Study Abroad:
Making Sense of Your Budget and Bills
Wellesley College
Office of International Study
Student Financial Services
Agenda
• Understanding your total cost (a.k.a. your budget)
• Impact on financial aid
• How you will be billed
• How to pay your bills
• Important considerations
Study Abroad Budget
• The OIS creates study abroad budgets for all approved programs
based on published & estimated costs.
• OIS shares these budgets with SFS and makes them available online.
– You can access program budgets online at OIS > Handbook >
Costs > click on link Cost Estimate Worksheet
• You must submit a Study Away Agreement for your aid to be
calculated based on your study abroad budget.
– Fall / Academic Year Deadline:
– Spring Deadline:
April 1
November 1
• Budget will be used by SFS to calculate your financial aid eligibility
and prepare your term bill.
What’s Included in Your Budget
• Wellesley College tuition
• Participation Confirmation Fee
(Program Providers)
• Estimated room and board
• Estimated airfare for one-round trip between the East coast and
your study abroad destination
• Estimated books
• Estimated personal / other expenses (including local
transportation)
What’s NOT Included in Your Budget
These are additional costs for which you will be responsible
•Health insurance
– Exception: If you enroll in the College’s plan and automatically qualify
for the Health Insurance Grant, then health insurance has already been
included in the budget.
•Passport fees
•Visa fees are typically the responsibility of the student
•Tourist activity, souvenirs, and extracurricular travel
Sample Budget for One Semester in 2015-16
Sample Budget
Wellesley Tuition
$ 23,275
Housing
6,000
Meals
4,124
Travel
1,000
Books
400
Personal / other expenses
Total Budget
2,250
$ 37,049
Studying Abroad is Affordable
Impact on Financial Aid: What Stays the Same
• Financial Aid Application and Priority Due Date
– No additional forms are required for study abroad.
– Awards can be viewed online through Banner Self-Service. You’ll
receive an email when it’s ready.
• How we calculate your Expected Family Contribution (EFC).
• How we calculate and meet 100% of your Financial Need.
– Budget - EFC = Financial Need
• Your total “self-help” aid (i.e., work study and student loan)
remains at the same dollar level.
Impact on Financial Aid: What’s Different
• Your Wellesley Grant will be adjusted based on your Study
Abroad Budget
– Wellesley Grant increases if your Study Abroad Budget is greater than
being at Wellesley or reduces if your Study Abroad Budget is less than
being at Wellesley.
• Work study will be replaced by a student loan
– If you have no loan, one will be added.
– Loans do not have to be accepted if you can replace them with personal
or outside resources.
Sample Financial Aid Awards
On Campus
Tuition and Fees
Study Abroad
$ 23,418
Non-tuition Expenses
$
23,275
8,777
13,774
32,195
37,049
(24,570)
(29,424)
Loan
(1,475)
(2,625)
Work Study
(1,150)
(0)
Total Budget
Wellesley Grant
Family Contribution
$
5,000
On Campus
$
5,000
Study Abroad
$ 23,418
$ 23,275
8,777
13,774
Total Budget
32,195
37,049
Wellesley Grant
(9,570)
(14,424)
Loan
(1,475)
(2,625)
Work Study
(1,150)
(0)
$ 20,000
$ 20,000
Tuition and Fees
Non-tuition Expenses
Family Contribution
International Study Scholarships
• You may be eligible for international study scholarships
through your program or an outside agency.
• International Study scholarships are treated like any other
outside scholarship.
– They replace your student loan, and in many cases, your student
contribution.
• All scholarships need to be reported to SFS by all students,
regardless if you receive financial aid.
How You Will Be Billed
• Billed expenses include charges on your Wellesley and Program
term bills.
• Non-billed expenses are costs that you will encounter on your
own.
• Examples of non-billed expenses:
–
–
–
–
–
Food in self-catering accommodations (Direct Enroll)
Additional food expense not provided by your program (Program Provider)
Local transportation (ex, subway passes)
Books and supplies
Flights (for certain programs)
What May Your Program Charge You? (it varies)
• Program deposit or down payment, to secure your place in the
program.
• Non-tuition expenses, such as room and board.
– For Direct Enroll programs: In most cases, bills for your
accommodation will be issued after you arrive at your program.
• Program bills vary – some will include all charges on one bill,
others will bill charges separately.
What will Wellesley charge you?
• Wellesley College tuition ($23,275).
• Health insurance, unless you waive enrollment.
– For most students, this charge only appears on your Fall term bill.
• You’ll receive an EBill, just like if you were on campus.
– Access your EBill through your MyWellesley portal.
– Add shared users to help manage your account while you’re away.
How Do You Pay Wellesley?
• All aid will be deposited to your Wellesley student account.
• If your total charges are greater than your aid, then you owe
Wellesley money.
– i.e., It’s time to pay part of your EFC.
• Payment options remain the same.
– We recommend making one-time payments with wellesley.afford.com
• TMS Contracts: Adjust your contract so you only pay
Wellesley tuition while abroad.
• You’re still required to pay by the established deadlines
– Spring: January 5, 2016
What if Wellesley Owes You Money?
• If your total charges are less than your aid, then the difference
appears as a credit on your account.
• This credit can be refunded to you so you can pay your other
study abroad bills / expenses.
• Refunds cannot be issued until your credit actively appears on
your account and they are not issued automatically.
• Monitor your Wellesley account to see when there is a credit
and submit a Refund Request Form to SFS.
– If you’ll be off-campus, submit form information in the body of an
email to [email protected].
• Refunds are directly deposited into your bank account on file.
Sample Breakdown for One Semester in 2015-16
Study Abroad
EFC = $5,000
Fall Term Charges
Study Abroad
EFC = $20,000
$ 23,275
$ 23,275
(29,424)
(14,424)
(2,625)
(2,625)
0
6,226
Amount of Refund
8,774
0
EFC to Non-Tuition Expenses
5,000
13,774
Total to Non-Tuition Expenses
13,774
13,774
Wellesley Grant
Loan
Amount due to Wellesley
What if a Bill is Due Before Your Aid is Refunded?
• Payments may be due to your program before your aid is
available, and you are subject to these deadlines.
– Examples may include program deposit fee, room and board
• Some programs will defer payment until your aid is available.
– Ask your program and let us know if we can help!
• Talk to SFS if you need additional resources.
• Late payments can affect your registration and housing; so,
plan ahead!
Final Thoughts
• Understand how you will be billed and don’t ignore any bill
that you receive.
• Share this knowledge with your parent(s) or financially
responsible party.
• Avoid problems abroad by planning and asking questions
before you leave.
• Check your wellesley.edu email because that’s how we will
communicate with you.
• Don’t forget to apply for financial aid for 2016-2017.
– May 6, 2016!
Contact Info
OIS
SFS
Location:
Schneider Center, Room 216-217
Schneider Center, Room 122
Website:
http://www.wellesley.edu/ois
http://www.wellesley.edu/sfs
Email:
[email protected]
[email protected]
Phone:
(781) 283-2320
(781) 283-2360
Fax:
(781) 283-3618
(781) 283-3946