Study Abroad Loans - Loan Information
Where can I study abroad?
You can study abroad at any program, anywhere in the world! The only requirement is that you receive credit for your study abroad program at your home school in the US.
How do I qualify?
-
You must be a US Citizen, or permanent resident with a valid permanent-resident card;
- Be at least 18 years old, or the age of majority in your state;
- Be enrolled at least half-time at an eligible US institution;
- Be enrolled in a study abroad program and receive credit at your US school for your study abroad program; and
- Meet our criteria for creditworthiness. If you do not meet our criteria, please consider applying with a creditworthy co-borrower.
What can I use the Study Abroad Loan funds for?
Funds can be used to cover a range of expenses associated with pursuing the study abroad program, including tuition, room and board, transportation and other living expenses.
How much can I borrow?
-
Annual minimum of $1,500
- Annual maximum of the lesser of $50,000 or cost of attendance
- Annual maximum of the lesser of $70,000 or cost of attendance for Dentistry, Law, Medicine, Osteopathic and Business School Loan
| Degree Program | Cumulative Loan Limit | Limits for each Academic Year |
| Undergraduate | $1,500 - $120,000 | Lesser of $50,000 or Cost of Attendance |
| Medicine or Dentistry | $1,500 - $225,000 | Lesser of $70,000 or Cost of Attendance |
| Law School | $1,500 - $130,000 | Lesser of $70,000 or Cost of Attendance |
| Osteopathic | $1,500 - $130,000 | Lesser of $70,000 or Cost of Attendance |
| Business | $1,500 - $120,000 | Lesser of $70,000 or Cost of Attendance |
| All Others | $1,500 - $120,000 | Lesser of $50,000 or Cost of Attendance |
What is my interest rate going to be?
Different borrowers receive different rates, depending on your credit, the credit of your co-borrower and your repayment plan. Rates range from LIBOR + 6.80% to LIBOR + 18.60% (as of August 5, 2008).
Origination fee is 8% on all loans (as of August 5, 2008).
In School Rates as low as:
- LIBOR + 6.80% (Immediate Interest and Deferred Principal Repayment)
- LIBOR + 6.80% (Both Deferred Interest and Principal Repayment)
Repayment Rates as low as:
-
LIBOR + 6.90% (Immediate Interest and Principal Repayment)
- LIBOR + 6.90% (Immediate Interest and Deferred Principal Repayment)
- LIBOR + 6.90% (Both Deferred Interest and Principal Repayment)
Other Benefits of a Study Abroad Loan
-
.25% interest rate reduction if you choose to have your loan payment automatically deducted from your bank account or if you make 48 consecutive on-time payments
- Minimum monthly payment of $50
- Full deferment and forbearance options available while in school, working towards a residency or internship, unemployed or experiencing an economic hardship, serving in the military or needing an administrative forbearance
- 6-month grace period before repayment begins
- You can use this loan to cover any education related expenses, including tuition, transportation, computers, books and room and board
Annual Percentage Rate (APR) and Repayment Example - Best Borrower:
If you borrowed $10,000 in a single installment, the 3-month LIBOR remained constant at 2.68% (as of July 1, 2008) and you had a 24-month combined in-school and 6-month grace period with a 240-month repayment period, possible APR and repayment schedules for the best borrowers are shown below. Your annual percentage rate may increase or decrease after consummation.
|
Repayment Option |
Origination Fee |
APR |
In School & Grace Period |
Repayment Period |
|
Immediate Interest |
8.00% |
10.851% |
N/A |
240 payments |
|
Immediate Interest and |
8.00% |
10.694% |
30 payments of $86.05 |
240 payments |
|
Both Deferred Interest |
8.00% |
10.466% |
N/A |
240 payments |
Annual Percentage Rate (APR) and Repayment Example - Mid-Tier Borrower:
If you borrowed $10,000 in a single installment, the 3-month LIBOR remained constant at 2.68% (as of July 1, 2008) and you had a 24-month combined in-school and 6-month grace period with a 240-month repayment period, possible APR and repayment schedules for mid-tier borrowers are shown below. Your annual percentage rate may increase or decrease after consummation.
|
Repayment Option |
Origination Fee |
APR |
In School & Grace Period |
Repayment Period |
|
Immediate Interest |
8.00% |
17.729% |
N/A |
240 payments |
|
Immediate Interest and |
8.00% |
17.600% |
30 payments of $144.93 |
240 payments |
|
Both Deferred Interest |
8.00% |
17.097% |
N/A |
240 payments |
Loan Information | Approved Schools | Apply Now
Study Abroad Loans funded by Doral Bank FSB
