Can I Get a Student Loan To Study Abroad?

Studying abroad can be an eye-opening experience, but it may come with extra costs. Along with tuition and fees, you'll have to pay for travel expenses, visa fees, and everyday living costs while overseas. There’s an average cost of $15,000 to $22,000 for a semester abroad, according to study abroad directory site Go Overseas. If you can't afford to pay out of pocket, federal or private student loans may be an option if you're attending an eligible program. 

Current private student loan rates

Can you use federal student loans to study abroad?

You may be wondering, “Can I get a student loan to study abroad?” The answer is yes, but with a caveat: You must be attending a school that's approved by the U.S. Department of Education. 

“If you are studying through a program approved by your current U.S. university, your financial aid package usually travels with you,” says Megan Walter, senior policy analyst at the National Association of Student Financial Aid Administrators (NASFAA). 

When attending a program through your home university, you can continue borrowing through your financial aid office. You can confirm your school participates in the Direct Loan program by using the Department of Education’s school search tool. 

If you're studying abroad through a foreign university, you may still qualify for U.S. loans for overseas study. The Department of Education approves many international schools for federal aid, so you'll be able to take out Direct Loans to cover tuition, fees, room and board, and other living expenses. 

“The foreign university must have signed a program participation agreement with the U.S. Department of Education,” explains financial aid expert Mark Kantrowitz. 

You can find eligible schools on this list of international schools participating in the federal student loan programs. It's also worth checking directly with your school, since this list is only updated once per quarter. 

Private student loans for studying abroad

If your school isn't eligible for federal student loans — or you need additional funding — private student loans for study abroad may be an option. Eligibility requirements vary by lender, so you'll need to confirm whether your study abroad program qualifies. 

Depending on the lender, you may be able to borrow up to your school-certified cost of attendance, minus any financial aid you've already received. Unlike federal student loans, which have fixed rates that are set by Congress, private student loan rates can be fixed or variable. 

Lenders typically offer the best rates to borrowers with the strongest financial profile. Many students apply with a creditworthy cosigner, such as a parent, to boost their chances of loan approval and snag a better interest rate. 

Before you borrow, it's wise to shop around and compare offers from multiple lenders. Compare interest rates, repayment plans, and cosigner requirements so you can apply for a loan that best meets your needs. 

Requirements to get a loan to study abroad

To get a loan for a study abroad program, you'll need to meet certain requirements. These can vary by loan type and lender, but the most common ones include: 

• Enrollment at an eligible institution: Lenders typically require you to attend an eligible study abroad program. Many U.S. and foreign universities participate in the federal financial aid program. Private lenders also approve various study abroad programs for funding. 
• Satisfactory academic progress: You need to make satisfactory academic progress to maintain your eligibility for federal financial aid. This means completing a certain number of credits and maintaining a minimum GPA each semester or year (often at least 2.0 on a 4.0 scale). 
• Cost of attendance: With private loans, you can often borrow up to your school-certified cost of attendance, minus any other financial aid you've received. Lenders contact your school to verify its official cost of attendance so they can determine your maximum loan amount. 
• Half-time enrollment: The federal student aid program requires you to be enrolled at least half-time in an eligible program. Some private lenders also have a minimum enrollment requirement. 
• FAFSA submission (for federal student loans): To access federal loans and other types of financial aid, you'll need to submit the FAFSA for every year you're in school. 
• Sufficient credit and income (for private student loans): If you're borrowing from a private lender, you'll need to meet its financial requirements or apply with a creditworthy cosigner to qualify for a loan. 

Other ways to pay for studying abroad

Student loans aren't your only option for studying abroad. In fact, they should generally be a last resort after maxing out gift aid, a form of “free money.” Here are some ways to finance your international studies: 

• Grants: Grants are a type of gift aid that you don't have to pay back. Students with high financial need may qualify for the Pell Grant, which offers up to $7,395 in the 2025-26 year. You might also find grants from your state, school, or private organizations. 
• Scholarships: Scholarships are another type of gift aid and may come from private sources or your school. Criteria vary and may be based on academic merit or financial need. To find and apply for scholarships, search through scholarship databases and check with your school's financial aid or study abroad office. 
• University exchange programs: Some colleges partner with schools overseas to provide exchange programs abroad. These programs may offer reduced tuition rates or a stipend for travel, making your study abroad experience more affordable. 
• 529 savings plans: 529 plans are investment plans that are earmarked for qualified education costs. You can use 529 savings for tuition and fees, but travel costs like airfare wouldn't be considered an eligible expense. 

Tips for managing student loans while abroad

It's important to stay on top of your student loans, even when you're halfway across the world. Here are a few tips for managing your loans while you're abroad: 

• Set up your online accounts: Create online accounts with your loan servicers so you can review your loan balances, interest rates, and other details. You can also sign in to StudentAid.gov for this information, but you'll need a separate account with your loan servicer to make payments. Hold on to your login credentials so you can access your accounts when you need them. 
• Review your repayment status: Your loans may be in deferment while you're studying abroad, but not every private lender offers this option. Find out whether you need to make payments, and when your first payment is due, so you're prepared. 
• Consider making payments: Even if you don't have to make payments yet, you could elect to make small monthly payments or interest-only payments while you're studying abroad. That way, you can cut down on interest charges and have a smaller balance waiting for you after graduation. Consider setting up autopay to make things easy and likely score a discount on your interest rate. 
• Update your contact information: Make sure your loan servicer and school have your current email and phone number so you don't miss any important communications about your financial aid. 
• Maintain your course load: You generally must make satisfactory academic progress to remain eligible for student loans, which involves earning enough credits each semester. Maintain the course load you're enrolled in, so you don't lose your financial aid eligibility.

Walter also recommends building a savings account, so you have a financial cushion while waiting for your student loan money to arrive. 

“Federal loans and aid are often disbursed closer to when the semester begins, so if you were planning on using a refund to pay for books or other educational expenses while abroad, you may not receive those funds for a few weeks after the semester begins,” she explains. “Have a plan on how you will pay for those things.”

You may also have to take into account travel expenses and exchange rates. Budgeting additional funds can help you cover costs while you transition to life abroad.