Weissman Center for International Business

Study Abroad Financial Aid

Financial Aid And Study Abroad

Financial aid such as Pell grants, TAP and subsidized loans may be applied to approved study abroad experiences that award credit and that last for at least one semester. Short-term study abroad experiences, as well as non-academic internships, volunteer opportunities, etc., that do not award academic credit may not be eligible for financial aid.  For information about your eligibility for these grants and loans, and other important financial aid information, please consult the Baruch Office of Financial Aid Services.

If you do plan to apply for financial aid for study abroad, be sure to complete a Free Application for Federal Student Aid (FAFSA) as early as possible. You can obtain FAFSA packets at the Baruch Office of Financial Aid Services and online. If you have never applied for financial aid before, it is best to see an Advisor in the Baruch Financial Aid Office.

Most Baruch students who are eligible for financial aid will be able to use it to help finance their study abroad costs. However, whether and how you will be able to apply your financial aid to study abroad depends on a number of factors:

  • The kind of financial aid you receive.
  • The type and duration of your study abroad program.
  • The course(s) you choose to take while studying abroad.

What types of financial aid are available for Study Abroad?

The three primary sources of financial aid students may potentially use for study abroad are:

  • Federal Aid (Pell grant)
  • State Aid (Tuition Assistance Program)
  • Loans (Federal Direct Loans, Federal PLUS Loan for Parents, Private Educational Loan Programs)

If you qualify for one or more of these forms of financial aid, you should be able to use it/them to help finance your study abroad. However, each type of financial aid has specific requirements that you must meet to be allowed to use the aid for study abroad. You should also contact your home institution’s financial aid office to see if there are special application processes or policies required to receive financial aid for overseas study.

How does the type of study abroad program I attend affect whether and how I may use my financial aid?

The three basic types of study abroad programs are:

  • International student exchanges (semester or academic year only)
  • Sponsored study abroad programs (short-term or semester/academic year)
  • Direct enrollment in a foreign university (short-term or semester/academic year)

For a detailed explanation of these program types see the Study Abroad website.

You should be eligible to apply some kind of financial aid to any type of study abroad program provided that you are enrolled in a program approved by your home institution. To obtain approval to study abroad, you must submit and have approved a Baruch Application to Study Abroad. Please see the Study Abroad website for how to apply.

The table below summarizes the types of aid that students may be allowed to apply to specific study abroad programs:

Program Types Duration Sources of Financial Aid
Exchange Semester/academic year Pell, TAP, Loans
Sponsored study abroad Short-term (January) Loans
Sponsored study abroad Short-term (summer) Pell, TAP, Loans
Sponsored study abroad Semester/academic year Pell, TAP, Loans
Direct enrollment Short-term (January) Loans
Direct enrollment Short-term (summer) Pell, TAP, Loans
Direct enrollment Semester/academic year Pell, TAP, Loans

There are always factors that affect your individual case, so you should check both with the Office of Financial Aid and the Study Abroad Office to be certain you understand and meet all your responsibilities and do not miss any deadlines.

How do the courses I choose to take abroad affect my eligibility to use my financial aid?

In order for you to apply any financial aid for study abroad, every course you take abroad must be approved for Baruch credit. This requirement applies to all types of study abroad programs and all durations. Since the Study Abroad Office enforces this policy in any case, there are no requirements beyond those of the Study Abroad Office you need to fulfill in order to comply with this policy.

 

What do I need to do now?

Once you have been approved to study abroad:

  • Complete a Consortium Agreement/Cost of Attendance form and submit it, along with the requested documentation, to the Director of Study Abroad for his signature. This form is available on the Study Abroad website, and the form can be completed and signed digitally. The Director of Study Abroad will notify you when the Consortium Agreement/Cost of Attendance is sent to the Office of Financial Aid.
  • Meet with a Financial Aid Administrator in the Office of Financial Aid responsible for processing of aid for study abroad.

A good place to start looking for sources of financial aid is The Financial Aid Information Page. For more general information about Financial Aid and Study Abroad please consult NAFSA: Basic Facts Regarding Financial Aid for Study Abroad.

Students who wish to apply their financial aid towards study abroad are required to submit certain forms to the Financial Aid Office regarding the costs of study abroad. One of these is the Consortium Agreement/Cost of Attendance Form which you may access online.

Tuition Assistance Program (TAP)
Scholarships
Honors Programs Study Abroad Scholarships