Finances
It 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 budget sheet to see if all meals and housing are included in your program fee. Your program will send you detailed information about other expenses you will need to cover.
Budget Letters
Upon completion of your application, the Office of International Programs will prepare a budget letter. You should double check the information and make certain that all the pertinent information is appropriate to your program. This budget sheet will be sent to Financial Aid Office which calculates your financial aid, scholarships, and loans. They then send this form to the Business Office where Kathy Brooks calculates the amount that you owe the College. A Wofford College bill will be sent to you at your home address. This budget may include out-of-pocket expenses not billed by Wofford. It is important to note that
fees are not final until ALL charges have been received from the study abroad program. It would be optimum if charges arrived prior to the student’s departure, but in most cases, 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 invoice.
Outside Financial Aid and Scholarships
Many of the providers also offer financial aid and scholarships to qualified students. Please consult the appropriate web information for details about eligibility and requirements.
Fees
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-$500) reflected as a credit on your Wofford invoice with exception of participants of SIT programs. The deposit for SIT is credited toward travel costs billed directly to the student.
Fees paid directly to Wofford College include:
- Administrative fee-$225 (summer) 450 (semester)
- Tuition
- Room & Board
- Housing deposits (if required)
- Mandatory Insurance (if required)
- Wofford International Insurance (not required for IES and SIT)
Fees to be paid by the student include:
- Airfare and other travel costs
- Some meals
- Travel documents
- Personal expenses
- Consular fees
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.
Interim and additional tuition fees
Students who study abroad during the semester but return for Interim at Wofford will have the costs for Interim added to their invoice. Some courses may have additional fees for course materials and all international interims have additional fees above the base cost for travel charges, etc.
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.