Americans Look Abroad To Avoid Student Loan Blues
"Frustrated by the lack of affordable college options at home, American students are increasingly looking beyond our borders for ways to get an education without jeopardizing their financial future," CreditCards.com reports. "Universities in Canada and even farther afield offer comparable quality at a lower cost -- but you have to know where to look. ... Besides costs, there are some issues that U.S. students considering a foreign school must think about. For one thing, options for financial aid will be limited. At many schools, scholarship opportunities for foreign students are minimal or non-existent. International schools do not participate in the U.S. Department of Education's grant programs, so U.S. students would not be able to obtain a Federal Pell Grant to get a degree at an international school. ... Loans may also be available. Karen McCarthy, policy analyst at the National Association of Student Financial Aid Administrators, says some foreign institutions participate in the Federal Direct Loan Program, but you should double-check with the specific school you're interested in because schools must apply to be eligible to participate. (This information is often found on the school's website.) McCarthy says it's always a good idea to complete the FAFSA while you're deciding which school to attend, so your information will be available, just in case you decide to attend an international school that does participate in federal loan programs."
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