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The following questions and answers are based on University of Minnesota Twin Cities procedures. Students enrolled at other schools should contact the financial aid office at their home institution to discuss financial aid options. Due to on-going changes in federal legislation, it is advisable to keep in regular contact with your financial aid office once you have applied for and received financial aid. Additionally, it is extremely important for University of Minnesota students to review the information available at OneStop, including the Office of Student Finance's FAQs on Study Abroad Financial Aid.
» General
» Accessing Financial Aid
» Eligibility
» Concerns While Abroad
Can I use financial aid for study abroad?
Yes! It is possible to use financial aid for virtually every study abroad option. Even if you have not received aid in the past, you should consider applying for financial aid for the period of your study abroad.
What kind of aid is available?
There are three basic types of financial aid:
Need-based financial aid: This type of aid is based on an evaluation of your financial need and is processed by the University of Minnesota Office of Student Finance. It includes the Minnesota State Grant, Federal Pell Grant, Ford Federal Direct Subsidized Loan, and assorted University of Minnesota Trust loans and grants.
Supplementary loans: These loans are not need-based and are designed to supplement the parent/student contribution to your educational costs. They can be used alone or in conjunction with need-based financial aid to finance your study abroad costs. Supplementary loans involve a separate application process through the Office of Student Finance and include the Ford Federal Direct Unsubsidized Loan, Student Educational Loan Fund (SELF), and Ford Federal Direct PLUS (i.e. loan for parents).
Scholarships: An expanding variety of study abroad scholarships are available to University of Minnesota students. Visit the Learning Abroad Center resource center located in 230 Heller, research scholarships on our scholarships web page, or talk with a Learning Abroad Center adviser for information on other scholarship opportunities.
How do I apply for study abroad financial aid?
Applying for need-based aid and supplementary loans for study abroad is a four-step process:
- complete a Free Application for Federal Student Aid (FAFSA)
- arrange a Financial Aid Preview Meeting in 200 Fraser Hall
- request a Study Abroad Cost Estimate (SACE) from the Learning Abroad Center
- submit your SACE the Office of Student Finance to request an aid adjustment
The complete process is outlined in Steps for Using Financial Aid for Study Abroad.
When should I start applying for financial aid?
Complete the FAFSA early, but not before January 1 for the following academic year. Application deadlines are posted on the FAFSA web site. Keep in mind that financial aid procedures for study abroad will take additional time and planning. Most scholarship application deadlines vary from six months to one and a half years prior to departure.
Can my financial aid be released early because I am leaving for my program before aid is normally disbursed?
Students studying at universities in Australia, New Zealand, Asia, South America, and other Southern Hemisphere sites will often encounter this issue. Even if your program starts before financial aid is disbursed, you will not be able to request an advance of your financial aid. Students participating on May session programs will likely receive their aid after they return in mid-June. Fortunately, Learning Abroad Center-affiliated program fees, with the exception of the deposit, will generally be due after financial aid is released.
Can I use my financial aid to pay my program deposit?
You will need to pay your deposit before your financial aid is released. Don't wait until your aid is disbursed to pay the deposit because you will likely lose your place in the program. Rest assured that the amount of the deposit is calculated in your total cost of attendance when financial aid is awarded.
Do I need a SACE even if I only plan to use scholarships?
In most cases, a SACE is not required if you only plan to use scholarships to study abroad. Ask your scholarship provider if any documentation is required in order to access your scholarship funds. If documentation is required, an unofficial Budget Estimate will usually work in place of a SACE. You will, however, need to obtain a SACE if you would like to be considered for additional types of financial aid, such as loans or grants.
Do I need a SACE if I don't need my aid award adjusted?
Because your financial aid cannot exceed the cost of attendance for your chosen study abroad program, you will still need to submit a SACE to the Office of Student Finance to document your actual cost of attendance. You will also receive important information at your meeting with the financial aid adviser regarding access to your aid while abroad, regardless of whether your financial aid needs to be adjusted.
Are all University of Minnesota students eligible for financial aid?
University of Minnesota students must be enrolled in a degree-seeking or eligible certificate program to be eligible for financial aid through the University.
