Study Abroad Handbook: Money Matters
Topics Include:
Money Matters
The most current cost estimate for each program is on the program page of the
study abroad website. Click on Programs, search for your program, and scroll to the “Cost” section. The estimate includes costs you will pay to UWEC, costs you will pay directly to your host site, and additional costs to anticipate.
If you are going abroad for spring semester and are living on-campus during the fall, the Housing Office will keep your UWEC spring semester housing charges on your MyBlugold CampS account until December. That way if you must withdraw from a program very late, you still have on-campus housing secured.
Your final bill will be available on MyBlugold CampS when on-campus bills are posted.
| Program Term |
Charges Appear on CampS |
| Summer |
April |
| Fall |
August |
| Winterim |
November |
| Spring |
January |
You will receive an e-mail when bills are ready. The $180 you have already paid will be credited to your final bill.
To find your charges:
- Log into your student MyBlugold CampS account
- Choose "Self-Service"
- Choose "Student Center"
- Under "Finances":
- Choose "Account Inquiry"
- Choose "Summary, [term]". This will give you your total amount due.
- If you have financial aid or scholarships for that term, choose "Financial Aid". You will see your Financial Aid award on the first day of the UWEC term.
- If you have promissory notes or any other paperwork that must be signed through the Financial Aid Office, be sure to take care of that before you leave.
Your final payment due equals the final program charges minus past payments (i.e. $30 application fee, $150 non-refundable deposit),
and any financial aid you have been awarded. For example, if your final program cost is $10,000 and you have received $5,000 in financial aid, your final payment should be $4,820 ($10,000-$180 in payments-$5,000 in aid= $4,820 final payment).
By the time you receive this Handbook section, you will have paid a non-refundable application fee ($30) and a non-refundable deposit ($150).
Your final payment to UWEC will follow the normal UWEC billing cycle. Click here for final payment deadlines.
Pay your UWEC amount due to Blugold Central - Cashiers by the due dates listed at the link above.
Click here for instructions on how to make the payment.
- If you do not pay in full by the first due date, you will receive a late charge.
- If you fail to pay in full by the second due date, you will have a hold placed on your record and will not be able to register for the next semester.
- During the last month of the semester, a final letter with your delinquent balance will be sent, giving you the opportunity to set up monthly payments. If you do not respond to that letter, the Blugold Central - Business Office and Collections will begin adding collection charges and preparing them for an outside collection agency.
- You can normally register for summer term before a hold would be applied during the spring semester. If your summer bill remains unpaid in mid-July, Blugold Central - Business Office will send a letter notifying you that your summer account must be paid in full by August 1, or your fall classes will be canceled.
The amount
on CampS is only what you pay to UWEC. Depending on your program, you may be responsible for paying your host site directly for some costs, such as housing, damage deposits, or books. Estimates of additional costs you will pay directly to your host university are listed on the program page of the
study abroad website. Your host may have different deadlines for payment. Read carefully anything you receive directly from your host site, as they may be reminding you of payments due or notifying you of changes.
It is your responsibility to know when those are and to pay in a timely manner.
You will also need to pay the cost of airfare, visa fees, and personal expenses such as telephone, laundry, or academic supplies.
Be sure you understand what you will pay for, how much the cost is estimated to be, and when payment is due.
The UWEC study abroad withdrawal deadlines are below. Y
our program may have additional, earlier refund regulations and withdrawal deadlines in addition to those outlined below.
All withdrawals must be in writing to your study abroad coordinator. Email is fine. Phone withdrawals will not accepted.
| Term |
Withdrawal with Possible Refund Deadline |
- Summer
- Southern Hemisphere Fall or Academic Year
|
March 1 |
- Northern Hemisphere Fall or Academic Year
|
July 1 |
|
|
October 1 |
|
|
November 1 |
No refunds are available after these dates.
If you withdraw after the deadline, you will still need to pay the remainder of the CIE administrative fees ($425). You may also be responsible for some or all of the fees due to your host site, and/or, depending on your reason for withdrawal, the insurance charges.
Withdrawing after the UWEC and host school semesters have begun has serious academic and financial consequences. Contact your UWEC study abroad coordinator immediately if you are considering withdrawing.
Withdrawal outcomes are governed by the academic, registration and billing calendars at UWEC and your host institution. In the event of differences between the two, t
he UWEC calendar supersedes the host institution's calendar.?
Academic Consequences:
Depending on when you withdraw, you will most likely either receive a "W" or an "F" for your class or classes abroad. The academic calendar of your host institution determines the academic designation you receive. If you withdraw after the UWEC last day to drop with no record, UWEC requires that an academic record be submitted on your behalf.
