Aid for Study Abroad
- Students will be eligible to receive the same types of financial aid* that they are eligible to receive during a normal semester at Ship (SU scholarships and Federal Work Study excluded).
*Eligibility for PHEAA state grant will be reviewed based on actual cost of tuition and fees and term length provided by host institution.
- In addition to the financial aid offer students receive from Ship, the following options are available:
Parent PLUS Loan
Parents may borrow a Federal Parent PLUS Loan for any amount up to your cost of attendance minus any additional financial aid you are receiving. For example, if the study abroad semester costs $10,000 and the student receives $2,750 in Federal Direct loans, parents will be able to borrow a $7,250 PLUS loan. Interest rates for PLUS loans are fixed. The rates vary from year-to-year. NOTE: Parents not approved for a PLUS loan should contact the study abroad representative in the financial aid office. Students will be eligible for additional Stafford loan aid.
Alternative Student Loans
Students may borrow alternative student loans for any amount up to their cost of attendance minus any financial aid they are receiving. For example, if the study abroad semester costs $10,000 and the student receives $2,750 in Stafford loans, s/he will be able to borrow $7,250 in an alternative loan. Interest rates for alternative loans are generally variable, meaning they can go up or down from year-to-year. NOTE: A cosigner is required for alternative loans.