FINANCIAL AID ORIENTATION FALL 2016 SEMESTER PROGRAMS Heather Thompson Director, Study Abroad Liaison to UT Office of Financial Aid

PRESENTATION OVERVIEW 1. Real Cost of Study Abroad 2. Timeline 3. Loans 4. Scholarships 5. Navigating OSFS 6. Questions

COMMON TERMS BUDGET The cost of the abroad program as determined by the study abroad coordinator; who submits it to Financial Aid on an agreed upon timeline. EFAN : Electronic Financial Aid Notification An from Financial Aid 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.

BUDGET SAMPLES

The real cost of study abroad is the difference between studying in Austin and studying in a foreign location. AUSTINExchangeAffiliate Tuition$4813 $600 Program Feen/a$0$19,659 Room & Board$5728$7000included Transportation$735$1400$1200 Personal$1388$2234$2000 Books$350$150included Total:$13,014$15,597$23,459 REAL COST OF STUDY ABROAD Understanding Costs Austin$13,014 Foreign$15,597 Real Cost$2,583

Original Award Austin Adjusted Award Exchange Adjusted Award Affiliate Federal Pell Grant$2822 Texas Public Education Grant$1334 Partial Tuition Grant$644 $0 University Tuition Grant$1500 $0 Federal Perkins Loan$2000 Federal Work Study$1600$0 Federal Direct Subsidized Loan$2750 Federal Direct Unsubsidized Loan $364$2500 Federal Direct Parent Loan or Private Alternative Loan $2,047$13,943 Award Total$13,014$15,597$23,549

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 Co-Signer Required

ScholarshipDeadlineAverage Award Amount Notification / Distribution Engineering Semester Exchange April 4VariesLate spring IEFSMarch 1$1500Early 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

TIMELINE SA PC Submits to Fin Aid Budget Student registers for SAB or AS courses Registration Check requirements; Flight variable Plane Ticket / Visa Paid directly to affiliate, n/a for exchange Deposit sent / student claims in CASH EFAN Deferment form, for AS only Program Fee Student pays online (tuition or $600 fee) Fee bill Pay provider / Cost of living In 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)

NAVIGATING OSFS 1.Know what you currently get 2.Compare current award to cost of your program 3.Prepared to have a co-signer 4.Log into CASH weekly and click on 5.Read your 6.If you have questions before departure go in person or read FAQ 7.After departure direct concerns to your SA Program Coordinator

NEXT STEPS – CHECKLIST  Determine your real cost  Register (April 18– April 29)  AS students complete deferment form for provider  Claim revised EFAN  Plan for a co-signer  AS pay $600 fee to UT (by August 10)  EXCH defer tuition bill (by August 10)  Plan for travel money (pocket cash for first two weeks)

QUESTIONS