Money Matters
Introduction
By planning ahead, almost anyone can afford to study abroad. Begin to plan your finances as early as possible. You want to be sure to have enough financial resources to take full advantage of living in a foreign country and the numerous travel possibilities that will be available to you. Your travel plans and lifestyle will largely influence the amount of money you will want to have accessible. If possible, it is a good idea to budget more than you think is necessary in case an emergency arises.
Money management abroad is generally more challenging for a number of reasons. The two most common are that there are more opportunities to spend and you are not yet accustomed to the local currency. Familiarize yourself with the exchange rate to better gauge the value of items. Prior to your departure, ask the USAC Central Office to provide you with an estimated cost sheet/budget on your desired program.
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Financial Aid
Institutional, private, state and federal financial aid may be available to you. USAC students are eligible for many federal financial aid opportunities including scholarships, loans, grants and fellowships. Federal law allows study abroad students to receive aid from their home universities while attending study abroad programs sponsored by their home university or other institutions. You also may want to research Pell Grants, student and parent loans, and private scholarships. There are a number of financial aid and scholarship websites available (see below).
After you have been admitted to a USAC program and apply for financial aid, contact your financial aid advisor at your home university. If they request a "program budget" or need a "consortium agreement" to be signed, contact the USAC Accounting Department for assistance.
Financial aid is time-sensitive and requires an application process. Please be sure you follow all instructions from your financial aid advisor and complete all paperwork well before your departure. If your home university cannot process your financial aid application, contact the USAC Enrollment Department for assistance in transferring your enrollment to a USAC member university.
If necessary, USAC can defer some of your final payment until your financial aid is disbursed. Please submit a copy of your financial aid award letter, stipulating the amount awarded for each term, along with the USAC Payment Deferment Form, on or before the final payment due date. We also will need to know when the financial aid is going to be disbursed and to whom (USAC or student). Since some universities disburse the financial aid funds directly to the student, it will be your responsibility to pay USAC once you receive the disbursement.
Financial aid:
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Scholarships
USAC has a variety of scholarships available for students enrolled in USAC programs – we awarded over $200,000 in scholarships last year alone. Contact the USAC Central Office or the USAC representative at the university in which you are enrolled for information and eligibility requirements. We also encourage you to research online for additional sources of financial aid and scholarships available to study abroad students. The USAC Central Office can also provide you with a list of available scholarships. Below are just a few examples of common scholarships available to you – there are many more out there.
The David L. Boren scholarship is intended for students who choose to study abroad in world regions critical to U.S. interests. Recipients of the scholarship are awarded up to $10,000 for a semester or $20,000 for a full academic year.
Recipients of the Benjamin A. Gilman International Scholarship are awarded up to $5,000 depending on the length of their study, in order to defray the costs associated with study abroad. Students must be receiving a Pell Grant at the time of application in order to qualify for this award. Summer programs are not eligible for the Gilman Scholarship.
The Phi Kappa Phi study abroad grant is intended for students of advanced academic standing who choose to study abroad. Fifty $1,000 grants are awarded each year.
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Fees, Billing and Discounts
Since programs are organized months before they take place, minor adjustments to specific dates and courses are sometimes necessary. USAC has rarely changed the published fee of a program, but reserves the right to do so, particularly in the event of unusual fluctuation in the exchange rate. Estimated expenses not included in program fees may vary depending on current exchange rates.
Billing and Payment Schedule
Please check your Student Gateway account frequently for updated transactions posted to your account, such as tuition, housing, tours, additional course charges, etc. Online payment is available through your Student Gateway account.
Note that invoices will not be mailed to you and are only available on your Student Gateway account. The program payment schedule must be followed in order for USAC to finalize program arrangements, such as housing. Refer to your USAC Program Fees and Options form (available on your Student Gateway account) for exact payment deadlines.
If your home university pays all or partial USAC fees on your behalf, then those fees will not be reflected on your Student Gateway account statement. Contact the USAC Accounting Department for questions and details.
Discount for Consortium Faculty, Staff and their Dependents
Faculty, staff and their dependents of USAC offices and Member Universities may be eligible for a tuition fee discount on most Specialty programs. Contact the USAC Central Office Accounting Department for details.
Discount for Returning/Continuing Students
Reduced fees may be available if you are a student who has already completed a USAC program or are currently enrolled in a program and want to continue. If you plan to study at more than one USAC program site, you may be required to submit an application deposit for each site. Contact the USAC Accounting Department for more information.
Educational Deductions and the IRS
Under current regulations, you may deduct some educational expenses from your tax return under certain conditions. Contact the appropriate tax agency (state or federal) or a tax professional for details.
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Money Abroad
It is helpful to carry local currency with you while traveling, especially if you arrive on a holiday, outside of normal business hours or have difficulty withdrawing money upon arrival. Local currency can be obtained before departure in most international airports, at some banks and at currency exchange centers.
Debit Cards
ATMs, especially those on the PLUS or CIRRUS systems, are available in most countries worldwide and are often the most convenient way to get foreign currency. Make sure that you have a PIN number in order to use your ATM/debit card internationally. With most debit cards, you will get the best exchange rate at that time and 24-hour accessibility. Please check with your bank to make sure that your card is approved for use abroad and to determine any charges related to its use internationally. Also, check to see if they collaborate with any international banks to minimize bank fees. Let your bank know the dates of your travel abroad – they may cancel your card if they see unexpected charges from foreign countries!
Credit Cards
Past participants recommend having at least one credit card. Visa and MasterCard are widely accepted abroad. Check with the bank that issued your card to see if there are any restrictions as to how much money can be withdrawn, how often this can be done, and what the service fees are, if any. Check with your credit card company to make sure your card is approved for use abroad. Let the credit card company know the dates of your travel abroad and find out how to report a lost or stolen credit card while abroad.
Exchange rates and currency converters:
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Withdrawal and Refunds
If you withdraw from a program, the USAC Central Office must be notified in writing immediately. If your withdrawal is made prior to the published cancellation deposit refund deadline, $200 of the $300 application fee and deposit is refundable. If you withdraw after this deadline, the $200 deposit also will be forfeited. Deposits on applications received after the cancellation deposit refund deadlines are non-refundable.
Students who withdraw within 45 days of the program start date forfeit a $750 cancellation penalty (unless otherwise noted in your Program Fees and Options Form), which includes the application fee and deposit. If you withdraw after switching to a subsequent program, the cancellation deposit refund deadline may be based on the program to which you originally applied, depending on the date when you decide to switch.
Once the program begins, no refunds will be given regardless of the reason for withdrawal, and any outstanding balance must be paid. It is understood that the program begins on the date of the onsite orientation or the tour date, if you opt to participate in an optional USAC tour before orientation.
Summer
If you are enrolled in two summer sessions and withdraw in writing from the second session during the first seven days of the first session (after orientation), you will receive a refund of the continuing fee for the cancelled session, less a cancellation fee of $750. There will be no refund after that date and any outstanding balance must be paid.
Courses/Tours with Additional Fees
If you have signed up for an optional course/tour and cancel less than 45 days prior to the start of the program, you may be charged 50 percent of the course/tour fee depending on the program. If you cancel the optional course/tour after the program start date, there will be no refund and you will be charged the full fee. Please refer to your USAC Program Agreement for details.
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