How it Works Financing your Program

Financial Aid

The Education Abroad Network accepts all forms of financial aid. In order to use federal, state or institutional financial aid for a study abroad program, we recommend that you first speak with your home institution’s Financial Aid Office and Study Abroad Office to determine if they will allow you to use your financial aid for TEAN programs. Your home university Financial Aid Advisor should be able to guide you through the process of transferring your financial aid for your program abroad. 

Federal Financial Aid

According to the Higher Education Act of 1965, students can use government-issued financial aid for study abroad if they are enrolled in programs that their home university approves. Financial aid can be used to offset costs associated with studying abroad including: 

  • program tuition and fees 
  • travel and transportation 
  • living costs 
  • health insurance 
  • passport and visa fees

Types of Government Financial Aid

  • Direct Loans (borrowed money that you will eventually have to pay back to the lender) 
    • Subsidized Loan: Available to students who demonstrate financial need. The Federal government pays interest on the loans as long as the student is enrolled half-time. Repayment and interest begins after you graduate, leave school, or drop below half time. 
    • Unsubsidized Loan: Available to students regardless of need but interest is charged to the students while in school. A student may choose to make the interest-only payments on the unsubsidized loan or allow the interest to be added to the loan principal and then pay both principal and interest after leaving school. 
    • PLUS Loan: Available to graduate students and parents of dependent undergraduate students. Interest accrues while students are in school.  For graduate students, repayment begins 6 months after you graduate, leave school, or drop below half time.  For undergraduates, parents must begin repayment once the loan is fully disbursed. 
  • Grants (“Gift Money” awarded to you that you do not have to pay back) 
    • Federal Pell Grant is awarded to exceptionally needy undergraduate students. 
    • Federal Supplemental Educational Grant (SEOG) is awarded to exceptionally needy undergraduate students. 
    • Benjamin A. Gilman Scholarship Program. Open to undergraduate Federal Pell Grant recipients who intend to study abroad for a semester, summer or year-long program. 
    • Foreign Language & Area Studies (FLAS) Fellowship program funded by the U.S. Department of Education provides study abroad funding to undergraduate and graduate students who are pursuing foreign language and area studies.   
    • GI Bill- According to the U.S. Department of Veterans Affairs, the VA cannot pay a third-party provider; therefore, VA cannot directly pay ISA. Very few students have been able to successfully apply VA benefits to an ISA study abroad program. For the most up-to-date information related to VA Benefits, please visit the Veterans Benefits Administration website here: benefits.va.gov/benefits.  
      • TEAN is honored to offer a Give (GI Veterans Excellence) Scholarship – further details are available on our scholarships and grants page 

Home Institution Financial Aid

Not all universities will allow students to use their financial aid for study abroad programs administered by a program provider such as TEAN. To learn about your home institution’s policies, contact your Financial Aid Office or Study Abroad Office. 

Additional Financial Aid Resources

Paying with Financial Aid

PAYING WITH FINANCIAL AID 

Wondering how you’ll fund your program? TEAN’s got you covered! If you receive financial aid for your home university, you will likely be able to use those funds for study abroad too.  

What is considered financial aid?

Title IV funding (Pell, Stafford, and PLUS), grants, loans, university and private scholarships. Anything you typically use to fund your education is considered financial aid.  TEAN is happy to accept any form of funding, but you’ll need to speak with your university or scholarship provider to determine if they can be used towards your study a program. 

 Step 1: Inform Your University

Inform your university study abroad and financial aid offices you want to use financial aid to pay for a TEAN study abroad program and ask about their requirements.  

 Step 2: Complete & Submit Required Forms
  1. Download the TEAN Financial Aid Verification of Award Form (VOA) – Read the information carefully and sign and date the student portion at the bottom of the VOA
  1. Send your signed VOA to your financial aid office and ask them to complete the form including your award amount, release date and to whom the funds will be sent. Ask if they require a Contractual (or Consortium) Agreement. 
  1. Submit all financial aid related documents – Ask your financial aid office to return the completed VOA to info@teanabroad.org or return the form to you so you can upload to your TEAN Application
Step 3: Submit Payment

Failure to follow through with one of the options below by the payment due date could result in added fees to your TEAN program cost and/or cancellation of your TEAN application.  

A Down Payment is a payment made to TEAN to hold your place in the program while we wait for your aid to be disbursed. 

TEAN MUST RECEIVE ONE OF THE FOLLOWING BY YOUR TEAN FINAL PAYMENT DEADLINE 

Full Payment for the TEAN Program
Pay for the full program fee out-of-pocket and use your Financial Aid as reimbursement once it is released. Payments can be made by wire transfer, bill pay or e-check or by mailing a personal check to TEAN. 

OR 

VOA guarantees full payment & your down payment 

  • If your aid is released to you:
    Pay your Down Payment amount by your Final Payment deadline. When your financial aid is released, you will submit payment to TEAN. You will be responsible for payment of your full remaining balance at that time. 
  • If your aid is released to TEAN:
    Pay your Down Payment amount by your Final Forms and Payment deadline. No further action is necessary as your financial aid will be released directly to ISA, for an amount equal to or in excess of your balance due.

OR 

VOA that guarantees partial payment and your payment for the remaining balance 

  • If your aid is released to you:
    Pay the portion of your balance that will not be covered by financial aid via to TEAN This amount should be no less than your Down Payment amount) When your financial aid is released, you will submit payment to TEAN and will be responsible for payment of your full remaining balance at that time.  
  • If your aid is released to TEAN:
    Pay the portion of your balance that will not be covered by financial aid. (This amount should be no less than your Down Payment amount) 
Step 4: Submit Verification of Course Enrollment

Once you are abroad and your course schedule has been finalized, you must submit he TEAN Verification of Course Enrollment (VOCE) form. This will be sent to you by your TEAN Resident Director.   

This form allows us to confirm for your home university that you are enrolled fulltime and the approximate number of credits you will receive. Most US universities require this information before they can release any financial aid.  

Down Payments 

If you are using financial aid to pay TEAN, you must submit a down payment of $500-$2,000, depending on your program term and location by the payment deadline. The down payment is the minimum payment required to hold your place in the program and allows TEAN to make financial commitments abroad on your behalf. All students must submit a down payment regardless of how much aid they will receive.   

$500 for summer programs (with the exception of specific programs listed below) 

$750 for South Korea E-Sports Program and Fiji: The Scholar Games 

$1,000 for Asia semester programs, Singapore Endeavor summer program, Australia summer traveling programs and Thailand summer programs 

$2,000 for Australia, Fiji and New Zealand semester programs 

Note: This is for study abroad programs only. If you are participating on an Internship program, please contact your Program Manager for information on payment.