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Are There
Study Abroad Scholarships Available for Exchange Students?
Not all
students who desire the opportunity to study abroad can afford the expense of a
regular college education, let alone the cost of a student exchange program.
Fortunately, parents and students may apply for a study abroad scholarship, Fulbright
scholarship, grant or even a
student loan.
Even
students who plan to participate in an international student exchange program
may consider transferring their financial aid from their home institution.
In cases where, financial aid is non-transferable, serious consideration should
be given to applying to a scholarship for international students – an example is a
Fulbright Scholarship. These programs work similar to other scholarships.
The difference is that they are applicable to student exchange programs.
But
in the realm of financial aid and a student exchange
program, the opportunities
for seeking tuition assistance include any of the following financial tools:
student loans, study abroad scholarship, a Fulbright Scholarship, grants, or
work-study.
If a
student can prove the financial need for a student loan for a specific exchange
student program, they may qualify for either the Federal Stafford Guaranteed
Student Loan or The Federal Direct Ford Student Loan. Generally, the
government covers the interest on the subsidized loans. However, there is
a financial requirement and minimum enrollment guideline. Alternatively, a
student endeavoring to participate in a student exchange program may elect to
remit interest-only payments on the unsubsidized loan.
Additionally,
the Federal government funds both the Fulbright Scholarship Program and the
National Security Education Program (NSEP) -- offering fellowships and
grants for both undergraduate and graduate students of student exchange
programs. In Germany, another program offers funding of study abroad
scholarships, called the German Academic Exchange Service (DAAD).
Tips
on Applying for a Study abroad scholarship, Fulbright scholarship or student
loan:
For
students excited about the prospects of studying abroad, confer with a study
abroad program advisor, financial aid director or bursar to learn about the
details of enrollment with another institution. Since the guidelines and
policies vary from colleges to institutions of higher education, certain
prerequisites may be required to qualify for a student loan, study abroad scholarship
or a Fulbright scholarship.
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