Financial Aid Basics for Advising Undergraduate Study Abroad Students

Financing study abroad has become one of the most important and time-consuming subjects on which international educators must advise their students. The evolution of financial aid advising for undergraduate study abroad can be partially attributed to greater accessibility to information via the Internet. Some institutions have created Web sites dedicated to financial aid issues for study abroad students. In addition, a broader variety of scholarship opportunities exist for underrepresented student populations. It also appears that many scholarship opportunities are emerging from private companies (as opposed to government sources).

Title IV of the Higher Education Act ensures that undergraduate students can apply federal aid to any approved study abroad program. Several elements are involved in determining approval of the program, including that the program is preapproved for credit at the home institution and that there is a consortial agreement detailing which institution will administer the aid. It is important to coordinate the approval process with your registrar and financial aid office and any other departments on your campus involved in academic credit approval.

It is also important to develop a working relationship with your institution’s financial aid office. We hope you will find this resource useful in forging that relationship as well as in advising your students.

This document is also available as Web pages.

Table of Contents

• Financial Aid Packaging
• Funding Options for Undergraduate Study Abroad
• Federal Aid
• State Aid
• Institutional Aid
• Other Scholarships
• Disbursement of Funds
• Direct Billing
• Employment Abroad
• Advising Timeline Considerations
• Additional Web Site Resources

NAFSA gratefully acknowledges the Lee Foundation for underwriting this project.