If you are interested in studying abroad, these links may be helpful in assisting you to obtain financial aid. Be sure to see your Financial Aid Office in the Office of Student Services as well.
Application for Federal Student Aid (FAFSA)
Almost all of your options begin with filling out an Application for Federal Student Aid (FAFSA). If you have already filled this out, then you are well on your way. If not, you can fill it out by visiting their website at http://www.fafsa.com/ . These forms can become confusing and the staff at www.fafsa.com are more than happy to help you in any way they can. Your local counselor or teacher can also help too.
The first thing that the federal government does when they receive your application is to check to see if you are eligible for a Pell grant. These grants DO NOT have to be repaid. If you are eligible for a Pell grant, they will give you the amount you are eligible for, and give you steps to follow in order to apply it to the school of your choice. If you are NOT eligible for a Pell grant, then they will give you a breakdown of other options that are available, such as Stafford loans, and other federal loans that must be paid back. These loans are not as beneficial as grants, considering that they must be paid back, but they are low interest (5%-8%) and payments can be spread over a period of ten to twenty years. For more information, please visit www.fafsa.com.
Pell Grant. Does every student qualify?
First and foremost, the Federal Pell Grant is free money for college! Pell Grants do not have to be repaid. The Federal Pell Grant is an entitlement and therefore, everyone who qualifies will receive the Pell Grant! AND, one other thing, there is no Pell grant application!
How do you apply for a Pell grant? It is simple. When you file the FAFSA form for college, the government determines what you can afford to pay for college. They use a formula or "methodology" to determine your Family Contribution. The amount of the Pell grant is awarded based on the Family Contribution. Keep in mind that the amount of a Pell grant will be decreased directly in relation to the Family Contribution so that together the grant and the Family Contribution do not exceed the cost of attendance.
The Pell Grant provides a "foundation" for financial aid, to which aid from other sources may be added. It is the government's largest grant program in terms of cost, and is for undergraduates only. The government does not consider other sources of aid and presumes the Federal Pell Grant is the first source of aid to the student. The maximum amount of a Federal Pell Grant is adjusted annually to correlate with funding, so it varies from year to year. It should be noted that the minimum Pell Grant award is $200.00.
Please do not pay to have one of these online Grant companies tell you that everyone qualifies for a Pell grant. Chances are if your family's adjusted gross income is over $40,000 or so, the student will not qualify for the Pell grant. But do not despair just because you do not qualify for a Pell grant; that does not mean you will not qualify for ANY financial aid!
Apply for this grant online:
Top of the DocumentFederal Stafford Loans
Federal Stafford Loans are the most common source of education loan funds. They are available to both graduate and undergraduate students and can be obtained at most local financial institutions.
Two types of Stafford loans:
- Subsidized (need-based). The federal government pays the interest on these loans while the student is in school and during the grace period before repayment begins.
- Unsubsidized (available for students who don't qualify for subsidized loans). The borrower is responsible for the interest on these loans as soon as the loan is taken out. Most of the terms and conditions of subsidized and non-subsidized Stafford loans are the same.
Federal Subsidized Stafford loan
A need-based, low interest federally-backed loan for students. Interest is subsidized by the federal government while the borrower is in school.
Eligibility:
U.S. citizen or permanent resident; full or half time undergraduate or graduate student. A credit check is not required.
Loan limits:
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Annual limits: |
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Year 1 |
$2,625 |
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Year 2 |
$3,500 |
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Years 3 and 4 |
$5,500 per year |
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Graduate student |
$8,500 per year |
Interest rate:
Annual limits are variable and may change on July 1. For loans disbursed on or after July 1, 1998, rates are set:
- During in-school, grace or deferment, rate based on 91 day T-bill rate + 1.70%.
- During repayment periods, based on 91 day T-bill + 2.30%.
- Capped at 8.25%.
- Based upon current rates.
Total origination or insurance fees:
4% (3% to the federal government and 1% to the state or regional guaranty agency to cover administrative costs).
Repayment term:
up to 10 years.
Minimum payment:
$600 per year ($50 per month per FFELP loan account). Borrowers who take out Stafford loans from more than one lender may be required to make more than one minimum payment.
Interest subsidy:
The federal government pays interest on the loan while the student is in school or during any grace period.
Repayment begins:
Following a six month grace period after leaving school.
Federal Unsubsidized Stafford loan
A non-need-based, low interest federally-backed loan for students.
