HOW TO FINANCE YOUR STUDY ABROAD EXPERIENCE You can’t afford NOT to go! Studying abroad is an investment in your future. Like any other type of investment, it requires planning, careful management, creativity, perseverance and commitment. The personal, academic and professional rewards will last a lifetime. PREPARATION CALCULATE CURRENT COSTS Calculate all of your current on-campus costs. To determine your annual budget, add up your rent, meals, tuition and fees, travel expenses (don’t forget any travel you might do during winter or spring breaks), entertainment, books, supplies, etc. The Office of Financial Aid has determined that the average in-state MSU undergraduate student spends approximately $22,260 per year on tuition and fees, room and board, transportation, books, and personal expenses (see www. finaid.msu.edu/costs.asp for details). Use this as a baseline for comparison of costs abroad, but keep in mind the cost of living at the study abroad location could be more or less than what you’re presently spending. Don’t plan with the idea that you will find work while abroad. THE AVERAGE IN-STATE MSU UNDERGRADUATE STUDENT SPENDS APPROXIMATELY $22,260 PER YEAR 2 CHECK PROGRAM INFORMATION Check the program information sheet and Office of Study Abroad Website for program costs. A detailed list of items included in the program fee is listed on each individual program’s Webpage. It will be helpful to plan for these primary costs: • $100 Application Fee (applicable to the program fee) • $200 Deposit (applicable to the program fee) • MSU Tuition and Fees (based on the number of credits you plan to take) [MSU Tuition Calculator - ctlr.msu.edu/COStudentAccounts/TuitionCalculator.aspx] • Program Fee • Airfare • Meals, if not included in the program fee • Passport and/or visa • Immunizations • Books and supplies • Personal spending money You can also use the Study Abroad Cost Worksheet (studyabroad.msu.edu/ finaid/costworksheet.pdf) to estimate your expenses. DETERMINE YOUR NEEDS Determine your needs and interests. Compare the features and costs of various programs to find the best match. Various factors that influence the total cost of participating in a study abroad program include: • Location • number of credits taken • local cost of living • timing (high tourist season vs. low tourist season) and length of program • international and on-site transportation • the type of program Make the program work toward your long-term goals and it will be worth the investment! Once you know the costs, set a budget and stick to it! If you are getting outside support, itemize your list and determine what you can pay for and where you will need help. SET PRIORITIES Try to put aside 25% to 50% of your paycheck and deposit funds into a separate study abroad account (pay yourself for studying abroad first). Choose to work longer hours or get a part-time job for additional funds towards study abroad. Postpone the purchase of that big ticket item you were considering (new computer, bicycle, cell phone, etc.) and use the funds for your study abroad program instead. Try to put aside 25% to 50% of your paycheck! 3 FINANCIAL AID 4 Financial assistance is available when you make appropriate arrangements with MSU’s Office of Study Abroad and Office of Financial Aid. If you are not currently receiving financial aid, you may apply for aid by completing a Free Application for Federal Student Aid (FAFSA) available at the Office of Financial Aid or online at www.finaid.msu.edu. All students are eligible for either need-based or non-need-based aid. If you qualify for financial aid, you can utilize that aid for a study abroad program. The same scholarship, grant, and loan amounts you receive for on-campus study are applied to the study abroad program. Many students find the total amount available to be less than what they need. In those cases, a federal parent loan or private student loan can be pursued to cover the gap between the traditional financial aid package and the total cost of studying abroad. We also caution those of you who are using federal loans to study abroad to consider how using those loans will impact what you have remaining in federal loans when you return to campus. The Office of Financial Aid can explain these issues in detail if you are considering studying abroad. You don’t want to come home from studying abroad and find out you don’t have enough aid remaining to pay for the next semester. 74 % HIGH-NEED STUDENTS MAY BE ELIGIBLE FOR UP TO 40% OF THE COST OF STUDY ABROAD THROUGH GRANTS AND SCHOLARSHIPS. SCHOLARSHIPS Michigan State University offers many study abroad scholarship opportunities. Some of MSU’s scholarships are administered by various colleges and units – others are administered by the Office of Study Abroad. Detailed information about these scholarship opportunities can be found on the Web (studyabroad. msu.edu/scholarships/index.html). The Office of Study Abroad has scholarships available to MSU students who apply to any credit-bearing study abroad program. Some scholarships are based exclusively on academic performance; others on a combination of academic performance and financial need. The award groups are separate and very competitive. On average, 30% of OSA scholarship applicants receive an award. A generous endowment from the MSU Federal Credit Union, as well as additional support offered by the Forest Akers Endowment, MSU Alumni Association, Eleanor and Charles Greenleaf Sr., Brigitte and Thomas Huff, the Georges Jules Joyaux Memorial Fund, the Kellogg Foundation, Charles and Marjorie Gliozzo, William Haupricht and Kerry Rockquemore, Carol Welch, Martha and Keith Peters and contributors to the Overseas Study Endowment, provide funding for these scholarships. Local professional and social societies, as well as service