Types of Aid for Study Abroad
- You will be eligible to receive the same types of financial aid that you are eligible to receive during a normal semester at Ship (SU scholarships and Federal Work Study excluded)
- In addition to the financial aid offer you receive from Ship, the following options are available:
Parent PLUS loan
For your study abroad semester, your parent 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 your study abroad semester costs $10000 and you are receiving $2750 in Stafford loans, your parent will be able to borrow a $7250 PLUS loan. Interest rates for PLUS loans are fixed. The rates vary from year to year. NOTE: If your parent is not approved for a PLUS loan, contact the study abroad representative in the financial aid office. You will be eligible for additional Stafford loan aid.
Alternative student loan
For study abroad semesters, 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 a student's study abroad semester costs $10000 and s/he is receiving $2750 in Stafford loans, s/he will be able to borrow $7250 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.