Study abroad is an investment in the future and can be affordable. Degree seeking NMSU students can carry financial aid administered though the NMSU Office of Financial Aid. It is important, however, that students determine early (even before they have selected a specific program) that they will have sufficient resources to cover all the costs of study abroad whether payable to NMSU or to another program provider. It is better to overestimate than to underestimate your costs. Be realistic of what kind of program you can afford. Students should explore all avenues for obtaining the funds necessary to carry out a study abroad program. Don’t plan on using income from work while studying abroad unless a paid work experience is part of the program.
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Estimate Basic Costs of Study Abroad
• Passport, student visas
• Medical and accident insurance
• Application and Program Fees and Deposits
• Tuition and fees
• Accommodations and meals
• Books and supplies
• Personal Expenses
• Transportation to the site (and at the site)
• Excursions, other travel during free time
Financial Aid for Study Abroad
The Office of Financial Aid and Scholarship Services can be visited online at http://fa.nmsu.edu/. A FAFSA application is required and can be completed online at http://www.fafsa.ed.gov/ to receive federal and state financial aid. The application is available January 1st and the priority deadline is March 1st. To be eligible for financial aid, you must be enrolled at New Mexico State University in a degree-seeking program and be participating in a University-approved study abroad program. You may use the federal, state, and/or institutional aid for an approved study abroad program. You may use the Legislative Lottery Scholarship and institutional/state scholarships in regular semesters fall and spring only. You may not however use work-study awards for study abroad. Students must complete Study Abroad Financial Aid Form and be registered in the appropriate Study Abroad Course in order for financial aid and scholarship funds to be released for study abroad.
Summer Financial Aid
There is a limited amount of financial aid for summer semester. If you are interested in receiving financial aid, you must be registered in a minimum of 6 credits total during your summer study abroad program and you must notify your financial aid advisor of your registration in a study abroad program. Financial aid for summer is based on the current FAFSA information on file.
Study Abroad Budget
For help in preparing a budget, see the budget sheets associated with each program. If you qualify for aid and have not yet exhausted your limits, you may be offered additional aid (usually loans) for the time abroad. We urge you, however, to budget carefully and consider your needs at NMSU upon your return as well as those while you are abroad. You don’t want to “use up” available aid before you have a degree in hand.
Receiving Your Financial Aid
- Students on study abroad programs that start before or within the first 10 days of the NMSU semester start date will receive their Federal Financial Aid disbursements on the same schedule as students on campus. Any refund of excess funds will be transferred via electronic funds transfer (EFT) to the bank account you have designated within 3 business days of disbursement.
- Students on study abroad programs that start beyond the 10th day of the NMSU semester start date will receive their Federal Financial Aid disbursement 10 days prior to the start of your study abroad program. Any excess funds will be transferred via EFT to the bank account you have designated within 3 business days of disbursement.
Aid will automatically be credited to your University students accounts as long as you are registered in study abroad approved courses, have completed the requirements with Financial Aid and Study Abroad, and have no holds on registration. Don’t forget that you must accept any Direct Loans (if offered) through your MyNMSU account and complete the steps required to receive the loan. Financial aid refunds are sent directly to your bank via direct deposit. You can sign up for deposit under the “Student” tab of your MyNMSU.
Be aware that most program sponsors (not our exchange partners) will require payment before the program begins. If you plan to use your Financial Aid to cover program costs, remember that your funds will not be released before your first payment is due. Some program sponsors will allow you to defer payment with proof of your financial aid award. It is your responsibility to plan carefully and clarify payment procedures with your program sponsor.