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Study Abroad: Making Sense of Your Budget and Bills

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

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Study Abroad: Making Sense of Your Budget and Bills

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

  2. 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 Budget • Upon receipt of your Leave of Absence Form, OIS will create a study abroad budget for you. • Submit your form by April 1 for the Fall / Full-Year and November 1 for the Spring. • Your budget will be based on published and estimated costs for your program. • OIS will submit your prepared budget to SFS. • You can access program budgets online at OIS > Handbook > Costs > click on link Cost Estimate Worksheet • Budget will be used by SFS to calculate your financial aid eligibility and prepare your term bill.

  4. What’s Included in Your Budget • Wellesley Collegetuition • 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 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 Spring 2013

  7. Studying Abroad is Affordable Impact on Financial Aid: What Stays the Same • Financial Aid Application and Priority Due Date • Applications will be reviewed in the order they’re received. • No additional forms are required for study abroad. • Awards can be viewed online through Banner Self-Service. You’ll receive an email 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 • Your Wellesley Grant will be adjusted based on your Study Abroad Budget • Wellesley Grant increases if your Study Abroad Budget costs more than Wellesley or reduces if your Study Abroad Budget costs less than 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

  10. International Studies Scholarships • Apply for scholarships specifically for study abroad. • Examples include Gilman, Freeman, Boren, or funding offered by your program. • International Studies 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. 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 • Local transportation (subway passes) • Books and supplies • Flights (for certain programs)

  12. What will Wellesley charge you? • If you enroll in a Wellesley sponsored program, then you will be charged a comprehensive fee ($27,428), which includes Wellesley tuition, room and board, and airfare. • Examples include Aix, Bologna, Cordoba, Puebla, etc. • If you enroll in a Wellesley approved program, then you will be charged Wellesley tuition ($20,912). • 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.

  13. What May Your Program Charge You? (it varies) Program deposit, to secure your place in the program. Non-tuition expenses, such as room and board. Program bills vary – some will include all charges on one bill, others will bill charges separately. This slide is not applicable to Wellesley sponsored programs.

  14. 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 www.afford.com • TMS Contracts: Adjust your contract so you only pay Wellesley tuition while abroad. • Applicable to Wellesley approved programs only. • You’re still required to pay by the established deadlines • Spring: January 2, 2013

  15. 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 email to sfs@wellesley.edu. • Refunds are directly deposited into your bank account on file.

  16. Sample Breakdown for Wellesley Approved Programs

  17. Important Considerations • Payments may be due to your program before your aid is available. • Talk to SFS if you need additional resources. • You are subject to your program’s payment deadlines even if your aid is not available yet. • Some programs will defer payment until your aid is available if SFS completes a deferment form or writes on your behalf. • Ask your program and let us know! • Late payments can affect your registration and housing.

  18. 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 email because that’s how we will communicate with you. • Don’t forget to apply for financial aid for 2013-2014. • Priority due date is April 20, 2013.

  19. Contact Info

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