Eligibility:
 | U.S. citizen or permanent resident. |
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| Full or half time undergraduate or graduate student. |
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| Non-need based. |
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| No credit check required. |
Loan limits:
Independent students are allowed to borrow more than dependent undergraduate students.
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Annual limits: |
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Year 1 |
$2,625 (dependent) |
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Year 2 |
$3,500 (dependent) |
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Years 3 and 4 |
$5,500 per year (dependent) |
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Graduate student |
$18,500 per year (less amount of |
Cumulative loan limits differ for undergraduate and graduate/professional students. For undergraduate students:
- Dependent - 23,000 between subsidized and unsubsidized Stafford loans
- Independent - $46,000 (up to 23,000 may be in subsidized Stafford loans)
For graduate and professional students:
- $138,500 (up to $65,500 may be in subsidized Stafford loans)
Interest rate:
Annual limits are variable and may change on July 1. For loans disbursed on or after July 1, 1998, rates are set:
- During in-school, grace or deferment, rate based on 91 day T-bill rate + 1.70%.
- During repayment periods, based on 91 day T-bill + 2.30%.
- Capped at 8.25%.
- Based upon current rates.
Interest capitalization:
Unpaid interest will be capitalized at the start of repayment and at the end of any deferment. If borrowers obtain forbearances, interest may be capitalized no more frequently than quarterly, and again at the end of the forbearance period.
Total origination or insurance fees:
4% (3% to the federal government and 1% to the state or regional guaranty agency, to cover administrative costs).
Repayment term:
up to 10 years.
Minimum payment:
$600 per year ($50 per month per FFELP loan account). Borrowers who take out Stafford loans from more than one lender may be required to make more than one minimum payment.
Interest subsidy:
Not applicable.
Repayment begins:
Following a six month grace period after leaving school.
Federal Stafford borrower rights and responsibilities
Your Stafford loan promissory note details your rights and responsibilities as a borrower. Key things you should know:
Borrower rights:
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| Before you begin to repay, your loan holder is required to give you a repayment schedule and detailed information about interest rates, fees, the balance you owe, and repayment options available to you. |
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| You have the right to defer repayment for certain defined periods after the grace period, if you qualify. |
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| You have a right to request a forbearance. |
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| You may be eligible to repay your student loans under a graduated or income-based repayment schedule. |
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| You may prepay your loan in whole or in part at any time without penalty. |
Borrower responsibilities:
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| You must repay your loans on time (including any accrued interest, and the insurance and origination fees that were deducted from your loan at disbursement) even if you do not complete your education, are unable to find employment after graduation, or are dissatisfied with the education you received. |
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| You must notify your loan holder or servicer immediately about any changes to your name, address, telephone number, social security number, or student status. |
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| You must repay at least $600 a year ($50 a month) per account, unless you have a deferment or your loan holder or servicer agrees to a lesser amount. |
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| If you request a deferment or forbearance, you must continue to make normally scheduled payments until you receive written confirmation that your account has been placed in deferment or forbearance. |
Rights and responsibilities differ for PLUS loans and HEAL loans. Check your promissory notes for a more detailed description of your rights and responsibilities.
Top of the DocumentSallie Mae PLUS Loans
The federally funded Parent Loan for Undergraduate Students (PLUS) loan is a low-interest education loan for parents of undergraduate dependent students. The PLUS loan lets parents fund the entire cost of the student's education (less student financial aid). This includes books, supplies, living expenses, as well as direct costs like tuition and room and board.
The interest rate for the PLUS loan is variable and may change annually, but will never exceed 9%. For loans disbursed between July 1, 2001 and June 30, 2002, the PLUS interest rate is 6.79%.
Also, Sallie Mae offers the largest variety of repayment options, which makes the PLUS loan very affordable for parents.
Parents can start financing their child's college education today with Sallie Mae's Select PLUSSM Online. Pre-approval is as easy as 1-2-3!
Advantages of the PLUS Loan
- PLUS loans are not based on income or assets.
- PLUS borrowers do not need collateral.
- PLUS loans offer a low variable interest rate that will never exceed 9%.
- PLUS loan interest may be tax deductible.
- Parents may take up to 10 years to repay the loan.
- There is no pre-payment penalty.
- Direct RepaySM (automatic payment) customers get a 0.25 percentage point interest-rate cut.
Requirements
- U.S citizen or permanent resident.
- Parent of a full-time or half-time undergraduate.