UWEC cannot change a failing grade to a withdrawal even if you have compelling reasons to return early. The UWEC Registrar must post whatever is on the transcript.
Your return date in relation to the UWEC academic and registration calendar determines if you can enroll at UWEC after returning home. For example, mid-September is typically the last day to enroll in fall classes at UWEC without the Dean's approval.
Financial Consequences:
The study abroad refund deadline will have passed by the time your program begins, so you will owe your UWEC program costs. Any fees paid directly to the host institution (e.g. housing, special course fees) will be governed by the host institution's billing and refund policies. You will need to work with them to either pay your bill or to recover funds that you have already paid if any are refundable.
Financial Aid Implications:
If you received financial aid (e.g. grants, scholarships, or loans), you may be required to return all or a portion of the aid, in addition to paying your program costs. Your withdrawal date and the UWEC refund and financial aid repayment notice will govern how much of your aid you will need to repay.
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If you qualify for UWEC financial aid, any aid awarded to you will apply to your study abroad program. Follow the steps below.
To apply for financial aid, you must complete the Free Application for Federal Student Aid (FAFSA), at
https://studentaid.ed.gov/sa/fafsa See the
UWEC Financial Aid website for details.
Fill out the FAFSA just as if you were going to be at UWEC. The CIE notifies Financial Aid of all students going abroad, and Financial Aid adjusts your financial aid budget, which is based on the cost estimates posted on the
study abroad website. Additional personal travel you plan to do is not covered by financial aid, nor is the cost of dependents who may travel with you.
There is a separate application for summer financial aid in your MyBlugold CampS student center, under the Finances section. You will be notified by Blugold Central when that is available. Undergraduate students must be enrolled in a minimum of six credits for the summer to receive financial aid; graduate students must be enrolled in a minimum of four credits. If your study abroad program is fewer than six credits, you must enroll in additional credits/courses for summer in order to meet the minimum requirement for financial aid.
To view your financial aid award, go to MyBlugold CampS, and select “Self Service” then click “Student Center” and finally “View Financial Aid”.
Adjustment:
Your aid cannot be adjusted to reflect the actual cost of your study abroad program until you are registered at UWEC for your term abroad. As mentioned in the Academics Section, you cannot be registered until all students have signed their online PPA. Take care of that promptly!
Disbursement:
Your aid cannot be disbursed until the beginning of the semester/term at UWEC. However, the amount of aid you receive will be applied to your final bill just as if you were on-campus.
To receive an estimate of how your financial aid may be adjusted for your term abroad, complete the top half of the Study Abroad Financial Aid Estimate worksheet, available on the
Financial Aid page of the CIE website, and take it to Blugold Central.
Before you leave for your program, be sure that you have signed all paperwork required to release your financial aid. This may include both online and hard copies of promissory notes or other release forms.
If you will receive more aid than what you owe to UWEC, sign up through Blugold Central to receive a refund. Log in to MyBlugold CampS from the
Home Page, select Direct Deposit Signup/History on the left, and follow "Important Notes" to sign up. Direct Deposits can take up to three business days to deposit in your bank account.
Please email
Blugoldcentral@uwec.edu with questions and check
this website for updates.
If you are not able to set up direct deposit, your refund will be issued as a paper check.
- Checks are mailed to the mailing address you have on file at UWEC.
- Keep your mailing address up-to-date on CampS so that checks mailed to you are received in a timely manner.
A Power of Attorney is a legal document that assigns another person the power to act as your legal representative (Attorney in Fact) in specific situations. If you complete the process, your Attorney in Fact can then take care of things such as completing some financial aid paperwork, handling issues related to deposit of financial aid checks, or processing banking transactions.
(Please note: An Attorney in Fact cannot sign a Perkins Promissory note. Do that yourself before you leave campus!)
There are two ways to assign Power of Attorney. The first is to have an attorney draft a Power of Attorney document. This will require a fee to cover advice on the legal implications of assigning Power of Attorney, the drafting of a Power of Attorney document, and the notarizing of that document. The
campus attorney is able to assist with this.
The second approach involves purchasing a generic Power of Attorney form from an office supply store or downloading one online, filling it out yourself, and then having your signature(s) notarized.
There are several types of Power of Attorney forms. Students usually only need the statutory short form, as you will most likely limit the powers granted and the duration. The Power of Attorney should include the entire time you plan to be away, including terms of study, work, and travel. You should provide a copy of the Power of Attorney form to Blugold Central - Financial Aid.
