Study Abroad: What is Study Abroad Going to Cost?
What expenses should I expect to pay out of pocket?
What funds will I need to cover the initial expenses for my program?
Visa fees
Program fees
Health Insurance
How Much Will My Parents or Guardians Pay?
Example one: Average "Cost" Program
Example two: Lowest "Cost" Program
Example three: Expensive "Cost" Program
Airfare Costs and Allowances
Payment Plan
Internet Resources
The budget for study abroad includes "Program Fee", housing, board, an airfare allowance, personal expenses, and health insurance (if applicable).
What expenses should I expect to pay out of pocket?
The program application fee, photos, passport fees, cost of immunizations, visa, and refundable security/damage deposits.
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What funds will I need to cover the initial expenses for my program?
During the semester of application, students must have funds to cover the program application fee ($35, $40 or $50), the photos, the passport fee ($85 for a US Passport), the nonrefundable commit deposit ($300, $400, $500, etc.), the airfare, visa and additional health insurance if applicable. This commit deposit is credited towards the cost of the program and will be deducted from your invoice that will be paid directly to the program by CMC. Students pay the commit deposit directly to the program. Funds for the commit deposit, an airfare allowance and for the additional health insurance if applicable, will be included in your semester budget submitted to financial aid.
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Visa: Many countries do not require visas for tourists but do so for students who will be in country for an extended period of time. Whether or not you need a student visa will depend on your nationality. The costs for a visa vary widely.
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Program fees
It is highly recommended that you read the fine print to determine what your program fee actually covers. There are two prevailing models: program fees that include tuition and housing and program fees which are more inclusive and include tuition, housing, board and airfare.
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Health Insurance
Some programs have begun to include health insurance while abroad in country, including coverage for medical evacuation. It is highly recommended that students not cancel their insurance coverage stateside as preexisting conditions are never covered by such plans. Whether or not students need to purchase additional health insurance will depend on whether:
- It is already included in program fee
- Students are covered while overseas by their current provider, (even if gone for more than 90 days)
- The coverage while overseas includes provision for medical evacuation
The following are some plan options available to students enrolled in study abroad:
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How Much Will My Family Pay?
CMC students studying abroad pay the program costs for their particular destination. Student not on financial aid pay all expenses related to their program. CMC will pay program invoices and charge the student's account. Families continue to pay CMC. All other expenses are handled by students directly.
Students on financial aid continue to receive state and federal aid, as well as private and merit scholarships while abroad. Students receiving CMC grants-in-aid will receive up to 100 % of CMC grants, not to exceed the cost of a semester or academic year at CMC. As per federal regulation, financial aid cannot exceed "NEED" for that semester. The financial aid office will receive a budget for students' programs as outlined above. Parent or guardian contributions in most cases will remain the same as if the student were at CMC. This is because Estimated Family Contribution (EFC) is always factored in before determining need. The formula to determine need is as follows: COST - EFC = NEED
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Cost of Semester at CMC
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$24,495
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Minus EFC
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$2,000
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Equals Need
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$22,495
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Example one: Average "Cost" Program
Mary's costs for Madrid, Spain are as follows:
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Tuition
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$13,300
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Mary's parents have an Estimated Family Contribution of $5,000. CMC financial aid award for that semester will meet Mary's need of $15,170.
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Housing
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$2,375
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Additional Board
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$1,000
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Airfare Allowance
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$1,700
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Health Insurance
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$195
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Cost
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$20,170
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Personal
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$1,600
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Minus EFC
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-$5,000
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Total
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$20,170
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Equals Need
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$15,170
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Example two: Low "Cost" Program
John's costs for Yonsei University, South Korea are as follows:
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Tuition
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$4,100
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John's parents have an estimated family contribution of $15,000.00. John's need for the semester will be zero because John's EFC exceeds the budget for the program.
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Housing
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$3,000
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Board
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$1,900
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Airfare Allowance
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$1,100
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Personal
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$1,000
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Health Insurance
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n/a
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Costs
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$11,100
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Minus EFC
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- $15,000
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Total
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$11,100
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Equals Need
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$0
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Example three: Expensive "Cost" Program
Leslie's costs for the two spring terms at Oxford, UK are as follows:
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Tuition
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$25,425
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Leslie's parents have an estimated family contribution of $3,000. Leslie's need for that semester will be $21,495because need is met up to CMC costs for that semester. Leslie will have to borrow an additional $13,304. Leslie had a choice of programs and knowingly chose this particular one.
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Housing
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$6,650
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Board
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$2,424
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Airfare Allowance
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$1,300
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Health Insurance
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n/a
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Cost
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$37,799
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Personal
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$2,000
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Minus EFC
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-$3,000
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Total
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$37,799
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Equals Need
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$34,799
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Need for semester at CMC
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$21,495
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Additional Loans
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$13,304
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Airfare: Purchasing airfare is the responsibility of the student. Many programs offer optional group flights. A few destinations require that students join the group flight. When purchasing a group flight, it is often possible to have that cost added to the invoice that will be paid directly to the program by CMC.
If I buy my airfare, does it mean it is an out-of-pocket expense?
No. Your airfare allowance is included in the study abroad budget used by financial aid staff to determine your need for that semester. All you are doing is using Estimated Family Contribution (EFC) funds to purchase your airfare.
What if my airfare exceeds my EFC? You will have a credit in your student account. You must make arrangements in writing before departure to have Student Accounts disburse these funds to you in the form of a check. Do not have the check sent to you abroad; personal checks are difficult if not impossible to cash abroad.
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1. What families pay (including airfare) for Madrid, Spain Example 1 (see above):
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Amount Funded by Financial Aid
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$15,170
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OCS office pays Madrid Program
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-$15,870
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(due to CMC student account department)
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$700
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Leaving $4,300 of the $5,000 Family Estimated Contribution in-pocket to pay for airfare, meals and personal items.
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2. What families pay for the same Madrid, Spain Program where EFC is $2,000:
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Amount Funded by Financial Aid
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$18,170
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OCS office pays Madrid Program
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-$15,870
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due to student from CMC for out-of-pocket expenses
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$2,300
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Plus the student keeps the $2,000 Family Estimated Contribution in-pocket to pay for airfare, meals and personal items in addition to the funds owed to the student.
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Payment plan: Students are billed by CMC for the cost of the program minus the commit deposit in the same increments in which they would normally receive their CMC bills.
Students abroad for an academic year will be billed for the full semester Program Fee in fall and will receive any discounts for the academic year with the Spring semester billing.
Financial aid funds are for academic purposes and do not include: field trips, weekend/vacation travel, EuroRail passes, eating out when you have kitchen facilities available, entertainment, etc.
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