FINANCIA

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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 $2767 $2767

Room & Board

$3339 $4950

Transportation

$490 $1575

Personal $925 $885

Books $188 $150

Total: $7,709 $10,327

REAL COST OF STUDY ABROAD

Understanding CostsEx: Learning Tuscany

Austin $7,709

Foreign $10,327

Real Cost

$2418

Understanding CostsEx: Santander

Austin $7,909

Foreign $6,936

Real Cost

--$973

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 $3418

Award Total $7,709 $10,327

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

SA Summer December 1 $2000 January

COLA Summer Dec 1 / March 1 $1000 varies

IEFS February 15 $1500 March

Engineering March 1 $1600 varies

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• Due by January 23 via What I OweDeposit

• Jan 23 / April 1 via MySAO PortalForms Due

• Do not purchase until instructed to do so!

Plane Ticket / Visa

• SA Program Coordinator Submits to OSFS

Budget

• Student registers for summer course(s)

Registration

• Due by May 1 or defer onlineProgram 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

January

April

May

Notes: Registration must be correct - it is your responsibility Fee bill to UT must be paid (most likely deferment option) Summer Program Fee must be paid (most likely deferment option)

June

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 MeetingsWait for instructions to purchase plane ticketPlan for co-signerPay your deposit (due January 23)Registration for summer courses in AprilPay Program Fee balance (due May 1)Claim revised EFAN (late April, early May)Confirm Tuition bill by May 15

QUESTIONS