To be eligible for U.S. financial aid and the federal student loan programs for international studying you must be a U.S. citizen, a U.S. permanent Resident (with appropriate CIS documentation), and eligible non-citizen (with appropriate documentation) and a citizen of certain Pacific Islands (the free associated states). There are now over 200,000 citizens studying abroad each year, and this number continues to increase each year.
You must be enrolled at least part time, in a degree-granting program, at an eligible institution abroad. Or, you must be participating in a study abroad program sponsored or recognized by your eligible home institution in the U.S. All foreign schools do not offer federal financial aid.
The school must be accredited by an agency recognized by the U.S. Secretary of Education and be eligible to participate in federal student aid programs. Federal financial aid is available only to students attending eligible institutions. If you need to find out if your school is eligible for Federal Student Aid, you can contact international@salliemai.com and request their assistance.
For the U.S. citizen or non-citizen permanent resident students enrolled in a degree-granting course of study at eligible institutions outside of the U.S. the following federal loans are available: Stafford loans, (subsidized and unsubsidized), Parent PLUS loans, Graduate PLUS loans, and the Global Health Education Loans Program. U.S. federal aid at international institutions is available only in the form of Stafford and PLUS loans.
The following private loans are available: Signature Student Loans, MBA LOANS, Tuition Answer Loans, LAWLOANS, and Global Health Education Loans Program (GHELP). Schools must be approved by the Department of Education to offer the private loans listed above. You cannot apply on any other private loan for yourself.
To begin you must complete and submit the FAFSA. Next, obtain your Student Aid Report (SAR). We recommend you wait at least 24-48 hours after filing your FAFSA online to call the Federal Student Aid Information Center. When your FAFSA information is complete, your Expected Family Contribution (EFC) will be printed in the upper-right corner. Your EFC is based on the information you provide on the FAFSA; your school uses it to award your financial aid.
The school in accordance with federal regulations sets disbursements dates of the loan. The first disbursement date on a federal loan cannot be any earlier than 30 days before the first day of the loan period. The checks will be made co-payable to the school and to you.
So, you finally did it! You graduated from college, you’ve got your diploma in hand, and you’re excited to step into a brand new world that will surely welcome you with open arms and plenty of new opportunities.
Yikes! What is this? A student loan payment due already?
If you’re like most recent college graduates (and even if you’re not a recent grad, you know the feeling!), student loan debt can be a huge hindrance to your life after graduation. Just a few months ago, you were worried about frat houses and all-nighters. And now? You’re wondering how you can possibly pay off the massive amount of debt piled on top of you.
Well, fear not. Your first step toward paying off your student loans should be some form of consolidation that will allow for you to bring all your student loans together into one easy monthly payment. To do this, keep good records of all the different types of loans – big and small – that you currently need to pay back. Then, see which ones you can consolidate at a lower rate.
By doing so, you’ll be ahead of the game and will immediately save money on the loans you’re paying back.
Speaking with a Financial Aid Specialist
If you’re confused – as many recent college grads are shortly after graduation – speaking with someone who knows how to consolidate student loans might be the best step for you. Find someone who specializes in student loans and knows how to pay off loans quickly and efficiently.
Once complete, learn the loan consolidation process. How many of your loans can you consolidate? Will you save money by consolidating? How long will you have to pay back your student loans? All of these questions will help you get a better understanding of how your loans operate and what youl need to do to pay them off.
Keeping up with Your Payments
Once you’ve started the consolidation process, gotten everything into order and are ready to start paying off your student loans, it’s important you keep up with your payments. Many times, even after consolidation, you may be sending one or two or three checks out every month. Keep accurate records of every payment you send and be sure to make them on time. Extra penalties and fees are the last thing you need.
It’s vital to get a jump on your payments so you have the best chance of paying them all off in a timely fashion. You don’t want to be in debt forever, so let student loan consolidation do the work for you.
Dometri Quick has sinced written about articles on various topics from College Student Loan, Credit Cards and Finances. Dometri Quick is the development director at DebtConsolidationSupport.com. You can find more articles for helping you eliminate credit card debt at