1. Created by Maria Terrazas, CIBER Program Coordinator

2. Goals Provide information about your funding options and financial resources Loans, Scholarships Provide information on the financial aid process as it applies to CIBER Programs BBA Programs MPA Programs Tips to make smart choices when funding your international experience

3. What is the cost of a summer abroad? BBA Program Costs CIBER Summer Costs: Summer at UT Costs: UT Tuition/UEX Fee$2000 $2853 Affiliated Studies fee (BBA Programs only)$400 $0 CIBER Program fee$4850 $0 SAO application feeIncluded $0 Program provider application feeN/A $0 Food$1200 HousingIncluded $1900 Books and materialsIncluded $350 Travel Expenses Airfare$1700 Passport$110 $0 Visa, if applicable- $0 Local transportation$100 $400 Miscellaneous Personal Items (phone, toiletries, entertainment, gifts, etc.)$500 $800 Medical insuranceIncluded $200 Healthcare expenses (physical exam, vaccinations, medications) $20 Emergency funds$500 Optional vacation/personal travel *not included in fin aid$1000 $0 Total Estimated Cost$12,280 $8223

4. Funding your study abroad Parents/FamilyPersonal SavingsCredit Loans (federal/private) Scholarships/Grants

5. SCHOLARSHIPS

6. Scholarships SAO scholarships 25-Year Anniversary Scholarship International Education Fee Scholarship First Abroad Scholarship CIBER Scholarships CIBER Study Abroad Scholarship CIBER Project Scholarship First Generation Scholarship BHP Summer Study Abroad Scholarship CIBER: Supply Chain Management Center of Excellence Scholarship Texas Competitive Scholarship Waiver Accounting “Big Four” Scholarship for International Study D&T, PWC, KPMG, E&Y Other Scholarships- Academic Departments, Private scholarships and Scholarships I don’t know about but want to know about! http://utdirect.utexas.edu/student/abroad/globalassist.WBX

7. CIBER SCHOLARSHIPS CIBER Scholarships CIBER Study Abroad Scholarship CIBER Project Scholarship- "Differences in Teaching and Learning in Foreign Cultures” First Generation Scholarship BHP Summer Study Abroad Scholarship CIBER: Supply Chain Management Center of Excellence Scholarship Texas Competitive Scholarship Waiver Accounting “Big Four” Scholarship for International Study D&T, PWC, KPMG, E&Y Application Deadline: March 1, 2012 Awards Announced: Mid-March Awards Disbursed: Early April

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

9. LOANS

10. Loans Federal LoansDirect Subsidized Direct Unsubsidized Parent Plus Loans Private/Alternative Loans Most summer financial aid for studying abroad will be in the form of loans

11. Federal Loans Direct Subsidized Undergraduate: 3.4% interest rate Graduate: 6.8% interest rate The federal government pays the interest that accrues until the student enters repayment (6 mo after graduation) Direct Unsubsidized Undergraduate/graduate: 6.8% interest rate Students are responsible for interest that accrues from the date the loan is disbursed (released). Interest continues to accrue and is capitalized when you enter repayment.

12. Other Types of Loans Parent Loan (Plus Loan)- Is a federal loan but is credit based and can be denied. If a parent is denied for one semester, they may be denied for summer as well. Private/Alternative Loans: Are not as good as federal loans since they usually have higher interest rates. Credit based Differing interest rates Students should go to university credit union or any bank on the drag Need co-signers Additional info on OSFS website.

13. Should you take out a Loan? What is your financial situation Can you fund your summer abroad through other means? (personal savings, parental support, private scholarships) What is your personal budget for the Summer What are your priorities? What are your travel plans? What can you afford to do? What is worth it to you? What are your loan options?

14. Loans: What is the real cost of a loan? Study abroad debt Loan balance$5,000 Interest rate6.8% Loan term5 years Monthly Payment$100 Accrued interest $895.67 Cumulative Payment $5,895.67 *Stats from FinAid.org Let’s say that you want to go on a program and want to take out a $5000 unsubsidized loan

15. THE FINANCIAL AID PROCESS

16. Financial Aid Whether you are planning on applying for loans or scholarships, you should file a FAFSA application http://www.fafsa.ed.gov/ DEADLINE: March 15, 2012. The earlier the better! Even if you don’t qualify for financial aid to study in Austin, you may receive fin aid for your study abroad program FAFSA is also beneficial when applying for scholarships

17. Important things to know about Financial Aid When you apply in March, you are applying for Summer 2012/Fall 2012/Spring 2013 at UT Your Summer 2012 aid will then be adjusted to reflect the cost of going abroad Most Financial Aid for study abroad in the summer will be in the form of loans Release dates of financial aid may not match up to program start dates!

