Finances

Cost estimates

To participate in an IESP program, you are required to pay a mandatory study abroad program fee and health insurance costs.

For most IESP programs, you will pay UW tuition, and the typical costs of attending school, including room and board, as well as the costs of traveling to the study site. In addition, you will incur expenses for entertainment, personal items (such as toiletries) and vacation travel.

Out-of-pocket costs are necessary to consider as part of the total costs of studying abroad, and so you must budget carefully, keeping this in mind. Cost estimates are listed on each program’s webpage. Estimates are based on information provided by the host university and by reports from past participants. Please review the individual program budgets carefully, as they differ greatly from one another.

Bear in mind that you should budget carefully, keeping fluctuating currency exchange rates and additional expenses in mind. Build a realistic monthly budget, plan how you will withdraw and use funds, and keep emergency funds separately to be available if needed.

Billing procedures

For the majority of programs, you will receive two bills. These will cover:

1. Study abroad program fee and insurance. You will receive a bill from International Engineering Studies & Programs in either August for the fall semester/year or early January for the spring semester. This bill will cover the IESP program fee of $300 and the mandatory CISI insurance fee for the duration of your time abroad.

2. Tuition. Most IESP programs are exchanges, and so you will be billed for 12 UW credits. The tuition you pay to UW will allow a student from your overseas host university to study at UW. Conversely, that student will pay tuition at his or her university, which is what allows you to study there. Hence, the term "exchange program."

If you plan to study at the University of Queensland in Brisbane, Australia, you will pay their tuition directly to them (not your UW-Madison tuition), upon admission. Exchange rates will determine the exact U.S. dollar amount at the time of billing.

If you choose to go to Budapest, Hungary, you will pay tuition based on the Euro tuition fee at Budapest. Exchange rates will determine the exact U.S. dollar amount at the time of billing. You will be billed for this tuition amount by IESP, in addition to the study abroad program fee and insurance.

You must make sure that your mailing and billing addresses are updated with IESP office before departing for your semester abroad in order to ensure that you will be able to receive these bills.

Fees due to the host university

Many overseas universities require that students pay additional fees to cover such things as activities, insurance, housing, language pre-sessions, etc. If this is the case for your program, you can expect to receive a bill directly from the host university (most likely after arrival), along with information about payment procedures and a payment deadline.

Financial aid

Because IESP’s programs are considered “in residence,” financial aid applies to all UW-Madison degree-seeking students on study abroad programs. Therefore, you can apply for aid as you would if you were studying on campus at the UW.

If you already receive aid, you may qualify for additional funding to offset the extra costs sometimes associated with study abroad. Additional aid often comes in the form of loans, although some need-based study abroad grants are available annually.

Likewise, if the anticipated cost of studying abroad is lower than studying on the UW campus, you could receive less aid than if you were staying on campus. Even if you have not received financial aid in the past, you may be eligible for a loan to help with additional study abroad expenses.

For more information, contact:

Office of Student Financial Services
333 East Campus Mall #9701
Phone: 608-262-3060
finaid@finaid.wisc.edu
www.finaid.wisc.edu

Disbursement of financial aid

Financial aid may be disbursed near or after your departure date for your study abroad. Be sure to contact the Office of Student Financial Services in advance to make sure all requirements are completed before you leave. If you leave the UW-Madison campus before financial aid is disbursed, you should make arrangements with a financial representative (e.g., a parent) to handle your financial aid, and to receive and deposit this money and transfer it to you overseas if necessary.

Withdrawing from a program

Official cancellation or withdrawal from a program requires a written notification from you either by email, fax or post. Cancellation/withdrawal becomes effective on the date the withdrawal notice is received by IESP by email or fax, or the date of postmark on a letter. Financial implications depend on the withdrawal notification date and expenses incurred by the program on your behalf.