1. Study Abroad: Making Sense of Your Budget and Bills
Spring 2016
Study Abroad: Making Sense of Your Budget and Bills
Wellesley College
Office of International Study
Student Financial Services

2. Study Abroad: Making Sense of Your Budget and Bills
Spring 2016
Agenda
Understanding your total cost (a.k.a. your budget)
Impact on financial aid
How you will be billed
How to pay your bills
Important considerations

3. Study Abroad: Making Sense of Your Budget and Bills
Spring 2016
Study Abroad Budget
The OIS creates study abroad budgets for all approved programs based on published & estimated costs.
OIS shares these budgets with SFS and makes them available online.
You can access program budgets online at OIS > Handbook > Costs > click on link Cost Estimate Worksheet
You must submit a Study Away Agreement for your aid to be calculated based on your study abroad budget.
Fall / Academic Year Deadline: April 1
Spring Deadline: November 1
Budget will be used by SFS to calculate your financial aid eligibility and prepare your term bill.

4. What’s Included in Your Budget
Study Abroad: Making Sense of Your Budget and Bills
Spring 2016
What’s Included in Your Budget
Wellesley College tuition
Participation Confirmation Fee (Program Providers)
Estimated room and board
Estimated airfare for one-round trip between the East coast and your study abroad destination
Estimated books
Estimated personal / other expenses (including local transportation)

5. What’s NOT Included in Your Budget
Study Abroad: Making Sense of Your Budget and Bills
Spring 2016
What’s NOT Included in Your Budget
These are additional costs for which you will be responsible
Health insurance
Exception: If you enroll in the College’s plan and automatically qualify for the Health Insurance Grant, then health insurance has already been included in the budget.
Passport fees
Visa fees are typically the responsibility of the student
Tourist activity, souvenirs, and extracurricular travel

6. Sample Budget for One Semester in 2015-16
Study Abroad: Making Sense of Your Budget and Bills
Spring 2016
Sample Budget for One Semester in
Sample Budget
Wellesley Tuition
$ 23,275
Housing
6,000
Meals
4,124
Travel
1,000
Books
400
Personal / other expenses
2,250
Total Budget
$ 37,049

7. Studying Abroad is Affordable
Study Abroad: Making Sense of Your Budget and Bills
Spring 2016
Studying Abroad is Affordable
Impact on Financial Aid: What Stays the Same
Financial Aid Application and Priority Due Date
No additional forms are required for study abroad.
Awards can be viewed online through Banner Self-Service. You’ll receive an when it’s ready.
How we calculate your Expected Family Contribution (EFC).
How we calculate and meet 100% of your Financial Need.
Budget - EFC = Financial Need
Your total “self-help” aid (i.e., work study and student loan) remains at the same dollar level.

8. Impact on Financial Aid: What’s Different
Study Abroad: Making Sense of Your Budget and Bills
Spring 2016
Impact on Financial Aid: What’s Different
Your Wellesley Grant will be adjusted based on your Study Abroad Budget
Wellesley Grant increases if your Study Abroad Budget is greater than being at Wellesley or reduces if your Study Abroad Budget is less than being at Wellesley.
Work study will be replaced by a student loan
If you have no loan, one will be added.
Loans do not have to be accepted if you can replace them with personal or outside resources.

9. Sample Financial Aid Awards
Study Abroad: Making Sense of Your Budget and Bills
Spring 2016
On Campus
Study Abroad
Tuition and Fees
$ 23,418
$ ,275
Non-tuition Expenses
8,777
13,774
Total Budget
32,195
37,049
Wellesley Grant
(24,570)
(29,424)
Loan
(1,475)
(2,625)
Work Study
(1,150)
(0)
Family Contribution
$ 5,000
$ ,000
On Campus
Study Abroad
Tuition and Fees
$ 23,418
$ 23,275
Non-tuition Expenses
8,777
13,774
Total Budget
32,195
37,049
Wellesley Grant
(9,570)
(14,424)
Loan
(1,475)
(2,625)
Work Study
(1,150)
(0)
Family Contribution
$ 20,000

10. International Study Scholarships
Study Abroad: Making Sense of Your Budget and Bills
Spring 2016
International Study Scholarships
You may be eligible for international study scholarships through your program or an outside agency.
International Study scholarships are treated like any other outside scholarship.
They replace your student loan, and in many cases, your student contribution.
All scholarships need to be reported to SFS by all students, regardless if you receive financial aid.

