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Financial aid Orientation

Financial aid Orientation. Summer 2014 - Faculty Led. Heather Thompson Assistant Director, Study Abroad Liaison to UT Office of Student Financial Services. Presentation Overview. Program Costs Timeline Scholarships Loans Navigating OSFS Questions. Common terms. BUDGET

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Financial aid Orientation

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  1. Financial aid Orientation Summer 2014 - Faculty Led Heather Thompson Assistant Director, Study Abroad Liaison to UT Office of Student Financial Services

  2. Presentation Overview • Program Costs • Timeline • Scholarships • Loans • Navigating OSFS • Questions

  3. Common terms BUDGET The cost of the abroad program as determined by the study abroad coordinator; who submits it to OSFS on an agreed upon timeline. EFAN: Electronic Financial Aid Notification An email from OSFS that guides the student to go online and claim an award package. AWARD PACKAGE Sum of the monies offered to the student; comprised of grants and loans. DISBURSEMENT The date in which the monies will be deposited into your bank account.

  4. Program costs

  5. Real Cost of Study Abroad • The real cost of study abroad is the difference between studying in Austin and studying in a foreign location.

  6. Estimations

  7. Scholarships http://utdirect.utexas.edu/student/abroad/globalassist.WBX • Other Ideas: • Save • Work over spring break or before departure • Micro lending – Fund My Trip or Fund My Travel.com • Birthday Scholarships can be used to off-set loans or to make up for a deficit in an award package.

  8. Timeline January April May June • Notes: • Registration must be correct - it is your responsibility • Fee bill to UT must be paid (most likely deferment option) • Summer Program Fee must be paid (most likely deferment option)

  9. Loans – 5 Types • Direct Subsidized and Unsubsidized Loans • Direct Parent PLUS Loan • Private / Alternative Loans • Tuition Loans • Emergency Cash Loans Co-Signer Required http://world.utexas.edu/abroad/funding/loans

  10. Navigating OSFS https://utdirect.utexas.edu/faweb/cash/ Know what you currently get Compare current award to cost of your program Prepared to have a co-signer Log into CASH weekly and click on Read your EMAIL If you have questions before departure go in person or read FAQ After departure direct concerns to your SA Program Coordinator

  11. Next steps – Checklist • Complete MySAO forms & attend Orientation Meetings • Wait for instructions to purchase plane ticket • Plan for co-signer • Pay your deposit (due January 17) • Registration for summer courses in April • Pay Program Fee balance (due May 1) • Claim revised EFAN (late April, early May) • Confirm Tuition bill by May 15

  12. Questions

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