What payments does my son or daughter need to make at the time of application to a study abroad program?
A number of programs have a study abroad application fee. This fee can vary from $50-$100. If you are unsure if your student's program requires an application fee, please contact the Office for International Programs at 773.508.3899. It is important to keep in mind that application fees are non-refundable in all cases.
How does billing work for study abroad students?
Loyola will bill students for the tuition of their programs, housing (for some programs), health insurance (for some programs), any optional tours the student has signed up for, and the study abroad fee associated with the program. Bills will normally be sent out in mid August for fall program, mid December to early January for spring programs, and late May for summer programs. If you have any questions about items that appear of your child’s bill, please contact Kelly Heath, Study Abroad Coordinator in International Programs at firstname.lastname@example.org or 773.508.3307. It is best to contact her directly instead of trying the Office of the Bursar or Financial aid, as she will act as your liaison to these Loyola offices.
Starting in the summer of 2010, CISI international student health insurance is required for all Loyola students studying abroad. The cost is approximately $30 per a month. Students will have to enroll for the plan through the Travel Center web site http://www.luc.edu/oip/travelcenter.shtml
Do we pay Loyola tuition or the program's tuition?
It depends on which program your son or daughter has selected. Those students attending exchange programs will pay Loyola tuition. All students attending the Rome Center, Loyola’s Beijing Program, or USAC or affiliate program (Chile or Casa de la Solidaridad) pay the outlined program costs, which differ from Loyola tuition and fees. Housing charges always differ from Loyola on-campus amounts. For more detail information about program costs, please visit the program list and click on your son or daughter’s program of interest.
What are the study abroad costs besides tuition?
Other than tuition, study abroad costs include: on-site housing, meals, OIP fee, mandatory international health insurance, tours, and additional fees associated with particular courses, such as field studies, roundtrip airfare, local transportation, textbooks, consular fees, personal expenses.
What is the study abroad fee and how much is it per program?
The study abroad fee, also know as the Office for International Programs (OIP) fee, is a one time charge for students attending Loyola approved study abroad programs. The fee covers the university administrative costs for sending students overseas. The fee varies depending on the program type. Exchange, IES, and USAC programs have a fee of $1000 per semester and $500 per summer; full year students on these programs will only be charge one fee of $1000. Affiliate programs (Casa de la Solidaridad, Chile- La Universidad Alberto Hurtado) have a fee of $100 for both semester and summer programs. If you are unsure what type of program your son or daughter is attending, please see our list of program types.
Do Loyola scholarships and grants apply to any of the study abroad programs?
While state and federal aid applies to all study abroad programs, Loyola aid is only extended to Rome, Beijing, exchange programs during the academic year. If your son or daughter is on a IES, USAC or Affiliate program (Casa de la Solidaridad, Chile- La Universidad Alberto Hurtado) sponsored program, they will only be able to take their federal and state aid. To find out more about study-abroad programs and financial aid, please see Financing Study Abroad. There are a number of additional sources of aid that we suggest students look into to fund their studies abroad. For a list of additional financial aid sources, see scholarships.
What happens if my son or daughter decides to withdraw from his or her program? Is the money refunded?
If your son or daughter withdraws before the start of his or her program, there is a good chance that a high percentage of the program costs will be refundable. If a student is more than a few weeks into a program and decides to withdraw, then the recoverable refund amount drops significantly.
How should my son or daughter plan to handle money prior to and at the beginning of their program abroad?
Students should try to have some local currency with them when they first arrive. Most airports have currency exchange centers or ATMs. It is wise for students to have enough money to cover expenses for their first week or two abroad. Students may also want to do research on the host country's banking customs, talk to returnees, carefully read pre-departure literature about their particular program, and also contact their credit card company or bank to check on the availability and locations of ATM’s in the city where they will be studying.
How much spending money will my son or daughter need while abroad?
This will depend on your son or daughter’s spending and travel habits. It is a good idea to talk with your son or daughter prior to their program about establishing a travel and spending budget while abroad. In International Programs we have financial information sheets, which are based on estimated expenses for housing, food, travel to the host site, local transportation, and personal expenses including some entertainment. These, however, do not account for travel during weekends and breaks. Students are encouraged to use site-specific resources to ascertain estimated expenses and to contact returnee students.
Is it best to open a bank account while abroad?
The answer to this question is that it really does depend on the location where the student is studying abroad and the length of the program. Opening an account is recommended if the student is going to study abroad for a full year, as he or she will be able to avoid ATM fees if they enlist at a local bank. Opening an account also makes sense for locations where ATM access is not convenient or sufficient.
What are the different ways students can handle or obtain money while abroad?
Here are a few examples of the ways in which students may decide to access or obtain money while abroad:
- ATM Card
- Traveler’s Checks
- Credit Cards
- Local Banks
- Western Union
What is power of attorney and why is it worth considering?
We suggest that students who are studying abroad select a trusted parent or other person to receive power of attorney to take care of unanticipated financial and personal affairs while they are out of the country. A student with financial aid through Loyola may require the assistance of their Attorney-in-Fact to deal with issues such as completing financial aid paperwork or deposit of financial aid checks. Any student may require assistance with banking, insurance transactions, or another legal matter.
Where is the easiest place to find exchange rates?
Each week the travel section in your local newspaper should have a section on current exchange rates. You also may check the following Websites, which provide currency converter applications:
- www.xe.com/ict (for exchange rates)
- www.xe.com/ucc/ (for currency conversion)
- www.oanda.com/converter/classic (for help translating US dollar amounts into the currency in your host country; see especially the “Cheat Sheet”)