Where can I study?

You can study at any study abroad program anywhere in the world! As long as you are enrolled at an approved school in the US, and you will receive credit their for your study abroad program. Click here to see the list of approved schools in the US.

How do I qualify?

• You must be a US Citizen or permanent resident with a valid permanent-resident card;
• You must be at least 18 years old;
• You must have a co-signer;
• You must be enrolled at least half-time (or accepted) at an eligible US institution; and
• You and/or your co-borrower must meet our criteria for creditworthiness. If you and/or your co-borrower do not meet our criteria, you can reapply 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 your study abroad program, including tuition, room and board, travel and other living expenses. With exchange rates for the dollar so low around the world, expenses add up fast, particularly in popular locations like London, Japan and Western Europe.

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

What is my interest rate going to be?

Different borrowers receive different rates, depending on the credit of your co-borrower and your repayment plan. Rates range from LIBOR + 6.8% to LIBOR + 18.6% (as of August 5, 2008).

Origination fees are now 8% on all loans (as of August 5, 2008).

Your specific interest rate and origination fee will be provided to you in the loan documents sent to you for review and signature, if you are approved for a loan. If you don't want the loan offered, simply cancel your loan at that point, at no cost or fee to you.

• 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.

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.