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Are ASA's programs affordable?
Do you offer scholarships?
Financial Aid Overview
What if studying abroad is more expensive than my current school? Can I apply for additional funding for study abroad?
How do I go about getting my financial aid applied to the ASA program?
What is a "Consortium Agreement"?
What do you mean by "Federal Financial Aid"?
Are there any loans available other than "Federal Financial Aid"?
Are there any scholarships available other than ASA's scholarships?
What do I do next? - A Step-by-Step Guide to Arranging your Financial Aid
Are ASA's programs affordable?
Yes! If you compare various study abroad programs and what is included with each,
you will find that ours are some of the most affordable programs available. When you're
comparing prices, just be sure you're comparing apples to apples - it's essential to compare what is included with that price
rather than simply the price itself.
For a list of what is and is not included with the ASA program fee, simply click on the price of your program.
Do you offer scholarships?
We do offer scholarships, and you can find out how to apply
for one here.
Financial Aid Overview
Many of our students already receive federal financial aid at their home school and can use that to help pay for the ASA program.
ASA will accept any type of financial aid, grants, scholarships, or loans that you
receive to help pay for our programs. However, it is ultimately up to the aid provider
to decide if they will allow you to use it to go abroad. For example, most
colleges/universities will allow you to apply your federal grants or loans to go abroad,
but not your scholarships or university grants.
Students may defer the portion of the
program fees that is going to be covered by their financial aid and pay it within 10 days
of receiving their disbursement.
Any portion of the fees NOT covered by financial aid is
due by the Forms & Payment Deadline.
(ASA's Forms & Payment Deadline is always 2 weeks after the Application Deadline.)
If you plan to pay for the program using financial aid, ASA
must receive the following items by the Forms & Payment Deadline for your program:
1) Consortium Agreement from your home institution's financial aid or study abroad office
2) Written verification of your financial aid award and disbursement date.
(We provide a "Financial Aid Verification Form" that you'll have
your university financial aid office complete.)
Please remember that in
order to provide ASA with verification of your financial aid by the
Forms & Payment Deadline, you will need
to contact your school's financial aid office and/or
study abroad office several weeks ahead of time to begin making these arrangements.
Some ASA programs require that students pay a non-refundable Housing Deposit
(down payment), which can not be
deferred and paid later with financial aid.
For more details on which programs require a Housing Deposit, click here or
contact ASA directly.
See below for a helpful
step-by-step checklist for arranging your financial aid!
What if studying abroad is more expensive than my current school? Can I
apply for additional funding for study abroad?
Yes, many of our students have been able to apply for additional funding. If the Costs of Attendance of your study abroad program are
greater than the Costs of Attendance for a semester at your current school,
you may be eligible
to apply for additional student loans, Parent Plus loans, etc. through your
financial aid office.
Your financial aid office will need a "Costs of Attendance" list in order to determine
your
eligibility. This list estimates the total cost for you to
go abroad, including expenses that are not included
in the ASA program fee, such as airfare, books, personal expenses, etc.
For a list of what is and is not included with the ASA program fee, simply click on the price of your program.
If you need a Costs of Attendance list in order to determine your financial aid eligibility for one of
our programs, simply email chelsea@academicstudies.com.
How do I go about getting my financial aid applied to the ASA program?
In most cases, getting your federal financial aid transferred to us is a fairly easy process. The first step is to visit your school's study abroad office. Many times the study abroad office is already aware of the steps you will need to take. If not, visit your school's financial aid office. Tell them that you are going to study abroad, that you want to apply your federal financial aid to the study abroad program, and you want to know the necessary steps. Each school generally has its own procedure and paperwork, so make sure you find out what needs to be done.
In particular, you need to ask your financial aid office if they will sign a "Consortium Agreement" with ASA. If yes, simply have them fax the Consortium Agreement to us at 617-327-9390 and we will fill it out, sign it, and fax it back to them.
The only way you'll be able to receive federal grants and/or loans to study abroad is if your home school
approves the ASA program for credit and is willing to sign a Consortium Agreement with ASA.
There are some colleges/universities that simply do not arrange Consortium Agreements. If your financial aid office tells you that your school does not do Consortium Agreements, then unfortunately, you will not be able to use your federal financial aid to study abroad.
If your school won't do a Consortium Agreement, you will need to look for outside loans
or apply for a private loan (more on this below). See below for a helpful step-by-step checklist for
arranging your financial aid.
What is a Consortium Agreement?
A Consortium Agreement is a contract that both ASA and your school's financial aid office have to sign, in order to make it possible for you to use your federal aid to study abroad. By signing the Consortium Agreement, your school agrees to process your federal aid so that you may use it to go abroad. On the Consortium Agreement, we verify your enrollment dates, the number of credits you will take, and the Costs of Attendance. We also verify that the money we receive will be used for you to go to school full-time. Finally, ASA agrees to notify your home school of any change in your enrollment while abroad, such dropping below full-time status or withdrawing from the program, as this will affect the amount of financial aid you're eligible to receive.
What do you mean by "Federal Financial Aid"?
Pell Grants, Parent Plus Loans, and Stafford Loans are the most common types of federal financial aid that our students have used. Once again, the processing of the aid MUST be done by your home school's financial aid office, via a Consortium Agreement, in order for you to use it. Federal financial aid, such as Pell Grants, Parent Plus Loans, and Stafford Loans, are approved by the government to be used for study abroad.