- No adverse credit.
Loan Limit
Up to the total cost of the student's education (minus other aid received).
Additional Help for Parents
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Parent Answer® Service PLUS SuccessSM Service
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Federal Parent Loan for Undergraduate Students (PLUS) borrower rights and responsibilities
Your PLUS promissory note details your rights and responsibilities as a borrower. Key things you should know:
Borrower rights:
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| Before you begin to repay, your loan holder is required to give you a repayment schedule and detailed information about interest rates, fees, the balance you owe, and repayment options available to you. |
|
| You have the right to defer repayment for certain defined periods, if you qualify. |
|
| You have a right to request a forbearance. |
|
| You may be eligible to repay your loans under a graduated schedule. |
|
| You may prepay your loan in whole or in part at any time without penalty. |
Borrower responsibilities:
|
| You must repay your loans on time (including any accrued interest, and the insurance and origination fees that were deducted from your loan at disbursement) even if the student on whose behalf you took out the loans did not complete his/her education, is unable to find employment after graduation, or is dissatisfied with the education received. |
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| You must notify your loan holder or servicer immediately about any changes to your name, address, telephone number or social security number. |
|
| You must repay at least $600 a year ($50 a month) per account, unless you have a deferment or your loan holder or servicer agrees to a lesser amount. |
|
| If you request a deferment or forbearance, you must continue to make normally scheduled payments until you receive written confirmation that your account has been placed in deferment or forbearance. |
Check your promissory notes for a more detailed description of your rights and responsibilities.
Top of the DocumentFinancial Aid for Study Abroad
(International and USA students)
Generally, for your financial aid to be "portable" to a study abroad program, you must carry at least a half-time load at the foreign institution and receive credit for the program toward your degree at your home institution. The study abroad program must advance you toward a degree and not merely be providing an enrichment experience. There may also be other eligibility restrictions, depending on the financial aid program, but usually you will be able to take your Title IV funding (Pell, Stafford and PLUS) overseas with you. Your school is not allowed to deny you any federal aid just because you are participating in a program of study abroad. Institutional aid, however, is subject to the school's own policies.
Students who participate in study-abroad programs that cost more than the usual cost of attendance for their school may be able to get an increase in their Federal Pell Grant to help cover those costs.
AIFS International ScholarshipsEach year the American Institute for Foreign Study (AIFS) offers 100 semester scholarships of $1,000 each (50 for the fall semester and 50 for the spring semester) and 10 summer scholarships of $500 each. AIFS also offers one full minority scholarship and five $1,000 grants to minority students each semester. For more information call 1-800-727-2437 or write to
AIFS
102 Greenwich Avenue
Greenwich, CT 06830
URL: http://www.aifs.com/java/US/aifscol/scholar.htm CIMO Scholarship Programs (Finland)
This web page provides information about the Finnish government's scholarships for international graduate students, young researchers and university teaching staff.
For more information, call +358-0-7747-7033, fax +358-0-7747-7318, send email to cimoinfo@cimo.fi, or write to
Center for International Mobility CIMO
PO BOX 343
FIN-00531 Helsinki
Finland Council for International Educational Exchange (CIEE)
The CIEE provides numerous student services including the International Student ID Card and Trip Safe Insurance for Travelers. CIEE also runs Council Travel, a travel agency that specializes in student travel. International and Research Exchange Board (IREX)
IREX promotes scholarly exchange between the United States and the nations of Eastern Europe and the former Soviet Union. The IREX site provides information about pertinent exchange programs, scholarships and grants, including the USIA Regional Scholar Exchange Program (RSEP), Edmund S. Muskie Graduate Fellowships, and the Central and Eastern European Graduate Fellowship Program. For more information, send email to irex@info.irex.org. International Student Loan Program (ISLP)
The ISLP, developed by the International Education Finance Corporation (IEFC), offers Stafford and alternative loan programs for US students studying abroad, and for international students studying in the US. ISLP loans are funded by the Bank of Boston and Educaid and are guaranteed by the Education Resources Institute (TERI).