11. Study Abroad: Making Sense of Your Budget and Bills
Spring 2016
How You Will Be Billed
Billed expenses include charges on your Wellesley and Program term bills.
Non-billed expenses are costs that you will encounter on your own.
Examples of non-billed expenses:
Food in self-catering accommodations (Direct Enroll)
Additional food expense not provided by your program (Program Provider)
Local transportation (ex, subway passes)
Books and supplies
Flights (for certain programs)

12. What May Your Program Charge You? (it varies)
Study Abroad: Making Sense of Your Budget and Bills
Spring 2016
What May Your Program Charge You? (it varies)
Program deposit or down payment, to secure your place in the program.
Non-tuition expenses, such as room and board.
For Direct Enroll programs: In most cases, bills for your accommodation will be issued after you arrive at your program.
Program bills vary – some will include all charges on one bill, others will bill charges separately.

13. What will Wellesley charge you?
Study Abroad: Making Sense of Your Budget and Bills
Spring 2016
What will Wellesley charge you?
Wellesley College tuition ($23,275).
Health insurance, unless you waive enrollment.
For most students, this charge only appears on your Fall term bill.
You’ll receive an EBill, just like if you were on campus.
Access your EBill through your MyWellesley portal.
Add shared users to help manage your account while you’re away.

14. How Do You Pay Wellesley?
Study Abroad: Making Sense of Your Budget and Bills
Spring 2016
How Do You Pay Wellesley?
All aid will be deposited to your Wellesley student account.
If your total charges are greater than your aid, then you owe Wellesley money.
i.e., It’s time to pay part of your EFC.
Payment options remain the same.
We recommend making one-time payments with wellesley.afford.com
TMS Contracts: Adjust your contract so you only pay Wellesley tuition while abroad.
You’re still required to pay by the established deadlines
Spring: January 5, 2016

15. What if Wellesley Owes You Money?
Study Abroad: Making Sense of Your Budget and Bills
Spring 2016
What if Wellesley Owes You Money?
If your total charges are less than your aid, then the difference appears as a credit on your account.
This credit can be refunded to you so you can pay your other study abroad bills / expenses.
Refunds cannot be issued until your credit actively appears on your account and they are not issued automatically.
Monitor your Wellesley account to see when there is a credit and submit a Refund Request Form to SFS.
If you’ll be off-campus, submit form information in the body of an to
Refunds are directly deposited into your bank account on file.

16. Sample Breakdown for One Semester in 2015-16
Study Abroad: Making Sense of Your Budget and Bills
Spring 2016
Sample Breakdown for One Semester in
Study Abroad
EFC = $5,000
EFC = $20,000
Fall Term Charges
$ 23,275
Wellesley Grant
(29,424)
(14,424)
Loan
(2,625)
Amount due to Wellesley
6,226
Amount of Refund
8,774
EFC to Non-Tuition Expenses
5,000
13,774
Total to Non-Tuition Expenses

17. What if a Bill is Due Before Your Aid is Refunded?
Study Abroad: Making Sense of Your Budget and Bills
Spring 2016
What if a Bill is Due Before Your Aid is Refunded?
Payments may be due to your program before your aid is available, and you are subject to these deadlines.
Examples may include program deposit fee, room and board
Some programs will defer payment until your aid is available.
Ask your program and let us know if we can help!
Talk to SFS if you need additional resources.
Late payments can affect your registration and housing; so, plan ahead!

18. Study Abroad: Making Sense of Your Budget and Bills
Spring 2016
Final Thoughts
Understand how you will be billed and don’t ignore any bill that you receive.
Share this knowledge with your parent(s) or financially responsible party.
Avoid problems abroad by planning and asking questions before you leave.
Check your wellesley.edu because that’s how we will communicate with you.
Don’t forget to apply for financial aid for
May 6, 2016!

19. Study Abroad: Making Sense of Your Budget and Bills
Spring 2016
Contact Info
OIS
SFS
Location:
Schneider Center, Room
Schneider Center, Room 122
Website:
Phone:
(781)
(781)
Fax:
(781)
(781)