Financial Aid for Study Abroad and Study USA

FOR SPRING 2022 APPLICATIONS AND EARLIER:

Deposits are paid through the application system, MyElonGlobal, by credit or debit card. An application is incomplete until the deposit is paid. Deposits can be refunded back to the student E-bill account until the deposit credit deadline, listed for each term on the deadlines webpage.

If you are unable to afford the deposit at the time of application, email Kevin Winpisinger at kwinpisinger@elon.edu. Deposit deferral requests must be emailed no later than 5 p.m. on the day of a deadline so we have time to check your eligibility.

An Elon program is defined as a program approved by Elon University and the GEC. Consult the list of current Elon programs to see all approved programs.

You can apply Elon grants and scholarships and any federal aid toward an Elon program. If a program is a non-Elon program, you cannot use any Elon University grants or scholarships toward the program.

Semester Programs

Average Cost: varies by program

Costs are broken down into three categories:

1. What students pay to Elon (always Elon tuition, international health insurance and a study abroad fee)
2. What students pay to the host institution (sometimes room and/or board are paid to the host rather than to Elon)
3. Additional student cost estimates (including items like airfare, visas, books, and in-country transportation)

Some semester programs abroad may be similar in cost to what a student would spend for a semester at Elon. View each program’s budget sheet in MyElonGlobal for specific financial information.

Winter Term Programs

Average Cost: from $2,900 to $8,900 per course (2020)

View the Past programs page to learn more.

Note: The total, estimated cost of each program can be found by viewing the budget sheet on a program’s brochure page.

Includes: Roundtrip international airfare, shared accommodations, all transportation while abroad, entrance fees associated with course events, mandatory international accident and health insurance, and some meals (where indicated).

Students are responsible for domestic flight arrangements within the U.S., baggage fees, all meals abroad that are not included in the program cost, medications/vaccines, and spending money. See program-specific information for details on what is not included on a particular program.

Summer Programs

Average Cost: varies by program

Includes: shared accommodations abroad, all transportation and entrance fees associated with course events, mandatory international accident and health insurance, some meals (where indicated), and summer tuition.

Students are responsible for all flight arrangements, all meals abroad that are not part of the program, medications/vaccines, and spending money. View each program’s budget sheet in MyElonGlobal for specific financial information.

Budgeting

Using the information above, create a tentative budget to determine what financial assistance you may need for the period in which you are participating in Global Study. Take exchange rates into account when calculating your budget. Do not plan your budget around the idea that you will work during your Global Study experience.

Whether you already receive financial aid or you are applying for the first time, you must complete the Free Application for Federal Student Aid (FAFSA) form, which can be found in the Office of Financial Planning or online. You must adhere to the same deadlines that apply for on-campus aid.

In order to be considered for further loans because of increased study abroad expenses, contact the Office of Financial Planning for an appointment after you have applied for a program through the GEC. Bring a copy of the semester, summer, or Winter Term cost information for your program when you meet with a financial planning advisor. Federal limitations apply.

Federal Stafford Loan Information and Process

Loans represent an opportunity to assist with the cost of education. This is one form of financial aid that must be repaid, so please keep all borrowing to an absolute minimum. Repayment of principal begins six months after the student is no longer enrolled at least half-time.

There are two types of Stafford Loans: subsidized and unsubsidized. You may be eligible for one or both types, as shown on your award notification. Freshmen may borrow up to $5,500, sophomores up to $6,500, juniors and seniors up to $7,500 and graduate students up to $20,500 annually.

Additional unsubsidized amounts up to $4,000 (freshmen/sophomores) and $5,000 (juniors/seniors) may be applied for upon your parent’s denial of a PLUS Loan. The Department of Education may withhold origination fees from the previous listed amounts. Federal regulations require the loan proceeds be disbursed in two equal amounts. These proceeds are applied directly to your tuition account. Please contact the financial aid office for the next steps in applying for and accepting your loan eligibility.

Federal PLUS Loan for Parents and Graduate Students

This is a loan made to dependent student’s parent(s), graduate students, and professional students based on credit worthiness. The application and disbursement process is similar to that described for Stafford Loans. NOTE: The funds come in two equal disbursements.

Borrowers may borrow up to the cost of education less any other financial aid awarded. The Department of Education may withhold origination fees from your requested loan amount. Federal regulations require the loan proceeds be disbursed in two equal amounts, and they are applied directly to your tuition account. Please contact the financial aid office for the next steps in applying for a PLUS loan.

Private Alternative Loan Information and Process

These are long-term loans that are not based on need. Eligibility is determined based on credit worthiness and ability to pay. Alternative lenders are free to set their own repayment terms, interest rates, guarantee fees, etc. It is wise to compare several lenders to determine which ones are best suited to you. Like the PLUS Loan, you or your parents may borrow up to the cost of education less any other financial aid awarded.

• Set your priorities.
• Work longer hours or get a part-time job if you will need additional funds for studying abroad.
• Search for scholarship funding appropriate to your program or individual qualifications and needs. Some good websites with information on study abroad funding are:
  • NAFSA: Financial Aid Resources
  • IIE Passport’s Study Abroad Funding