Financial Arrangements

Financial aid

If you indicated on your application that you plan to use financial aid to pay for your study abroad experience, the Office of Study Abroad will forward an estimated cost sheet to the MSU Office of Financial Aid for processing*. This form will include all anticipated costs associated with the program, including airfare.

If you are currently receiving aid, make sure your Free Application for Federal Student Aid (FAFSA) is up-to-date for the period when you wish to study abroad.

If you are not currently receiving financial aid, you may apply for aid, including Stafford Subsidized/ Unsubsidized Loans, by completing the FAFSA for the same academic period when you plan to study abroad, and mailing it to the federal processing center. The FAFSA is available after January 1 for the academic year beginning the following fall. As soon as possible after January 1 complete the FAFSA and return it to the federal processor. Applications are available online or from the Office of Financial Aid, 252 Student Services Building.

If you plan to participate in a summer program, the previous academic year FAFSA will apply. Contact the Office of Financial Aid by March 1 in order to be considered for funds available during the following summer semester. Financial aid for summer session is not automatically included in a regular financial aid package.

The Office of Financial Aid will notify you directly of your award. You may be eligible to collect your maximum annual award for your study abroad semester with the understanding that no funds will be available for the semester following your study abroad experience. If you find that your award does not adequately cover the cost of participation, you may wish to consider Alternative Student Loans. Such loans tend to have higher interest rates but allow you to borrow up to the amount of your educational costs minus any financial aid resources.

For scholarships and grants you must maintain the enrollment level required for each aid program listed on your award letter. Credit level required for Stafford Subsidized/Unsubsidized Loan eligibility for all semesters is at least half-time. For undergraduates half-time is 6-8 credits; ¾-time is 9-11 credits; and full-time is 12 or more credits. The Office of Study Abroad will report to the Office of Financial Aid the number of credits you indicated on your application. If you change this number of credits so that it changes your status (half-time, ¾-time or full-time) it is your responsibility to report this change to the Office of Financial Aid. Some loans require full-time enrollment, and in some cases part-time enrollment reduces eligibility. If you are a non-degree student or intend to enroll for less than half-time, check Citiassist Loans for funding support. Check with the Office of Financial Aid for award details.

Once financial aid funds are available for disbursement, they will automatically be first applied to your tuition & fees charge, with the remaining funds applied to your program fee. If there is NOT enough money to cover both charges, you are responsible for paying the difference. If there is MORE than enough money, the remainder will be issued to you.

The cost of your airfare will be reported to the Office of Financial Aid so it can be included in your financial aid package, but you will receive your airline bill from the travel agency/airlines before your financial aid funds are released. You will also be required to pay the $200 deposit before your financial aid is disbursed. Therefore, you will need to make arrangements to pay these bills in advance. For instance, if you are studying abroad in the summer, your summer aid cannot be used to cover the $100 application fee and $200 deposit since these charges will be posted to your account during the spring. You may wish to use your spring financial aid to cover these costs. MSU students who foresee problems covering these payments should contact the MSU Office of Financial Aid (353-5940) for short-term loan options. Please plan accordingly since you are allowed to take out only one short-term loan.

Award disbursements cannot be made until ten days before the beginning of on-campus classes for the semester you plan to be abroad. If you would like this early disbursement, you will need to make these arrangements by contacting Student Receivables, 142 Administration Building, 355-3343. If you would like to have your loan check direct deposited into your bank account, you should complete, sign and return the Student Refund Direct Deposit form available at Student Accounts. If you do not wish to use this service or have an outside source of funding, you may wish to arrange for a Power of Attorney to handle your funds (see LawDepot).

If you are a Michigan Education Trust (MET) recipient, contact your OSA Program Coordinator to discuss use of these funds.

The International Education Finance Corporation is an organization that helps students with loans for study abroad programs. They may be helpful for students who don't qualify for financial aid at their institution. They can be contacted at International Education Finance Corporation, 424 Adams Street, Milton, MA 02186, (617) 696-7840.

* Non-MSU students should request financial aid from their home institution. If your university is unable to award you financial aid, contact the MSU Office of Study Abroad to apply for loans only and you will be provided with instructions on how to proceed.