So you want to study abroad! But, that’s expensive. Well, at Smart About Money, we are here to help! One of the most common questions the Education Abroad office gets asked is “How do I pay for Study Abroad?”
If you are thinking about studying abroad and it is a huge possibility for your schedule, but money is the only thing holding you back, then you have come to the right place! This article will cover all the financial considerations when planning your trip.
Program Costs
The program cost will be your biggest expense. Program fees are not regular UMass tuition fees. The program fee includes academics, housing and sometimes meals. It does not include any personal expenses. It will be billed through an outside provider.
The only UMass fee associated with study abroad is the education abroad fee of $910. However, if you are thinking about domestic exchange, then that will have the same tuition cost as UMass. Talk to Sheila Brennan in the student success office to learn more!
Scholarships
There are many options for scholarships! Through the IPO, scholarships are awarded based on merit or need. The application for a merit based scholarship includes an essay about who you are and why you want to study abroad.
Alternatively, pell grant receivers are eligible for the Gilman scholarship. It is a significant scholarship for underrepresented groups to visit destinations that are less common. The application for this scholarship is a lot more competitive since it is awarded nationally. There is an office that helps to assist students in the application process, which is also an essay. Specific programs have scholarships you can apply to depending on the program you choose.
Note: Athletic scholarships that apply to UMass tuition sometimes aren’t eligible for study abroad programs. Similarly, tuition credits such as the John and Abigail Adams scholarships are invalid.
Financial Aid
If you are eligible to receive financial aid, grants, or awards, then they can be used to study abroad. There are specific scholarships awarded through the FAFSA that can be applied.
Additional Loans/Grants
Logically, work study is forfeited because on campus work cannot be completed abroad. There are alternative loans available like Sallie Mae private loans and parent plus federal loans if needed.
Regional Costs
Depending on the continent you want to visit, there can be variability in costs. Generally, Latin America is cheaper than Europe which is cheaper than Australia which is cheaper than Asia. Some countries have better conversion rates where the US dollar is worth more. This makes living expenses a lot cheaper. Egypt and Morocco are great examples of this, where you could live on around $5 a day (excluding housing).
Depending on the area within the country you are studying in, housing costs could be cheaper. For example, homestays are much less expensive and also include food, so the overall cost of food goes down. Moreover, in the bigger cities, the cost of living will be higher. Whereas, on the outskirts, the cost of living is cheaper. USAC is a great option for finding cheap programs since housing is mostly located in the outskirts of the major cities.
For further questions, you can set up a meeting on Navigate with a Peer Financial Coach or the International Programs Office.
As students here at Umass Amherst go through their college career, many decide to move off campus as upperclassmen. In Fall of 2020, almost 40 percent of Umass students resided in off campus housing. That is a huge portion of Umass Students! It may seem like a daunting thing to lease your own apartment for the first time and there are many things to consider before making an important financial decision such as this. However for some, there are lots of benefits to living off campus. If you decide that this might be the right decision for you, finding an apartment or house can be much easier than you think! There are many resources and financial tips to help make this process easier, and help you to feel confident in making this big financial decision. In this blog, I have compiled what I think are the most important financial tips and knowledge to keep in mind when you are searching for off campus housing for the first time.
Having Realistic Expectations:
Off campus housing can turn out to be cheaper than living in the dorms, if you find the right place. But prices can vary and paying monthly rent to a realtor is different from lumping in campus living expenses with your tuition bill. Therefore, it is so important to keep realistic expectations when searching for off campus housing. Are you planning on sharing the cost of rent with your parents? If not, do you have a job or enough loans to cover the expenses of living off campus? These are the things you should think about before you start your search. How much rent can you afford to pay every month? Answering these questions will help set a realistic budget for what you can afford. If you still think moving off campus is the right decision after regarding your financial standing, don’t go for the first apartment available. Rent per person in the Amherst area usually ranges for around 600-900$ a month, give or take some. So shop around and compare rates!
Starting Early!
The housing market can get very competitive every fast, especially in the Amherst area with so many students searching for a place to live each year. From a financial standpoint, it’s so
important to begin your search for off campus housing early, so you can get the best for your buck! Ideally, you should start your search in September/October of the year before you plan to lease. Many real estate companies require all you and your intended roommates to be in attendance for tours, So you should also be planning who you will room with around this time as well. Keep in mind that most properties only allow up to four people per apartment.
Will moving off campus affect my financial aid?
Housing is not guaranteed to students after their first year of college. For this reason, it is unlikely that your financial aid would be majorly impacted by living off campus as opposed to in a dorm. However, everyone’s personal situation is different with financial aid, so you should always double check with Umass Financial Aid services about how this might affect you personally.
What are utilities, and are they included?
