Post on 21-Jan-2016
FINANCIA
L AID
ORIENTA
TION
MAY M
E S T E R 2
01
6
Heather ThompsonDirector, Study Abroad
Liaison to UT Office of Student Financial Services
PRESENTATION OVERVIEW
1. Program Costs2. Timeline3. Scholarships4. Loans5. Navigating Financial Aid6. Questions
COMMON TERMSBUDGET
The cost of the abroad program as determined by the study abroad coordinator; who submits it to Financial Aid on an agreed upon timeline.
EFAN: Electronic Financial Aid NotificationAn email from Office of Financial Aid that guides the student to go online and claim an award package.
AWARD PACKAGESum of the monies offered to the student; comprised of grants and loans.
DISBURSEMENTThe date in which the monies will be deposited into your bank account.
PROGRAM COSTS
Maymester Total Cost
UT Austin
$13,011
+ Maymester
$ 7,979
Total $20,990
Original AwardFor Austin
Adjusted Award Maymester
Federal Pell Grant $2822 $2822
Texas Public Education Grant $1334 $1334
Partial Tuition Grant $644 $644
University Tuition Grant $1500 $1500
Federal Perkins Loan $2000 $2000
Federal Work Study $1600 $1600
Federal Direct Subsidized Loan $2750 $2750
Federal Direct Unsubsidized Loan $361 $2000
Federal Direct Parent Loan or Private Alternative Loan $4716
Award Total $13,011 $19,366
Estimations
TIMELINEBudget • SA PC Submits to Financial Aid
Registration• Student registers for Maymester
course(s)Deposit
• Due by December 10 via What I Owe
EFAN• Email sent / student claims in
CASHFee bill
• Student pays online by Jan 3 by 5pm
Disbursement #1• Regular funds for the spring
disbursedProgram Fee •Due by February 20 or defer online
Disbursement #2 •Additional money disbursed, mid February
Plane Ticket / Visa •Do not purchase until instructed to do so!
Forms Due •March 1 via My SAO Portal
November
December
January
February
Notes: Registration must be correct - it is your responsibility Fee bill to UT must be paid (most likely deferment option) Maymester Program Fee must be paid (most likely deferment option)
March
1. Direct Subsidized and Unsubsidized Loans
2. Direct Parent PLUS Loan
3. Private / Alternative Loans
4. Tuition Loans
5. Emergency Cash Loans
LOANS – 5 TYPES
http://world.utexas.edu/abroad/funding/loans
Co-Signer Required
Scholarship Deadline Average Award Amount
Notification / Distribution
IEFS October 1 $1500 Nov/Dec
25th Anniv. MM November 1 $2000 Nov/Dec
SA Maymester November 1 $2000 Nov/Dec
COLA Maymester
November 1 $1000 Nov/Dec
Engin Maymester
November 4 $1200 Nov/Dec
SCHOLARSHIPS
Scholarships can be used to off-set loans or
to make up for a deficit in an award package.
Other Ideas: Save Work over holiday break or before departure Micro lending – Fund My Trip or Fund My Travel.com Birthday & Christmas
http://utdirect.utexas.edu/student/abroad/globalassist.WBX
NAVIGATING OSFS https://utdirect.utexas.edu/faweb/cash/
1. Know what you currently get2. Compare current award to cost of your program3. Prepared to have a co-signer4. Log into CASH weekly and click on5.Read your EMAIL6. If you have questions before departure go in person or read FAQ7. After departure direct concerns to your SA Program Coordinator
NEXT STEPS – CHECKLIST
Check your Registration, fix during add/dropsPay your deposit $500 by December 10Claim revised EFANPlan for a co-signerConfirm tuition bill by January 7Arrange to pay for program fee by February 20Wait for instructions to purchase plane ticketAttend all orientation meetings!
QUESTIONS