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Financial Aid - Study Abroad FAQs
Financial Aid - Study Abroad FAQs
Q: Can I receive financial aid if I wish to participate in a study abroad program?
A: In many cases financial aid can be used to assist in meeting expenses for a study abroad experience. Students must meet all eligibility requirements for receiving financial aid. These can be reviewed on the BU Financial Aid website (www.bloomu.edu/aid).
Q: How do I apply for financial aid for study abroad?
A: For most financial aid programs, students should begin the process by completing the appropriate FAFSA (Free Application for Federal Student Aid) at least 4 months prior to the start of the study abroad semester. Students should also schedule an appointment in the Global Education Office to begin the application process.
Q: How much aid can I receive for study abroad?
A: Determining eligibility is complex and will involve many factors: costs of the program, number of credits in which the student will be enrolled, current grade level, and information listed on the student’s FAFSA are just a few of the variables that affect eligibility. Students participating in a study abroad program should schedule an appointment with a Financial Aid counselor well in advance of their departure date to discuss their individual situation.
Q: Study abroad can be expensive, will my financial aid increase if I choose to study abroad?
A: Not necessarily. While financial aid can be awarded up to the full cost of education, students may not exceed maximum amounts set by program regulations. Students who reach the maximum limits of federal grant or loan programs may seek additional funds through private lenders.
Q: If I receive financial aid to study abroad will this affect the amount of aid that I will have available for future semesters?
A: It may. Many federal financial aid programs set yearly maximum amounts of aid that can be received. Using a portion of these funds for study abroad may limit the availability of aid for future semesters.
Q: I was planning to enroll for 12 credits in the study abroad program but I have changed my mind and will enroll for only 6. Will this affect my aid?
A: In general yes. One of the variables that determines eligibility is number of credits in which the student is enrolled. If financial aid is received based on an inaccurate number of credits, the aid will need to be adjusted. Even if a refund was issued to the student, the funds must be repaid to the appropriate financial aid program.
Q: I have applied for financial aid but my study abroad program is requiring payment for the study abroad experience prior to the time that my aid is available. Can I wait to pay these fees until I get my financial aid?
A: No. Payments for study abroad programs are required in advance of the time that financial aid funds are available for disbursement. Students wishing to participate in a study abroad program must pay all fees according to the schedule established by the university or coordinating agency. When financial aid is disbursed it will be used to first satisfy any outstanding BU charges. If the financial aid exceeds the charges, a refund will be issued to the student. To receive this refund more quickly students are encouraged to sign up for direct deposit with the Bursar Office on ISIS. (http://www.bloomu.edu/finance_busoffice/student)
Q: I have been accepted into a study abroad experience and charged a program fee. Is this fee my only expense/charge for the experience?
A: No. Tuition and fees will also be assessed based upon the number of credits that you will be earning for the experience.
Q: Why am I being charged tuition and fees when I am not on campus?
A: Tuition is charged based upon the number of credits that you are earning in the experience. There are also mandatory fees that are assessed to all students when earning credits. The mandatory fees are Tuition Technology Fee, Academic Enhancement Fee, and Registration/Transcription.