+

Money MattersFunding your Study Abroad Program

Presented by: UT Study Abroad Office

+Today we’ll discuss…

How to create a program budget and determine the REAL COST of study abroad

Payment due dates and withdrawal policy What funding sources are available to UT

students? Loans Scholarships

$$ $$ $$$ $$ $

+Program CostSample Budget Language & Culture in Turkey 2012 Budget

Application Fee $50Tuition $1593Affiliated Studies Fee $400Program Fee $2500Books and Materials $110Food $420Airfare $1500Local Transportation $80Personal Items $200Medical Insurance $95Passport $135Visa $20Emergency Funds $500Total $7603

+Payment Due Dates Non-refundable deposit of $300: January 20, 2012

Buenos Aires due: January 31, 2012 Failure to pay will result in student being dropped from the

program

Program balance: May 1, 2012 Posted on What I Owe by 12th class day Program balance may be deferred to financial aid at

https://utdirect.utexas.edu/io/bus/bill/student_deferral.WBX

Funds may not be disbursed until after program begins

+Withdrawal No refunds on application fee or deposit Withdraw by February 29, 2012 to avoid an additional

financial penalty. In addition to the study abroad program fee, the

student is responsible for payment of University tuition and fees in accordance with the policy found in the University’s course schedule.

Withdraw Schedule

Financial Penalty

March 1 to March 14, 2012

20% of program fee

March 15 to March 31, 2012

30% of program fee

April 1 to April 15, 2012 50% of program feeApril 15 to April 30, 2012

75% of program fee

May 1 and after 100% of program fee

+Withdrawal, Dismissal, or Cancellation Students are advised to investigate the coverage and

cost of a Travel Insurance Policy that might cover some costs associated with air travel, accommodations, food, books/supplies or miscellaneous costs of living overseas in case of program withdrawal, dismissal, or cancellation.

If a student is dismissed from a program, no refund will be given.

+UT Tuition

Register for study abroad courses Pay UT tuition bill

UT course = UT tuition Non-UT course =

$400 Affiliated Studies fee

Late spring

+Start Planning Today Research scholarships

now, even if they’re not yet open

Consider priorities Try to be flexible Save money Begin researching ticket

prices Don’t purchase airfare

until travel dates are confirmed (Blackboard)

+UT Financial Aid

Financial aid provides: Loans Grants Scholarships

Your financial aid package will be adjusted to reflect the cost of study abroad.

You should plan to apply for financial aid as early as possible at http:/www.fafsa.ed.gov/

UT FAFSA Priority Funding Date for summer/fall/spring - March 15

+UT Financial Aid

Complete budget module on MySAO around April 1 Program balance is due May 1st and can de deferred Aid awarded in late May (E-FAN) Disbursement may occur after you have left the states

+Loans: are they right for you?

The best student loans can be applied for through FAFSA!

Study Abroad is an investment decision

It’s beneficial professionally It’s beneficial academically A co-signer may be required

+Scholarships

Location – Look for country-specific scholarships You – There are more scholarships available for certain

student groups (minorities, underrepresented majors, etc.)

Things to consider

+Scholarships

GLOBAL ASSIST & UT scholarships Click on “Get Started” and the database will match you to

scholarships for which you are eligible http://utdirect.utexas.edu/student/abroad/globalassist.WBX

IEFS Scholarship (typically $1200, due March 1)

Regional Foundation Library National scholarships

Gilman (Due March 1) Diversity Abroad

UT & National

+UT Scholarships

College/Departmental scholarships Spanish & Portuguese Faculty-led Programs: Argentina,

Brazil, Spain or Guatemala. Number and amount of awards vary. The competition opens January 5

Climate Change, Ecosystems and Human Dynamics in Botswana: Number of awards vary and range from approximately $500-$2000. Deadline extended to March 1

Geography in Buenos Aires, Argentina: For students participating in the Geography section of the Buenos Aires Faculty-led program. Number of awards vary and range from approximately $500-$2000. Deadline extended to March 1

Sustainable Architecture and Design in Munich, Germany. The School of Architecture provides a travel grant of $1000 for each architecture major participating in the architecture faculty-led program. No application necessary.

Apply via GLOBAL ASSIST

+Scholarships

Keep the prompt in mind Research your audience Use concrete details Add a personal touch Proofread the essay! Consider going to the Undergraduate Writing Center

(FAC 211)

Application Tips

Most summer scholarship deadlines: Feb 15 – March 1

+Pre-departure Forms

Pre-departure forms due April 1 Health Clearance Form due

April 1 Make appointment with UHS

ASAP as appointments fill up Can be done by regular

doctor or Austin-area clinic Failure to submit form to SAO

by deadline will result in being dropped from the program without refund

Important Dates

+Before you go…

Notify your bank of travel plans so they don’t freeze your debit/credit cards.

Research conversion rates and fees for using debit/credit cards abroad.

+Recap Create a budget to

determine the REAL COST of Study Abroad

Payment due dates and withdrawal policy

Funding sources for UT students Loans Scholarships

You should be an active participant in finding the best funding and programs

+THANK YOU!

Sukran

Gracias

Tesekkurler

Shukria

Cheers

Spasiba

Obrigada

Dziekuje

Grazie

Moteshakeram

Shukriyaa

Toda Danke

Merci

Do je

Aitäh

Domo