organizations may also provide scholarship opportunities. Make note of, and be careful not to miss, scholarship deadlines! OF MSU STUDENTS WHO STUDY ABROAD RECEIVE SOME FORM OF FINANCIAL AID. As with academic and program arrangements, students must plan ahead to make the most of financial aid opportunities. While scholarships are available, most are primarily for students with high financial need. OSA recommends that students be prepared to pay the majority of program costs out-of-pocket or with federal or private loans. A recent study by the Office of Study Abroad and the Office of Financial Aid found that: • 74% of MSU students who studied abroad received some form of financial aid • $4.5 million in gift aid was awarded in 2010 – helping students to meet an average of 25% of total program cost • High-need students may be eligible for up to 40% of their total cost through gift aid. • 22% of students who study abroad are Pell Grant eligible, demonstrating that study abroad is not just for affluent students. 5 FUNDRAISING WHO TO ASK Fundraising will help to make your program more affordable and serves as a way to educate the public. If you select a program that helps achieve your long-term goals, it will be easier to solicit funds from external sources. Keep in mind that local, regional and national groups, as well as individuals, are all possible contributors. • Heritage groups that have interests in specific countries (e.g. Japan America Society) • Civic groups (Rotary, Kiwanis, and Lions Clubs) • Agencies and foundations • Travel agencies • High school alumni associations • Professional and business clubs • Media (newspapers, radio and TV) • Sororities and fraternities (local and national chapters) • Residence hall councils or floor governments • Vocational rehabilitation agencies (for students with disabilities) • Charitable, ethnic, religious and campus organizations HOW TO ASK 6 Direct, informal appeals often work best. Be specific on how you intend to spend the funds (airfare, program fee, tuition, personal travel, special projects, etc.). Include a photo of yourself with your request so that the receiver will establish a personal connection with you. Make donating as easy as possible (cash or check), so that you’re more likely to get an actual donation rather than a promise to donate, and don’t be afraid to follow up if you haven’t received a response. Enthusiasm, creativity, and perseverance on your part – and not fearing rejection in some instances - will likely take you a long way. Remember every little bit helps! In exchange for your financial support, you should pledge to “give something back,” such as regular updates while you are abroad. Alternatively, upon your return you could: • Write an article • Show a video from your experience Your • Create a Web site or share your blog energy and • Sponsor a regional dinner or presentation enthusiasm for • Lead a discussion or seminar an international • Organize a topical campus or community forum experience • Promote educational and business exchanges will be • Participate in radio/televised interviews or broadcasts contagious! • Contribute community service and outreach • Help others to have a similar international experience The keys to successful fundraising are confidence and perseverance! Keep careful records of who supported you and the amount. Be sure to express your appreciation for their support. CREATIVE IDEAS THAT WORK • Waive holiday and birthday gifts and request financial gifts or loans instead. • Write a creative letter to all your relatives, asking for financial support in exchange for regular letters, postcards, emails or blogs while abroad and a presentation and dinner upon return. • Ask friends to join you in raising money by painting, cleaning or washing cars. • Organize an event where you and/or some friends solicit donations by providing instruction for a couple of hours (cooking, quilting, yoga, karate, computer skills, dancing, sign language, etc.). • Collect used books, CD’s, computer software, etc. and have a sale. • Ask your church, synagogue or temple to sponsor a special offering, dinner, or raffle. • Organize a radio talk show and solicit contributions. • Approach stores for donated supplies such as clothing, camping gear, etc. • Find out if your parents’ employers have a scholarship program for their children. • Find out if your employer will sponsor you or might be willing to make a cash advance to be paid back through payrolll deduction. • Combine fundraising opportunities: sell T-shirts at a fundraising dance marathon.. • In exchange for the use of your car while you’re gone, have a friend or sibling make all or part of your car payments. • Organize a can drive in the residence halls. • Collect cans during football tailgating (be sure to identify yourself and your purpose so fans will readily pass on their cans and bottles). • Join friends and get paid to clean up the Breslin Center after an event (you’ll need to sign up in advance). • Work for the Department of Police and Public Safety (DPPS) for special event parking. • Sell coffee and baked goods with a sign stating your purpose. • Contact foreign exchange students you might know about staying with them, thus reducing your housing costs. • Ask family members to donate frequent flyer miles. • Save all your spare change in a jar – small amounts can really add up! 7 HELPFUL WEBSITES studyabroad.isp.msu.edu/shared/funding_menu.html www.studyabroad.com/forum/financial_aid.html www.iefa.org www.finaid.org/otheraid/exchange.phtml www.worldteach.org/program_information/fundraising.html www.fastweb.com foundationcenter.org 109 International Center | East Lansing, MI 48824-1035 517-353-8920 | Fax: 517-432-2082 | studyabroad.msu.edu
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