Hey you there, yes you- the one seeking new adventures!
This post is for you, those who choose to study abroad next summer, fall or spring, anxious and nervous as there are so many things to complete before taking off for your voyage!
This post is for you, those who choose to study abroad next summer, fall or spring, anxious and nervous as there are so many things to complete before taking off for your voyage!
1. Complete the Study Abroad Work Sheet and meet with your financial aid counselor
Do scholarships and financial aid carry over?
Most scholarships do (Except: Malkin Scholarship, Slifka Scholarship, Seeds of Peace Scholarship, Full Wien Scholarship). No matter what the cost of your program is, you will be responsible for paying Brandeis tuition and an off-campus fee as well as the monthly insurance. You will be charged by your program for room and board.
If your program costs are lower than Brandeis ones, you can expect your need-based aid to be adjusted accordingly.
How do I reapply for financial aid?
The year prior to the one you are planning on spending abroad you will have to complete your financial aid application by the priority filing deadline of April 16th.
You will have to submit the CSS Profile, the FAFSA and the tax return documentation.
It is recommended that you set up an appointment with your financial aid counselor to discuss how your aid is likely to be affected by studying abroad.
You can do so by contacting Student Financial Services at 781 736 3700.
How can I receive the credit from my Sage account when abroad?
Students whose aid exceeds their charges (i.e.Brandeis tuition, the Study Abroad fee, the CISI Insurance fee (if applicable) and any previous balance on the Brandeis student account) can obtain a refund to assist with expenses abroad such as room and board, flights, visas, etc. It is the student's responsibility to request refunds from the Office of Student Financial Services. Students should complete a Credit Release Form before they leave the country and specify on this form where they would like their refund sent (e.g. student, parent(s), institution). The Credit Release Form can be downloaded here. For students abroad all year, this should be done each term. Please note that refunds will not be processed until 10 days before the start of Brandeis classes, regardless of the starting date of the program the student will attend.
2. Currency Exchange 101
What to bring debit card/ credit card/ traveler's checks or cash?
Much of the information regarding cash and banking abroad differs depending on where you'll be studying. Your orientation abroad will likely cover some of this information, but it is important to do your research before you go abroad to make sure everything is in order.
First, ask your U.S. bank whether your ATM card will operate abroad. If not, many students open a local account abroad. You can ask your study abroad program/school about your local banking options.
Travelers checks can serve as a secure alternative to carrying cash or cards. Visa, American Express, and most American banks offer travelers checks in various currencies and amounts.
Because of high fees and interest rates, credit cards should be reserved for emergency expenses. Further, credit cards are not accepted as often abroad, especially in developing economies.
Finally, watching currency exchange rates will help you gauge how far a dollar will stretch abroad. You can check the current exchange rates at XE.com. Foreign prices can be deceiving; one US Dollar is currently worth 45 Indian Rupees!
3. How to plan? What to plan for?
Do scholarships and financial aid carry over?
Most scholarships do (Except: Malkin Scholarship, Slifka Scholarship, Seeds of Peace Scholarship, Full Wien Scholarship). No matter what the cost of your program is, you will be responsible for paying Brandeis tuition and an off-campus fee as well as the monthly insurance. You will be charged by your program for room and board.
If your program costs are lower than Brandeis ones, you can expect your need-based aid to be adjusted accordingly.
How do I reapply for financial aid?
The year prior to the one you are planning on spending abroad you will have to complete your financial aid application by the priority filing deadline of April 16th.
You will have to submit the CSS Profile, the FAFSA and the tax return documentation.
It is recommended that you set up an appointment with your financial aid counselor to discuss how your aid is likely to be affected by studying abroad.
You can do so by contacting Student Financial Services at 781 736 3700.
How can I receive the credit from my Sage account when abroad?
Students whose aid exceeds their charges (i.e.Brandeis tuition, the Study Abroad fee, the CISI Insurance fee (if applicable) and any previous balance on the Brandeis student account) can obtain a refund to assist with expenses abroad such as room and board, flights, visas, etc. It is the student's responsibility to request refunds from the Office of Student Financial Services. Students should complete a Credit Release Form before they leave the country and specify on this form where they would like their refund sent (e.g. student, parent(s), institution). The Credit Release Form can be downloaded here. For students abroad all year, this should be done each term. Please note that refunds will not be processed until 10 days before the start of Brandeis classes, regardless of the starting date of the program the student will attend.
2. Currency Exchange 101
What to bring debit card/ credit card/ traveler's checks or cash?
Much of the information regarding cash and banking abroad differs depending on where you'll be studying. Your orientation abroad will likely cover some of this information, but it is important to do your research before you go abroad to make sure everything is in order.
First, ask your U.S. bank whether your ATM card will operate abroad. If not, many students open a local account abroad. You can ask your study abroad program/school about your local banking options.
Travelers checks can serve as a secure alternative to carrying cash or cards. Visa, American Express, and most American banks offer travelers checks in various currencies and amounts.
Because of high fees and interest rates, credit cards should be reserved for emergency expenses. Further, credit cards are not accepted as often abroad, especially in developing economies.
Finally, watching currency exchange rates will help you gauge how far a dollar will stretch abroad. You can check the current exchange rates at XE.com. Foreign prices can be deceiving; one US Dollar is currently worth 45 Indian Rupees!
3. How to plan? What to plan for?
Use the Brandeis Study Abroad web-site as a resource! It has many relevant links for information from cultural transitioning to adjusting to study-abroad billing.
A semester abroad can be an exciting opportunity, but it can also get overwhelming with too many things to keep in mind. Savvy Student suggests that you create a time lien for yourself to stay on top of the process.
It may look like this (if you are going abroad in the spring of 2012):
March 2011 Complete Study Abroad Work Sheet
Schedule an appointment with your Financial Aid Counselor to discuss next year's aid
Receive approval to go from Brandeis Study Abroad Office
April 2011 FAFSA (CSS and tax forms) due April 29th
May 2011 Receive your financial award 2011-12 from Brandeis
Summer 2011 Research the country you are going to! Lonely Planet Videos/Student Blogs/Travel Guides!
Fall 2011 Complete the specific application for the study abroad program you chose to apply for
Make sure you do not have an outstanding balance for Fall 2011 and you are expecting the Brandeis bill for the spring 2012 in November
Spring 2012 Go!
4. Tips for Around the World Budgeting
Happy Trails,
Savvy Student
- Keep your Study Abroad Work Sheet when you're abroad and do you best not to deviate from your budget.
- Depending on the country, haggling might be acceptable. It may be helpful to watch others negotiate before you jump right in, but a little bargaining could save you some serious money!
- Ask locals where to find cheap fun. Typically, locals have a better idea about which venues get the most bang for your buck. Ask around-you're sure to find something interesting!
- On that note, avoid tourist traps! Eat like locals. Sometimes venturing off the beaten path and asking other students for tips on good food can pay off!
- Check out student discounts. Many countries offer discounts on museums, movies, shows, and concerts for students.
- Using free communication software like Skype can cut down on the cost of phone cards and international calls.
- Finally, carry only small amounts of cash so you can be sure you won't spend more than you can afford.
Happy Trails,
Savvy Student