Are there limits on the amount of financial aid I can receive?
Yes, there may be limits, especially for May and summer session programs since these programs are part of the previous academic year. Your financial aid, including scholarships, can never exceed the cost of attendence for your chosen study abroad program. Discuss your situation with an adviser at the Office of Student Finance and review Financial Aid Eligibility and Limits. You may wish to arrange a Financial Aid Preview Meeting with a financial aid adviser to discuss your eligibility based on the cost of studying abroad.
How much of my costs will financial aid cover?
It depends on your study abroad program cost, your financial need, and the number of supplementary loans to which you will have access. Your financial aid award may not cover the entire cost of studying abroad. In reviewing your options, you should also consider how much loan debt you are willing to incur.
Should I even bother to apply? I probably won't get any financial aid because my parents make too much.
Most students don't think they will get any financial aid and therefore never apply. However, many who do qualify for need-based aid never find out because they didn't apply. Every student is eligible for some type of financial aid, and it depends on which type you are willing to accept. It is a good idea to apply anyways in case you might unexpectedly need to access some of the funds, even if they are in the form of loans.
Do the number of credits I take affect my financial aid?
Yes. Study abroad credit load requirements are the same as those for on-campus study. For specific details, refer to OneStop's Enrollment Criteria for financial aid or check with the Office of Student Finance for credit requirements for your particular aid package. In general, Minnesota State Grants require a minimum of fifteen credits per semester for full-time status. Most other aid requires a minimum of twelve credits per semester. Loans usually require only six credits per semester or summer term. May and summer term students must enroll in at least six credits to maintain minimal eligibility.
Can I use a tuition waiver, such as PSEO or the Regent's scholarship, to pay for my study abroad program fee?
Very rarely can a Regent's Scholarship be used for study abroad. It is possible that a small portion of the program fee may be covered by a PSEO tution waiver. This is worked out on a case by case basis, and depends on the program. Other tuition waivers may not be used.
I'm not a University of Minnesota student. Can I apply for aid through the University?
No. Even if you are doing a University of Minnesota study abroad program, you must access financial aid through your home institution. You may not transfer to the University just for the term that you are abroad in hopes of accessing University of Minnesota financial aid. For more details, visit the the Students from Other Institutions section of our financial aid web page.
Do my grades affect my future financial aid?
Successful completion of the program will affect your financial aid status in the same way that it would if you had studied on campus. Read and be familiar with the Satisfactory Academic Progress Policy for Financial Aid Recipients.
Who is responsible for taking care of my financial aid while I am overseas?
You are responsible. The Learning Abroad Center or your home institution's study abroad office can advise you in making the necessary arrangements to ensure that all funds are sent to the appropriate places. Keep in mind that you must make these arrangements prior to your departure or your aid may be delayed or may not be released at all. You may wish to grant your contact person Power of Attorney to assist in resolving issues in your absence (see question below).
Do I need to grant Power of Attorney to a contact person?
It is extremely important that you select a contact person and grant them Power of Attorney before you go abroad. Completing the appropriate written Power of Attorney documentation allows them to take care of most unanticipated financial affairs while you are out of the country. Without Power of Attorney, it is extremely difficult, if not impossible, for your contact person to obtain information on your financial aid, complete financial aid paperwork, handle issues related to deposit of financial aid checks, etc.
Can I defer past loans while studying abroad?
Yes. You must contact your loan agency to request and complete the necessary paperwork. Loan deferment requires that you register for a minimum of 6 or 12 credits per semester, depending on your loan status. Be sure to arrange for completion of the appropriate forms or your loan agency may expect repayment to begin while you are abroad.
Can I work or volunteer while studying abroad?
Yes, it is sometimes possible, but it requires advance planning. Your ability to work or volunteer abroad depends on the host country and your study abroad program. Most students decide not to work because the schedule and courses abroad can be demanding, and they wish to leave themselves time to socialize and explore their host community, or find the process to secure proper documentation to work too difficult. Volunteering is generally much easier to work into your experience abroad because extra documentation is usually not necessary. Refer to Combining Two International Experiences in the Advising Handbook for more details.
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Last modified on May 13, 2008 |