Financial AidPage address: http://www.mnsu.edu/studyabroad/aid.html
Can I use my financial aid for Education Abroad and Away?
Yes, you can!!! Federal Financial Aid, state and university scholarships you currently receive may be used to pay for education abroad programs. A process also exists for you to work with the CEAA and the Financial Services Office to determine whether or not you qualify for an adjustment to your financial aid package based on any added education abroad and away expense. Students interested in completing this process should follow the steps below:
- MSU's Financial Aid Page
- FAFSA (Free Application for Federal Student Aid)
- Finaid's tips on Financial Aid
- FAFSA School Code Search
- Financial Aid for Education Abroad and Away: An Undergraduate Student's Resource (from NAFSA: Association of International Educators)
Steps for Financial Aid for Education Abroad and Away
1) If you have not already, file a Free Application for Federal Student Aid (FAFSA) through https://fafsa.ed.gov/. Financial aid for summer term education abroad and away programs is covered under the same FAFSA year as covers the fall and spring semesters just prior to that summer.
2) Finish all elements of your Minnesota State Mankato online education abroad and away application by the application deadline date, especially the “Approved Class Planner.” https://mnsu.studioabroad.com/
3) Create a cost estimate budget sheet with staff in the Center for Education Abroad and Away (CEAA) You can make an appointment at the CEAA front desk (Wissink Hall 379) or you can call 507-389-1341.
4) Schedule an appointment with a Financial Aid Advisor by visiting the Campus Hub on the main level of the Student Union or by phone at 507-389-1866.
5) Be sure to bring the following to your financial aid advising appointment:
- A copy of your completed CEAA “Approved Class Planner”
A copy of your program budget printed from the CEAA website
Note: The goal of your appointment is to submit a financial aid budget adjustment request, allowing you to access additional loan funds to cover the cost of your study abroad or away experience. You will also need to request a financial aid consortium agreement if you are participating in a program offered through another school; this allows the academic credits earned from the other school to be considered eligible for financial aid. If you are participating in a Minnesota State University, Mankato faculty-led program, exchange program, or the Spanish Language Abroad program through the Spanish department you do not need to request a financial aid consortium agreement. You will also be able to discuss with the Financial Aid Advisor how to find additional student loan resources.
6) You will be notified by Student Financial Services when your budget adjustment request (and financial aid consortium agreement, if applicable) is approved. This approval does not mean you will automatically receive more money when your financial aid is processed for the semester. You will have to apply for additional loan funds through separate application processes. If you have questions, please visit the Campus Hub or discuss this with your Financial Aid Advisor.
7) Make all your education abroad and away program fee payments by the set deadlines. Depending on your travel dates and financial requirements, you may not have access to your additional financial aid when payments are due. The earliest date you could possibly receive a financial aid disbursement is typically the 2nd Friday of the semester, by direct deposit. Your loan funds must be received by the University by the first week of the semester to be processed for this earliest disbursement date; there are later processes that run routinely throughout the semester if your loan funds arrive later. Any education abroad or away program payments or purchases you need to make prior to receiving your financial aid disbursement should be made by credit card or other means. If you are participating on a program with an education abroad program provider, this provider (or company) should have some sort of “Financial Aid Verification Form” available for your to submit by the final payment date in lieu of submitting a check/credit card payment; this form is usually available through your personalized student account with the education abroad company or on their website. If your financial aid package through Minnesota State University, Mankato does not cover the full program fee, the company will expect you to submit both the “Financial Aid Verification Form” AND check/credit card payment for the amount not covered by financial aid. Most education abroad companies also offer payment plans through which you can arrange to pay in installments. Call your education abroad and away company to ask about this option.
8) Once your loan funds are received by the University they can be processed. Financial aid, including all loans, is first used to pay any outstanding charges on your student account; after your outstanding charges have been paid, any remaining financial aid/loans that you receive will then be reflected on your E-services as a Payment to Student and is the amount paid to you by direct deposit or check. If you have not set up a direct deposit authorization yet, you should do that on E-services through the Financial Aid menu. When your disbursement has been posted to your bank account (be sure to confirm that with your bank), you can use the funds as needed.
9) Be aware that your host university and/or education abroad and away company will not release your academic transcript to you or to Minnesota State University, Mankato if you have not paid all fees by the end of your term abroad. This can put your financial aid at risk. If your academic transcript is not received by Minnesota State Mankato in a timely manner after the completion of your study abroad and away program, your eligibility for the loan funds you borrowed may be rescinded. This will require the University to return the funds to your lender, creating a balance on your student account that you will need to immediately pay.