financial aid orientation summer 2015 - faculty led heather thompson assistant director, study...
TRANSCRIPT
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FINANCIA
L AID
ORIENTA
TION
S UM
ME R
20
15
- F
AC
ULT Y L
E D
Heather ThompsonAssistant Director, Study Abroad
Liaison to UT Office of Student Financial Services
Cierra CampbellAcademic Records Coordinator
Credit/Scholarship Administrator
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PRESENTATION OVERVIEW
1. Program Costs2. Timeline3. Scholarships4. Loans5. Navigating OSFS6. Questions
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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.
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PROGRAM COSTS
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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
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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
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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
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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
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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
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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
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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
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QUESTIONS