Financial Aid : Study Abroad

1. Financial Aid: Study Abroad • Kimberly Petok • Assistant Director, Study Abroad Madison Thomsen Financial Aid Compliance Counselor

2. Agenda • Overview of Study Abroad Program Fees & Expenses • Applying for financial aid for Study Abroad Programs • Financial aid availability for Study Abroad Programs • Additional funding opportunities for Study Abroad Programs • Additional Information • Conclusions • Contact Us

3. Study Abroad Program Fees and Expenses • Tuition and Program Fees • Semester: LMU Home Tuition and Program Fee • Summer: Program Fee (includes tuition) • Other expenses • $100 Application Fee • $500 Commitment Deposit • The commitment deposit is applied to the cost of the program. • Airfare • Passport and Visa Fees • Meal expenses not included in the cost of the program • Supplemental health insurance (if necessary) • Other personal expenses

4. Study Abroad Program Fees and Expenses • When do I need to pay Study Abroad fees? • Tuition and program fees are billed according to LMU’s Student Financial Services’ billing calendar. • The Study Abroad application fee is billed to your student account approximately 3 weeks after the application deadline. • The $500 commitment must be paid approximately one week after being accepted into a Study Abroad program. We will address what type of financial aid is available to you for studying abroad and when it might become accessible.

5. Applying for Financial Aid to Study Abroad • Submit FAFSA before March 2nd priority deadline • Submit Summer Financial Aid Application (Summer Study Abroad programs) The Summer Financial Aid Application becomes available in early Spring, and it can be found at www.lmu.edu/financialaid You should meet with a Financial Aid Counselor once you have identified a program you are interested in, and/or once you are admitted into a Study Abroad Program.

6. Financial Aid Availability Your financial aid availability for Study Abroad Programs depends on two things: • Type of Study Abroad Program you apply for • When you will study abroad

7. Types of Study Abroad programs • LMU Featured Programs (indicated by a star ) vs. LMU Non-Featured Programs • Fall/Springvs. Summer Programs To find out if your program of interest is Featured or Non-Featured visit http://lmu.studioabroad.com/index.cfm?FuseAction=Programs.FeaturedPrograms&or visit the Study Abroad Office.

8. Financial Aid Availability Study Abroad Featured Programs (Fall/Spring) Transferrable financial aid awards: • Federal Grants (Pell Grant, SEOG Grant) • Federal Loans (Subsidized, Unsubsidized Loans) • State Grants (Cal Grants) • Institutional Loans (California and Burns Loans) • Institutional Grants and Scholarships (LMU Grants, Merit and Endowed Scholarships) • Parent Plus Loan • Alternative Loans • Tuition Remission Non-transferrable financial aid awards: • Work Study (Federal and Non-Need Based)

9. Financial Aid Availability Study Abroad Non-Featured Programs (Fall/Spring) Transferrable: • Federal Grants (Pell Grant) • Federal Loans (Subsidized, Unsubsidized Loans) • State Grants (Cal Grants) • Parent Plus Loan • Alternative Loans Institutional awards (LMU Grants, LMU Scholarships, LMU Loans, Departmental scholarships) do not transfer to Non-Featured Study Abroad Programs.

10. Non-Featured Programs Requirements • You are required to complete an application with LMU’s Study Abroad Office. • To receive any financial aid for a non-featured program, you must receive approval from your college to transfer the units to your LMU academic record. • The Transfer Course Approval form must be approved prior to any disbursement of financial aid for the program and can be accessed through the Study Abroad application. • Students must have the financial aid office of the host institution complete LMU’s Consortium Agreement and return it to LMU’s financial aid office. This can be found on the Financial Aid website under Forms. • Make sure it complete the form for the appropriate aid year in which you will be enrolling in the non-featured or petition program. The consortium agreement must be received before any financial aid can be disbursed for the program.

11. Financial Aid Availability Summer Study Abroad Programs • Summer sessions are an extension of the academic year. Funding for Summer Study Abroad is limited to any federal loans that you did not use in Fall and Spring. • Undergraduates must be enroll in at least 6 units (both sessions combined) to be eligible for Federal loans. • You can use your Subsidized and Unsubsidized Loans for your Summer Study Abroad Program- IF you have remaining eligibility for the academic year. • If you have used all of your loan eligibility for the academic year, your financial aid eligibility is limited to Parent Plus Loan, Alternative/Private Loan, or Outside/Private Scholarships. Remember to submit your Summer Financial Aid Application!

