FINANCIA

L AID

ORIENTA

TION

S UM

ME R

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F F I LI A

T E D &

EXC

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Heather ThompsonAssistant Director, Study Abroad

Liaison to UT Office of Student Financial Services

Cierra CampbellAcademic Records Coordinator

Credit/Scholarship Administrator

PRESENTATION OVERVIEW

1. Program Costs2. Timeline3. Scholarships4. Loans5. 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.

PROGRAM COSTS

The real cost of study abroad is the

difference between studying in Austin

and studying in a foreign location.

AUSTIN ABROAD

Tuition $3652 $3652

Room & Board

$3339 $3500

Transportation

$490 $1500

Personal $1945 $1560

Books $188 $200

Total: $9,614 $10,412

REAL COST OF STUDY ABROAD

Understanding CostsEx: Copenhagen (BBA)

Austin $9,614

Foreign $10,412

Real Cost

$798

Understanding CostsEx: Barcelona (COLA)

Austin $8,729

Foreign $12,811

Real Cost

$4,082

Original Award

For Austin

Adjusted Award Abroad

University Tuition Grant $1387 $1387

Federal Work Study $800 $0

Federal Direct Subsidized Loan $2700 $2700

Federal Direct Unsubsidized Loan $2822 $2822

Federal Direct Parent Loan or Private Alternative Loan $3503

Award Total $9,614 $10,412

The only way to reduce loans is with savings or scholarships:

Scholarship – IEFS $1500

Scholarship - Departmental $2000

Estimations

Scholarship Deadline Average Award Amount

Notification / Distribution

COLA Lib. Arts. C.

March 16, 2014 $500 - $2000 Late March

EUS Majors March 1, 2014 Varies March/April

JTS BBA March 1, 2014 $1000 March/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 spring break or before departure Micro lending – Fund My Trip or Fund My Travel.com Birthday

http://utdirect.utexas.edu/student/abroad/globalassist.WBX

TIMELINE• If applicable, upon acceptanceDeposit

• As directed by your Program Coordinator

Plane Ticket / Visa

• SA Program Coordinator Submits to OSFS

Budget

• Student registers for summer course(s)

Registration

• May 1 via MySAO PortalForms Due

• Only for affiliated, see affiliate website

Program Fee

• Email sent / student claims in CASHEFAN

• Student pays online by May 15 by 5pm

Fee bill

• Approx. Austin’s first class day June 5

Disbursement

February

April

May

Notes: Registration must be correct - it is your responsibility Fee bill to UT must be confirmed ($400 pay) (Tuition defer) Deposits & Program Fee must be paid (most likely deferment option)

June

March

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

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

Complete MySAO forms & attend Orientation MeetingsPurchase plane ticket and visa as instructedPlan for co-signerPay your deposit, if applicableRegistration for summer courses in AprilComplete Affiliate deferment formClaim revised EFAN (late April, early May)Confirm Tuition bill by May 15

QUESTIONS