FINANCIAL AID ORIENTATION SUMMER FACULTY LED Heather Thompson Assistant Director, Study Abroad Liaison to UT Office of Student Financial Services Cierra Campbell Academic Records Coordinator Credit/Scholarship Administrator

PRESENTATION OVERVIEW 1. Program Costs 2. Timeline 3. Scholarships 4. Loans 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.

PROGRAM COSTS

The real cost of study abroad is the difference between studying in Austin and studying in a foreign location. AUSTINABROAD Tuition$2767 Room & Board$3339$4950 Transportation$490$1575 Personal$925$885 Books$188$150 Total:$7,709$10,327 REAL COST OF STUDY ABROAD Understanding Costs Ex: Learning Tuscany Austin$7,709 Foreign$10,327 Real Cost$2418 Understanding Costs Ex: Santander Austin$7,909 Foreign$6,936 Real Cost--$973

Original Award For Austin Adjusted Award Abroad University Tuition Grant$1387 Federal Work Study$800$0 Federal Direct Subsidized Loan$2700 Federal Direct Unsubsidized Loan$2822 Federal Direct Parent Loan or Private Alternative Loan $3418 Award Total$7,709$10,327 The only way to reduce loans is with savings or scholarships: Scholarship – IEFS$1500 Scholarship - Departmental$2000

ScholarshipDeadlineAverage Award Amount Notification / Distribution SA SummerDecember 1$2000January COLA SummerDec 1 / March 1$1000varies IEFSFebruary 15$1500March EngineeringMarch 1$1600varies 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 spring break or before departure  Micro lending – Fund My Trip or Fund My Travel.com  Birthday

TIMELINE Due by January 23 via What I Owe Deposit Jan 23 / April 1 via MySAO Portal Forms Due Do not purchase until instructed to do so! Plane Ticket / Visa SA Program Coordinator Submits to OSFS Budget Student registers for summer course(s) Registration Due by May 1 or defer online Program Fee sent / student claims in CASH EFAN Student pays online by May 15 by 5pm Fee bill Approx. Austin’s first class day June 5 Disbursement January April May Notes:  Registration must be correct - it is your responsibility  Fee bill to UT must be paid (most likely deferment option)  Summer Program Fee must be paid (most likely deferment option) June

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

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  Complete MySAO forms & attend Orientation Meetings  Wait for instructions to purchase plane ticket  Plan for co-signer  Pay your deposit (due January 23)  Registration for summer courses in April  Pay Program Fee balance (due May 1)  Claim revised EFAN (late April, early May)  Confirm Tuition bill by May 15

QUESTIONS