Cost of attendance loans: How to fund 100% of your study-abroad costs
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Ask any international student what caught them off guard, and tuition is rarely the answer. Here's what "cost of attendance" actually means, and how far a loan can realistically stretch to cover it.
Ask any international student what caught them off guard, and tuition is rarely the answer. It is everything around it: rent, insurance, books, the flight home at Christmas, that quietly adds up. A cost of attendance loan is designed to cover that whole picture, not just the invoice from the registrar.
What is cost of attendance, exactly?
Cost of attendance (COA) is a standard term in US higher education, defined by the US Department of Education's Federal Student Aid handbook, for a student's full estimated cost of a year of study. It typically includes tuition and mandatory fees, room and board (or a living allowance if you live off campus), books and supplies, personal costs such as toiletries, clothing and incidentals, and transportation, including travel to and from the school.
Universities outside the US use slightly different terminology, but many now publish an equivalent all-in estimate on their admissions or international-student pages. It is worth finding your specific school's figure directly, since it is more accurate than any general online estimate.
Can a student loan cover 100% of the cost of attendance?
Some can, and some cannot; it depends entirely on the lender. Many loans, particularly ones aimed only at tuition, stop at the invoice and leave everything else (rent, food, insurance) to savings or family support. Prodigy Finance loans can cover up to 100% of your total cost of attendance, up to a maximum of USD 220,000*, so tuition and your living costs can be financed as one package rather than two separate problems.
Do student loans cover living expenses?
With Prodigy Finance, they can. Where your school's cost of attendance includes a living allowance, your loan can include living expenses rather than treating them as a separate, unfunded extra, so check your school's breakdown. That matters because living costs, not tuition, are often what catches students by surprise partway through a programme, especially in expensive cities. Funds go directly to your school, which credits your tuition and sends any excess to your personal bank account, so you are not managing a lump sum against multiple bills yourself.
How full-coverage financing actually works
No collateral, no co-signer. You are assessed on your future earning potential, meaning your school, programme, and academic and professional background, not your family's assets or credit history.
One upfront fee. A USD 500 processing fee is the only upfront fee. Other mandatory costs are included in your representative APR.
A transparent in-school cost. A mandatory USD 100 per month payment applies while you study, and it is already built into your representative APR (13.48%*), rather than appearing as a surprise line item.
Terms that flex with the amount. Repayment terms vary with your loan size and programme, with full repayment starting after a grace period once you graduate.
What cost of attendance usually does not include
Even full-coverage financing has a realistic edge. Most cost of attendance estimates do not stretch to discretionary spending, weekend trips, or a wildly different lifestyle to what the estimate assumes. It is worth treating your school's published COA as a solid baseline, then building in your own buffer for the things that are genuinely optional rather than essential.
The case for one loan against your full cost of attendance
Financing tuition through one source and living costs through another (family transfers, part-time work, a separate personal loan) adds complexity and risk at exactly the point in the year when you have the least spare time to manage it. A single loan structured against your full cost of attendance means one application, one repayment schedule, and one lender to deal with if your circumstances change. Our loan calculator shows what that could look like for your own numbers.
FAQs
Does cost of attendance include health insurance?
What if my actual living costs turn out to be higher than the estimate?
Does a bigger loan mean a worse interest rate?
Can I get a loan for cost of attendance if I already have some savings?
How long does it take to know if I qualify?
A final word
Tuition is the number on the acceptance letter, but cost of attendance is the number that actually determines whether your year abroad runs smoothly. Understand what your specific school includes in that figure, and look for financing that treats living costs as part of the plan rather than an afterthought. To see where you stand, check your eligibility.
