Financial Aid & Paying for Study Abroad
Many students can use existing financial aid to help pay for their study abroad experience. This can include federal financial aid programs as well as certain benefits available to veterans and their dependents.
While IFSA does not process financial aid directly, we work with students and their college or university to help apply eligible aid toward an IFSA program. Your home university’s financial aid office determines how much aid can be used, and how it is applied.
We encourage students to speak with their financial aid office and study abroad advisor early in the planning process to understand which forms of aid might transfer to their study abroad program.
“The first step to any study abroad is to save, save, save! This means not only finding a source of income, but also allocating your funds well before you get on that flight. I worked during the school year and the summer to make sure I had enough to fully enjoy myself here. During the year, I put a minimum of 20% of my paycheck away immediately in savings so that I didn’t have to think about it later down the line. I found this was a great strategy because saving was the first thing I did, not an afterthought once all my money was mostly spent. In the summer, I tried to minimize costs and maximize savings by living and eating with my family.“
—Gabriela R., Universidad Nacional Partnership, Costa Rica
Using Federal Financial Aid for Study Abroad
Many students can apply the federal financial aid they already receive toward study abroad participation.
Eligible aid might include:
- Guaranteed Student Loans (GSL/Stafford Loans)
- Pell Grants
- Parent PLUS Loans
Because aid policies can vary by college or university, students should consult their financial aid office to confirm what aid can be applied toward their IFSA program.
Some forms of institutional aid, such as presidential or endowed scholarships, may not transfer to study abroad programs.
Veterans Benefits
IFSA recognizes and supports students who have served in the armed forces. In some cases, veterans or their dependent students can apply the Post-9/11 GI Bill toward study abroad programs.
The amount of funding available depends on the type of benefit and whether study abroad is required for the student’s major. Students should consult their veteran benefits office to understand how their veteran benefits may apply to their program.
Steps for Using Financial Aid for Study Abroad
The process of applying financial aid toward an IFSA program typically involves coordination between the student, their school, and IFSA.
1. Make a financial aid appointment.
Students should schedule an appointment with their financial aid office to discuss how their aid can be transferred. Bring the following:
- Your most recent financial aid information
- IFSA program fees listed on your program page
- Estimated program costs such as airfare, visas, and other expenses
Financial aid officers can explain what types of aid may be transferred and how to begin the process.
2. Submit a payment deferral form.
If financial aid will not be disbursed until after the program payment deadline, students may need to complete a Payment Deferral Form.
This form must be completed by the student’s financial aid officer and returned directly to IFSA.
Payment deferral form deadlines:
- July 15 for Fall/Academic Year students
- November 15 for Spring/Winter students
- May 1 for Summer students
3. Apply for IFSA scholarships.
Students may also apply for IFSA scholarships and grants to help reduce the cost of their program. Scholarship deadlines are March 1 for Summer and Fall terms, and October 1 for Spring and January terms.
4. Consider a payment plan.
Eligible students may choose to enroll in IFSA’s monthly payment plan. Details are available in IFSA’s Billing, Payments, and Refunds information page and on the IFSA Student Portal.
*Independent Students are not eligible for IFSA monthly payment plans as the fees must be paid by the due date.
5. Pay your program fees.
Students who are not using a payment plan or payment deferral should review their program payment deadlines in the IFSA Student Portal.
“Be realistic about how much you are expecting to and can spend while you are abroad. I thought about which trips I wanted to take (England, Scotland, Portugal, Spain, and France) and how much it would cost by checking prices online. It can be helpful to come up with a monthly budget for yourself.”
—Brenna R., University of Galway, Ireland
Managing Upfront Costs
Some of the earliest expenses associated with study abroad—such as housing deposits and airfare—can be difficult to cover before financial aid is disbursed. A great place to begin is the IFSA guide, Breaking Down the Numbers: How Much Does Study Abroad Really Cost?, which offers a clear breakdown of the costs associated with studying abroad.
To help reduce the burden of these upfront costs, IFSA offers the UpFront Advance program.
IFSA UpFront Advance
The IFSA UpFront Advance allows certain expenses to be billed to a student’s IFSA account, which can then be paid later using financial aid or through the monthly payment plan.
Eligible expenses include:
- Airfare
- Program deposit ($500)
This program is available for IFSA semester and academic/calendar year programs.
Students must complete the UpFront Advance Request Form and follow the application instructions to participate.
Study Abroad Financial Aid FAQs
| Questions | Answers |
|---|---|
| What types of financial aid can be used for study abroad? | Students may be able to use aid such as:
|
| Does IFSA process financial aid? | No. Financial aid must be processed by the student’s college or university. |
| What if my financial aid arrives after the program payment deadline? | Students may be able to submit a Payment Deferral Form so program payment can be delayed until financial aid is disbursed. |
| Can veterans use their education benefits for study abroad? | In many cases, veterans or their dependent students may apply the Post-9/11 GI Bill toward study abroad programs, depending on benefit eligibility and program requirements. |
| What is the IFSA UpFront Advance? | The UpFront Advance allows certain upfront expenses—such as airfare or the program deposit—to be billed to a student’s IFSA account so he or she can be paid later with financial aid or through the payment plan. |
| Who should I contact with questions about billing or payments? | Students with questions about payments or billing can contact the IFSA Finance Team. |
| When should I speak with my financial aid office about studying abroad? | Students are encouraged to meet with their financial aid and study abroad offices early in the planning process to understand how their aid may apply to study abroad. |
| What information should I bring to a financial aid appointment? | Students should bring:
|
| What resources are available to better understand budgeting and out-of-pocket costs? | Read the IFSA Guide Is Studying Abroad Too Expensive? Understanding the Cost and How to Budget to learn more about how to budget and outline your overall costs. |
| Can I work while studying abroad? | The answer depends on where you go and what your visa allows. Read the IFSA Guide Paid Work During Study Abroad: Visas, Part-Time Jobs and Time-Management Tips to learn more. |
Have more questions? Reach out to us at admissions@ifsa-butler.org and our IFSA team will help you plan ahead for your time studying abroad.