How the Financial Aid Process Works for Study Abroad

The review of your financial aid eligibility begins by establishing a cost of attendance (COA) for your study abroad program. The cost of attendance consists of items such as program fees, room and board or living expenses, book and supplies, airfare, and personal expenses. The cost of attendance for UVA programs are set by the International Studies Office.

After your COA for your study abroad term has been determined, we calculate your financial need. Financial need is defined as the difference between your cost of attendance and your expected family contribution. Once your financial need is calculated, we apply the financial aid that you would have been eligible to receive if you were studying on-Grounds for the same term.

Example One: Third or Fourth Year Student, Non-Virginia Resident

 

 

 

For an On-Grounds Semester

For a Study Abroad Semester

 

UVA Cost of Attendance

$26,971

Study Abroad Cost of Attendance

$16,395

 

Expected Family Contribution

$5,000

Expected Family Contribution

$5,000

 

Financial Need

$21,971

Financial Need

$11,395

 

Financial Aid Awards

Financial Aid Awards

 
 

Federal Subsidized Direct Loan

$2,750

Federal Subsidized Direct Loan

$0

 

Federal Perkins Loan

$750

Federal Perkins Loan

$0

 

Federal Work Study

$2,000

Federal Work Study

$0

 

Access UVA Scholarship

$16,471

Access UVA Scholarship

$11,395

 

Unsubsidized Direct Loan

$1,000

Unsubsidized Direct Loan

$3,750

 

Total Financial Aid Awarded

$22,971

Total Financial Aid Awarded

$15,145

 

 

 

   

 

 

Estimated Out of Pocket Cost

$4,000

Estimated Out of Pocket Cost

 

$1,250

 
 

 

 

Example Two: Second Year, Virginia Resident

 

For an On-Grounds Semester

For a Study Abroad Semester

UVA Cost of Attendance

$13,138

Study Abroad Cost of Attendance

$16,395

Expected Family Contribution

$18,000

Expected Family Contribution

$18,000

Financial Need

$0

Financial Need

$0

Financial Aid Awards

Financial Aid Awards

Unsubsidized Direct Loan

$3,250

Unsubsidized Direct Loan

$3,250

Total Financial Aid Awarded

$3,250

Total Financial Aid Awarded

$3,250

 

 

Estimated Out of Pocket Cost

$9,888

Estimated Out of Pocket Cost

$13,145

 

Reminder:

  • Student Financial Services (SFS) does not increase grant aid to cover the additional cost of study abroad programs. 
  • In most cases, we will award the student the maximum annual Direct Loan amount for which they are eligible.  Please visit our loans page and scroll down to the section titled “Direct Loan Maximums” to see these maximum amounts by year.  The additional out of pocket cost can be covered by Parent PLUS or private loans.  Most students have already used their annual maximum for the Direct Loan.  If you are unsure of your Direct Loan availability, check your SIS Student Center under View Financial Aid.  

Please remember to report any scholarships that you have been awarded for your study abroad program to Student Financial Services. Your scholarship(s) may affect your financial aid eligibility.

Once your financial aid eligibility has been reviewed, you will see adjustments to your financial aid in your SIS Student Center under View Financial Aid. If you have been offered Federal Direct Loans or Federal Perkins loans and you wish to borrow these loans, you must accept these awards online.

 

To receive your Federal Direct Loans:
1) Accept/Decline your Direct Loans in your SIS Student Center.
2) If you are a first time Federal Direct Loan Borrower, complete an Application/Master Promissory Note and complete Loan Entrance Counseling at http://studentloans.gov

To receive your Perkins Loan:
1) Accept/Decline your Perkins loan in your SIS Student Center.
2) If you are a first time Perkins loan borrower, complete the Master Promissory Note and Loan Entrance Counseling at http://ipromise.campuspartners.com