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Financial aid Orientation

Financial aid Orientation. Spring 2014 (Fall 2014 Semester Programs). Heather Thompson Assistant Director, Study Abroad Liaison to UT Office of Student Financial Services. Presentation Overview. Real Cost of Study Abroad Timeline Loans Scholarships Navigating OSFS Questions.

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Financial aid Orientation

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  1. Financial aid Orientation Spring 2014 (Fall 2014 Semester Programs) Heather Thompson Assistant Director, Study Abroad Liaison to UT Office of Student Financial Services

  2. Presentation Overview • Real Cost of Study Abroad • Timeline • Loans • Scholarships • Navigating OSFS • Questions

  3. Common terms BUDGET 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 Notification An email from OSFS that guides the student to go online and claim an award package. AWARD PACKAGE Sum of the monies offered to the student; comprised of grants and loans. DISBURSEMENT The date in which the monies will be deposited into your bank account. Monies can only go to you or UT.

  4. Real Cost of Study Abroad • The real cost of study abroad is the difference between studying in Austin and studying in a foreign location.

  5. Budget samples

  6. Estimations

  7. Timeline April June July September • Notes: • You won’t have your aid to buy your plane ticket or visa • Registration must be correct or you wont get an revised EFAN • Fee bill to UT must be paid (most likely deferment option) • Affiliated Studies fee ($400) must be paid (cash, check or credit)

  8. Loans – 5 Types • Direct Subsidized and Unsubsidized Loans • Direct Parent PLUS Loan • Private / Alternative Loans • Tuition Loans • Emergency Cash Loans Co-Signer Required http://world.utexas.edu/abroad/funding/loans

  9. Scholarships http://utdirect.utexas.edu/student/abroad/globalassist.WBX • Other Ideas: • Save • Work over holiday break or before departure • Micro lending – Fund My Trip or Fund My Travel.com • Birthday & Christmas Scholarships can be used to off set loans or to make up for a deficit in an award package.

  10. Navigating OSFS https://utdirect.utexas.edu/faweb/cash/ Know what you currently get Compare current award to cost of your program Prepared to have a co-signer Log into CASH weekly and click on Read your EMAIL If you have questions before departure go in person or read FAQ After departure direct concerns to your SA Program Coordinator

  11. Next steps – Checklist • Determine your real cost • Register (April 14– April 25) • AS students complete deferment form for provider • Claim revised EFAN • Plan for a co-signer • AS pay $400 fee to UT (by August 13) • EXCH defer tuition bill (by August 13) • Plan for travel money (pocket cash for first two weeks)

  12. Questions

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