API Financial Aid | API Study Abroad

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Interview with Joan Solaún.

API Institutional Relations team member, Emily Nagle had the opportunity to interview API’s Director of Caribbean and Latin American Programming, Joan Solaún. Joan was recently honored with the NAFSA International Education Award for Distinguished Contributions to the Field in honor of Marita Houlihan.  “Given Joan Solaún’s warm, vibrant character, it is no surprise that her passion for [...]

The post Interview with Joan Solaún. appeared first on The API Abroad Blog.

API and Financial Aid

API does accept all forms of financial aid according to approval from the home university or organization. However, API does not issue or offer financial aid.

Once proof of financial aid is provided in the submission of a completed FAVF form, API then adjusts a student’s payment schedule based on disbursement dates of financial aid awards. This FAVF form acts as a deferral for any final payment amount covered by the financial aid. This form must be submitted by the date of the original final payment deadline.

Please note that all deposits are not allowed to be covered by financial aid and those payments must be submitted at their respective due dates. This includes the $150 application deposit, $400 confirmation payment, and $275 security deposit in addition to any additional fees on the API account.

Financial Aid Timeline and Checklist

Students using financial aid are encouraged to use the checklist below for guidance through the financial aid process:

Step 1:

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.

Step 2:

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 form with the guidance of your financial aid advisor.

Step 3:

Submit the form on the forms tab of your API account or by email to financialservices@apiabroad.com before your final payment deadline.

*If your aid won’t be awarded or can’t be finalized by your final payment due date, you should attempt to 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 $275 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 extension plan, Alternative Payment Arrangement (APA). 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 billing statement.

Step 4:

Submit payment for any amount not covered by aid, any additional fees, and the $275 security deposit on or before your final payment due date.

*The $400 confirmation payment and $275 security deposit due dates cannot be deferred.
Step 5:

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.

API Terminology

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.

Consortium Agreement:

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.

Disbursement Date:

The date on which your financial aid funds will be released.

Preliminary Aid:

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.

Finalized Aid:

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.

Financial Aid Resources

http://www.finaid.org/

http://www2.ed.gov/finaid/landing.jhtml

http://www.nafsa.org/Find_Resources/Supporting_Study_Abroad/Network_Resources/Education_Abroad/Financial_Aid___Study_Abroad__Basic_Facts_for_Students

http://www.privatestudentloans.com/

http://www.staffordloan.com/