The Institute of International Education(IIE) tracks the movement of International students and the number of American students showing interest to study abroad is on rise for the last 10 years. Over 400,000 American students study abroad per recent data and these numbers are compiled with the help of Bureau of Educational and Cultural affairs of the US Department of State.
Europe has been the No.1 choice for a long time until now. There is a rapidly increasing number of students traveling to China, South America, and South Africa in respective order. US students studying outside the US fall into two categories for student loans, Study Abroad Loans for short-term foreign study and Foreign Enrolled Loans for direct enrollment overseas.
It’s in the student’s best interest to contact US Department of Education first to know of various financial avenues available through US Government before searching for loans from private lenders, banks etc. Both federal loans and private bank loans limit the amount that can be borrowed (~5000k) per year and therefore students must decide how much additional loans might affect their debt dependency structure in future
One of the key components is “Paperwork”. Always know how much of your paperwork your study abroad counsellor and school will do on your behalf and what additional paperwork you are responsible for completing to claim tax credits, emergencies, etc.