When you are comparing prices of different apartments or houses for rent, make sure to check if utilities/amenities are included in the monthly rent, and if so which ones. Many listings will show you the base cost of monthly rent but specify that amenities are not included in that. If that’s the case, expect to pay around a hundred dollars more than the specified rent each month. When you begin to tour houses and apartments, make sure you ask about every amenity you will need to live comfortably. Some apartments and houses may or may not offer certain utilities and have certain requirements, such as whether pets are allowed or not. All of this can affect your decisions when choosing housing, and whether it is worth it for you monetarily. Questions to ask about utilities and amenities:
– Is Wifi included in the Rent?
– What do you offer in terms of heat and air conditioning?
– Does this place have a laundry?
– How about a dishwasher?
– Is electricity included in the rent?
– What’s the story with snow removal?
– Does this rental have enough parking? (How much?)
– Is subletting allowed?
Keep in mind that a Landlord/Landlady can’t charge you for water or trash if you live in a building with three or more apartments!!!
Parking and Transportation:
As a Umass Student, you have free unlimited access to the PVTA bus system. When looking for off campus transportation remember to check location. Is it possible to use the bus system to get to and from campus from my apartment? Using the buses is a great way to save money living off campus, but not all available rentals are in a location near a bus route. If you’re planning on using your car off campus, you won’t have to worry about bus routes, but keep in
mind that having a car is an added expense to living off campus. There’s gas, and you may have to purchase a parking pass to park on campus for your classes.
Signing a lease:
When you are signing a lease, you are signing a years worth of commitment to paying rent and utilities to your landlord. Therefore, there are some very important things to keep in mind that can help when making this big financial decision. Firstly, know that most landlords require you to pay a security deposit. On average, these are about $500, so make sure you budget for that extra out of pocket expense. If you are worried about being able to pay a security deposit, there are micro grants available to students in good standing that you can take out to help pay for the down payment. Most micro grants for students don’t have many requirements in order to receive them, so if you think a micro grant is the right option for you, contact Umass DOSO (Dean of Students Office) and they can help you access these resources as well as aid in financial crises and housing insecurities.
Another thing to keep in mind when signing a lease is that there are some predatory landlords in the Amherst area. To ensure that there is nothing sketchy in the fine lines of your lease, you can get it reviewed for free by Student Legal Services. I recommend making an appointment to do this as early as possible, since it is a great resource to take advantage of when moving off campus.
Finally, know that as far as late fees are concerned when paying your monthly rent, a landlord cannot charge you a late fee until thirty days after that month’s rent is due. This is good to know in case you are waiting on a paycheck to pay your rent. While it’s always good to stay on top of financial deadlines, sometimes unexpected things happen financially, and so it’s important to know your rights as a tenant!
How Much Does Living Off Campus Cost Roughly?:
Here is an average breakdown of living off campus:
Rent: about $600/mo
Security Deposit: $500 ? most rentals require them!
Utilities, electricity, internet: $150/mo
Food: $200/mo ? groceries/dining plan?
Transportation: $150/mo ? gas/car
Total: 1,100 (not including initial security deposit) ? so save money where you can! Ask for Help and Seek A Second Opinion!:
Know that you are not alone in your search for finding off campus housing. Many students go through this process each year, and so there’s many resources to help you make the right decision. Umass Amherst has an on campus organization called Off campus Student Center that is dedicated to help students with any questions about living off campus, and connecting students with resources to help them feel secure in their housing and off campus community. You can also go online to find reviews about the places you are considering renting. Using the internet to find reviews of housing in the area is a good way to address any questions you might have about the safety of the location, or what it’s “really” like to live there.
Finally, your team of peer financial advisors here at SAM are always available to answer any questions you may have about the financial aspect of finding off campus housing. This process requires you to make many conscientious financial decisions, but taking the time to learn about financial planning, or even reading this blog post puts you in a better position to be smart about money when leasing an apartment/house! Good Luck 🙂
With what feels like endless options for credit cards, it can be hard to choose one that best fits your needs. From fees to varying reward bonuses there’s many factors that come into play for choosing a credit card, especially as a student. In this post I want to delve into the best credit cards that meet the needs of different students and the reasonings behind my picks. These cards all have a $0 annual fee! However, not all students need a credit card! If you aren’t sure if you can be responsible with your credit card or not make payments on time perhaps a debit card would be the best option for you.
? These credit cards are not endorsed by the Smart About Money team! ?
These cards are just recommendations made by a student for students.
