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Finances


Enjoying Crepes in Rennes, FranceIt 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.  Thus, we recommend that you review your program budget in detail. What meals, if any are included? Are there additional costs involved with getting your visa, such as traveling to the Consulate?  Will I need immunizations? The Wofford budget helps you anticipate program as well as out-of-pocket expenses so you can get an accurate picture of your financial commitments through study abroad. 

 

This information is available on individual program websites but the Office of International Programs also provides a budget sheet via the Wofford site for each program. To locate a program budget, please locate your program using our program search tool. The budget sheet will be listed at the top of the program's web page directly under the Program Sponsor. We are currently in the process of adding budgets for all programs.  If there is no budget listed for the current term or it has not been updated to reflect the most recent figures, please know that all of these should be available by mid-semester. Please contact the Office of International Programs with any questions or concerns.  

If you have questions about your individual financial aid package and how it applies to your study abroad costs, contact the Office of Financial Aid after your admission to the program.  They can review your financial aid package in light of the study abroad charges (see below).  We also encourage students to look at scholarship options through Program Sponsors aw well (see program links below) for sources of additional funding.  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 additional housing or course-specific fees 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.  

Fees and Budget Estimates
Below is an outline of the billing to Wofford vs. on-site expenses and pre-departure costs paid directly by the student.  Please see program budgets for specific billable vs. estimated on-site expenses.  

Program Fees paid directly to the Study Abroad Provider include:

  • Application fees range from $25-$75 and are typically waived for Arcadia, CIEE & IES for online applicants.
  • Program Deposit (range from $300-$2500) reflected as a credit on your Wofford invoice.

Program 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 CIEE, IES and SIT)
  • Visa fees (if processed directly by the program, DIS and a few CIEE programs)

Pre-departure and On-site expenses to be paid by the student include:

  • Airfare and other travel costs (check www.kayak.com or other travel sites for estimates from your location)
  • Passport ($155 - $135 passport + $20 mail and photos) - Wofford covers costs for Fall 2014 students!
  • Consular and visa fees (see program estimates and add travel costs, if a personal visit is required)
  • Additional meals
  • Cell phone ($50-150)
  • Local transportation
  • Educational Travel ($350, if no optional field trips estimate given)
  • Independent Travel ($1000, except $750 Latin America and China, $350 SIT programs, and $200 summer)
  • Personal expenses (see program estimates)

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.