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Featured Schools Abroad:
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The Puebla program introduces students to the rich historical, cultural and archeological values of... [more]
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BA (Honours) Arts Design and Environment is a practiced-based course which focuses on the creation o... [more]
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...and more
Check out this EI site:
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Detailed information on grad schools and programs.
[click here]
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Finding Financial Aid
Finding financing will be the most difficult part of your decision to study abroad. The majority of students who participate in study abroad programs receive some form of financial aid. Be sure to investigate all sources.
What's Available
If you attend an approved program and are enrolled as a degree-seeking student, you may use any federal, state, or institutional aid you would normally be awarded. For your financial aid to be considered portable to a study abroad program, you must carry at least a half-time load at the foreign institution and receive credit for the program toward your degree at your home institution. The study abroad program must apply toward a degree and not merely be providing an adventure or enriching experience.
If you're already using financial aid at a U.S. college or university and you remain registered while participating in a study abroad program, that aid can be applied to your foreign studies. This includes Pell Grants, Stafford Loans (subsidized and unsubsidized), Federal Perkins loans, Parent Loan for Undergraduate Students/Supplemental Loans for Students (PLUS/SLS) loans, Supplemental Education Opportunity Grants (SEOG) and summer financial aid.
Keep in mind however that work-study jobs will not transfer as is to studies overseas. Often a work-study award will need to be converted to a Perkins Loan while most private scholarships are applicable to study abroad barring confirmation from the donor. All current federal, state, and institutional loans can be deferred while abroad as long as you maintain your full-time status.
If you are planning to attend a program sponsored by another institution, look into the possibility that a partnership agreement exists between the two schools. This will allow you to carry your financial aid to the sponsoring institution.
Summer School
In most cases in order to obtain financial aid for summer study abroad programs, you need to complete an additional application package, usually available from your financial aid office. To be eligible for most summer aid, you need to be enrolled for at least six credit hours. Alternative loans may be available if you take less than this amount but please keep this in mind when you choose a program you need funded.
Be aware that your summer aid award is based on the residual aid from your academic-year award. Based on your financial aid status, you are eligible for a maximum amount of aid each academic year. Generally, an academic year covers fall, spring, and summer - usually in that order. You will be eligible for summer aid only to the extent that you have not already reached your maximum award for that year, and provided you meet all other eligibility requirements.
The sooner, the better...
It can take several months for your aid to be in place, so you should take this into consideration when thinking about leaving the country. You need to be realistic about how much studying abroad will cost and about how much help you can get from outside sources.
Only a very small percentage of students rely completely on financial aid for all of their study abroad costs. You should have some personal funds available, not only to pay your airfare but also to tide you over for the first few weeks of the program until your financial aid funds are available.
As well, if you plan on doing any sight seeing or extra-curricular excursions, these will need to be self-financed as these costs cannot, by federal law, be included in the cost of your study abroad loans.
To ensure that your financial aid refund is available as soon as possible, make sure that all of your paperwork is in order. Also, consider having your refund deposited directly into a bank account that you can access via an ATM card.
Sale, Sale, Sale!
Studying overseas can actually cost less than studying at your own university or college. Professionals keeping track of study-abroad trends have noticed that the price of programs has not increased as fast as tuition costs, thus making studying abroad accessible to more students.
Undeniably, studying in another country does cost money but fortunately the studying abroad experience is no longer limited to wealthy students. Many schools are striving to maintain high quality options at a reasonable cost in order to meet demand. In addition, more financial aid options are being applied to these programs than ever before.
Today, study abroad opportunities exist in all price ranges. "Low-cost" programs make studying abroad easy and inexpensive. Talk to your study abroad adviser, financial aid officer, or bursar about the financial aid options available to you through your college or university.
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