 | |  | |  | |  | |  | |  | |  | |  | |  | |  | |  |
Financing Study Abroad
Source: www.NAFSA.org
1. How much does it cost to study abroad?
The cost of your study abroad program will depend on many factors,
including your destination country, the type and length of your program,
and what is included in the program cost. Be sure to consider costs beyond
the program fee, which may include passport, visa, airfare, immunizations,
local transportation, meals, books, insurance, and incidentals.
Variables to Consider
Destination: Talk with your study abroad adviser about the locations you
are considering.
Exchange rate: Remember that currency exchange rates fluctuate
constantly. Visit an online currency converter (www.XE.com) to stay
abreast of the latest rates.
Program duration/timing: While short-term programs may be less
expensive, you may find that there are more resources available to you for
semester- or year-long study. Some costs do not change according to the
length of time you are abroad.
2. How can I fund my study abroad experience?
There are a variety of financial assistance options available to
undergraduate students participating in approved study abroad programs.
Some of them are listed below. Read through these options, then talk with
your study abroad adviser and financial aid counselor about any additional
sources that may be available on your campus and which are most
appropriate for you.
Federal Aid
There are a number of loans and grants offered by the U.S. Federal
government.
Federal Grants
Federal Pell Grant
The Pell Grant is a need-based grant. To qualify, you must be a full-time
undergraduate student with an Expected Family Contribution (EFC) below the
limit determined each year. Speak with your financial aid adviser for
current information.
Federal Supplemental Educational Opportunities Grant (SEOG grant)
This need-based grant is awarded to those students demonstrating the
greatest financial need. Students typically must qualify for the federal
Pell Grant to receive an SEOG Grant. Speak with your financial aid adviser
for current information.
Federal Loans
Federal Stafford Loan
The Stafford Loan is in your name and is available to all students,
regardless of financial need. If the loan is subsidized, the government
will pay the interest while you are in school. If the loan is
unsubsidized, you have the option of capitalizing the interest or of
paying the interest quarterly during the in-school period. Payment of the
principle itself (for both subsidized and unsubsidized loans) does not
begin until six months after graduation, provided you remain enrolled on
at least a half-time (six credits) basis.
Federal Perkins Loan
The Perkins Loan is a low-interest loan (5 percent) awarded to those
students demonstrating the greatest financial need. Speak with your
financial aid adviser for current information.
Parent PLUS Loans for Undergraduate Students
PLUS loans are available to your parents—if you are a dependent
undergraduate student—to help finance your education. Parents may borrow
up to the full cost of your education, less the amount of any other
financial aid you receive. There is a minimal credit check required for
the PLUS loan, so a good credit history is required.
Federal Scholarships
David L. Boren Undergraduate Scholarships for Study Abroad
The National Security Education Program (NSEP) provides scholarships to
undergraduate students who wish to study languages and cultures considered
to be important to U.S. National security. Students are not eligible to
receive the Boren scholarship if they are studying in Australia, Austria,
Belgium, Canada, Denmark, Finland, France, Germany, Greece, Iceland,
Ireland, Italy, Luxembourg, the Netherlands, New Zealand, Norway,
Portugal, Spain, Sweden, Switzerland, or the United Kingdom.
Benjamin A. Gilman International Scholarship
If you receive a federal Pell grant, you are eligible to apply for a
Gilman Scholarship.
Other Types of Aid
State Aid
If you receive state aid, consult with your campus financial aid office to
see if it is applicable to your study abroad program.
Institutional Aid
Some institutions will allow you to apply institutional aid when
participating on an approved study abroad program. Most institutions will
adjust the amount of aid received based on the Cost of Attendance (COA) of
the study abroad program. For instance, if the COA for your home
institution is $25,000 per year and the COA for the host study abroad
institution is $30,000, your home institution may adjust your COA and EFC
based on the difference of $5,000. This means that you may be eligible for
an additional amount of institutional aid that you ordinarily wouldn't
receive were you to stay at your home institution. The reverse may also be
true.
