FINANCIAL AID ORIENTATION SPRING 2016 Heather Thompson Director, Study Abroad Liaison to UT Office...
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Transcript of FINANCIAL AID ORIENTATION SPRING 2016 Heather Thompson Director, Study Abroad Liaison to UT Office...
FINANCIA
L AID
ORIENTA
TION
SP
RI N
G 2
01
6
Heather ThompsonDirector, Study Abroad
Liaison to UT Office of Financial Aid
PRESENTATION OVERVIEW
1. Real Cost of Study Abroad2. Timeline3. Loans4. Scholarships5. Navigating OSFS6. Questions
COMMON TERMSBUDGET
The cost of the abroad program as determined by the study abroad coordinator; who submits it to Financial Aid on an agreed upon timeline.
EFAN: Electronic Financial Aid NotificationAn email from Financial Aid that guides the student to go online and claim an award package.
AWARD PACKAGESum of the monies offered to the student; comprised of grants and loans.
DISBURSEMENTThe 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.
AUSTIN ABROAD
Tuition $5369 $5369
Room & Board
$5681 $8106
Transportation
$735 $2500
Personal $1388 $1650
Books $375 $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 AwardAustin
Adjusted Award
Exchange
Adjusted Award
Affiliate
Federal Pell Grant $2822 $2822 $2822
Texas Public Education Grant
$1334 $1334 $1334
Partial Tuition Grant $644 $644 $0
University Tuition Grant $1500 $1500 $0
Federal Perkins Loan $2000 $2000 $2000
Federal Work Study $1600 $0 $0
Federal Direct Subsidized Loan
$2750 $2750 $2750
Federal Direct Unsubsidized Loan
$361 $2000 $2000
Federal Direct Parent Loan or Private Alternative Loan
$4950 $7094
Award Total $13,011 $18,000 $18,000Estimations
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
http://world.utexas.edu/abroad/funding/loans
Co-Signer Required
Scholarship Deadline Average Award Amount
Notification / Distribution
COLA / LAH Scholarship
November 15 $1000 - $2000 Late Nov / early Dec
Engin Exchange
November 19 $1000 - $2000 Late Nov / early Dec
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
http://utdirect.utexas.edu/student/abroad/globalassist.WBX
TIMELINE• SA PC Submits to Financial AidBudget• Student registers for SAB or AS
coursesRegistration
• Check requirementsPlane Ticket / Visa
• Paid directly to affiliate, n/a for exchange
Deposit• Email sent / student claims in CASHEFAN• Deferment form, for AS onlyProgram Fee• Student pays online (tuition or
$600 fee)Fee bill
• Pay provider / Cost of livingIn 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 ($600) must be paid (cash, check or credit)
PAYMENTS
E XC H A N G E
What: To Whom:
Application Fee
UT: What I Owe
Tuition UT: My Tuition Bill
Deposit Host University
Visa Consulate
Airfare Airline Directly
Housing direct
Food direct
A F F I L I AT E D
What: To Whom:
Application Fee
UT: What I Owe
$600 AS Fee UT: My Tuition Bill
Deposit Affiliate
Visa (depends)
Airfare (depends)
Housing (included)
Food (included or direct)
EXCEPTIONS:UT in Paris, Seoul and Madrid – deposit and program fee paid to UTCIEE – deposit paid to affiliate, balance due paid to UT
NAVIGATING OSFS https://utdirect.utexas.edu/faweb/cash/
1. Know what you currently get2. Compare current award to cost of your program3. Prepared to have a co-signer4. Log into CASH weekly and click on5.Read your EMAIL6. If you have questions before departure go in person or read FAQ7. After departure direct concerns to your SA Program Coordinator
NEXT STEPS – CHECKLIST
Determine your real costRegister (October 26 – November 6)AS students complete deferment form for providerClaim revised EFANPlan for a co-signerAS pay $600 fee to UT (by January 7)EXCH defer tuition bill (by January 7)Plan for travel money (pocket cash for first two weeks)
QUESTIONS