Study Abroad Money Matters $ Created & Presented by Bryan Turnbough, UT Austin student, Spring 2010

Goals Provide information about how to plan to pursue funding options Give you an idea of what financial resources are available to you Provide you with information to help you find those resources Provide with tools to access the value of study abroad

Planning Things to do: Plan early Consider priorities Try to be flexible Save money

Financial Aid You should plan to apply for financial aid as early as possible at Financial Aid provides the best source of funding – Loans – Grants – Scholarships It can be adjusted to cover the program cost Release dates of financial aid may not match up to program start dates!

Aid at UT Financial ResourceAmount Pell grant$2,300 Tuition grant$3,000 $2,500 Scholarships$3,000 $2,000 Total $12,800 Aid adjusted for abroad Financial ResourceAmount Pell grant$2,300 Tuition grant$3,000 $2,500 Scholarships$3,000 $6,700 Total $16,500 Lets say your program costs $16,500 including airfare in the fall Financial Aid: Case Example Loans TEXAS grantOther grant Loans

Study abroad is an investment decision Its beneficial professionally (but you may have to explain how) Its beneficial academically (Graduate school & Law school applicants)

Loans The best loans for students can be applied for through FAFSA They might be worth taking because study abroad including airfare can be relatively cheaper than vacation trips (Going on vacation overseas for two weeks can cost you at least $3,000 with airfare) The benefits of studying abroad can justify loans

Loans: Case Example Study abroad debt Loan balance$15,000 Interest rate6.8% Loan term10 years Monthly Payment$ Accrued interest$5, *Stats from FinAId.org Lets say that you want to go on a program that is $15,000 in the fall Would you be flexible for a cheaper program? What are your priorities? What sacrifices could you make to afford taking loans? How much are you paying at UT per semester? Questions :

Loans: Case Example Getting the real cost of study abroad Real cost = Study abroad cost – UT cost Study abroad program cost = $15,000 Cost of studying at UT = $12,000 Real cost = $15,000 - $12,000 Real cost = $3,000 Loan balance$3,000 Interest rate6.8% Loan term10 years Monthly Payment$34.52 Accrued interest$1,143.11

Scholarships UT scholarships -IEFS -Continuing Scholarships Affiliated programs College/Departments Federal scholarships -Gilman grant (Pell grant) -NSEP award

Scholarships Things to consider: Underrepresented locations (Middle East, Southeast Asia, Eastern Europe, etc) Underrepresented student groups in study abroad (minorities, underrepresented majors, etc) Application timing

Student Examples Korea(Summer 2007)Taiwan (Fall 2008) Cant be done without loans? It can be! *Hanyang Exchange Program *CIEE Taipei $8,700 $17,443

Spain (Summer 2009) Financial ResourceAmount CIEE award$700 Total Spain (Fall 2009) Financial ResourceAmount Pell grant$2,300 Other grants$5,500 Scholarships$3,000 Total *CIEE Sevilla *Universidad de Comillas Exchange Program Student Examples Loans$8,200 Loans$5,200 $8,900$16,000 UT Summer = approx. $8,000 Real Cost= $900

Recap You can find funding to go abroad through FAFSA, scholarships and loans By planning ahead you can find the best funding options You should gauge the value of programs by looking at what benefits they offer versus cost You should be an active participant in finding the best funding and programs

Recap 1.Fill out a FAFSA 2.Research Scholarships 3.Apply