Paying for Study Abroad
Each full-semester study abroad student receives an ISAP worksheet that details the cost of their term(s) abroad. It is important to review this worksheet carefully. Please note that it contains estimates of your study abroad costs and financial aid and that you will be notified in case there are any changes in the quoted charges. If you wish to discuss your student account, please contact the ISAP Office.
Full term study abroad participants are fully registered at Fordham and thus receive a Fordham University invoice which reflects the cost of the study abroad program and any adjustments. IMPORTANT: if the study abroad program costs more than Fordham’s tuition, the invoice will include an extra charge (supplemental tuition) to cover the difference; if the chosen program costs less than Fordham’s tuition, the Fordham bill will include a credit.
Study Abroad participants are required to pay the University General Fee and the Technology Fee, in addition to ISAP fees for each semester of study abroad.
Extra Program Fees
Please note that some fees, such as deposits, meal plans, supplemental course fees and room damages will not be included on the Fordham bill. Participants who receive a bill for these charges from their chosen program are responsible for paying directly to cover these charges.
Fordham per-term tuition charges cover the London Dramatic Academy and GSB’s London Spring Program and México, Brazil, and Spain Exchange programs’ tuition. Given the student’s continuing eligibility, all Fordham financial aid will be portable for these programs except room specific aid, work-study and Metro Grants. Tuition Remission, Tuition Exchange and FACHEX will continue in place for the three programs mentioned above.
For all other ISAP programs, Fordham financial aid will be prorated, it cannot exceed the actual aid the student would be eligible for if in attendance at Fordham, and is subject to the following caps:
1) up to $5000 per semester for full year study at sponsored programs
2) up to $3000 per semester for one-term study at sponsored programs in Africa, the Far and Middle East, Eastern Europe, Scandinavia, and Latin America
3) up to $2250 per semester for one-term study at all other sponsored programs.
Tuition benefits obtained through FACHEX, Tuition Exchange and Tuition Remission are not portable for these other programs. Metro Grants, room-specific aid and work-study are also not portable.
For all study abroad programs, as long as all eligibility requirements are met, students eligible for a Pell Grant, a New York State TAP grant or student loans can apply this aid toward their study abroad charges.
Payment options remain the same to those available when students are on campus. Please contact the Office of Student Financial Services for information on payment plans, loans and financial aid.
Please note that financial holds will prevent the ISAP Office from registering you as a Study Abroad Participant. Make sure there are no holds on your account and that you have fulfilled all of your financial obligations to Fordham before you leave for your semester abroad.
Power of Attorney
If you have borrowed a loan or signed up for a payment plan that covers more than the charges on your Fordham bill, you should speak to the Office of Student Financial Services to find out when you can expect to receive your refund check. In order to facilitate the processing of your refund check once it has been sent to your permanent address, the Office of Student Financial Services advises you to grant Power of Attorney to someone at your permanent address. This individual can then sign your check on your behalf in your absence.
Power of attorney may also be helpful when completing and signing other financial aid forms, such as your FAFSA (Free Application for Student Aid), that must be taken care of while you are abroad. You can give someone power of attorney by simply writing what duties that person will be allowed to perform on your behalf and having the paper notarized.
Budgeting for Personal Expenses While Abroad
The major costs of your study abroad program (tuition, fees and housing) are usually billed and paid prior to departure to your study abroad destination. Be sure you know exactly what is covered and what is not covered in those costs so that you are prepared to cover all other expenses.
It is difficult to give advice on how much money to budget for a semester or a year abroad. The amount of spending money required varies with each student and it will depend on lifestyles and currency exchange. Consider your spending patterns at home. Participants often say they spent one and a half to two times what they might have spent on their home campus. To this you must add funds for extra travel. Work on a budget and consider seeking advise from your study abroad program provider regarding expenses such as meals, books, local transport and extra travel.
Potential expenses to keep in mind when working out your study abroad budget:
+ Tuition (plus university and study abroad fees)
+ Transportation in country
+ Immunizations/preventive medicines
+ Books and supplies
+ Communication costs (phone, e-mail, postage)
+ Health insurance
+ Recreation and travel
+ Personal expenses
Accessing Money Abroad
When overseas, keep in mind that your US dollars are converted at that day’s rate of exchange. There are several ways to handle your personal funds, and you will want to have this sorted out before leaving.
If you have borrowed a loan amount that is more than the actual charges on your Fordham billing statement, you may request a direct deposit of your refund to your personal bank account. In order to sign up for direct deposit, you must sign a Direct Deposit Agreement Form provided by the Enrollment Group and attach a copy of a voided check or deposit slip. Additionally, dependent students must have their parents fill out a Sponsor Authorization Statement if the refund includes proceeds from a PLUS loan. You should set up your Direct Deposit prior to departing for your Host Country. Direct Deposit of refunds is only available during the semesters you are studying abroad. For more information and to obtain the appropriate paperwork, please contact the Office of Student Accounts at 718-817-4900 or 212-636-8700.
ATMs overseas are used the same as they are in the US: your home checking account is debited for your withdrawal, and you secure local currency. Be aware that some ATMs abroad will only access a checking account. It is thus important not leave your funds in a savings account before departure. Make sure to check with your bank concerning use of your particular ATM card abroad and any additional charges you may have to incur.
Major credit cards such as VISA and MasterCard are honored abroad. We suggest you carry a credit card to use for general purchases and for emergencies. Be aware too that many small stores, restaurants and street vendors don’t accept credit cards, so you still need a supply of traveler’s checks and cash.
You may also be able to withdraw foreign cash from some ATM machines with your credit card. To do this, you’ll need to know the PIN number issued to you by your credit card. However, be aware that this is an expensive way to access funds, since you will be charged interest from the date of withdrawal.
Notify your credit card company that you will be traveling overseas for quite an extended period. With identity theft on the rise, sudden charges in a foreign country may seem suspicious and your credit cards may be put on freeze until you notify them otherwise.
It’s wise to take some money with you in the form of traveler’s checks (we suggest at least $400). American Express traveler’s checks are recognized and accepted by all major banks in the world. Leave a copy of the serial numbers of your traveler’s checks at home and take another with you, separate from the checks themselves. As you cash in the checks, keep a tally of which ones remain unredeemed. Be aware that you may not be able to cash US personal checks unless you are at an American Express office, and then only if you have a specific type of American Express Card.
You should also have some cash in US dollars in small denominations. Carrying American tens and twenty dollar bills is convenient for changing money in airports and train stations, where high commissions on traveler’s checks can be a problem. Do not carry too much cash, however; traveler’s checks and credit cards are replaceable, but cash is not.
Opening a Bank Account
If you are staying for a longer period of time, you may want to open a bank account at a local bank when you arrive in your host country. The resident director at your study abroad program or the international office staff at your host university can advise you as to how to do this. Be sure to ask if there are any restrictions for international students. Learning the local language and homestays also ensure a greater degree of cultural immersion, which enhances essential intercultural competencies, and aims to provide a comprehensive understanding of critical global issues in a regional context.