For international students
Deserve EDU Mastercard for Students
They use their own underwriting process to evaluate applicants so students who may not qualify for other cards have a better chance of approval
No social security number required for international students to apply
1% cash back on purchases
After spending $500 receive 12 months of Amazon Prime
However, you can only redeem rewards in statement credit and only after you have $25 in credit, equivalent to $2,500 in spending
For choice in cash back rewards
Bank of America Customized Cash Rewards Credit Card for Students
Many students are already familiar Bank of America as they are a popular choice for debit cards
These two cards use the same app and you can even make payments on the app from your Bank of America debit card to your credit card for added ease
3% cash back of your choice of: gas, online shopping, dining, travel, drug stores, or home improvement-furnishings, 2% cash back at grocery stores and wholesale clubs and 1% cash back on all other purchases
$200 cash reward bonus after spending $1,000 in the first 90 days of opening account
For students with no to low credit score looking to build or rebuild their credit
Capital One Platinum Secured Credit Card
This card is a secured card which requires a refundable security deposit
Credit cards for people with no or low credit are notorious for high fees which is why a secured credit card may be a smart choice
Flexible security deposit
You can choose your deposit of $49, $99, or $200 to unlock a $200 credit line
However, you can increase your deposit to unlock higher credit lines of up to $1,000
However, this card earns no rewards
For students hoping to upgrade to a better card
Chase Freedom Student Credit Card
Earn 1% cash back on all purchases and 5% cash back on Lyft rides
However, the cash back comes in the form of Chase Ultimate Rewards points which can be redeemed for 1 cent per point
These reward points can be rolled forward if you are able to be approved for one of the premium chase cards such as the Chase Sapphire Preferred Card
If you can’t qualify for a premium Chase card right now, you can save up your points for better rewards such as redeeming them for travel
Earn a $50 bonus after your first purchase and a $20 statement credit each year for five years
Increases your credit limit after making five monthly payments within 10 months of opening your account
For students seeking simplicity
Discover it Student Chrome
Earn 2% cash back at gas stations and restaurants up to $1,000
Unlimited 1% cash back on all other purchases
Unlimited cash back match. Discover will match all the cash back you’ve earned in your first year with the card
Get a $50 statement credit whenever you refer a friend
0% intro APR for the first 6 months, afterwards standard rates apply
With the many stressors that students juggle throughout the semester, breaks allow students the much-needed time to recollect themselves. Whether you look forward to catching up with friends and family over holiday dinner or remaining stationed on campus, what’s certain is that breaks should be a period where you can set aside the weight of academia and breathe. In a time that is supposed to alleviate burdens, let’s not permit finding break housing to grow into one and break down what you need to know!
What is Temporary Housing?
Temporary break housing, as the name suggests, describes buildings that UMass Students can reside in during Thanksgiving week, Winter Session, and Spring Break. They are the only residence halls that remain open during these times.
Break residence halls include…
Central:Brett Hall, Gorman Hall*
Southwest Area: Prince Hall
North Apartments: All North Apartments
Sylvan Area: Cashin
*Please note that Gorman Hall is reserved for first year students only
Thanksgiving Break housing
Residence halls this Thanksgiving are set to close at 10 am on Wednesday, November 24th, and reopen exactly 4 days later at 10am on Sunday, November 28th
Housing for Thanksgiving has been filled at this point in time, but students are encouraged to consider living with family, friends, hotels, or an Airbnb throughout the 4 days. If you are facing dire circumstances, please visit the Residential Life Student Services office to discuss potential availability.
Gorman residents who wish to stay on campus must contact Residential Life Student Services and be approved before November 22nd.
Winter Housing
Residence halls for winter sessions are set to close at 10 am on Friday, December17th, and reopen at 10am on Sunday, January 23rd
Requests for Winter housing begins Monday, November 1ston a first come first serve basis. Students looking for housing during the winter session are to email living@umass.edu, where they will provide you an application as well as more information. It will cost $1,425 for the entirety of the winter session.
Spring Break
Residence halls close 10AM on Sunday, March 13 and reopens 10AM, Sunday, March 20th for Spring Break
The cost associated with 2022 spring break has yet to be finalized, but it is estimated to be a bit over $200. Specific rates will be determined once residence halls open in the spring semester.
Gorman residents who wish to stay on campus must contact Residential Life Student Services for approval before March 11, 2022.
What can I do if temporary break housing is too expensive?
While there is typically no financial aid granted for break housing, students may consider permanent reassignment to a break housing for a lower cost. Living in a break housing would incur an addition $300 to their room and board fee each semester, totaling to $600 as opposed to $1425 over the duration of the winter. Walk into the Residential Life Student Services office to discuss availability!
However, if you are only looking for housing over the course of spring break, it may be in your best interest to remain in your residential building and simply pay the temporary break housing cost for spring break. Assuming the cost of temporary Spring Break housing holds up to its expectation of just above $200, students are better off paying that amount rather than the $300 additional cost of permanent break housing for spring semester. I advise students to stay vigilant of the Spring Break housing cost though, as we never know if prices may unexpectedly increase once finalized.
What if I already live in a break housing residence?
The additional $300 per semester will be part of your tuition and you can remain within your room during the entire duration of the semester breaks.
What can I do if all else fails?
Don’t panic! Both Residential Life Student Services and the Dean of Student services work to accommodate student needs the best they can. Take a visit to their office in Whitmore Building and see what can be worked out.
Chase Freedom Student Credit Card