API and Financial Aid
API accepts all forms of financial aid and adjusts a student’s payment schedule based on disbursement dates of financial aid awards, provided the student’s home university has completed and returned a finalized Financial Aid Verification Form (FAVF). The FAVF and any amount not covered by financial aid, as well as the $275 security deposit and any additional fees, are due by the standard payment due date.
Financial Aid Timeline and Checklist
Students using financial aid are encouraged to use the checklist below for guidance through the financial aid process:
Upon acceptance into your API program, contact your school’s Financial Aid Office. Inform them of your study abroad plans and find out their requirements for using your financial aid to pay API. Some universities require that API fill out a Consortium Agreement. If necessary, provide this to API as soon as possible.
Access the Financial Aid Verification Form (FAVF) on your @api account or open the document attached to the email with your API acceptance statement. Complete the student portion at the top of this form and submit it to your financial aid advisor. Make sure they are aware that the completed and finalized FAVF needs to be submitted to API on or before your final payment due date.
Follow up regularly with your financial aid advisor to ensure that a FAVF was returned to API.
Submit payment for any amount not covered by aid, any additional fees, and the $250 security deposit on or before your final payment due date.
Total program cost: $11,650
$150 Application Deposit
$400 Confirmation Payment
$11,050 Final Payment
Financial Aid Award: $8,150
Amount Not Covered by Aid: $2900 (Final Payment $11,050 minus Financial aid Award $8150)
Make arrangements to get your financial aid funds to API as soon as they are disbursed. Since, most often, financial aid isn’t released until after your program start date, you’ll want to ensure that these arrangements are made before you go abroad. Some schools will send the funds to API directly. If this isn’t an option, there are still other possibilities. You can set up an automatic billpay through your bank, authorize an electronic bank draft through API Financial Services, or have a responsible 3rd party, such as a parent, added as a signatory to your bank account, so that they’re able to cash and write checks on your behalf.
*If your aid won’t be awarded or can’t be finalized by your final payment due date, you should have your financial aid advisor complete a preliminary version of the FAVF. Based on this estimated aid information, API can estimate what amount of aid you will receive, and therefore what portion of your API program cost will not be covered by aid. The amount not covered, along with the $250 security deposit, is due by the final payment due date.
If you can’t get a preliminary FAVF completed and returned to API by your final payment due date, you must sign up for API’s Alternative Payment Arrangement (APA). The APA requires you to submit the APA form and the following payments: the $400 confirmation payment, the $250 security deposit, any additional fees such as housing supplements, a $1000 down payment toward your program balance, and a $150 APA fee. You will then have until 30 days prior to your program start date to send payment in full and/or a finalized FAVF. Access the APA form on your @api account or open the document attached to the email with your API acceptance statement.
*The $400 confirmation payment and $250 security deposit due dates cannot be deferred.
*Due dates for additional fees, such as housing supplements, cannot be deferred.
Financial Aid Verification Form (FAVF):
API form that you must have completed by your university financial aid advisor. This form tells API the types of financial aid you will receive, how much your awards are, when the funds will be released, and whom they will be released to. This form enables API to defer any payments that will be covered by financial aid.
An agreement between API and your home university that may be required for your study abroad credits to be transferred or to allow your university to process financial aid for your study abroad trip.
The date on which your financial aid funds will be released.
A financial aid report that has not been finalized. Generally, aid is considered preliminary when: it is an estimate of what the student will receive, the financial aid has not officially been offered to the student, or the financial aid award has been offered to but not accepted by the student. API cannot defer a final payment due date using preliminary aid unless special arrangements have been set up between your school and API’s Financial Services Department.
A confirmed financial aid award as reported on the FAVF. The aid has been offered to and accepted by the student.
Financial Aid University Contact:
The person in the home university’s Financial Aid Office who completes the FAVF on behalf of the student. This is the person the student will be able to contact about their financial aid needs. Likewise, API may contact this person if need be.