FINANCIA

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Heather ThompsonDirector, Study Abroad

Liaison to UT Office of Financial Aid

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 Financial Aid on an agreed upon timeline.

EFAN: Electronic Financial Aid NotificationAn email from Financial Aid 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 $5369

Room & Board

$5681 $8106

Transportation

$735 $2500

Personal $1388 $1650

Books $375 $375

Total: $13,548 $18,000

REAL COST OF STUDY ABROAD

Understanding Costs

Austin $13,548

Foreign $18,000

Real Cost

$4,452

BUDGET SAMPLES

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

$361 $2000 $2000

Federal Direct Parent Loan or Private Alternative Loan

$4950 $7094

Award Total $13,011 $18,000 $18,000Estimations

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

COLA / LAH Scholarship

November 15 $1000 - $2000 Late Nov / early Dec

Engin Exchange

November 19 $1000 - $2000 Late Nov / early Dec

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

TIMELINE• SA PC Submits to Financial AidBudget• Student registers for SAB or AS

coursesRegistration

• Check requirementsPlane 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

$600 fee)Fee bill

• Pay provider / Cost of livingIn Country

• Funds into bank account automatically

Disbursement

October

November

December

January

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)

PAYMENTS

E XC H A N G E

What: To Whom:

Application Fee

UT: What I Owe

Tuition UT: My Tuition Bill

Deposit Host University

Visa Consulate

Airfare Airline Directly

Housing direct

Food direct

A F F I L I AT E D

What: To Whom:

Application Fee

UT: What I Owe

$600 AS Fee UT: My Tuition Bill

Deposit Affiliate

Visa (depends)

Airfare (depends)

Housing (included)

Food (included or direct)

EXCEPTIONS:UT in Paris, Seoul and Madrid – deposit and program fee paid to UTCIEE – deposit paid to affiliate, balance due paid to UT

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 (October 26 – November 6)AS students complete deferment form for providerClaim revised EFANPlan for a co-signerAS pay $600 fee to UT (by January 7)EXCH defer tuition bill (by January 7)Plan for travel money (pocket cash for first two weeks)

QUESTIONS