Money Matters Funding your Study Abroad Program

1. Money MattersFunding your Study Abroad Program Presented by: UT Study Abroad Office

2. 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 $ $ $ $ $ $ $ $ $ $

3. Program Cost Sample Budget

4. 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

5. 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.

6. 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.

7. UT Tuition Register for study abroad courses Pay UT tuition bill UT course = UT tuition Non-UT course = $400 Affiliated Studies fee Late spring

8. 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)

9. 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

10. 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

11. Loans: are they right for you? Study Abroad is an investment decision It’s beneficial professionally It’s beneficial academically A co-signer may be required The best student loans can be applied for through FAFSA!

12. Scholarships Location – Look for country-specific scholarships You – There are more scholarships available for certain student groups (minorities, underrepresented majors, etc.) Things to consider

13. 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

14. 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

15. 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

16. 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

17. 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.

18. 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

19. Gracias Merci Aitäh Shukria Spasiba Danke Toda Do je THANK YOU! Obrigada Grazie Sukran Moteshakeram Dziekuje Tesekkurler Cheers Domo Shukriyaa