FINANCIA
L AID
ORIENTA
TION
SP
RI N
G 2
01
5 (
F AL L 2
01
5 S
EM
ES
TE
R
PR
OG
RA
MS
)
Heather ThompsonDirector, Study Abroad
Liaison to UT Office of Student Financial Services
Cierra CampbellAcademic Records Coordinator
Credit/Scholarship Administrator
PRESENTATION OVERVIEW
1. Real Cost of Study Abroad2. Timeline3. Loans4. Scholarships5. Navigating OSFS6. Questions
COMMON TERMSBUDGET
The cost of the abroad program as determined by the study abroad coordinator; who submits it to OSFS on an agreed upon timeline.
EFAN: Electronic Financial Aid NotificationAn email from OSFS that guides the student to go online and claim an award package.
AWARD PACKAGESum of the monies offered to the student; comprised of grants and loans.
DISBURSEMENTThe date in which the monies will be deposited into your bank account. Monies can only go to you or UT.
The real cost of study abroad is the
difference between studying in Austin
and studying in a foreign location.
AUSTIN ABROAD
Tuition $5369 $4673
Room & Board
$5681 $7000
Transportation
$735 $1875
Personal $1388 $1499
Books $375 $150
Total: $13,548 $15,197
REAL COST OF STUDY ABROAD
Understanding Costs
Austin $13,548
Foreign $15,197
Real Cost
$1,649
BUDGET SAMPLES
Program Name: IES: PARISSponsor: IES - a UT AffiliateSession: Spring
Application Code: 220010
Application Fee: $ 50Affiliated Studies Fee: $ 400
Program Fee: $ 14510Books and Materials: $ 200
Food: $ 2250Housing: $ 4080
Airfare: $ 1000Local Transportation: $ 350
Personal Items: $ 2050Medical Insurance: $ 513
Passport: $ 135Visa: $ 140
Emergency Funds: $ 500
Total: $ 26,178
Program Name: UNIVERSIDAD PONTIFICAL COMILLASSponsor: UT Austin - a University-wide ExchangeSession: Fall
Application Code: 90082
Application Fee: $ 50Tuition: $ 4673
Books and Materials: $ 150Food: $ 3000
Housing: $ 4000Airfare: $ 1500
Local Transportation: $ 375Personal Items: $ 850
Medical Insurance: $ 304Passport: $ 135
Visa: $ 160
Total: $ 15, 197
Original AwardAustin
Adjusted Award
Exchange
Adjusted Award
Affiliate
Federal Pell Grant $2822 $2822 $2822
Texas Public Education Grant
$1334 $1334 $1334
Partial Tuition Grant $644 $644 $0
University Tuition Grant $1500 $1500 $0
Federal Perkins Loan $2000 $2000 $2000
Federal Work Study $1600 $0 $0
Federal Direct Subsidized Loan
$2750 $2750 $2750
Federal Direct Unsubsidized Loan
$898 $2000 $2000
Federal Direct Parent Loan or Private Alternative Loan
$2,147 $15,272
Award Total $13,548 $15,197 $26,178Estimations
TIMELINE• SA PC Submits to OSFSBudget• Student registers for SAB or AS
coursesRegistration
• Check requirements; Flight variablePlane Ticket / Visa
• Paid directly to affiliate, n/a for exchange
Deposit• Email sent / student claims in CASHEFAN• Deferment form, for AS onlyProgram Fee• Student pays online (tuition or
$400 fee)Fee bill
• Pay provider / Cost of livingIn Country
• Funds into bank account automatically
Disbursement
April
June
July
September
Notes: You won’t have your aid to buy your plane ticket or visa Registration must be correct or you wont get an revised EFAN Fee bill to UT must be paid (most likely deferment option) Affiliated Studies fee ($600) must be paid (cash, check or credit)
1. Direct Subsidized and Unsubsidized Loans
2. Direct Parent PLUS Loan
3. Private / Alternative Loans
4. Tuition Loans
5. Emergency Cash Loans
LOANS – 5 TYPES
http://world.utexas.edu/abroad/funding/loans
Co-Signer Required
Scholarship Deadline Average Award Amount
Notification / Distribution
Engineering Semester Exchange
April 4 Varies Late spring
IEFS March 1 $1500 Early April
SCHOLARSHIPS
Scholarships can be used to off set loans or
to make up for a deficit in an award package.
Other Ideas: Save Work over holiday break or before departure Micro lending – Fund My Trip or Fund My Travel.com Birthday & Christmas
http://utdirect.utexas.edu/student/abroad/globalassist.WBX
NAVIGATING OSFS https://utdirect.utexas.edu/faweb/cash/
1. Know what you currently get2. Compare current award to cost of your program3. Prepared to have a co-signer4. Log into CASH weekly and click on5.Read your EMAIL6. If you have questions before departure go in person or read FAQ7. After departure direct concerns to your SA Program Coordinator
NEXT STEPS – CHECKLIST
Determine your real costRegister (April 20– May 1)AS students complete deferment form for providerClaim revised EFANPlan for a co-signerAS pay $400 fee to UT (by August 12)EXCH defer tuition bill (by August 12)Plan for travel money (pocket cash for first two weeks)
QUESTIONS