For more information, call 1-617-696-7840, fax 1-617-698-3001, send email to iefc@aol.com, or write to
International Education Finance Corporation
424 Adams Street
Milton, MA 02186 Japan's Science and Technology Agency (STA) Fellowships
The STA Fellowship Program provides fellowships for foreign researchers in science and technology to conduct research at Japanese national laboratories, public corporations and non-profit organizations. For more information call 0298-53-8250, fax 0298-53-8260, or write to
Japan International Science and Technology Exchange Center
2-20-5 Takezono
Tsukuba City, Ibaraki Pref. 305
Japan OSAD Scholarship Database
The Online Study Abroad Directory (OSAD), which lists low-cost foreign study programs, also includes an online database of more than 200 scholarships for US students looking to study abroad. The Rotary Foundation
The Rotary Foundation of Rotary International provides grants to university students and teachers to act as "goodwill ambassadors" around the world. Study Abroad Fellowships/Scholarships for U.S. Students (UPenn) US Information Agency
The USIA provides information about the Fulbright Program, the Hubert H. Humphrey Fellowships and descriptions of other educational and cultural exchange programs. The site also provides information for international students on studying in the US. Council for International Exchange of Scholars (CIES)
CIES and the IIE assist the US Information Agency in the administration of the graduate Fulbright Fellowships for US citizens to study in other countries and for international students to study in the US. US students must apply through their campus Fulbright program advisor. International students should apply through the Fulbright Commission or US Information Service in their home country. US students who are not formally enrolled in a degree program should write to
US Student Programs
IIE
809 United Nations Plaza
New York NY 10017-3580 US Agency for International Development (AID) Institute of International Education (IIE)
The IIE publishes Financial Resources for International Study: A Guide for US Nationals, a 280-page book listing more than 650 awards offered by governments, foundations, universities, etc. The cost is $39.95 plus $4 shipping. For more information, call 1-800-445-0443 or 1-301-617-7804, fax 1-301-953-2838, send email to iiebooks@iie.org, or write to
IIE Books
PO Box 371
Annapolis Junction, MD 20701-0371 NAMSS - National Association for Managers of Student Services (UK)
NAMSS provides information about student and graduate bank accounts and loans, updated monthly from Moneyfacts, a UK financial newsletter. The site focuses primarily on the further education sector, although some of the information will be useful to university students.
NATIONAL SCHOLARSHIP
RESEARCH SERVICE
(800) Head Start (For Scholarship information)
(707) 546-6781 (8:30 am - 4:30 pm Pacific Time)
(707) 546-6777 (24-hour Message Center )
Financial Aid for Canadian Students
In addition to the FastWEB and CANFUNDS scholarship and fellowship databases, the University of Waterloo and Simon Fraser University offer databases of scholarships and fellowships for Canadian students to study in Canada.
For information about loans available to Canadian students, see the entries on MEFA and CanHELP in the loans section.
Canadian Guidance Services publishes a 250-page book of scholarships and awards available to Canadian high school students who will be entering a Canadian university. The book is revised every two years and is now in its 7th edition. The cost of the book is $19.95 plus $5 shipping and handling and $1.75 GST (total $26.70). For more information or to order a copy, call 1-905-332-0083, write to Canadian Guidance Services, 2042 Coral Cres., Burlington, Ontario, Canada, L7P 3K5, or send email to canguide@wchat.on.ca.
Canadian students attending colleges in the USA may obtain loans through the Canadian government's Ministry of Skills, Training and Labour. Students should contact a Canadian lender, the appropriate Ministry office in their province, or Human Resources Development Canada in Ottawa. The interest rate is typically the prime rate plus 5.0%. One lender which issues these loans is Royal Bank Student Loan Centre, Transit #9080, PO Box 9590, Vancouver, BC V6B 4G3. For more information, call them at 1-604-665-4029.
Top of the DocumentFinancial Aid for Italian Students
Noopolis is a database in Italy run by CNR (the Italian equivalent of the US's National Science Foundation) that contains information about scholarships to study in Italy, and about scholarships for Italian citizens to study abroad. For more information, call +39-6-62-33-103 or write to Noopolis, Via Domenico Tardini, 33, 00167 Roma - Italy.
Top of the DocumentLinks
NTERNET:
http://www.istc.umn.edu/study/scholarships.html
http://www.iefc.com/islp.html
http://www.finaid.org/
http://scholarships.kachinatech.com/scholarships/scholars.html
http://www.iefa.org/
http://www.fastaid.com/
http://www.fdncenter.org/
http://www.ed.gov/offices/OSFAP/Students/index.html
http://www.collegeboard.org/toc/html/tocfinancialaid000.html
http://www.petersons.com/resources/finance.html
http://dir.yahoo.com/Education/Financial_Aid/College_Aid_Offices/