Applying Financial Aid to Study Abroad

Getting started

Financial aid can be a complicated process, but
don't let that scare you away. The key is to get an
early start so that all of your forms are completed
before you leave the country. First, meet with a
study abroad advisor at your university. They can
help you get an idea of how students pay for
different programs. Then, go ahead and schedule a
meeting at your financial aid office. The financial
aid officers can discuss what options are right for
you personally.
Chances are if you're already using federal or
university financial aid, those same funds can be
put towards your semester abroad. This includes
Pell grants, SEOG grants, Stafford loans, Perkins
loans, PLUS loans, merit scholarships and private
funding. Lisa Tenley, a study abroad professional
at the University of Maryland (UMD), explains:
"Generally, students can use all their financial aid
to pay for study abroad - even most scholarships.
Each school may have slightly different policies so
I hesitate to generalize but that is certainly true of
UMD."

The fine print

There is, of course, always fine print when it comes
to finance. For instance, in Maryland, state aid can
only be applied to a state sponsored program. So
if you are attending UMD on state aid, you can put
that aid towards a UMD Abroad program such as
"Maryland-in-London," but not towards a program
sponsored by Syracuse University. Look into the
rules at your university to make sure you don't
miss any catches like this.
On the other hand, if you're an out of state student
without state aid, you might end up paying less by
going abroad. How is it possible? Lisa explains, "At
[UMD], students do not pay tuition the semester
they are abroad, they pay a fee for the program
itself." This means that if the program (and
destination) you select is cheaper than your out-
of-state tuition, you might be catching a break!
If you like your finances exactly the way they are,
you can also look into an exchange program. An
exchange program is something that is set up
between two universities in different countries so
that students can swap places for a semester or a
year. You would go to school in Italy, for instance,
and an Italian student would attend your school.
Your tuition would remain the same - only the
cost of living would change. Not all universities
offer exchange programs, and opportunities can be
limited, so this would be a good thing to ask your
study abroad advisor about.


The bottom line

Regardless of what aid you have or how you plan
to finance your semester, there are many ways you
can save on study abroad. You can get an ISIC
(International Student ID Card) to get discounts on
travel and attractions. If your Visa allows it, you
can find a part-time job abroad to earn extra
money, plus this can be a great way to make
friends with locals. You can look for a program
that includes housing in the cost or you can look
for cheaper housing on your own that isn't
associated with the program. And if you're still
concerned about money, you can look into the
exchange rate of different countries and choose a
destination where the U.S. dollar will work in your
favor.
There really is no better time to go abroad than as
a student. After all, there are few times in life when
you can get someone to help finance your travels!
And if you would be putting the money towards
tuition at home anyway, why not have a little more
fun with it?
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