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Ashanti O steenSchool:University of Rochester Abroad Location: Argentina |
Studying abroad has exposed me to new ideas and new approaches. | |
| The best part about studying abroad was being able to exchange ideas, customs and language with Argentines that I met. ... | |
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PRINTParent’s Guide to Study Abroad Financial Aid
Study abroad is an investment that will benefit your child for years to come, just like the rest of your student’s education. At first many parents feel that study abroad is not within their financial means, however there are actually many financial aid options available to make study abroad possible for your child. In order to make the most of these financial aid opportunities the first thing you and your student need to do is to plan ahead.
Plan ahead
Your child should speak with a financial aid adviser or study abroad adviser to find out what kinds of financial aid options are available for study abroad. This should be done the first semester or quarter of their first year. All or parts of your child’s financial aid package from their home school may be applied towards their study abroad, but they should also consider the outside funding sources (scholarships, private loans, fundraising) to finance their global education experience.
Because researching and applying for financial aid is time-consuming, encourage your child to start early. It is important that your child keeps track of deadlines so that they don’t miss out on any available funding opportunities for international study.
International Study Abroad Funding Options
There are many different kinds of funding options that your child may be eligible for, including scholarships, grants, government and private student loans. In general, scholarships and grants do not have to be repaid, but loans must be repaid at varying interest rates.
These different types of financial aid can come from many different sources, including the federal government, the state government, your child’s school, and private organizations. By taking advantage of these different kinds of financial aid, your child’s study abroad program can become much more affordable.
Federal Aid
If our child is eligible for federal aid at their home institutions then they are legally entitled to aid for study abroad if the courses they take will transfer. In fact, your child may be eligible for additional financial aid if the cost of their study abroad program is more than the cost of attendance at their home institution.
In order for your child to receive this federal aid, they must meet certain requirements. For example, your child’s school must approve the study abroad program. In general, your child must also meet normal eligibility for federal financial aid, take at least a half-time course load, and receive credit towards their degree from their study abroad program.
Find Out More
Because financial aid policies and opportunities vary greatly by state and by school, your child should speak with a financial aid adviser and/or a study abroad advisor as soon as possible to learn more about what kinds of opportunities are available to help fund their study abroad program.
Here are some additional questions to consider while investigating financial aid for study abroad.
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How much does it cost for my child to study abroad? The cost can vary greatly depending on the destination, the duration of the program, and other factors. To get an idea of the cost, complete a budget worksheet. Can my child’s current financial aid package be applied to study abroad? Not all aid can be used for study abroad, although in general federal aid can be applied to study abroad programs. The financial aid office at your child’s school can provide more information regarding your child’s financial aid package.
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Does my child have to meet certain requirements in order for their financial aid to be transferable to their study abroad program? In general, there are certain requirements that must be met. For example, your child may have to take at least a half-time course load. To find out more, your child should speak with a financial aid adviser.
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What can financial aid be applied to? Airfare, tuition, housing? Some financial aid is more flexible than others, while others can only be used towards certain things, such as tuition. Your child should check with a financial aid adviser for more information.