FINANCIAL AID ORIENTATION SPRING 2015 (FALL 2015 SEMESTER PROGRAMS) Heather Thompson Director, Study Abroad Liaison to UT Office of Student Financial Services.

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Heather ThompsonDirector, Study Abroad

Liaison to UT Office of Student Financial Services

Cierra CampbellAcademic Records Coordinator

Credit/Scholarship Administrator

PRESENTATION OVERVIEW

1. Real Cost of Study Abroad2. Timeline3. Loans4. Scholarships5. Navigating OSFS6. Questions

COMMON TERMSBUDGET

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 NotificationAn email from OSFS that guides the student to go online and claim an award package.

AWARD PACKAGESum of the monies offered to the student; comprised of grants and loans.

DISBURSEMENTThe date in which the monies will be deposited into your bank account. Monies can only go to you or UT.

The real cost of study abroad is the

difference between studying in Austin

and studying in a foreign location.

AUSTIN ABROAD

Tuition $5369 $4673

Room & Board

$5681 $7000

Transportation

$735 $1875

Personal $1388 $1499

Books $375 $150

Total: $13,548 $15,197

REAL COST OF STUDY ABROAD

Understanding Costs

Austin $13,548

Foreign $15,197

Real Cost

$1,649

BUDGET SAMPLES

Program Name: IES: PARISSponsor: IES - a UT AffiliateSession: Spring

Application Code: 220010

Application Fee: $ 50Affiliated Studies Fee: $ 400

Program Fee: $ 14510Books and Materials: $ 200

Food: $ 2250Housing: $ 4080

Airfare: $ 1000Local Transportation: $ 350

Personal Items: $ 2050Medical Insurance: $ 513

Passport: $ 135Visa: $ 140

Emergency Funds: $ 500

Total: $ 26,178

Program Name: UNIVERSIDAD PONTIFICAL COMILLASSponsor: UT Austin - a University-wide ExchangeSession: Fall

Application Code: 90082

Application Fee: $ 50Tuition: $ 4673

Books and Materials: $ 150Food: $ 3000

Housing: $ 4000Airfare: $ 1500

Local Transportation: $ 375Personal Items: $ 850

Medical Insurance: $ 304Passport: $ 135

Visa: $ 160

Total: $ 15, 197

Original AwardAustin

Adjusted Award

Exchange

Adjusted Award

Affiliate

Federal Pell Grant $2822 $2822 $2822

Texas Public Education Grant

$1334 $1334 $1334

Partial Tuition Grant $644 $644 $0

University Tuition Grant $1500 $1500 $0

Federal Perkins Loan $2000 $2000 $2000

Federal Work Study $1600 $0 $0

Federal Direct Subsidized Loan

$2750 $2750 $2750

Federal Direct Unsubsidized Loan

$898 $2000 $2000

Federal Direct Parent Loan or Private Alternative Loan

$2,147 $15,272

Award Total $13,548 $15,197 $26,178Estimations

TIMELINE• SA PC Submits to OSFSBudget• Student registers for SAB or AS

coursesRegistration

• Check requirements; Flight variablePlane Ticket / Visa

• Paid directly to affiliate, n/a for exchange

Deposit• Email sent / student claims in CASHEFAN• Deferment form, for AS onlyProgram Fee• Student pays online (tuition or

$400 fee)Fee bill

• Pay provider / Cost of livingIn Country

• Funds into bank account automatically

Disbursement

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 ($600) must be paid (cash, check or credit)

1. Direct Subsidized and Unsubsidized Loans

2. Direct Parent PLUS Loan

3. Private / Alternative Loans

4. Tuition Loans

5. Emergency Cash Loans

LOANS – 5 TYPES

http://world.utexas.edu/abroad/funding/loans

Co-Signer Required

Scholarship Deadline Average Award Amount

Notification / Distribution

Engineering Semester Exchange

April 4 Varies Late spring

IEFS March 1 $1500 Early April

SCHOLARSHIPS

Scholarships can be used to off set loans or

to make up for a deficit in an award package.

Other Ideas: Save Work over holiday break or before departure Micro lending – Fund My Trip or Fund My Travel.com Birthday & Christmas

http://utdirect.utexas.edu/student/abroad/globalassist.WBX

NAVIGATING OSFS https://utdirect.utexas.edu/faweb/cash/

1. Know what you currently get2. Compare current award to cost of your program3. Prepared to have a co-signer4. Log into CASH weekly and click on5.Read your EMAIL6. If you have questions before departure go in person or read FAQ7. After departure direct concerns to your SA Program Coordinator

NEXT STEPS – CHECKLIST

Determine your real costRegister (April 20– May 1)AS students complete deferment form for providerClaim revised EFANPlan for a co-signerAS pay $400 fee to UT (by August 12)EXCH defer tuition bill (by August 12)Plan for travel money (pocket cash for first two weeks)

QUESTIONS