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Study Abroad Money Matters

$. Study Abroad Money Matters. Created & Presented by Bryan Turnbough, UT Austin student, Spring 2010. Goals. Provide information about how to plan to pursue funding options Give you an idea of what financial resources are available to you

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Study Abroad Money Matters

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  1. $ Study Abroad Money Matters Created & Presented by Bryan Turnbough, UT Austin student, Spring 2010

  2. Goals • Provide information about how to plan to pursue funding options • Give you an idea of what financial resources are available to you • Provide you with information to help you find those resources • Provide with tools to access the value of study abroad

  3. Planning Things to do: • Plan early • Consider priorities • Try to be flexible • Save money

  4. Financial Aid • You should plan to apply for financial aid as early as possible at http://www.fafsa.ed.gov/ • Financial Aid provides the best source of funding • Loans • Grants • Scholarships • It can be adjusted to cover the program cost • Release dates of financial aid may not match up to program start dates!

  5. Financial Aid: Case Example Aid at UT Aid adjusted for abroad Let’s say your program costs $16,500 including airfare in the fall TEXAS grant Other grant Loans Loans

  6. Loans Study abroad is an investment decision • It’s beneficial professionally (but you may have to explain how) • It’s beneficial academically (Graduate school & Law school applicants)

  7. Loans • The best loans for students can be applied for through FAFSA • They might be worth taking because study abroad including airfare can be relatively cheaper than vacation trips (Going on vacation overseas for two weeks can cost you at least $3,000 with airfare) • The benefits of studying abroad can justify loans

  8. Loans: Case Example Study abroad debt Let’s say that you want to go on a program that is $15,000 in the fall • Would you be flexible for a cheaper program? • What are your priorities? • What sacrifices could you make to afford taking loans? • How much are you paying at UT per semester? Questions: *Stats from FinAId.org

  9. Loans: Case Example Getting the real cost of study abroad Real cost = Study abroad cost – UT cost Study abroad program cost = $15,000 Cost of studying at UT = $12,000 Real cost = $15,000 - $12,000 Real cost = $3,000

  10. Scholarships • UT scholarships -IEFS -Continuing Scholarships • Affiliated programs • College/Departments • Federal scholarships -Gilman grant (Pell grant) -NSEP award http://utdirect.utexas.edu/student/abroad/globalassist.WBX

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

  12. Student Examples Korea (Summer 2007) Taiwan (Fall 2008) Can’t be done without loans? It can be! $8,700 $17,443 *Hanyang Exchange Program *CIEE Taipei

  13. Student Examples Spain (Summer 2009) Spain (Fall 2009) Loans $8,200 UT Summer = approx. $8,000 Real Cost= $900 Loans $5,200 $8,900 $16,000 *CIEE Sevilla *Universidad de Comillas Exchange Program

  14. Recap • You can find funding to go abroad through FAFSA, scholarships and loans • By planning ahead you can find the best funding options • You should gauge the value of programs by looking at what benefits they offer versus cost • You should be an active participant in finding the best funding and programs

  15. Recap • Fill out a FAFSA • Research Scholarships • Apply

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