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Step 3: Financial considerations

step 3Studying abroad requires advanced financial planning, so you will need to know your personal and family resources as well as how studying abroad will impact your financial aid eligibility for the time that you are abroad. This section deals with the financial aspect of studying abroad including program costs, the study abroad fee and possible scholarships.

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Did you know?

You must reapply for financial aid each year. If you will be overseas between January 1 and March 1, be sure to make arrangements to file your FAFSA online by the March 1 deadline.

"Certainly, travel is more than the seeing of sights; it is a change that goes on, deep and permanent, in the ideas of living." — Miriam Beard

Determine your program type in order to see if you're eligible for financial aid

UVM institutional aid and federal financial aid may be available to assist with costs of UVM bilateral exchange programs, ISEP Exchange programs, Buckham and Oaxaca semester programs and, occasionally, UVM short-term faculty-led programs.

Students participating in approved programs sponsored by other U.S. institutions (external programs including ISEP-Direct Enrollment programs) will not qualify for UVM institutional-based financial aid during their semester(s) abroad but may continue to use federal and state aid to assist in financing their study abroad programs. Additional information is available from Student Financial Services.

Students can access their financial aid award by logging into their myUVM account.

Understand that your Financial Aid will be recalculated according to the study abroad program type and cost

Financial aid packages will be recalculated to reflect the costs of the study abroad program. Program costs above and beyond the standard cost of enrolling for the same period at UVM will not be considered for additional UVM institutional aid. However, Parent PLUS and alternative loans are available. Likewise, your financial aid eligibility will be reduced if your total program cost is less than the standard cost of enrolling for the same period at UVM. If you receive outside grants or scholarships (i.e., Veterans' Administration benefits, etc.) be sure to check with the sponsoring organization about how these benefits or scholarships might be applied to costs for your study abroad program.

Understand your responsibilities as a financial aid recipient

While studying abroad, you can expect to have financial obligations to both UVM and the institution hosting your program. It is your responsibility to settle any bills due to UVM and any institution hosting your program by the appropriate due date(s).

Financial aid eligibility is based on the costs you document to Student Financial Services on your budget sheets (see below) which is part of the UVM study abroad approval process. Financial aid is also based on the assumption that you will complete and receive transfer credit for the courses you take while abroad. Notify Student Financial Services promptly of any changes to the costs or course load associated with your program.

If you do not complete and/or do not receive transfer credit for the courses you take while studying abroad, your financial aid eligibility may be re-evaluated. Failure to complete and/or receive transfer credit for courses taken abroad may result in cancellation of aid and in a balance due to UVM or the host institution for your program.

Draft a budget sheet for your study abroad program

When making a decision regarding which type of program will best suit your needs, it is important to understand the costs of the different types of study abroad programs. If you are considering an exchange program, review the financial information in the fact sheet in addition to any cost of living estimates noted on the host country institution's website. If you are considering an external program, locate the cost breakdown on their website. Draft a Budget Sheet for each program so you understand their costs before applying. This draft will be a resource when talking with family members about the specific costs related to studying abroad. Once you have been accepted into your study abroad program, you will create a final budget sheet as part of the UVM approval process. If you receive financial aid, the final budget sheet will provide Student Financial Services with your program costs so they can recalculate your financial aid package. Ultimately, it is important for you to familiarize yourself with the cost of your specific program as early as possible.

Remember your study abroad fee

Before you study abroad, OIE will bill your student account for the study abroad fee. The fee is $500 for a semester or full year and $250 for summer or winter break programs. The fee covers the following:

  • Allows you to remain enrolled as a full-time UVM student, ensuring continued student status for health insurance coverage and, when applicable, financial aid.
  • Allows you to register for the following semester's classes at UVM at the same time as on-campus students.
  • Facilitates your credits to transfer back to UVM upon successful completion and review of course material.
  • Provides you with UVM supplemental overseas emergency assistance while abroad.
  • Provides UVM administrative support services while abroad including access to study abroad, transfer affairs and student financial services advisors, as well as access to the UVM library and UVM Counseling Services.

Consider the following additional sources of funding

To assist you in funding your study abroad experience, OIE has compiled a list of scholarships and grants available for study abroad. This list is meant to be a starting point for you and is not comprehensive. Check with individual organizations and programs to find the most up-to-date, complete, and accurate information

UVM funding: Buckham Overseas Program Travel Scholarship (English Department will advise)

International Student Exchange Program (ISEP): Annette Kate Scholarships ranging from $1,000 to $3,000.

Government or non-profit organization scholarships: Institute for International Education | German Academic Exchange Service Undergraduate Scholarships | National Security Education Program Boren Awards for International Study | Benjamin A. Gilman International Scholarship | Fund for Education Abroad

(Visit the UVM National Scholarships & Fellowships Advising website for additional guidance regarding the Government and/or non-profit organization scholarships above.)

UVM-approved programs offering scholarships: Many of our approved external study abroad programs offer scholarships to their participants. Be sure to research scholarship opportunities available through the programs you are considering.

Contact Student Financial Services for questions

Financial Aid deadlines are early so contact Student Financial Services with any questions you may have. All financial aid recipients must provide documentation of their overseas costs before any aid will be released. If you have yet to apply for financial aid, contact SFS.

Next step: VIP: Visas, Immunizations and Passport

Please move on to the Step 4 and to planning for your necessary documentation.

Last modified March 21 2013 03:01 PM

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