12. Additional Funding Opportunities Study Abroad Financial Assistance Grants • Applications are handled by the Study Abroad Office • Eligibility is based on financial need and a project proposal • Pell Grant recipients are encouraged to apply • Grants available for featured Fall & Spring programs and most Summer programs • A majority of applicants receive funding (grant amounts vary) • Please note, grant funds are not available until the first day of classes per LMU’s university calendar and may not be used toward your commitment deposit. Private/Outside Scholarships • Students can always apply for outside scholarships • Maintain competitive GPA for scholarships • APPLY, APPLY, APPLY! Outside scholarships must be reported to the Financial Aid Office.If you receive outside scholarships we may revise your financial aid package.

13. Additional Funding Opportunities Benjamin A. Gilman International Scholarship • The Gilman Scholarship Program is an undergraduate grant program for U.S. citizens of limited financial means • Requirements to apply: • U.S. citizen • Undergraduate student • Receive Federal Pell Grant funding • Available for Summer, Fall, Spring Study Abroad Program that is a minimum of 3 weeks in length • Highly competitive national scholarship Visit www.gilmanscholarship.org for Deadlines and Timeline.

14. Additional Funding Opportunities Study Abroad Website: Funding Tab – Scholarships/Grants Office of National and International Fellowships (ONIF) • The Office of National & International Fellowships (ONIF) assists LMU students and alumni interested in pursuing external fellowships that support their academic and career goals. Many fellowships require candidates to apply through their university or alma mater, which in turn sponsors the candidate. ONIF facilitates this sponsorship. • Through ONIF, students can learn about fellowship opportunities available through governments, private donors, foundations, civic organizations, and corporations. We also offer strategic planning and advice for submitting a competitive application package. • To get an overview of various funding opportunities, click on Fellowship Categories. Students interested in applying for fellowships are encouraged to schedule an appointment with ONIF or call 310.338.3792. 

15. Additional Funding Opportunities Parent Plus Loan • Federal loan for parents • Requires application and credit approval • 7.6% fixed interest rate (2018-2019) • Payments can be deferred • Requires FAFSA and yearly Plus Loan application and Loan requirements Private Loans • Should be your last option! • Student can apply • Typically requires a cosigner • Beware of high and variable interest rates Keep in mind that loans must be repaid once you graduate. Students are required to complete FAFSA and Alternative Loan Counseling if a private loan is approved.

16. Additional Information • Students must maintain Satisfactory Academic Progress (SAP) the term that they study abroad. • Minimum semester GPA of 2.00 • Full-time students must complete a minimum of 12 units • An Official Transcript must be submitted to the Registrar’s Office upon completion of Study Abroad coursework. • Students are required to meet billing deadlines with Student Accounts and pay any balance for your Study Abroad Program that your financial aid does not cover. • If you pay in advance for your Study Abroad Program, any excess financial aid will be refunded to you (to request your refund email refund@lmu.edu). • Your refund becomes available the 1st day of class, according to the LMU academic calendar. • Please note that you will only receive a refund if your financial aid exceeds your balance.

17. Additional Information Student Accounts • Payment Options • Payment Plans • Refunds • Late Fees Ph. 310.338.2711, Option 6 Ph. hours 8:30am -4:30pm studacct@lmu.edu Von Der Ahe, Suite 260 Office Hours: M-F 8am-5pm Billing deadlines Semester: Fall - July 20th Spring- December 20th Summer: Session I - May 30th Session II - June 30th Summer fees must be paid in full by their due date.

18. Conclusions • Financial aid eligibility for your Study Abroad Program depends on the type of program that you choose. • Financial aid for Non-Featured and Summer Study Abroad Programs is limited. • Apply for scholarships! • Keep in touch with Study Abroad Program staff. • Meet with a Financial Aid Counselor to discuss your financial aid eligibility for a particular program.

19. Contact Us Financial Aid Office Charles Von Der Ahe, Suite 270 www.financialaid.lmu.edu finaid@lmu.edu Ph. 310.338.2753 @LMUFinancialaid Include your ID number in your correspondence with our office.