Study Abroad Finances
Financing Study Abroad
Listed below are general guidelines regarding financial aid eligibility for students on study abroad programs. However, as each student's financial situation is unique, it is your responsibility to meet with a financial aid counselor while planning your semester(s) abroad.
Financial Aid Counseling
Financial Aid Counselors are available to meet with students to discuss their specific study abroad plans and their financial aid eligibility. All students receiving financial aid must complete the Financial Aid Acknowledgement Form provided by the Center for Study Abroad. You will need to meet with your financial aid counselor to discuss your study abroad plans, as they will need to complete a portion of this form.
Counselors can be reached via e-mail at help@finaid.rochester.edu or by phone at 275-3226.
Application Requirements
You must complete a Financial Aid Application to be eligible for any need-based aid (including loans) while on a study abroad program. A completed application includes the following items.
- FAFSA
- University of Rochester Returning Undergraduate Application
- Copies of Federal Tax returns for both student and parents, including parent W-2 forms.
- Business supplement form if your parent is self-employed
With the exception of your family's federal tax returns, the forms listed above are all available on our website: www.enrollment.rochester.edu/financialaid.
Returning students who do not submit their financial aid application with all supporting documentation by the April 15th deadline should be aware that they are not guaranteed full consideration for need-based assistance and may have their aid reduced due to limited funding.
Costs
UR Programs: All students studying on UR-sponsored programs will be charged UR tuition and room costs for their semester abroad. These charges will appear on your UR term bill. The bill will not reflect the registration for your specific study abroad program, but will show any anticipated or expected financial aid.
Cost figures are calculated by the Center for Study Abroad in consultation with program sponsors. These figures will include UR tuition and room charges, fees, board, personal expenses, international airfare, books and other required expenses. Optional expenses, such as additional travel, restaurant dining, visa fees, and souvenirs are not considered when calculating educational costs for the semester/year. These discretionary costs are the student's responsibility.
Non-UR Programs: Each non-UR program has a different fee depending on what the program includes (room, board, tuition, etc.), as well as cost of living in the host country, currency exchange, and other factors. Keep in mind that studying in Paris, London, or Tokyo will prove much more costly than a semester in St. Petersburg, Jerusalem or Lima.
Financial Aid Eligibility
UR Programs: If you are a financial aid recipient you will be eligible to receive financial aid during your semester abroad. If your total program cost is less than the cost of studying at UR for that semester, your need-based aid will be reduced proportionately. Merit awards will not be reduced. Please see a financial aid counselor to discuss your specific situation, including which awards are need-based.
Non-UR Programs: If you choose to study on a non-UR program, you will not be eligible to receive the same financial aid. Most importantly, you will not be eligible for any University of Rochester assistance. It is especially important to discuss your plans with a financial aid counselor to determine what types of aid you will eligible for while abroad and to ensure the continuation of your aid when you return. A small number of study abroad programs have their own financial aid available; applications are available from the sponsors.
Federal Direct Loans and Federal Pell Grants may be used while on a non-UR program, provided that the program is sponsored by a U.S. college or university. TAP awards for NYS residents can be used if the non-UR program is sponsored by a NY college or university.
In order to be eligible for these funds (as well as for PLUS or alternative loans) for the semester you are abroad, you must complete a Consortium/Contractual Agreement. This can be obtained from the Financial Aid Office, or online at www.enrollment.rochester.edu/financialaid. Detailed instructions on completing the Consortium/Contractual Agreement are included as part of the agreement. A Consortium/Contractual Agreement involves multiple steps and requires several signatures, so do not delay in completing this requirement. Your coursework must be approved before the UR Dean can sign the Consortium/Contractual Agreement.
Non-refundable Deposits
Once students are admitted to programs, they are required to inform the Center for Study Abroad and the program sponsor of their plans as quickly as possible. Many programs ask for a non-refundable deposit to hold a student's place in the program. Deposits range from $100 to $1000 and are discussed in acceptance materials. The average is around $300.
Billing
If you are participating in a study abroad program in the fall, you will receive your fall semester bill in July. If you are participating in a study abroad program in the spring, you will receive your spring semester bill in December. You will not receive a bill in November unless you have a balance from the fall semester. Students participating in a full-year program will be billed on a semester basis.
