FINANCIAL AID ORIENTATION SPRING 2015 Heather Thompson Director, Study Abroad Liaison to UT Office of Student Financial Services Cierra Campbell Scholarship Coordinator, Study Abroad

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 OSFS on an agreed upon timeline. EFAN : Electronic Financial Aid Notification An from OSFS 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.

The real cost of study abroad is the difference between studying in Austin and studying in a foreign location. AUSTINABROAD Tuition$5369 Room & Board$5681$8106 Transportation$735$2500 Personal$1388$1650 Books$375 Total:$13,548$18,000 REAL COST OF STUDY ABROAD Understanding Costs Austin$13,548 Foreign$18,000 Real Cost$4,452

BUDGET SAMPLES

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 $361$2000 Federal Direct Parent Loan or Private Alternative Loan $4950$7094 Award Total$13,011$18,000

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 BBA ScholarshipOctober 5$2000October Liberal Arts Council November 1$1000November 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 OSFS Budget Student registers for SAB or AS courses Registration Check requirements 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 $400 fee) Fee bill Pay provider / Cost of living In Country Funds into bank account automatically Disbursement October November December January 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 ($400) must be paid (cash, check or credit)

PAYMENTS EXCHANGE What:To Whom: Application FeeUT: What I Owe TuitionUT: My Tuition Bill DepositHost University VisaConsulate AirfareAirline Directly Housingdirect Fooddirect AFFILIATED What:To Whom: Application FeeUT: What I Owe $400 AS FeeUT: My Tuition Bill DepositAffiliate Visa(depends) Airfare(depends) Housing(included) Food(included or direct) EXCEPTIONS: UT in Paris, Seoul and Madrid – deposit and program fee paid to UT CIEE and AIFS – deposit paid to affiliate, balance due paid to UT

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 (October 27 – November 7)  AS students complete deferment form for provider  Claim revised EFAN  Plan for a co-signer  AS pay $400 fee to UT (by January 8)  EXCH defer tuition bill (by January 8)  Plan for travel money (pocket cash for first two weeks)

QUESTIONS