18. BBA and MPA BBA Programs MPA Programs Expenses: 3 credit tuition 3 credit affiliated fee CIBER Program fee Living Expenses (food, airfare, transportation, emergency funds) BBA courses considered in residence Expenses: 6 credit university extension CIBER Program fee Living Expenses (food, airfare, transportation, emergency funds) MPA courses not considered in residence

19. Financial Aid Expectations What aid can/can’t you apply abroad? YESNO (reduced) UT GrantsWork Study Texas Tomorrow Fund GI Bill Private Scholarships CIBER and SAO Scholarships Federal Loans Private/Alternative Loans YESNO Texas Tomorrow Fund Most UT Grants Private ScholarshipWork study Private ScholarshipsGI Bill CIBER and SAO Scholarships Federal Loans Private/Alternative Loans BBA Programs (in residence) MPA Programs (not in residence)

20. Financial Aid Process You submit your FAFSA OSFS awards your aid package for Summer 2012, Fall 2012, Spring 2013] You accept/decline aid CIBER submits a study abroad budget to OSFS OSFS recalculates your summer 2012 aid and sends you an adjusted 2012 Summer award package You accept/decline Aid Financial Aid is released in mid-June

21. BBA Financial Aid: Award Adjustment Aid at UTAid adjusted for abroad Financial ResourceAmount UT grant$750 Private Scholarships $2,250 Subsidized Loans$5,500 Total: $8,500 Financial ResourceAmount UT grant$250 Private Scholarships $2,250 CIBER Scholarships$1,000 Unsubsidized loans$5,000 Alternative loans$3,000 TOTAL:$11,500 Let’s your program costs $11,500 (including airfare, food, etc) Increase in loans aid, decrease in grant aid

22. MPA Financial Aid: Award Adjustment Aid at UTAid adjusted for abroad Financial ResourceAmount UT Fellowship$5,000 Private Scholarships (non UT) $3,000 Loans$5,000 Total: $13,000 Financial ResourceAmount Private Scholarships (non-UT) $3,000 CIBER Scholarship$1,000 Unsubsidized Loans$4,000 Alternative Loans$2,000 $10,000 Let’s your program costs $10,000 (including airfare, food, etc) Increase in loans aid, decrease in grant aid

23. Financial Aid Process You submit your FAFSA OSFS awards your aid package for Summer 2012, Fall 2012, Spring 2013] You accept/decline aid CIBER submits a study abroad budget to OSFS OSFS recalculates your summer 2012 aid and sends you an adjusted 2012 Summer award package You accept/decline Aid Financial Aid is released in mid-June

24. YOU MPA Financial Aid: What YOU Need to Do FAFSA Award Package sent out late March Adjusted FAFSA Award Package sent out early MAY 2. Visit Check Aid Status Here (CASH) regularly: http://finaid.utexas.edu/ http://finaid.utexas.edu/ 3. Activate your E-Fan 4. Complete any additional requirements 5. Check your EMAIL 6. Visit Check Aid Status Here (CASH) regularly: http://finaid.utexas.edu/ http://finaid.utexas.edu/ 7. Activate your E-Fan 8. Complete all additional requirements 9. Check your EMAIL 1.Fill out your FASFA by March 15

25. Financial Aid Release Dates BBA ProgramsPayment Due Date Financial Aid Release start Financial Aid Received UT TuitionMay 17 (may be deferred) Begin May 312 nd week of June UT Affiliated Course Fee May 17 (may be deferred) Begin May 312 nd week of June CIBER Program FeeApril 15*Begin May 312 nd week of June MPA ProgramsPayment Due Date Financial Aid Release Financial Aid Received University Extension Fees March 12-16*Begin May 312 nd week of June CIBER Program FeeApril 15*Begin May 312 nd week of June * Must be paid out of pocket even before Financial Aid is released

26. Other Expenses to be paid up front Airfare Food (during first 2-3 weeks) Local transportation (during first 2-3 weeks) Miscellaneous expenses (during first 2-3 weeks) Make sure you have enough funds to cover these expenses during the first 2-3 weeks until your financial aid funds are released!!

27. Recap You can find funding to go abroad through FAFSA, UT/CIBER or Private scholarships, and private loans You must be attentive with FAFSA Process!! Plan ahead Find the best funding options for you Apply early Enough funds to cover up-front expenses You should be an active participant in finding the best funding and programs

28. Things to Do… 1. Fill out a FAFSA by MARCH 15 2. Complete ALL necessary steps in order to release aid Complete Loan Counseling Complete Master Promissory Notes Accept the CA$H Respond to E-FANS (original AND revised) 3. Research Scholarships 4. Apply to scholarships!!! 5. When in doubt, ask

29. Contact the Office of Student Financial Services Location: 3 rd Floor of the SSB, Suite 3.200 By phone:(512) 475-6282 (best to call) By e-mail:ask@finaid.utexas.edu On the Web: http://finaid.utexas.edu Office Hours: Lobby—M, T, Th, F 8:30am-4:30pm; W 9am-4:30pm Call Center—M-F 8:00am-5pm