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Anonymous
Anonymous asked in Education & ReferenceStudying Abroad · 2 months ago

Can you take out a loan in the US to study abroad?

3 Answers

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  • drip
    Lv 7
    2 months ago
    Favorite Answer

    You can not take out an US government student loan to study in another country.  

    Private student loans, like from Sallie Mae, will require a co-signer.  Your co signer is legally  responsible as you are to repay the loan. You stop paying in the loan, the co signer must pay it.  Unless you have enough collateral to secure the loan yourself.   Most student don’t qualify. And I believe you will find they will not give a student loan to study in another country. Sallie Mae will only give loans to US students to study in the USA.

    For any other private loan, you will need to show collateral.   You can ask at your bank. But I would be shocked if anyone would give out a loan to study in another country

    This talks about student loans. But for study broad programs or programs affiliated with a US university. Not for applying and attending a university in another country 

    https://www.gooverseas.com/blog/get-student-loans-...

    You will see ads for loans to study in another country. Please be leery of these.  Throughly check them out.  Make sure the are legitimate. And even if they are, make sure you know their reputation. Read all the fine details. Discuss them with your banker.  I would even pay a lawyer a one time fee to sit down and go over the contract with you.

    Realize that many American students are paying well over $1000 per month to pay their student loans once they come due.

  • 2 months ago

    I am not sure about the Federal aide but there are certainly some banks that may give out loans with stricter rules and interests. 

  • 2 months ago

    depends on your ability to convince loan officers of your commitment to return to US and thus their future ability to sue for payment.  unless you are a seasoned executive or manager in US with a secure job to return to, the likely answer is 'no'

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