Stafford Loans, Graduate Plus Loans and Parent Plus Loans are the only federal funds that can be used by students studying at a ‘foreign school’. Pell Grants and Perkins Loans are not available for study outside the USA. We can also certify private loan applications from lenders offering loans to US students studying overseas.
Stafford Loan amounts are fixed by the US government and may be made as subsidised and/or unsubsidised loans.
- Subsidised loan is based on financial need - the amount you might be eligible for depends upon your Expected Family Contribution (EFC). The US government pays the interest on this loan while you are at university at least half time, for the six month grace period after you leave university or drop below half-time enrolment or if you qualify for deferment.
- Unsubsidised loan is not based on financial need. You are responsible for paying the interest from the time the money is disbursed. The interest may be paid as it comes due or it may be postponed and allowed to accumulate while you are at university, during any authorised period of deferment and for the six month grace period after you leave university or drop below half-time enrolment (see above). If payments are postponed the interest accrues and accumulates and is added to your principal loan amount.
Graduate Plus loan for graduate students
This loan is not based on financial need. Graduate students are eligible for this loan if they are undertaking postgraduate courses and they meet certain credit guidelines. Students must apply for the maximum Stafford loan before taking out a Graduate Plus loan, however both applications can be made at the same time. The university can certify up to the full Cost of Attendance – minus any other financial aid.
Parent Plus loans for undergraduate students
Parents can take out a Plus loan to pay for your education if you are a dependent undergraduate enrolled at least half time. They must also meet certain credit guidelines. Interest is charged from the date of the first disbursement until the loan is paid in full. The university can certify up to the full Cost of Attendance – minus any other financial aid received for the student.
More information about all of these loans is available at the Federal Student Aid website.
Private loans are currently available through Sallie Mae. Applications can be made online using Open Net. We are also happy to process loans from other private lenders willing to offer funding for students to study at a ‘foreign school’.