Generally, for your financial aid to be "portable" to a study abroad program, you must carry a full-time load at the foreign institution and receive credit for the program toward your degree at your home institution. There may be other eligibility restrictions, depending on the financial aid program, but usually you will be able to take your Title IV funding (Pell, Stafford and PLUS) overseas with you.

Your home institution may require an agreement in order for you to use your financial aid. The first step should be checking with your study abroad advisors and financial aid administrators or bursar's office to confirm what will apply to the ISA program.

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Be sure to look at the financial aid information found in the Helpful Resources section of our website.

Click here to view additional financial aid resources

Federal student aid is financial help, usually covering school expenses including tuition and fees, room and board, books and supplies, and transportation. Most federal aid is need-based. The most common types of aid are scholarships or grants and loans.

Education loans come in three major categories: student loans, parent loans and private (or alternative) loans.

The Perkins Loan is awarded to undergraduate and graduate students with exceptional financial need. This is a campus-based loan program, with the school acting as the lender using a limited pool of funds provided by the federal government.

All Stafford Loans are either subsidized or unsubsidized. To receive a subsidized Stafford Loan, you must be able to demonstrate financial need. You may be borrowing this loan from a bank, a credit union, other eligible lenders, or directly from the government.

Federal PLUS Loans are available to parents of dependent students under the Federal Direct Loan Program and the Federal Family Education Loan Program (FFELP). These loans are made either by the school (direct loan) or through a private lender.

Grants and Scholarships are financial aid that does not have to be repaid. Numerous private organizations and government agencies offer grants to students in all fields. Federal Pell Grants are awarded to exceptionally needy undergraduate students.

Some colleges/universities offer scholarships which may be either need or merit-based. Please check with your study abroad advisors and financial aid administrators to inquire about availability.

ISA awards $60,000 in scholarships each year to students who are participating in ISA programs. Please see the scholarship section of the ISA website for more information.

Click here to view ISA Scholarship details.

ISA offers Repeat Student Grants to students who have previously participated in an ISA program, regardless of the length of time (if any) that passes between the two programs. Please see the scholarship section of the ISA website for more information.

Click here to view ISA Scholarship details.

(Note: These are general instructions. Please check with your financial aid office, as each U.S. Institution is different.)

The following is a preliminary checklist of items that you must complete:

• Inform your university study abroad and financial aid offices of your interest in using financial aid to pay for an ISA study abroad program and ask about their requirements.
• Ask your financial aid office if there is a Contractual Agreement, sometimes referred to as a Consortium Agreement, that needs to be completed. If so, have that form sent to ISA at financialaid@studiesabroad.com or via fax to (512) 480-8866 as soon as possible so that it can be completed and returned to your university.
• Sign the ISA Verification of Award (VOA), which accompanies the ISA acceptance forms (if you check the financial aid box on the ISA application). If you did not receive the VOA with your acceptance materials, please contact your ISA Program Manager to request one.
• Ask your university financial aid office to complete the VOA and return it to ISA.
• Let your financial aid office know about the payment due date of the ISA program that you have chosen.
• Turn in all necessary payments and your postdated check to ISA by your program due date.

You can make the full payment for your program and use your financial aid award as a reimbursement. Many students will take out a personal loan at their bank or ask their parents or family member for the money. Keep in mind that you can pay back your parents, or the bank, as soon as you receive your financial aid.

The VOA, completed by your university, will state that your funds will be sent directly to ISA. If funds to ISA are equal to or in excess of your balance due, this should fulfill your financial obligation to ISA for your program cost. If your funds are less than the balance due, you will owe the difference to ISA by the payment due date. The completed VOA, indicating these details, is due to ISA by the payment due date. If the VOA is not available by that time, you will need to proceed with a minimum of the Good Faith Payment. *This is typically not the student's choice, as many universities must release funds to the student rather than to ISA.

The completed VOA will state the amount you will be receiving, which will cover your full ISA balance, and that the payment will be sent to you. You will be responsible for sending ISA a Good Faith Payment, in the appropriate amount, and a check in the amount of your financial aid award (minus the Good Faith Payment amount) that is postdated for one week after your funds are to be released. The Good Faith Payment will be deposited upon receipt by ISA, and you must contact ISA as soon as your financial aid funds have been disbursed to you so that we may deposit your postdated check. Keep in mind that the Good Faith Payment and postdated check must add up to your balance due to ISA.

The completed VOA will state the amount you will be receiving and that the payment will be sent to you. You will be responsible for sending ISA a check in the amount of your financial aid award, postdated for one week after your funds are to be released, and a check for the remainder of your balance to be deposited immediately by ISA. If the remainder of your balance is less than the Good Faith Payment amount for your program term, you are then responsible for paying the Good Faith Payment amount. You may then reduce your postdated check accordingly. Keep in mind that the additional payment and postdated check must add up to your balance due to ISA. You must contact ISA as soon as your financial aid funds have been disbursed to you so that we may deposit your postdated check.