Student Financial Services
Financial Aid for Study Abroad Programs
You may be able to use a portion, or in some cases, all of your UVM financial aid award to assist with required expenses associated with studying overseas or in some exchange programs if you participate in a program approved by the Office of International Education, and if you complete all required steps in iAbroad. Each study abroad program and student financial situation is unique and financial aid eligibility for study abroad programs may vary. Please contact Student Financial Services for detailed information.
Can I take my financial aid abroad?
- Students participating in a UVM sponsored exchange (including ISEP Exchange but NOT ISEP-Direct) or a UVM semester abroad program (Oaxaca, Mexico program, Belize program, or Buckham Overseas Study program) will generally remain eligible for UVM funded need-based aid (e.g. UVM grants), federal and state aid, as well as most University merit-based scholarships.
- If your study abroad program is not a UVM sponsored exchange or UVM Semester Abroad program, but is an external program approved by UVM, you will generally remain eligible for federal and state financial aid, however UVM funded need-based aid (e.g. UVM Grants) and merit based scholarships generally will not be available for the semester(s) you are abroad. Please note that ISEP-Direct Programs are considered external programs. UVM funded need-based and merit-based financial aid is not available for ISEP Direct Programs.
- Financial aid is not available for coursework taken from another institution unless it is a UVM sanctioned off-campus program approved by the Office of International Education. View a full list of programs sanctioned by The Office of International Education.
- Some study abroad programs are less expensive than studying at UVM. If this is the case, your financial aid eligibility will be revised based on the costs of your program. If your program is less expensive than a UVM semester, your eligibility for need-based aid may be reduced.
- Loan based aid (generally in the form of a Parent PLUS loan for dependent students) may be available to replace aid that cannot be taken abroad such as work study or UVM funded aid for some programs. If your program is more expensive than a UVM semester, loan aid may be available to cover the increased cost.
- Check with Student Financial Services for information about specific scholarships and to discuss your specific financial aid eligibility.
How do I apply for financial aid to study abroad?
- Begin by applying for financial aid just as if you were remaining on campus. For priority financial aid consideration, your Free Application for Federal Student Aid (FAFSA) must be submitted online at fafsa.gov by March 1st.
- You'll need to submit a complete Study Abroad Approval Form (SAAF) with a completed budget worksheet to Student Financial Services. To obtain your SAAF and begin the Study Abroad approval process, contact the UVM Office of International Education. The budget worksheet summarizes the costs associated with your program. When submitting your SAAF and budget sheet, you must provide documentation of all expenses listed on your budget sheet. For example, if airfare costs are listed on your budget sheet, you must provide receipts for tickets purchases - or documentation of expected costs such as list of ticket prices from an online ticket service like Expedia or Orbitz.
- Once we have your FAFSA and SAAF, and any additional information requested, we'll notify you of your aid eligibility for your overseas program. At that time, aid may need to be accepted and finalized.
What expenses are considered "eligible"?
Only required expenses associated with overseas study plus an allowance for cost of living and local transportation may be covered with financial aid. Required expenses generally include tuition, fees, room and board, books and round trip airfare. The allowance for cost of living and local transportation is based on the country in which you will be studying. Click here to view cost of living and local transportation allowances for the current term. Expenses for optional travel or personal/miscellaneous costs that exceed the cost of living/local transportation allowance for the country in which you will study will not be covered by your financial aid award. The specific expenses that may be covered by financial aid for your program abroad will be based on the budget sheet you create as part of the study abroad approval process.
- You will be assessed a study abroad fee of $500 for the semester you are abroad ($250 for summer study abroad programs).
- Any UVM bills will continue to be issued electronically with bill notices sent to your UVM e-mail address. Continue to monitor your UVM e-mail while abroad.
- If you are participating in a UVM sponsored exchange (including ISEP-Exchange but NOT ISEP-Direct) or UVM semester abroad program (Oaxaca, Mexico; Belize; or Buckham Overseas Study), your tuition, fee, room and board charged will be billed to your UVM student account.
- If you are not participating in a UVM sponsored exchange or UVM semester abroad program, you will likely have a bill due to a host institution for your study abroad semester. It is your responsibility to ensure this bill is settled in a timely manner. Many study abroad program will defer your bill if they know you have pending financial aid from UVM, but it's your job to ensure they know about your pending aid. So it's important to complete your SAAF early and communicate with UVM Student Financial Services and your host institution regularly.
- Financial Aid Recipients: Unless you are directly enrolling in an overseas college/university, when we determine your financial aid eligibility for your study abroad semester, we will notify the sponsoring instituition of your financial aid eligibility. This notification does not guarantee that your sponsoring institution will defer your payment. It remains your responsibility to ensure any payment due to your sponsoring institution is made.
- Financial Aid Recipients: Financial aid will disburse to UVM ten days before the UVM semester begins or your study abroad program starts (whichever is later). Your aid will be applied toward any charges on your UVM student account (such as the study abroad fee), and the remaining funds will be refunded to you at your permanent address. If a balance is due to your program, you are responsible for paying it.
- UVM disburses aid on a semester basis. If you are overseas for a full academic year, you will receive a refund after your aid disburses for each semester. Please note that failure to complete all necessary financial aid or loan documentation in a timely manner may delay or prohibit the release of funds. Inquiries about disbursement procedures should be addressed directly with Student Financial Services.
- You must register for 'OSSP' to ensure you remain classified as a UVM student and eligible for financial aid. Your study abroad advisor will provide you with registration information.
- There is generally paperwork involved in finalizing financial aid, especially for loans. Be sure all paperwork is complete before you go abroad. Signing promissory notes once you've left the country can prove challenging!
- You must reapply for financial aid each year. To meet UVM's priority financial aid deadline, your FAFSA must be received by the federal processor by March 1st. If you will be overseas between January 1st and March 1st, be sure to make arrangements to file your FAFSA online.
Last modified October 31 2014 12:44 PM