Financial Aid FAQ’s
How do I know if I am eligible for financial aid for my study abroad program?
How does my financial aid office know the costs of study abroad when calculating my need?
Why does my friend going to a different program receive more financial aid for study abroad?
What happens if I decide not to go right before the program start date?
Do any scholarships exist for study abroad?
What if my loans are not available by the payment deadline?
All students interested in obtaining financial aid for study abroad should fill out the FAFSA at the beginning of each academic year. Federal and State financial aid can often be applied to a study abroad experience as long as the program you study in is approved for credit at your institution. TnCIS programs are approved for credit at individual member institutions. Please consult the members page for a listing of programs and courses offered at your school.
In mid-November, TnCIS supplies all institutions with a cost sheet that outlines the expenses paid in the program fee. This allows the true cost of taking the course overseas to be reflected in the student’s need, thereby increasing a student’s eligibility for funds. Please talk to your campus representative about setting up a financial aid advisement session using this cost sheet information. The list of representatives is found on the members page
In general, financial aid varies widely among students. The same is true of financial aid for study abroad. Your personal financial aid profile will be different from anyone else on your campus and this will impact aid for study abroad as well. Also, because schools classify programs differently as “spring” or “summer” courses depending on the timing of the program, eligibility for an increase in financial aid will vary from program to program. Be sure to have an advisement session well in advance of payment deadlines to know exactly what aid you can expect to receive.
The same rules apply to study abroad financial aid as any other aid you receive during the academic year. You must attend your course to receive financial aid. If you decide not to go, you should inform the financial aid office immediately. If you withdraw from a program just before it begins, you will also be subject to the TnCIS cancellation policy and may have to pay considerable penalties from your own funds. You will also be responsible for paying back any promissory notes signed for loans you received through financial aid.
Scholarships are available at many of the TnCIS member institutions and range from partial to full funding. All scholarships have guidelines for eligibility. Please check with the campus representative at your school to find out what scholarships are available to you. Some community groups, websites and government agencies also have funding for study abroad. You will have to do research to find these opportunities.
Some students eligible for loans will not receive the funds until after the payment deadline in March. Please consult with your campus representative to find out if your institution offers “Bridge Loans”. This is a loan that “bridges” the gap between the due date for final payment and the pay out date of the loan funds. The student must sign a promissory note to pay the loan in full once the loan check is available. Not all schools offer this assistance. Check with your institutional rep.