Your balance must be paid in full from the prior semester to register for a study abroad program. If you have a past due balance, you may settle your account with the Bursar's Office, 330 Meliora Hall, 275-3931. Your registration for a study abroad program is subject to cancellation if payment is not kept current and your past due balance is $5,000 or greater, or if you submit a check that is returned by the bank, unless acceptable arrangements are promptly made.
If you are participating in a non-UR program, UR will bill you for the study abroad fee ($1100). You will be billed directly for the program cost by the college or university that sponsors your program.
Before You Leave
Update your billing address with the Bursar's Office before departure, and again when you return, if the billing address should change.
Contact the Bursar's Office before you leave if you are receiving an outside scholarship or alternative loan that requires your endorsement. We will make arrangements with you to have the check (s) signed so that you will be credited with the funds. If someone other than you will be handling your financial affairs while you are abroad, please be sure to share this information with that individual.
Refunds
If you are expecting to receive a refund of financial aid (your financial aid exceeds your charges), you need to contact the Bursar's Office before you leave to make arrangements to receive this refund. If you are participating in a UR-sponsored program, the Bursar's Office cannot issue a refund until at least ten days prior to the start of classes at UR.
If you are on a non-UR program and have completed a Consortium/Contractual Agreement, the Bursar's Office will need to verify your registration before financial aid can be credited to your account and a refund check issued. Your registration cannot be verified until your program start date; you should therefore plan to cover a minimum of one month's expenses before the refund will be available.
In Section III of the Consortium/Contractual Agreement, students are required to indicate how their refund check should be made payable. If you want your refund check to be issued to your study abroad program, this must be indicated on the Consortium/Contractual Agreement. If this section is left blank, the refund will be made payable to you and sent to your billing address. Payment will not be sent to the
If your Financial Aid Application is complete, and if your anticipated aid will more than cover the study abroad charges on your account, then the Bursar's Office may be able to advance funds to cover airfare or other expenses prior to departure. Contact the Bursar's Office to inquire about this possibility.
Budgeting
Don't spend all your money in once place! Your spending money will need to make it through the several months of your study abroad program. Although there are many exciting things to do and purchase while you are abroad, pace yourself. Devise a budget and stick to it as closely as you can to avoid any problems while you are abroad!
Managing Your Money Abroad or "Life Without Flex"
Study abroad usually entails a drastic shift in the way you manage your money. No longer will you have a University of Rochester "flex account," or a meal plan. Instead, you'll find yourself paying for daily expenses out of pocket with cash or credit. Many students use ATM cards to withdraw cash (in the local currency) from a money machine. Not all cards work in all machines: make sure that your ATM card has the "Cirrus" or "Plus" logo on the back. Parents or family here in the U.S. may be able to monitor (or feed, if necessary) the bank account from this end while you withdraw from abroad. Some students have found it convenient to open an account at a major international bank that has branches overseas. Check with the bank before opening an account, in order to be sure that you will be able to access your account in the country where you'll be studying.
Many students find that a convenient method of managing their finances while overseas is through the use of credit cards. The acceptability of credit cards varies greatly from country to country; in order to find out which credit card is accepted in the country where you're planning to study, check with the card issuer. Also visit the websites for the card(s) that you carry, such as VISA or MasterCard.
Just as you would in any unfamiliar setting here in the U.S., avoid carrying large amounts of cash with you. Also, when you do carry cash on your person, divide up the money so that some is in your money belt, some in a pouch beneath your shirt, some in a front pocket and some in a back pocket. This is a safeguard against theft.
You may want to change some money into the foreign currency before you depart. However, if you're going to a smaller country, U.S. banks may not carry the currency. Some students still choose to purchase travelers' cheques (such as American Express or Thomas Cooke). These are a safe way to carry your money, but they're not universally accepted, and not necessarily the cheapest way of handling your money (there is a fee for purchasing and cashing the cheques).
Remember that credit cards can be as risky as they are convenient. Without a certain amount of discipline and budgeting, you might return from abroad with a staggering credit card debt. At the group orientation meeting in October, the Center for Study Abroad will provide you with an Expenses and Financial Planning Sheet to help you budget your expenses for your time overseas. Also, the Credit Education Bureau, which has an office in Rochester, can suggest smart and effective ways to keep track of your credit card expenses.
Other required reading about credit card debt for college students:
http://www.nelliemae.com/library/cc_use.html