Funding your Ed Abroad Experience
Funding your experience abroad is much like developing your financial plan for attending the university and may even include MORE options! One of the biggest myths about studying abroad is affordability, you CAN afford to study abroad! It may take a bit of planning and coordination, but it is entirely possible. Most students use a combination of the following resources:
Please read through the list below for information that helps explain how Financial Aid works with study abroad programs. Make sure to schedule an appointment with the PSU Financial Aid Office staff early in the process in order to make all of the necessary arrangements.
- Students are able to utilize financial aid (federal loans) for their study abroad programs as long as they are registered for half time credits, formally admitted to PSU, and participating in a PSU-sponsored program offered through and approved by the Education Abroad Office.
- Please be aware of the cost of your program and be sure you have enough funding to participate.
- Students are not eligible for an increase in state or federal grants even if their expenses increase.
- Once the Education Abroad Office notifies the Financial Aid Office about the student’s acceptance and submits the study abroad budgets, the Financial Aid Office will make the adjustments to the student’s budget, if appropriate.
- Study abroad students cannot utilize their federal work study award while overseas.
- Students can apply for alternative loans through a private bank to help pay for their program. They will need to apply with the bank – not the Financial Aid Office. Alternative loans are credit-based and will most likely need a co-signer. These loans are subject to approval before being awarded. Students are only guaranteed the funds if the loan is approved.
- A student is still subject to the PSU financial aid disbursement policy while abroad. This means that we have to disburse funds according to PSU quarters, even if your school abroad is on the semester system.
- The Education Abroad Office will supply the CRN numbers to the students for placeholder credits for the terms they are abroad. Students will then need to register for these credits in order for aid to be disbursed at the beginning of each term.
- Aid cannot be disbursed prior to the PSU disbursement day. This means that even if your program starts before the disbursement day, you cannot get your funds until PSU is able to disburse your financial aid award.
- A release form will need to be filled out at the Financial Aid Office.
- Be sure you have completed all financial aid requirements before you leave the country.
- Be sure you have activated your student ID card and have selected your preferred mode of refund if you are eligible. Visit the PSU Financial Aid website for more details on this process.
- Most PSU scholarships and remissions can be put on hold for the terms that you are abroad and resumed upon return. Students must meet the award conditions while they are abroad and after they return to maintain award eligibility.