Source: www.NAFSA.org
1. How much does it cost to study abroad?
The cost of your study abroad program will depend on many factors,
including your destination country, the type and length of your program,
and what is included in the program cost. Be sure to consider costs beyond
the program fee, which may include passport, visa, airfare, immunizations,
local transportation, meals, books, insurance, and incidentals.
Variables to Consider
Destination: Talk with your study abroad adviser about the locations you
are considering.
Exchange rate: Remember that currency exchange rates fluctuate
constantly. Visit an online currency converter (www.XE.com) to stay
abreast of the latest rates.
Program duration/timing: While short-term programs may be less
expensive, you may find that there are more resources available to you for
semester- or year-long study. Some costs do not change according to the
length of time you are abroad.
2. How can I fund my study abroad experience?
There are a variety of financial assistance options available to
undergraduate students participating in approved study abroad programs.
Some of them are listed below. Read through these options, then talk with
your study abroad adviser and financial aid counselor about any additional
sources that may be available on your campus and which are most
appropriate for you.
Federal Aid
There are a number of loans and grants offered by the U.S. Federal
government.
Federal Grants
Federal Pell Grant
The Pell Grant is a need-based grant. To qualify, you must be a full-time
undergraduate student with an Expected Family Contribution (EFC) below the
limit determined each year. Speak with your financial aid adviser for
current information.
Federal Supplemental Educational Opportunities Grant (SEOG grant)
This need-based grant is awarded to those students demonstrating the
greatest financial need. Students typically must qualify for the federal
Pell Grant to receive an SEOG Grant. Speak with your financial aid adviser
for current information.
Federal Loans
Federal Stafford Loan
The Stafford Loan is in your name and is available to all students,
regardless of financial need. If the loan is subsidized, the government
will pay the interest while you are in school. If the loan is
unsubsidized, you have the option of capitalizing the interest or of
paying the interest quarterly during the in-school period. Payment of the
principle itself (for both subsidized and unsubsidized loans) does not
begin until six months after graduation, provided you remain enrolled on
at least a half-time (six credits) basis.
Federal Perkins Loan
The Perkins Loan is a low-interest loan (5 percent) awarded to those
students demonstrating the greatest financial need. Speak with your
financial aid adviser for current information.
Parent PLUS Loans for Undergraduate Students
PLUS loans are available to your parents—if you are a dependent
undergraduate student—to help finance your education. Parents may borrow
up to the full cost of your education, less the amount of any other
financial aid you receive. There is a minimal credit check required for
the PLUS loan, so a good credit history is required.
Federal Scholarships
David L. Boren Undergraduate Scholarships for Study Abroad
The National Security Education Program (NSEP) provides scholarships to
undergraduate students who wish to study languages and cultures considered
to be important to U.S. National security. Students are not eligible to
receive the Boren scholarship if they are studying in Australia, Austria,
Belgium, Canada, Denmark, Finland, France, Germany, Greece, Iceland,
Ireland, Italy, Luxembourg, the Netherlands, New Zealand, Norway,
Portugal, Spain, Sweden, Switzerland, or the United Kingdom.
Benjamin A. Gilman International Scholarship
If you receive a federal Pell grant, you are eligible to apply for a
Gilman Scholarship.
Other Types of Aid
State Aid
If you receive state aid, consult with your campus financial aid office to
see if it is applicable to your study abroad program.
Institutional Aid
Some institutions will allow you to apply institutional aid when
participating on an approved study abroad program. Most institutions will
adjust the amount of aid received based on the Cost of Attendance (COA) of
the study abroad program. For instance, if the COA for your home
institution is $25,000 per year and the COA for the host study abroad
institution is $30,000, your home institution may adjust your COA and EFC
based on the difference of $5,000. This means that you may be eligible for
an additional amount of institutional aid that you ordinarily wouldn't
receive were you to stay at your home institution. The reverse may also be
true.
