Financing

There are many scholarships for study abroad available and it is a good idea to spend the time to seek out ones for which you may qualify. However, you should not expect to receive every award for which you apply. It is important to consider other funding options and remember that every little bit helps. Check out these creative funding ideas from the University of Wisconsin-Madison Study Abroad office as a good starting place.

FundMyTravel is an online crowd funding platform developed by GoAbroad.com to allow students to raise funds to cover the expenses of their study abroad program. With FundMyTravel, students can create customizable travel campaigns which they can share across numerous social media channels in order to collect donations from friends, contacts, and family members.  Start your campaign now!

There are many study abroad scholarships available. First, start with your study abroad office to see what resources they have. For example, your school may have funds dedicated specifically for study abroad. Second, search online for external study abroad scholarships. Third, there may be community-based scholarships available. Researching, narrowing down your list, and applying for scholarships can be time consuming so it is always a good practice to start this process as early as possible.

You may be able to use federal student aid (FAFSA) to pay for your study abroad program. You will need to meet the aid eligibility criteria and fill out a FAFSA form before you can receive federal student aid to study abroad. To determine which types of aid that may be available for you to use for your Arcos Learning Abroad program, contact the financial aid office at your school. Starting this process early is important to ensure that all necessary paperwork gets processed on time. Our team will help you complete any required forms, such as Consortium Agreements and Price Breakdowns.

Another avenue you may wish to explore are Educational Loans. You can apply for this type of loan through a private banking lender such as Wells Fargo or Sallie Mae. You will need to supply the FAFSA code from your home university. If you are interested in learning more about this option, you should inquire with your own financial institution.

Arcos Learning Abroad allows students to pay for their program using financial aid, scholarships, grants, loans, and other approved means of financial assistance. Payment works in the following ways:

• If financial aid will cover your program in full, but the release date is after the final payment deadline, we require a $500 Good Faith Payment (GFP) by the final payment deadline. The GFP is not a fee, it is deducted from the program price.

• If financial aid only covers a portion of the amount due, you must pay the difference in full to Arcos Learning Abroad by the final payment deadline.  

Financial Aid funds are normally released once the study abroad session begins or slightly before. We must have official written confirmation from you via our Financial Aid Verification Form stating that you are using financial aid and the estimated release date of the funds so that we can budget expenses needed to run the program. A common form of this documentation is an official letter from your financial aid office explaining the terms of your financial aid, including the amount and release date. Once you receive your funds it is your responsibility to pay your remaining program balance to Arcos Learning Abroad. If you have not paid in full by the halfway point of your program you will be removed from all aspects of the program. Until you are paid in full Arcos will withhold your transcript. In all cases you must be paid in full before the program end date.