Scholarships and Financial Aid
Important financial aid information for students wishing to study abroad
Financial aid for undergraduate study abroad consists mainly of federal grants and federal and private loans. However, scholarship money is also available from organizations and sponsoring companies. You likely have many questions about the cost of studying abroad and about how you can fund your abroad experience.
Be sure to speak with your study abroad adviser to learn more about specific funding options available at—and required procedures for—the University of Louisville.
Two major questions you might have about financing your study abroad experience:
1. How Much does it Cost to Study Abroad?
The cost of your study abroad program will depend on many factors, including your destination country, the type and length of your program, and what is included in the program cost. Be sure to consider costs beyond the program fee, which may include passport, visa, airfare, immunizations, local transportation, meals, books, insurance, and incidentals.
Talk with your study abroad adviser, who will help you create a budget and cost sheet that you can use to estimate your specific costs.
2. How can I Fund my Study Abroad Experience?
There are a variety of financial assistance options available to undergraduate students participating in approved study abroad programs. Some of them are listed below. Read through these options, and then talk with your study abroad adviser and financial aid counselor about any additional sources that may be available at UofL and which are most appropriate for you.
There are a number of loans and grants offered by the U.S. federal government.
Federal Pell Grant
The Pell Grant is a need-based grant. To qualify, you must be a regular degree seeking student and with an Expected Family Contribution (EFC) equal to or below the limit determined each year by the Department of Education. Speak with your financial aid adviser for current information.
Federal Supplemental Educational Opportunities Grant (SEOG grant)
This need-based grant is awarded to those students demonstrating the greatest financial need. Students typically must qualify for the federal Pell Grant to receive an SEOG Grant. Speak with your financial aid adviser for current information.
Federal Stafford Loan
The Stafford Loan is in your name and is available to all students, regardless of financial need. If the loan is subsidized, the government will pay the interest while you are in school. If the loan is unsubsidized, you have the option of capitalizing the interest or of paying the interest quarterly during the in-school period. Payment of the principle itself (for both subsidized and unsubsidized loans) does not begin until six months after graduation, provided you remain enrolled on at least a half-time (six credits) basis.
Federal Perkins Loan
The Perkins Loan is a low-interest loan (5 percent) awarded to those students demonstrating the greatest financial need. Speak with your financial aid adviser for current information.
Parent PLUS Loans for Undergraduate Students
PLUS loans are available to your parents—if you are a dependent undergraduate student—to help finance your education. Parents may borrow up to the full cost of your education, less the amount of any other financial aid you receive. There is a minimal credit check required for the PLUS loan, so a good credit history is required.
David L. Boren Undergraduate Scholarships for Study Abroad
The National Security Education Program (NSEP) provides scholarships to undergraduate students who wish to study languages and cultures considered to be important to U.S. national security. Students are not eligible to receive the Boren scholarship if they are studying in Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Iceland, Ireland, Italy, Luxembourg, the Netherlands, New Zealand, Norway, Portugal, Spain, Sweden, Switzerland, or the United Kingdom. If you are interested in applying for a Boren scholarship, please contact the University of Louisville's National and International Scholarship Office.
Benjamin A. Gilman International Scholarship
If you receive a federal Pell grant, you are eligible to apply for a Gilman Scholarship. Let your study abroad adviser know if you are eligible for a Pell grant.
If you receive state aid, consult with the UofL financial aid office to see if it is applicable to your study abroad program.
If you have been awarded a KEES scholarship you will be able to use it for a study abroad program.
The University of Louisville allows you to apply institutional aid when participating on an approved study abroad program. The financial aid office will adjust the amount of aid received based on the Cost of Attendance (COA) of the study abroad program. For instance, the COA for UofL is $21,902 per year (2011-12, in-state) and the COA for the host study abroad institution is $30,000, the University of Louisville may adjust your COA based on the difference of $8,098. This means that you may be eligible for an additional amount of institutional aid that you ordinarily wouldn't receive were you to stay at UofL. The reverse may also be true.
Study Abroad Scholarships
Academic performance counts—students with a GPA of 3.0 or higher have greater access to merit-based awards for study abroad. The University of Louisville offers a variety of study abroad scholarships. See your study abroad adviser for details or check with your department.
Some third-party study abroad programs offer limited scholarships to students who attend their programs. Check with the programs you are considering to verify whether they offer scholarships.
The University of Louisville has a number of established reciprocal exchange programs with universities abroad so that you can attend a foreign university in exchange for UofL hosting a student from the overseas institution. This option enables you to maintain the same financial aid package regardless of whether you are on-campus or studying on an institution-approved exchange program. If you are matriculated at a public or state institution, exchange programs can be a particularly cost-effective option to consider because you would pay the same tuition and fees as if you were enrolled at your home institution. Contact your study abroad adviser for more information.