Financial Aid FAQ - Study Abroad
We hope you find this information helpful in planning your study abroad experience.
- Can I use financial aid for study abroad?
YES. It is possible to use financial aid for virtually every study abroad option. Even if you have not received aid in the past you should consider applying for financial aid through Lincoln University for the period of your study abroad.
- Where do I find more specific information on financial aid for study abroad?
After you have chosen a study abroad program contact the Financial Aid office information regarding your financial aid.
- What kind of aid is available?
- Need-based financial aid: This type of aid depends on an evaluation of your financial need and is processed by the Office of Financial Aid. If includes applications for state grants, need-based scholarship, and assorted PHEEA applications.
- Supplementary loans: These loans are not need-based and are designed to supplement the parent/student contribution to your education costs. These can be used alone or in conjunction with need based financial aid to finance your study abroad costs. These loans involve a separate application process through the Office of Student Financial Aid and include the SLS and SELF loans (for students), and the PLUS loan (for parents).
- Scholarships: There are very few scholarships available for undergraduate study abroad. Office of Academic Affairs, Vail Hall, has general information on merit based scholarship opportunities. In addition, be certain to check with the sponsor of your program, as they may offer scholarships. Check with the Gilman Scholarship at www.iie.org/gilman .
- How do I apply for financial aid?
For need-based and supplementary loans, fill out the FAFSA application which is available at the Office of Financial Aid, Student Union Building 2nd floor. Scholarship information is available from Vail Hall, Office of Academic Affairs.
- When should I start applying for financial aid?
It is never too early. The FFASFA is available in January for the following academic year. Scholarship application deadlines vary. Keep in mind that financial aid procedures for study abroad will take additional time and planning.
- Are there special procedures involved in using financial aid to study abroad?
YES. In order for you to use your financial aid for study abroad, you must work with the Financial Aid Office. Lincoln University financial aid is NOT applicable unless these procedures are completed prior to departure.
- How much of my costs will financial aid cover?
It depends on the following variables: your study abroad program cost, your financial need, and the number of supplementary loans to which you will have access. In reviewing your options, you should also consider how much loan debt you are willing to incur.
- Will the number of credits I take affect my financial aid?
YES. The credit load requirements are the same as those for on-campus study. For specific details refer to the Handbook for Student Financial Aid. In general a minimum of 12 credits a semester is considered full time. Loans usually require six credits per semester.
- Do my grades affect my future financial aid?
YES. Successful completion of the program will affect your financial aid status in the same way that it would if you had studied on campus.
- Can I defer past loans while studying abroad?
YES. You must contact your loan agency to request and complete the necessary paperwork. Then consult with your financial aid office. Loan deferment requires that your register for six or twelve credits depending on your loan status.
- Who is responsible for taking care of my financial aid while I’m overseas?
YOU are responsible. Lincoln University study abroad office will assist you in making the necessary arrangements to ensure that all funds are sent to the appropriate places. Keep in mind that you mustmake these arrangements prior to your departure or your aid may not be released and/ or delayed.
For more information regarding study abroad finances, stop by the office of International Services in the modulus.