What Student Loans for Foreign Medical Schools are Available?
Student loans for foreign medical schools are becoming incredibly important to meet the demands for international education.
Many people opt for federal loans as a starting point before private loans because federal loans offer additional perks like Public Servant Loan Forgiveness (PSLF) and repayment plans.
On the other hand, private loans might be a better option if you have good credit, as you might be able to get lower interest rates. Private loans usually also do not have as many fees accompanying them as federal loans.
Let us learn more about these finance options to make the right choice for an international medical school dream.
Student Loans for Foreign Medical Schools – Federal Loans
If you are planning to study in foreign medical schools for a semester or an entire degree, you can apply for federal student aid to pay for your expenses.
The type of aid and the process will depend on the type of program (study abroad or full degree) you enter. Your undergraduate or graduate student status also affects the type of aid for which you’re eligible.
If you are opting for a semester or year, you’ll have to complete the necessary paperwork for an American school as well as a foreign school.
If you choose the entire degree or the full four years, you’ll have to manage forms for only one school abroad. You will also require a list of foreign schools that accept student aid from the American government.
Once you have finally decided to get your degree from a foreign medical school, find out the list of the international schools that participate in federal student aid programs.
Federal Student Loans for Foreign Medical Schools – Types of Loans
The US Department of Education recommends any of the Direct Loan programs.
However, international schools do not participate in the US Department of Education’s grant programs, so federal grants are not accepted for overseas study.
Undergraduates can receive a Direct Subsidized or Direct Unsubsidized Loan. The annual limit for Direct Subsidized Loans and Unsubsidized Direct Loans varies from $5,500 to $20,500.
Graduate students can receive Unsubsidized or Direct PLUS loans (also available to parents of dependent undergraduates). Direct PLUS Loan amounts are decided by subtracting other financial aid you’re receiving from your total cost of attendance at the school.
How to Apply for a Federal Student Loan for Foreign Medical Schools?
The US Department of Education lists practical tips to apply for student loans at your international school.
- Fill out your Free Application for Federal Student Aid (FAFSA) form at https://studentaid.gov/h/apply-for-aid/fafsa and lay the groundwork for your financial aid package. Fill it in as soon as possible so that you can build extra time into your schedule.
- Your research into foreign school options should be thorough. Make sure the school you plan to attend has your FAFSA information. Understand degree requirements, all applicable costs for tuition, fees, housing, books, food, and so on, medical insurance plans, and travel expenses.
- Keep a well-organized checklist of everything that is required of you. Keep track of paperwork you need to fill out, deadlines, etc.
- Be extra careful if you are a first-year student borrowing federal funds for the first time. You will be obliged to complete entrance counseling, which might happen before you leave the US or after you arrive at your school.
- Stay in touch with your financial aid contact at the foreign school during the application process, and establish a contact at the school’s office for international students.
Your loan funds get electronically transmitted from the US Treasury to the international school’s designated bank.
Student Loans for Foreign Medical Schools – Private Loans
Did you miss the FAFSA deadline or explore your options for government-sponsored aid? Private study-abroad loans are still an option! Private loans are great if you’re trying to fill the gap in the last bit of aid that you need.
You can receive up to the total cost of your education minus any other aid you’ll receive.
Benefits of private loans:
1. Get up to the total cost of attendance, less other aid
2. Flexible repayment terms
3. Thousands of approved schools
You can find more information about loans at https://www.internationalstudentloan.com/foreign_enrolled/.
There is no need to burden your bright future with medical school debt worries. Student loans for foreign medical schools give you ample options to finance your medical school expenses.
Attending a foreign med school also allows you to gain greater cultural awareness.
Investigate a foreign institution’s accreditation status, attrition rates, and residency placement statistics thoroughly. Make sure you make the right choice!