Financial planning is an important component of preparing for an education abroad experience. Follow these steps to get started:
Compare Costs at UMW and Abroad
With careful research, you can find an education abroad program that fits your budget:
- Use the Cost Comparison Worksheet to identify and compare the costs.
- UMW Cost of Attendance is published by the Financial Aid Office.
- UMW Faculty-Led Program costs are published on the program’s information page.
- UMW Approved Program costs can be found on the program’s website.
- UMW Exchange Programs charge regular UMW tuition and mandatory fees; refer to the host institution’s website for other expenses.
- Understand what is and is not included it your program’s fees. Collect estimates for expenses that are not included. Also consider your own spending habits, exchange rates, etc. as they impact the actual amount you spend on campus and abroad.
Review Existing Resources
Make a list of the financial resources you currently use. This could include (but may not be limited to):
- Financial Aid and Loans
- UMW and non-UMW Scholarships
- Pre-Paid Education Tuition Plan (Such as the Virginia 529)
- Military Educational Benefits
- Family and Personal Resources
Confirm & Revise Resources
Many existing financial resources continue to be available for education abroad. Confirm which of your resources are “transferable” and how to use them. For example:
- Consult the Financial Aid Availability chart regarding the portability of your current financial aid and loans, and follow the instructions to have your financial aid revised (this is required to use aid).
- Contact scholarship providers to confirm whether funds can be used and how.
- Pre-paid education tuition plan accounts, such as Virginia529, may be used for education abroad, but limitations do exist. Contact the account administrator when researching program options to confirm what funds can be used and how. Make sure you understand the various types of programs and their billing processes.
- Your military educational benefits may be eligible for many of the study abroad programs, but please contact Patricia Sarkuti from the Registrar’s Office at psarkuti@umw.edu for further guidance before committing to a program.
- Talk to your parents or other family members who provide financial support about your exciting plans and make sure they are on board!
Apply for Additional Funding
In addition to existing resources that you can use abroad, consider these sources of additional funding:
- Research and apply for education abroad scholarships
- Be aware of financial aid options for education abroad
- Consider a Parent PLUS or private student loan
Connect with Advisors
You are encouraged to work closely with your Education Abroad Advisor and with the Financial Aid Office.