If you receive any other financial awards from your school, such as scholarships or private university grants, it's up to your university or the scholarship/grant provider to decide whether you can use that money to go abroad. Normally, you can use your federal aid, but not scholarships or university grants.
Are there any loans available other than "Federal Financial Aid"?
Please visit http://www.internationalstudentloan.com/.
Keep in mind, if you're not applying for a student loan through your home school, you have to make sure that the loan you're applying for does NOT require a Title IV school code in order to verify that you're enrolled. You may have heard of the Title IV school code if you have ever filed a FAFSA. If the loan company requires a Title IV school code, that loan probably won't work for study abroad because very few schools outside the U.S. have a Title IV school code. You will not have a school code to give them, because the school you will attend abroad does not have one. (ASA does not have a Title IV school code, since we are not an institution of higher learning.)
For this reason, the customary way to get financial aid to go abroad is to go through your home school's financial aid office--they must be willing to process your aid for you, using their school code, since the your host institution abroad doesn't have one.
Are there any scholarships available other than ASA's scholarships?
There may be scholarships available at click here.
What do I do next? - A Step-by-Step Checklist for Arranging your Financial Aid
Step 1: Visit your college/university's study abroad office. You need to
get this process started at least several weeks before ASA's Application Deadline. Your study abroad office
may have its own application deadline (perhaps earlier than ours) by which you must make
get everything approved.
The study abroad office will most likely already
have information about how to apply your financial aid to study abroad. If they don't,
ask the financial aid office if you can apply your federal aid to study abroad
and if yes, what are the next steps.
You will
need to get the ASA program approved for credit by your college/university
in order to use your federal financial aid. Normally the academic approvals take
place in the study abroad office or international education office - depending on your school,
you may have to get the academic approvals before you can arrange your financial aid, or you may be able to
work on both simultaneously. Each college/university has its own process for approving
students to study abroad. Your study abroad office can give you more information about their process.
Step 2: Have the study abroad office or financial aid office fax your Consortium Agreement to ASA
before the Forms & Payment Deadline. And, have your financial aid office
fax us your
Financial Aid Verification
Form (FAV) before the Forms & Payment Deadline (your financial aid office will have to fill it out for you).
Please remember that your space on the ASA program
is not secured until you have completed the necessary financial arrangements
by the Forms & Payment Deadline. For certain programs, this may include
paying a non-refundable Housing Deposit (down payment) by the Forms & Payment Deadline, which can not be
deferred and paid later with financial aid.
For more details on which programs require a Housing Deposit, click here.
Step 3: Your FAV (completed by your university)
will tell you how much financial aid you're eligible to receive. Subtract
this amount from your ASA program fees and if there is any portion NOT
covered by your financial aid, make arrangements to pay that portion by the Forms & Payment
Deadline.
You may defer the portion of the program fees that is going to be covered by financial aid and
pay it to ASA within 10 days of receiving your disbursement.
Step 4: If your financial aid package
includes funds
to cover your personal expenses, find out the disubrsement date ahead of time.
For example, many times financial aid is not disbursed until a month or two after your program has begun,
so you may have to make your own arrangements for spending money until your financial aid is disbursed.
Step 5: Find out who the funds will be sent to. Some schools send the funds to ASA in the form of a check.
Others send it to you or your parents in the form of a check.
Others direct deposit the funds into your student account.
In addition, sometimes your aid is disbursed in more than one installment,
on different dates. It's important to know what what to expect so you can
plan your budget accordingly!
Step 6: When you receive your disbursement, please remember that
you're required to forward your payment to ASA within 10 days of
receiving the disbursement. If ASA does not receive your balance
within 10 days of disbursement, you
will be charged a $200 late fee and be subject to a 2% monthly surcharge
until ASA is paid in full.
ASA reserves the right to remove you from the program or from program activities
until we have been paid. Planning ahead using these steps will
help you avoid this situation.
Step 7: How do I make sure my payment gets to ASA in 10 days if I'm abroad at the time of disbursement?
If your financial aid is going to be sent to you in the form
of a check that will arrive after you've departed, you must sign a
Power of Attorney form so that your parents can handle your banking in your absence (ASA can provide one). They will be able to deposit and write checks
on your behalf if you give them Power of Attorney.
You may want to leave a couple of signed checks and an envelope addressed
to ASA with your parents, so they can
forward your payment to ASA within 10 days after your disbursement arrives.
The most convenient
option is most likely an online e-check, where you can transfer your payment from your bank
account to ours, no matter where you are in the world. To pay with an e-check, click here.
Step 8: Before you depart, re-confirm with your
financial aid office that
you have completed all the necessary paperwork for your funds
to be disbursed as planned. If you have not completed
the correct paperwork before departure, your school may not release your funds.
And, find out exactly how much money is going to be
disbursed, when, and to whom. It's always easier to follow up on these
matters before you leave! Past students
who have had problems with their disbursements have found it difficult to
contact their financial aid office from abroad.
Please remember that you are ultimately responsible for paying the full program fees and ensuring your
funding is in place.
If you have any questions, don't hesitate to contact ASA!
Academic Studies Abroad
4 Belgrade Ave.
Suite 5
Roslindale, MA 02131
Tel: 888-845-4272 / 617-327-9388
Fax: 617-327-9390
Email: info@academicstudies.com
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