FinancesI
t is important that you arrange to receive enough money to cover your personal expenses during the time you will be abroad prior to your departure from the U.S. You will need money for books, entertainment, toiletries, gifts, local transportation, and independent travel. Check your online program fees and costs information to see if all meals and housing are included in your program fee. Your program will also provide detailed information about on-site expenses you will need to cover.
Budget Forms
As part of your online Wofford application post-admissions paperwork, you will be required to prepare your own estimated budget for your program. Both the online form and this page (see Fees below) will guide you through finding your program fees and guidelines for estimating other on-site costs for your program. This is an important process as these budgets are sent to Financial Aid for calculating your financial aid package and to the Business Office for billing. A Wofford College bill is then sent to a student’s home address during the regular billing cycle. It is important to note that fees are not final until ALL charges have been received from the study abroad program. Final charges for a selected housing option or an outside course at a university are not received until several weeks after the semester has begun. Any changes either from the Program Sponsor or Financial Aid will result in a revised Wofford College bill.
The student budget form also helps you estimate of out-of-pocket expenses not billed by Wofford, e.g. personal expenses, cell phones, educational travel, books, etc. We want to make sure you have planned for the many possible expenses for your time abroad. Application fees and Program Deposits are paid directly to the program sponsor. All other program fees are billed through the Wofford Business Office.
Fees and Budget Estimates
Students Below is an outline of the billing to Wofford vs. on-site expenses and pre-departure costs paid directly by the student. Please note every program provides an overview of the basic program costs and estimated on-site expenses on the program specific webpage. Program-specific estimates always override our general estimates below, except in the case of airfare, but we have provided general estimates below to help you in your budgeting process.
Fees paid directly to the Study Abroad Provider include:
- Application fees range from $25-$75 and are typically waived for CIEE & IES
- Program Deposit (range from $300-$2500) reflected as a credit on your Wofford invoice.
Fees paid directly to Wofford College include:
- Administrative fee- $1000 (semester), $500 (summer)
- Tuition (see program website)
- Room & Board (see program website)
- Housing deposits (if required, see program website)
- Mandatory Program Insurance (if required, see program website)
- Wofford International Insurance ($40 per month; not required for IES and SIT)
Fees to be paid by the student include:
- Airfare and other travel costs (check online for estimates)
- Additional meals ($200, if no program estimate given; $100 for summer)
- Cell phone ($100, if no program estimate given)
- Local transportation ($350/$500/$750 for small/medium/large cities if no estimate given; $200 for summer)
- Travel documents ($135 - $115 passport + $20 mail and photos)
- Educational Travel ($350, if no estimate given; $150 for summer)
- Independent Travel ($1000, except $750 Latin America and China, $350 SIT programs, and $200 summer)
- Personal expenses (see program estimates)
- Consular fees (see program estimates and add travel costs, if a personal visit is required)
TuitionPay Payment Plan
Students who participate in the TuitionPay payment plan can continue making their regularly scheduled payments to TuitionPay. Once billing has been received from Wofford, necessary adjustments can be made to the plan to accommodate the program costs whether by increasing/decreasing your monthly payment.
Program Provider Financial Information and Additional Scholarship Opportunities
Program providers have the most up to date financial information available on their websites. Many of the providers also offer financial aid and scholarships to qualified students. Please consult the appropriate web information for details about program costs and financial aid eligibility and requirements.
Interim and additional tuition fees
Students whose semester programs overlap at all with Interim may use their Interim tuition fees and/or scholarships toward their study abroad costs. Students who study abroad during the semester but return for Interim at Wofford will have the costs for Interim added to their invoice. Some Interim projects may also have additional fees for course materials and all travel study interims have additional fees for travel charges, etc., so students should plan accordingly. Also, students who are applying for travel study interims are held to the same deadlines, so they should plan ahead for getting deposits sent in their absence.
Payment Requirements
- All payments must be received by the due date noted on the Wofford invoice.
- Payments are not remitted to the Program Sponsor until fees have been paid in full.
- Failure to submit payments by the deadline will result in no academic credit awarded for the program.
Financial Aid/Scholarships/Grants/Awards
- Aid packages are credited as usual toward your Wofford invoice. Financial Aid uses the cost sheet provided by the Office of Programs Abroad to determine exact amounts.
- Any aid that results in an overage will be refunded and mailed to the student’s home address upon finalization of financial aid and registration (around mid-semester).
- Awards directly from the program are reflected as a discounted tuition amount and are not shown separately as a credit.
Managing expenses overseas
Fluctuations in currency exchange rates and inflation must be considered in preparing a budget. In general, the cost of living as a student abroad is comparable to the U.S.; however, the exchange rate, the added cost of independent travel, along with the impulse to splurge, make careful budgeting imperative. Travelers checks in dollars are the most widely recognized currency. They can be readily converted into any other currency and are recommended as the safest means of handling personal finances. Be sure to have available the receipts from where you bought the checks. Sign them exactly like you have signed your passport. Have your passport available for identification. Shop around for the bank with the lowest service charge. Some banks will take a fairly significant amount as a commission.
Credit Cards and Travelers Checks
Former participants in Study Abroad programs have found their Visa credit cards to be very convenient. Visa is accepted almost everywhere for purchases (restaurants, merchandise, local travel, etc.). Make sure someone at home will pay your bill! Have a power of attorney drawn up, if necessary. Call your bank to inquire about the possibility of using a debit (or Visa Check) card abroad. Also verify the need for a numeric PIN overseas with any credit company. Make sure your bank and credit card companies know that you will be traveling abroad so they do not put a hold on your card for "suspicious activity." You should also check on fees for purchases abroad on any cards you plan to use abroad, as these can range anywhere from 1% of the purchase amount to $5 per transaction.
Taking your personal checkbook may prove useful for covering final, unforeseen expenses and for keeping track of expenses overseas.