Financial Questions

Atalie Abramovici, United Kingdom

Financial

Q: How much does it cost to go study abroad? [show]

A: Costs vary by program and location. When exploring your options, keep in mind that some places have a much higher cost of living than others. Also, know that many locations are more affordable than Santa Cruz! We also encourage you to explore our Most Affordable Programs handout, as well as our How to Live Abroad for Less handout.

Q: Can I use my financial aid? [show]

A: Yes. Students are eligible for full financial aid on UCEAP, UCSC Faculty-Led, UCSC Exchange, and other UC Programs. Students that wish to receive financial aid should submit their FAFSA by the government’s deadline in March. The UCSC Financial Aid Office will package or readjust your award based on the specific budget for your program. For more information about how financial aid works with study abroad and to learn about scholarship options, please visit finances and scholarships and consider attending a Financing Study Abroad Workshop.

Q: How will my financial aid be adjusted for my study abroad program? [show]

A: The UCSC Financial Aid office will package you according to the cost of your program as opposed to the cost to attend UCSC. For the regular academic year, if the program budget is higher than the budget for UCSC, then you will be offered either a combination of loans and/or grants to meet the cost of your program. If your budget is less than that of UCSC then your aid will be reduced to meet the cost of your UCEAP program. For summer study abroad, financial aid is limited. If you have questions about how your aid will look for study abroad, request a financial aid package estimate from a Financial Aid Advisor.

Q: Do I need to purchase my airfare before I receive my financial aid? [show]

A: Yes. Although an estimated cost for airfare is factored into your financial aid award, you will need to book your flight well before you are packaged for your financial aid and you should prepare for this expense. STA offers you the chance to book now and pay later. You can make a $300 nonrefundable deposit on your airfare and pay the balance up to seven (7) days before departure. For more information please see STA's website. Ready to get started on purchasing a ticket? Be sure to check your program’s calendar for an official arrival date.

Q: How does the Financial Aid Office know that I will be a study abroad student? [show]

A: UCSC Study Abroad will provide the UCSC Financial Aid Office with a list of UCEAP participants. There is no question on the FAFSA that will ask about your EAP status. For more information about how financial aid works with study abroad, attend a Financing Study Abroad Workshop.

Q: How do I find out about scholarships? [show]

A: There are many scholarships available for study abroad! Commit to spending the time to research your options and submit a scholarship application. You are responsible for applying to scholarships and meeting all associated deadlines. Please see our section on scholarships.

Q: How much financial aid will I get? [show]

A: The Financial Aid Office will package or readjust your award based on the specific budget for your program. We encourage you to request a financial aid package estimate from a Financial Aid Advisor.

Q: What happens with my financial aid if I extend my participation abroad on UCEAP or UCSC Exchange? [show]

A: UCSC Study Abroad will notify the UCSC Financial Aid Office of your program extension and your financial aid package will be revised.

Q: Can I use my work-study abroad while studying abroad? [show]

A: No, students can not use their work-study while abroad. Work-study funds will automatically be converted into either a student or parent loan for the term(s) you are abroad.

Q: What if I don’t receive enough financial aid to cover my study abroad costs? [show]

A: First, speak with your UCSC Financial Aid advisor to determine if there is any additional financial assistance that may be available to you. Look into scholarships and other funding sources for your program. Speak with your UCSC Study Abroad advisor about studying abroad during a different term or on a different program that is more affordable. If you are thinking about withdrawing from your program, contact your UCSC Study Abroad Advisor.

Q: Can I receive financial aid for a summer study abroad program? [show]

A: Yes. However, summer aid is generally limited to residual Pell Grant, Federal Direct Subsidized and Unsubsidized Loans from the academic year or additional Direct Parent PLUS Loan/private loans. Additional funding may be available for UCSC Faculty-Led Programs during summer. Request a financial aid package estimate from a Financial Aid Advisor.

Q: Should I continue to use my U.S. bank account or open one abroad? [show]

A: This varies by country and by program. Be sure to read your Program Guide for more information or request to speak to a returned study abroad student about their experiences handling money abroad. Contact UCSC Study Abroad to request to be connected with a returnee.

Q: Do I need a Power of Attorney while abroad? [show]

A: Power of Attorney is not required but encouraged. However, it may be useful depending on the management of your finances while abroad as it gives a relative or another responsible party the authority to conduct financial transactions on your behalf while you are abroad, including:

  • Make deposits and/or withdrawals in your U.S.bank account
  • Write, endorse or sign your checks
  • Receive and review your UCEAP account statements

We encourage you to discuss Power of Attorney with your parents or whoever manages your finances to determine if you need to complete one before departure.