If you use financial aid to pay your program expenses and you drop below full-time registration or withdraw/are cancelled from the program before completing the term abroad,
you may be responsible for paying all program costs AND most likely for paying back your financial aid. Be sure to discuss all financial obligations with your UWEC Study Abroad Coordinator
before making a decision to withdraw.
Scholarships
The UWEC Foundation has a number of study abroad scholarships. You can apply for all administered by the CIE through the Foundation
Gold for Blugolds application site. Applications open in January for summer and fall students and in mid-June for winterim and spring students. They are due:
| Term |
Application Deadline |
| Summer |
February 15 |
| Fall/Academic Year |
April 15 |
| Winterim/Spring/Calendar Year |
August 15 |
(70 awards /year; up to $2,000 for semester, academic year, or summer; up to $1,000 for Winterim)
All UWEC undergraduate students:
- with an EFC of $10,000 or less
- studying on an approved UWEC study abroad program that costs more than attendance at UWEC
are eligible to be considered. You must have a current Free Application for Federal Student Aid (FAFSA) on file;
grants will be automatically awarded with other financial aid.
Wisconsin Study Abroad Grants
(10-20/term: up to $2,000 for a semester; up to $1,000 for summer)
Undergraduate UWEC Wisconsin resident students:
- with an EFC of $10,000 or less
- studying on an approved UWEC study abroad program that costs more than attendance at UWEC
are eligible to be considered for a Wisconsin Grant for Study Abroad. You must have a current application for financial aid on file;
grants will automatically be awarded with other financial aid.
Undergraduate UWEC students in good standing, who are:
- U.S. citizens
- currently receiving a federal Pell grant
are eligible to apply for the nationwide scholarship,
Benjamin Gilman Scholarship. Approximately 2,700 awards of up to $5000 will be made nationwide.
Additional Scholarships
There may also be other opportunities for which you meet the eligibility requirements. Visit these links for additional information:
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Budget Planning
Many students are on a tight budget. Before you go, estimate as closely as you can how much money you have available for your time abroad. Then estimate your expenses. At your Next Steps meeting you received a cost estimate and
budget planning worksheet.
Once you have a total on your budget worksheet, divide it by the number of weeks you will be abroad. Then, figure out how much this is in the currency of your host country. You can find a
currency converter here. You now know your weekly budget limits!
Past students shared these budgeting tips:
- “Budget your money for the entire term abroad. You may get bombarded with travel opportunities at the beginning, and you may feel like you have to make an immediate decision. Don't! Take your time to figure out what you want to/can afford to do.”
- “Be sure to save some money until the end. It's always more fun to have enough for one extra weekend excursion than to be wondering if you can pay for the taxi to the airport!”
It’s also important to know your priorities: do you really want to go out three nights a week, or would you rather have the money for some additional travel?
Personal travel budgets are individual. No other person has exactly your budget constraints or wants to do the exact same travel you do. How you prioritize your time also plays a role. If you get involved in your host community, you are likely to spend less time (and money) traveling. If you choose to travel every weekend, your will see more, spend more, and have fewer close connections in your new home.
When planning for travel, you’ll need to research the price of common travel needs, including transportation, food, and lodging in the cities or countries where you hope to travel. The cost of living is going to be very different depending on where you go. If you go to the UK, you can expect to pay more for daily necessities than if you go to Costa Rica. In addition, find out what the major activities you hope to do will cost. There are many online resources to help you make a realistic travel budget. Here are a few to get you started:
United States dollars or traveler's checks can generally be exchanged for foreign currency at international airports, railroad stations, and banks. You pay a commission every time you exchange money, so budget wisely! Even if you use an ATM, you might notice a conversion fee on your bank statement.
Past participants suggest a combined approach to bringing money abroad. More on each strategy is included after the table.
| Bring $100-$200 in the currency of your host country with you or exchange that amount in the airport upon your arrival into the country. |
| Be aware of your arrival time: if you are arriving late, or on a weekend, the airport exchange counter may be closed, but an ATM may be available. |
| Bring a credit card (Visa or MasterCard) for purchases. |
| Bring a debit (cash/ATM) card for cash withdrawals. |
| A prepaid cash card may be an alternative to a credit or debit card. |
| Traveler’s checks still exist, although they are increasingly difficult to cash except at a bank. |
If you are going to take a credit card (strongly recommended), Visa and MasterCard are most widely accepted. Things to keep in mind:
- Use your credit card for purchases, rather than cash advances. Most card companies begin charging interest (9-18 %!) immediately on cash advances.
- Know your daily credit limit.
