn more about education financing with International Student Loan

International Student Loan has been helping international students fund their study abroad since 1998. We know how challenging it can be to search for funding to study in the U.S. or Canada, and we’re dedicated to helping you pursue your dreams by simplifying the search for student loans. From information on study abroad essentials to international student loans for African students or students from Southeast Asia, Europe or South America, our website is full of resources, articles and blogs to keep you up-to-date with the latest information on the best available financing options.

No-cosigner student loans

Are you an international student planning to study at a U.S. college or university but need financial help? Learn how international student loans can help fund your study abroad education.

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FAQs

What’s an international student loan?

International student loans are loans from private lenders that are available to students who want to study abroad in the U.S. or Canada. While most lenders require a cosigner, there are some options available for an education loan without a cosigner as well.

How can I find lenders offering international student loans?

The International Student Loan Comparison Tool is an easy-to-use resource for identifying and researching potential lenders.

What can student loans be used for?

Student loans for study abroad can generally be used for education-related expenses including tuition, room and board, fees, books, transportation and insurance. You should check if there are exclusions or conditions specific to your lender.