Financial Aid
Federal Financial Aid
According to the Higher Education Act of 1965, students can use government-issued financial aid for study abroad if they are enrolled in programs that their home university approves. Financial aid can be used to offset costs associated with studying abroad including:
- program tuition and fees
- travel and transportation
- living costs
- health insurance
- passport and visa fees
Types of Government Financial Aid
- Direct Loans (borrowed money that you will eventually have to pay back to the lender)
- Subsidized Loan: Available to students who demonstrate financial need. The Federal government pays interest on the loans as long as the student is enrolled half-time. Repayment and interest begins after you graduate, leave school, or drop below half time.
- Unsubsidized Loan: Available to students regardless of need but interest is charged to the students while in school. A student may choose to make the interest-only payments on the unsubsidized loan or allow the interest to be added to the loan principal and then pay both principal and interest after leaving school.
- PLUS Loan: Available to graduate students and parents of dependent undergraduate students. Interest accrues while students are in school. For graduate students, repayment begins 6 months after you graduate, leave school, or drop below half time. For undergraduates, parents must begin repayment once the loan is fully disbursed.
- Grants (“Gift Money” awarded to you that you do not have to pay back)
- Federal Pell Grant is awarded to exceptionally needy undergraduate students.
- Federal Supplemental Educational Grant (SEOG) is awarded to exceptionally needy undergraduate students.
- Benjamin A. Gilman Scholarship Program. Open to undergraduate Federal Pell Grant recipients who intend to study abroad for a semester, summer or year-long program.
- Foreign Language & Area Studies (FLAS) Fellowship program funded by the U.S. Department of Education provides study abroad funding to undergraduate and graduate students who are pursuing foreign language and area studies.
- GI Bill- According to the U.S. Department of Veterans Affairs, the VA cannot pay a third-party provider; therefore, VA cannot directly pay ISA. Very few students have been able to successfully apply VA benefits to an ISA study abroad program. For the most up-to-date information related to VA Benefits, please visit the Veterans Benefits Administration website here: benefits.va.gov/benefits.
-
- TEAN is honored to offer a Give (GI Veterans Excellence) Scholarship – further details are available on our scholarships and grants page
-
Home Institution Financial Aid
Not all universities will allow students to use their financial aid for study abroad programs administered by a program provider such as TEAN. To learn about your home institution’s policies, contact your Financial Aid Office or Study Abroad Office.
Additional Financial Aid Resources
- US Department of Education Resources for understanding government financial aid
- The Association of International Educator’s Resources for Financial Aid and Study Abroad
- Fast Web: Includes a list of financial aid sources, including private sector scholarships, fellowships, grants, and loans.
Download the TEAN Financial Aid Agreement Form.