If you've decided to get your degree from a school outside the U.S., congratulations. Now let us help you find out which international schools participate in the federal student aid programs and guide you through the process of getting federal aid to make a dent in that tuition bill.
Here's something I bet you didn't know. Not only can you take out federal loans to attend one of 5000 colleges and schools in the U.S., you can get a federal student loan to study abroad. In fact, the Department of Education lists more than 500 foreign schools that are eligible to receive federal student aid.
Would you like to study religion at the Nazarene Theological College in Manchester, England? Just take out a federal loan. Or perhaps you're interested in getting a psychology degree from the Salvation Army's Booth University College in Winnipeg, Canada. The federal government will loan you the money. Literally, you can use federal student loan money to attend college almost any place in the world: China, England, France, Israel, Australia, Hungary, Bulgaria--even Russia.
The Department of Education is particularly hospitable to foreign medical schools and maintains links on its web sites to 25 medical schools outside the U.S. DOE reported that American students attending Medical University of Silesia in Katowice, Poland, borrowed an average of $80,000 in federal student loans to attend that medical school, plus private loans averaging $55,000.
Or perhaps you prefer to study medicine in a sunnier clime? You can take out federal loans to attend American University of the Caribbean School of Medicine in St. Maarten, but it's pricier than a Polish medical school. American students borrowed an average of $315,674 to attend the medical school in St. Maarten, which is owned by DeVry Education Group, a publicly traded corporation on the New York Stock Exchange.
But most Americans don't take out federal loans to obtain medical degrees overseas; most use student-loan money to study abroad for a semester or a year. Indeed, the growing popularity of Study Abroad programs is one reason an American college education costs so much more than it once did. Americans are taking out student loans to spend a few months in Paris, London, Barcelona, or dozens of other exotic cities.
American taxpayers are already subsidizing 5,000 U.S. colleges and schools that participate in the federal student aid program--institutions running the gamut from Harvard University to Toni & Guy Hairdressing Academy. Do we really want to loan students money to attend schools overseas--especially at a time when so many colleges in the U.S. are on the verge of closing due to declining enrollment?