Is it worth taking out a loan to study abroad?

Paying for College
1

Hey guys, so at the start of next Fall semester (2016) I am going to be transferring to a four-year university and I am going to have to take out student loans for tuition, housing and personal expenses. I have not calculated how much it would all be but it will definitely be at least $15,000. MY question is, would it be wise to take out the same amount of money (or perhaps more) in order to study abroad? I found a few programs that cost about the same for a semester/full year of classes and they have housing and meals included with the price. I just wanted a few outside perspectives from people not in my social circle. Thanks for your help!

2

How are you going to borrow that much money?

3

No, it is not wise. If you can barely afford tuition then you should not borrow more for study abroad.

It would be better to look for paid internships, working in a research lab, work fulltime in summers.

4

I think it is. I never studied abroad and I really wish I had. There are ways to do it very inexpensively so be sure to check with the foreign study office at your school. At DD1’s school, there are several scholarships just for study abroad. There are 4 and 10 week programs.

5

Do you qualify for the Pell grant? If so, you could apply for a Benjamin Gilman scholarship for study abroad but it would only defray part of the cost IF you received one.

But, how will you borrow $15k? - That’s way more than the federal loan limit.

6

The OP was talking about a semester/full year of study abroad. If the credits obtained there don’t all transfer to the degree then (s)he might have to add another semester/year to graduate so it might be 5 years of $15,000.

A program that can be done in the summer and that would be inexpensive or covered with a scholarship is different.

7

But even then the OP might have to work summers to reduce debt load.

8

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I am going to have to take out student loans for tuition, housing and personal expenses. I have not calculated how much it would all be but it will definitely be at least $15,000. <<<

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^^^ That is your bigger problem. YOU can’t borrow that much. If you’re a junior transfer, then you can borrow $7500 per year.