Financial aid is a major consideration for studying in a foreign country. A list of currently participating schools can be accessed here under the "International Schools That Participate in the Federal Student Loan Programs" link.
If I am attending a foreign school through a “Study Abroad” Program sponsored by my domestic school, do I apply for federal student aid through the foreign school?
No. Federal student aid for a short period or a study abroad program is processed by the student’s postsecondary school in the U.S.
As a student, what criteria do I have to meet to borrow a federal student loan for attendance at a foreign institution? There are several requirements for students to be eligible to receive federal student aid for attendance at a foreign school including:
How do I apply for federal student aid?
To apply for a loan, the student must complete a Free Application for Federal Student Aid (FAFSA). All students (undergraduate and graduate) may access the FAFSA at fafsa.ed.gov.
Before Beginning a FAFSA:
Did you know over 70% of youth in foster care want to go to college? While the road to actually attending college may seem daunting and challenging, it’s important to remember a college education will help you achieve your long-term dreams and prepare you for a great career. It’s also important to understand That there are many resources available to assist you along the way.
The Center for College’s STAR (Students Transitioning and Achieving Results) program offers free college planning services including assistance with applications and financial aid forms. You will find us working with foster youth in district offices or at special events, helping students to plan for college and filing the necessary financial aid paperwork.
College campuses also support foster youth with assistance with the admission and financial aid processes. Once on campus, services such as academic advising, counseling, peer mentoring, and career services will support you during your college career and help you as you prepare for life after college.
Because the Expected Family Contribution (EFC) formula for a dependent student uses parental data, and the two formulas for independent students do not, the first step in calculating a student’s EFC is to determine his or her dependency status. A student is automatically determined to be an independent applicant for federal student aid if he or she meets one or more of the following criteria for the academic school year in question:
For students who do not meet any of the above criteria but who have documented unusual circumstances, an FAA can override their dependency status from dependent to independent. An FAA can also make a determination of independence with documentation of special circumstances, even if the student initially filed as a dependent student. For more details, visit studentaid.ed.gov
Whether cleaning the stadium after a ball game, filing paperwork in an office, taking orders from the drive-thru or walking dogs, part-time or summer jobs can provide you with a sense of responsibility, news skills, and, of course, extra cash! Are you curious if working could impact your eligibility for financial aid? Read on.
Financial Aid Impact
Summer and part-time work is a great way for students to earn money towards books, supplies and spending money for college. However, students inevitably want to know that their blood, sweat, and tears will not be in vain. It would be a shame to earn and save only to discover that the money negatively impacted your eligibility for financial aid. So, here are the facts.
When determining your eligibility for financial aid, the Department of Education asks you to report information about your income and assets on the financial aid application called the Free Application for Federal Student Aid (FAFSA). It collects this information (and lots more) to determine the amount you and your family can afford to pay towards the cost of college. This amount is called the Expected Family Contribution (EFC). Let's consider the example of Joe High School Student.
While Joe High School Student does have to report the total amount earned from working, the total amount is not used to calculate the EFC. The federal government formula is adjusted each year but for 2017-2018, it allows dependent student workers to make up to $6,420 before income begins to impact financial aid eligibility. And, even then, students can expect to see their Estimated Family Contribution (EFC) only increase by .50 for every dollar beyond $6,420.
Joe earns $7,500 in 2015. How much will FAFSA expect him to contribute to the EFC?
Joe High School Student earns $7,500 by working at a local grocery store. Joe's income protection allowance for 2017-2018 as a dependent student is $6,420. So, when we subtract the allowance from the earnings, we discover that his available income is $1,080.
Of the $1,08, FAFSA expects 50% of available income or $540 to be included in the calculation of the EFC.
If Joe saves all $7,500 how much will FAFSA expect him to contribute from savings toward the EFC?
The federal EFC formula calculates 20% of student savings when determining the EFC. So, if Joe saved all $7,500, the EFC will include $1,500 from savings.
Assuming Joe earns and saves $7,500 total, his expected student contribution will be $2,040 which leaves just under $5,500 protected from financial aid consideration.