Student Handbook - Finances and Fees
There are several ways in which a student can use personal funds in Rome:
- Traveler's Checks and Money Orders
Traveler's checks and money orders made out to a student can be changed to € at the Business Office of the Rome Center. Traveler's checks are used widely and can be easily cashed in Europe. Students are strongly urged to buy some traveler's checks to avoid carrying large sums of cash. Traveler's checks may also be purchased at the Rome American Express Office or any other American Express Office in Europe. The Rome Center CANNOT exchange or accept any payments by personal check. - ATM Machines
ATM machines are the easiest way to access cash and are located within walking distance of the campus in Rome and throughout the city, as well as in other traditionally "tourist" areas of Italy. The exchange rate issued through ATM machines is generally quite favorable to the dollar. VISA, CIRRUS and PLUS cards have worked well almost everywhere, and American Express at its office locations. Be aware, though, that cards issued by small local banks may not work in Europe. Check with your bank to find out exactly how your debit card might work overseas(What is the transaction fee? What is the daily limit for withdrawals? What networks does it have access to?) Also, be sure that you have a four-digit PIN number that works overseas. - American Express Card
An American Express credit card, obtained in the U.S., is very useful in buying traveler's checks or for other purchases while traveling. With this credit card students can also cash personal checks at the American Express Office in downtown Rome or in any European locale which has an American Express Office. This card MUST be in the student's name - not the parents'. Despite this policy there could be instances when the American Express card is not honored. American Express is not as widely accepted in local shops and restaurants. - Other Credit Cards
There is a credit card machine in the Student Business Office. The only cards accepted are MasterCard and VISA. Students can use credit cards in the business office to put down deposits for study trips or pay for books. VISA and MasterCard cards can also be useful while traveling, particularly VISA. They may be used to receive cash advances in some exchange offices and banks if the individual has requested this added service. This service is expensive; students should ascertain the fees. All cash received through a credit card advance will be in the local currency, generally €. - Transferring funds overseas In emergencies wiring money is most expeditious. The holder of an American Express card can wire a money-gram directly from any American Express Office in the U.S. to the American Express Office in Rome. Western Union also offers a wire service. Due to the bureaucracy of Italian banks and/or Roman branches of American banks, it is inadvisable to wire money to any banks, even U.S. banks with Italian branches.
- Other Tips for Managing Funds Overseas
- Do take some Euros with you (perhaps €250). You will need some cash available when you arrive to the Rome Center.
- Never carry large sums of cash with you or leave it in an insecure place. Manage your finances during your time in Rome with ATM cards, travelers's checks, and credit cards.
The semester is considered as beginning the day on which a student's presence is required at the Rome Center as listed in the official school calendar.
Students withdrawing completely will have their room and board charges pro-rated according to the number of days spent at the Rome Center. Tuition fees will be adjusted according to the following schedule:
Withdrawal Credit
- First & second week of the semester 100%
- Third & fourth weeks of the semester 50%
- Fifth week of the semester and after 0%
- All students pay $200 upon notice of acceptance. This fee is non-refundable and applies toward official charges. In addition, Loyola-Chicago students pay a one-time study abroad fee of $100.
- Full-year students deposit a second $200 non-refundable fee in early October. This fee is applied toward the official charges of the second semester. Failure to submit this deposit may cost a student his/her place in Rome for the second semester due to the demand for space from incoming Spring semester only applicants.
- Students who are withdrawn from the Rome Center for disciplinary or academic reasons may be refunded a percentage of the fees at the discretion of the university.
Continuing Loyola students should contact the Chicago Office of Student Financial Assistance for specific financial aid information and procedures. Visiting students should contact the financial assistance office at their home institution for this information.
If a student's verified financial aid will exceed the total bill for tuition and room/board at the Rome Center, Loyola will not process a refund for the overpayment until enough aid has been received and applied to the account to cover all university fees. Students should know that loans go in check form to Rome for student endorsement. They must be then returned to Chicago before being applied to accounts. Most scholarships, grants, or gift aid come in credit form and are applied directly to student accounts. Students should bring enough money for travel and other expenses until their financial aid comes through.
