Is my financial aid good if i study abroad? I have a little time (i'm going fall 08 or spring 09). I hear you can use scholarships and loans after you fill out your FASFA. Is that true?
It depends on your school. Go talk to the financial aid office. My school isn't allowing me to take any of my scholarships or grants with me. :( Only loans.
Hopefully they will. My school didn't give me any financial aid either because according to them the program I'm attending is not affiliated with my school so they can't help me.
As for taking out loans, look for the ones that actually does fund for study abroad students because believe it or not there are some that don't :/ Go figure.
That is unfortunate that people here are not having much luck with their school. I go to Portland State University (in Oregon) and my school allows me to use all my FA (scholarships and grants) on my study abroad trip as long as its pre-approved by them. All the study abroad goes through the CIEE program. Like others said here, ask your study abroad advisor and see if they have approved programs where you can use all your FA on it. You may be more limited in the locations, but save alot of money.
I guess my advice will be a little late for some of you, but I recommend Chase Bank if you need any loans for your semester abroad. Chase offers both federal and private student loans to cover expenses during the school year. Best of all, they make the check out in your name, not your school's, so you can use it for those hidden expenses like books, travel, food, etc. that normal school scholarships don't cover. I applied and received my check in the mail within a couple of days, and now I have peace of mind while in London.
Federal Financial Aid - Students can usually apply their financial aid (including loans) to assist in covering the cost of study abroad. Federal financial aid is governed by Chapter IV of the Higher Education Act of 1965. In the most recent reauthorization, very clear and forceful language was inserted stating that it is legal to use federal aid for student abroad if the credit earned by the student is approved by the home institution.
State Financial Aid - State financial aid may also be available for study abroad. This may come in a number of forms, and supplemental aid for summer study is possible.
Institutional Aid - This is aid funded by the student's home educational institution. Institutional scholarships may be restricted to study only at the home institution or programs sponsored by the home institution.
Private Aid - This is aid that is neither governmental nor institutional. It sometimes includes requirements that it be used in specific colleges or for study in specific geographic regions.
Program Sponsor Aid - Many US sponsored programs may offer some scholarships and grants for students accepted on their programs and for use on their programs.
If you completely explore all the options of study abroad financial aid, you might be surprised to find how cost-effective it can be. A number of sources for providing financial aid to the students for studying abroad are available. Some of these sources are Government funds, businesses, universities, and many private organizations & groups. Some existing government financial aid programmes can be easily transferred into study abroad financial aid programmes. Usually, the federal financial aid requires you to carry at least a half-time load at the foreign institution and receive credit for the program toward your degree at your home institution. It also requires the program to be such that it is not merely for experience but it advances you towards a degree. Apart from the government aid, you can also explore the students’ aid center in your existing university campus because it can give you fruitful information on financial aid for study abroad.