- Know how much the foreign transaction fee is. This is the cost that the card company charges you to make purchases in a foreign currency. A card with no foreign transaction fees can save you a lot of money!
- Let your card company know you will be abroad. Without prior notice of your travel plans, many companies will block transactions from abroad as a fraud prevention measure.
- If you need to use your card for a cash advance, there are ATMs in many locations. You will need your PIN (personal identification number) to do this. Be sure to bring it with you and be sure it is valid in your host country. Most international ATMs require a 4-digit PIN.
- Keep a copy of your card (front and back), so that you have the information should it be lost or stolen.
Debit Cards
To access cash abroad, get a debit card (cash card, ATM card) from your that is valid internationally. ATMs abroad will then give you the currency of the country you are in. Check directly with your card company for where the card will be accepted.
- Debit cards draw directly from your bank account. Most banks charge a fee for each transaction, so take out larger amounts rather than several small withdrawals. A card from a bank that is part of Global ATM Alliance may save you money on ATM access fees.
- U.S. banks are allowed to block use of debit cards in countries where they feel “too much fraud” has been reported by the U.S. government. This is an institutional decision and varies by bank. Check with your bank to be sure you will be able to use your card in your host country, and in countries where you plan to travel!
- If you make the necessary arrangements with your bank before you leave, so someone at home can put more money into your local account for you to use.
- Find out what your daily withdrawal limit is, alert your bank or card company that you will be abroad, and keep a copy of your card (front and back), so that you have all of the information about it should it be lost or stolen.
Prepaid Cash Cards
Prepaid cards work like debit cards but are not attached to a bank account. Instead, you load funds onto the card before you go. Things to keep in mind:
- You can often get a prepaid card even if you don’t qualify for a credit card.
- You can load the card with currency of the country you will be in, locking in the exchange rate.
- Prepaid cards are usually associated with major credit card companies and will be accepted anywhere that type of credit card is accepted.
- Prepaid cards may have a number of fees—foreign transaction fees, monthly fees, withdrawal fees or even fees to put more money on the card. Research carefully!
- You can set up the card so that someone at home can load additional funds onto it.
Traveler's Checks
Traveler's checks are increasingly hard to cash. Many of our partner organizations recommend that you not use them. This information is listed in your program-specific guide.
If you do bring them, you generally have to cash them at a major bank, and you must have your passport with you. Most banks charge a fee for cashing the checks. Before cashing a check, ASK what the fee is.
Make sure you record your check numbers and keep the numbers separate from the checks, in case you need to get them replaced.
If you are studying abroad for the full academic year, you may want to open a bank account in your host city. You will receive details at your host university's orientation, once you arrive abroad.
Online Banking
Past participants recommend online banking to check your U.S. account balances and transfer money between U.S. accounts online. Check with your bank for details and availability and whether or not they have an app you can use.
Power of Attorney
To ensure that someone at home can take care of your finances while you are abroad, you may wish to grant Power of Attorney. See
above for more info.
If you have budgeted in advance and followed the strategies for accessing money, you should be in good shape while abroad. But if the unexpected happens, it can take anywhere from 72 hours to 30 days to send money abroad, unless you have a credit/debit card. Work out an emergency transfer plan with your parents or another trusted person at home before you go. Suggestions for moving money fast include:
- Have someone at home listed as a joint signatory on your checking account which will allow them to deposit money.
- Third party apps such as Paypal allow quick person-to-person money transfers. The money can usually be transferred into a bank account for a small fee.
- If you cannot access money electronically (i.e. your cards were lost/stolen), a Foreign Bank draft can be sent to you in the currency of the country you are in. This works like a money order: the sender pays for it in U.S.dollars, and it is then written like a money order, but in pounds or pesos, for example. You take it to a bank and cash it. Total time: 5-10 working days.
- Someone at home can go to an American Express or Western Union office (often a travel agency can help) and wire money to an American Express or Western Union office abroad this generally takes 2-5 working days.
- Money can also be wired directly from a U.S. bank to a bank account in your name, if you have opened one abroad this typically takes 5-7 working days.
- Traveler's checks may provide a back-up in case you cannot get money electronically.
"Online banking is a great way to transfer money and pay credit card bills all at once."
"The grocery store is your friend! When traveling pick up a meal or two and be sure to check out fresh food in markets."
"Research before you go and save all you can! And then remember you don't have to say "yes" to every trip, outing, etc. that your friends do. Everyone will have a different amount of money to spend on free time activities."
"When purchasing souvenirs, ask yourself if you really need it. They add up over four months, and it will be a big dent in your budget and suitcase space. It is quite costly to send packages of souvenirs home. The key is moderation."
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