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