1. Financial Aid Q&A Regarding Studying Abroad

2. The following slides will provide you with a variety of questions you will want to consider as you plan your study abroad trip. 3. Can I afford to study abroad? A: The answer to this question varies depending on each students situation. If you have money in savings, parental or family support, or are willing to borrow a loan that will require good credit and a co-signer, you SHOULD be able to study abroad. Planning ahead and examining your finances is important and will benefit you greatly in the long run! 4. How do I complete my Financial Aid Budget? 1. Start with your representative from the Office of International Programs to see what opportunities are available to you. 2. Decide on a destination and complete a budget estimate on the Study Abroad Portal. 3. Contact the Office of International Programs to confirm approval of your budget. 4. Call Bison Connection (231-6200) and set up a meeting with a Financial Aid Counselor. 5. What kind of financial aid is available to help me pay for a trip abroad? A: Students studying abroad fall and/or spring semester typically utilize loans (both federal and alternative) and scholarships to fund their trip. Students interested in a study abroad trip during the summer are often limited to alternative loans because most have already utilized their full federal loan eligibility during the prior fall and spring semesters. 6. Whats the difference between a federal loan and an alternative loan? A: A federal loan does not require a co-signer or a credit check it is awarded after the student completes the FAFSA at www.fafsa.gov. There are two types of loans, subsidized (noninterest bearing) and unsubsidized (interest bearing). An alternative loan on the other hand does require a credit check and a co-signer for approval and they are all interest bearing. Additionally, alternative loans require the FAFSA be completed, as well as a separate online loan application through the lender/banks website. 7. How will the increased costs of study abroad impact my loan debt? A: Once you know both how much you need to borrow and what the interest rate is, you can use a loan calculator to estimate your monthly payments after graduation: http://www.finaid.org/calculators/loanpayments.phtml.Additionally, it is important to evaluate your overall federal student loan debt. You can do this on-line: www.nslds.ed.gov 8. Are there scholarships available? A: General and departmental scholarships are available but limited, and most are awarded by April prior to the term(s) of study abroad. Scholarship options specifically for studying abroad should be discussed with your Study Abroad Advisor or viewed online at: http://www.ndsu.edu/studyabroad/scholarships Students often need to apply prior to acceptance into the Study Abroad Program. Scholarship criteria is based on a variety of things such as travel destination, residency, financial need, GPA, etc. For a list of external scholarships online - go to: www.ndsu.edu/bisonconnection/finaid/aid/scholarships/external/ 9. What if I have early costs associated with my trip? How do I pay for them? A: Often times, students use savings or help from parents to cover early costs. Borrowing an alternative loan the semester prior to studying abroad may also be an option. A Financial Aid Counselor will help you determine what your options are. Some examples of early expenses might include: Program deposits Airfare Immunizations Travel documents (Passport/VISA) 10. When should I meet with a Financial Aid Counselor to discuss my study abroad costs? A: Your initial meeting should be approximately two months* prior to your departure. Unless your trip is faculty-led, you first need to complete the online Study Abroad Questionnaire. After that, contact Bison Connection to schedule an appointment with a Financial Aid Counselor. The first meeting typically entails discussion of the costs, along with what resources are available to pay for them (i.e. savings, parental contribution, federal/alternative aid). Generally, a follow-up meeting is scheduled prior to your departure to ensure you have completed all steps necessary for your aid to disburse on time. *If your study abroad is during the summer term and you have early costs such as airfare, you may wish to borrow an alternative loan during the spring semester. In this case, you will need to meet with a Financial Aid Counselor at least one month prior to the end of the spring term. 11. What can I expect to learn at my first meeting with a Financial Aid Counselor? Review costs of your trip Discuss financing options Develop a timeline Who to pay, when to pay and how much to pay Review alternative loan process, if applicable Statements and Signatures 12. Potential Financial Considerations Pre-departure/early costs Airfare, Passport, Visa, Immunizations are examples of costs that sometimes need to be paid BEFORE you get your financial aid. How will you pay them? Down payments: Do you need a Verification of Award form completed?Loan Debt Check your total loan debt at www.finaid.org Loan Calculator Alternative Loans cannot be consolidated with federal aid. Borrow only what you need.Co-Signer for Alternative Loan Usually a parent or guardian but can be anyone with good credit score of 700+ is desirable 13. Financial Aid Contacts NDSU Student Financial Services Division of Student Affairs Ceres Hall 202To schedule an appointment with one of the following Financial Aid Counselors, call: Bison Connection (701) 231-6200 Kristie MyersTammie RegerKristie.Myers@ndsu.eduTammie.Reger@ndsu.edu(701) 231-8061(701) 231-7535 14. Thank you for visiting our Financial Aid - Study Abroad Q & A Session. We hope you will find this information helpful as you begin planning for an exciting and educational trip abroad! 15. Learn more and apply online http://www.ndsu.edu/studyabroadLike us on Facebook http://www.facebook.com/ NDSUStudyAbroad