January Term Financial Aid: Study Abroad

Eligibility Requirements

Students must have a completed 2016-2017 FAFSA on file and must have completed all items on their To Do List in the Student Information System (SIS).  Please note that students who were considered late applicants for the 2016-2017 academic aid year will not be considered for grant funding for January Term.

Students must be meeting  Satisfactory Academic Progress (SAP) standards. Students on SAP suspension will not be awarded financial aid for January Term until they are either meeting the SAP standards or they have successfully appealed their SAP status.

Students must be enrolled in a January Term course for 3 credit hours AND be enrolled in at least 3 credit hours for the Spring 2017 term.

 

Cost of Attendance

The cost of attendance for January Term study abroad programs include tuition, program fees, airfare, books, personal expenses, local transportation and meals.  Program costs for January Term study abroad programs are available on the study abroad program’s budget sheet at http://www.virginia.edu/studyabroad/.

 

How to Apply for January Term Study Abroad Financial Aid

All students who have completed the 2016-2017 financial aid application process and have enrolled for a January Term course are automatically considered for financial aid for January Term provided they are also meeting the eligibility requirements listed above.  Students are not required to complete a separate financial aid application to be considered for January Term financial aid; however, students who are interested in January Term study abroad financial aid must apply online for a January Term study abroad program through the International Studies Office (ISO) by the October 1, 2016 application deadline.  Information regarding January Term study abroad programs is available at http://www.virginia.edu/studyabroad/.

 

Types of Financial Aid Available

Grants

Grant aid for January term is limited and is based on financial need.  Because January Term is not a required term, grant funding is not guaranteed even if a student is eligible for grant funding for the fall and spring terms.  Please note that January term study abroad grant aid will not exceed the billable costs of a January Term study abroad program.  To determine the billable costs of a January Term study abroad program, please refer to the program’s budget sheet at http://www.virginia.edu/studyabroad/.

Loans

SFS will award a student any remaining Direct Loan funds for which that a student is eligible during the 2016-2017 academic aid year.  The annual Direct Loan limits are listed on the chart below:

 

Annual Direct Loan Limits

Academic Level in SIS

Dependent Student

Independent Student (or dependent student whose parent was denied a PLUS Loan

First Year

$5,500

$9,500

Second Year

$6,500

$10,500

Third Year and above

$7,500

$12,500

 

To determine the remaining Direct Loan eligibility available for January Term, view the financial aid awarded for 2016-2017 in SIS. Compare the total amount of Direct Loans awarded for 2016-2017 to the limits listed on the above chart.  If a student has remaining Direct Loan eligibility, the student will be offered his/her remaining annual eligibility for January Term (up to the cost of attendance).

Once Direct Loan eligibility is exhausted, the only other option for financial aid will be a Direct Parent PLUS loan (for undergraduate dependent students) or a private student loan.

An important note: Students who wish to apply for a private student loan for January Term should use January 3, 2017 through January 13, 2017 as the loan term.  This loan term will alert Student Financial Services that the loan should be certified for January term only.

 

How the Financial Aid Process Works

Student Financial Services will begin awarding January Term 2017 study abroad financial aid starting October 5, 2016 and on a rolling basis thereafter.  Students will receive an email notification once Student Financial Services has reviewed their financial aid eligibility.  This email will detail how students are able to view their awards and outlines options to cover educational expenses if students are not awarded financial aid or the aid awarded does not cover their January Term study abroad program’s cost of attendance.  Notification of financial aid does not imply acceptance to a study abroad program; however, information regarding financial aid eligibility will be helpful to students in their financial planning and decision making.  Students who are accepted to a January term study abroad program must commit to the program through ISO by October 15, 2016.

Students who apply to more than one January Term program will have their financial aid eligibility reviewed based on the program with the higher cost of attendance. Students who then choose to participate in a program with a lower cost of attendance will have their financial aid award adjusted accordingly.

 

Payment Due Dates and Financial Aid Disbursement Dates

Payment due dates will appear under the “Due Charges” section of the student account in the Student Information System (SIS).  Please note that January term study abroad charges will not appear on the student account until after the International Studies Office (ISO) has enrolled students for their January term study abroad program.  Information regarding January term study abroad registration is available on the ISO website at http://www.virginia.edu/studyabroad/registration.html

  • The scheduled disbursement date for January Term study abroad financial aid is December 27, 2016.
  • Students that have been awarded January Term study abroad financial aid will have a credit for January Term on their student account.
  • Students whose anticipated aid covers the billable charges for their January Term study abroad program should not receive a financial hold.
  • Students whose anticipated aid does not cover all of the billable charges for their January Term study abroad program are responsible for paying the difference by the due dates specified on their student account.
  • Students will not be dropped from their January Term study abroad program for non-payment; however, a financial hold will remain on their account until any past due charges have been paid.
  • Please note that payment plans are not available for January Term.

 

How to Determine Out-of-Pocket Costs

Financial aid awards are based on the cost of attendance for your January Term study abroad program. To determine your out-of-pocket costs, you will need to subtract your January Term financial aid award in SIS from the study abroad program cost of attendance.  If applicable, you may pay these costs with your own resources and/or apply for a Direct Parent PLUS Loan (for undergraduate dependent students) or a private student loan.

 

Examples of Cost of Attendance and Financial Aid

Example #1

You are a Non-Virginia resident who is attending the January Term study abroad program in Italy. Your cost of attendance is $5,358. The billable portion is $3,188. You received the JTerm Study Abroad Scholarship for $3,188 and a JTerm Direct Subsidized Ln 1 for $2,170. Your cost of attendance is covered with a combination of grants and loans.

Example #2

You are a Virginia resident who is attending the January Term study abroad program in Belize. Your cost of attendance is $4,535. The billable portion is $3,495. You did not receive a JTerm Study Abroad Scholarship, or a JTerm Direct Subsidized Ln 1 or a JTerm Direct Unsubsidized Ln 1.  To cover your cost of attendance, you must either pay the amount with your own resources, and/or apply for a Direct Parent PLUS loan (for undergraduate dependent students) or a private student loan.

 

How Enrollment Changes Impact Financial Aid Eligibility

To remain eligible for financial aid for January Term 2017, students must be enrolled in a January Term course for 3 credit hours AND be enrolled in at least 3 credit hours for the Spring 2017 term.  If a student’s enrollment for January term changes and/or a student does not attend at least 3 credit hours for the Spring 2017 term, it is the sole responsibility of the student to notify Student Financial Services so that financial aid can be adjusted accordingly.  A student will be responsible for repaying any amount of excess aid awarded if aid has disbursed and a student later makes enrollment changes that impact aid eligibility for January Term. 

Information regarding the study abroad withdrawal and refund policy is available on the ISO website at http://www.virginia.edu/studyabroad/formsandpolicies.html.