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Talking with Students about the Cost of Study Abroad

Talking with Students about the Cost of Study Abroad  Fit  Finances  Fear  Family and Friends  Faculty and Adviser Support On-line survey to 1700 UM sophomores-- 473 responded Focus groups with students of color confirm COST as top barrier

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Talking with Students about the Cost of Study Abroad

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  1. Talking with Studentsabout theCost of Study Abroad

  2.  Fit Finances  Fear  Family and Friends  Faculty and AdviserSupport

  3. On-line survey to 1700 UM sophomores--473 responded

  4. Focus groups withstudents of colorconfirm COST as top barrier

  5. > 40% ask about study abroad> 40% encouraged to study abroad

  6. You are the motivators.You are the mentors of the message.Why should students study abroad?

  7. Value of Study AbroadInvestment in EducationCost...Benefit“Too Expensive” = Fear?

  8. Cost as the #1 issue Demystifying the cost barrier- Promoting the value benefit Defining our roles • Planning for the cost of study abroad Overcoming real and perceived barriers • Case Studies Modeling the language advisers use with students • Role play What happens in the Study Abroad Office • Financial Aid Resources and limits of Federal Aid

  9. Roles Academic Advisers: • Motivating, suggesting, mentoring, planning, informing Study Abroad Advisers: • Program selection, cost planning, suggest strategies to meet costs Financial Aid Counselors: • Nuts and bolts of Federal Student Aid, address financial issues more globally

  10. Real vs. Perceived Barriers Real: • Admission into extremely costly program • No additional loan eligibility at grade level Perceived: • Sounds expensive • Anecdotal situations (my friend...) • Compare SA program costs with tuition only

  11. Real vs. Perceived Barriers We hope to see students overcome both sets of barriers by looking at their resources in a planful objective manner

  12. Advisers as Mentors in the Planning Process • Aware of students developmental level • Help students prepare by using the tools and expertise at your disposal • Teach planning by giving students responsibility and holding them accountable • Can we talk about study abroad cost in terms of the planning process?

  13. The Tutorial • Budget Comparison • Program Choice • Financial Aid for Study Abroad • Scholarships • Savings, Work Abroad

  14. 2001-02 Budget Comparison

  15. UM-Crookston $ 6, 582 IT Exchange in Korea $ 6,690 UM-Morris $ 6, 994 Stidu om Cuernavaca, Mexico $ 7, 425 UM-Duluth (resident) $ 7,660 UM-Twin Cities (resident) $ 8,160 Study in Venezuela $ 8,405 Exchange in Sweden $ 8,595 Council Semester in Dominican Republic $ 9,741 MSID India $ 10,600 ISEP Exchange to Argentina (Cordoba) $ 11,223 Exchange in Finland $ 11,223 Study in Montpellier, France $ 11,850 UM-Duluth (non-resident) $ 12, 789 Denmark International Study $ 12, 987 UM-Twin Cities (non-resident) $ 13,447 BU- Australia (U Queensland) $ 13,910 Program Cost Comparison

  16. Financial Aid Process • Study abroad office certifies increased cost (if any) • Increased cost means increased eligibility • Increased eligibility usually means more loans • Scholarships are available and realistic

  17. Scholarships • Can apply for most scholarships before program selection • Most scholarships can be used for study abroad • Students should confirm with outside provider • University study abroad scholarships are relatively small (+/- $750) and widely disbursed

  18. Financial planning • Plan to reduce costs at home (sublease apartment, store car at parents?) • Is work abroad an option? • Students can set priorities and save-- every little bit helps • Global Campus web site has more information including scholarship applications for all four campuses www.UMAbroad.umn.edu/funding.html

  19. Working Together • Let students know that study abroad programs can fit financially and academically. • Motivate planning: The earlier students begin to research study abroad options, the more time they will have to compare programs, search for aid, and find creative funding sources. • Help us create developmentally appropriate tools to help students plan for study abroad.

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