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Financial Matters

Studying abroad is not beyond your reach...

... or your budget!

Scholarships

Our goal is to make study abroad affordable for all W&M students, and thanks to the generosity of private donors, we offer an impressive range of need-based scholarships for W&M programs, and we award more than $350,000 each year in study abroad scholarships.  Additionally, you may qualify for a number of outside scholarships. Most study abroad organizations also offer scholarships for their programs. If you have financial need, don't let that stop you from studying overseas! Take a look at our range of scholarships, or come talk to our advisors about scholarship opportunities.

The Reves Center typically awards more than $375,000 in scholarship assistance each year. We plan to continue this level of financial support!

Financial Aid

Additionally, if you currently receive financial aid (grants, scholarships, and loans), some or all of it can be applied to your study abroad. If you plan on using grants, loans or scholarships, print and complete the top section of the consortium agreement found in your study abroad application. The Reves Center will forward the agreement to the host institution for completion. W&M must receive a completed consortium agreement prior to releasing any funds on your behalf. For students going on W&M sponsored summer or semester programs, you will need to print and return the consortium agreement found in your study abroad application for your specific program.

This chart helps to explain if your funding can be used to finance study abroad:

 

Grants

FAFSA required

Loans

FAFSA required

TMS

Prepaid Tuition or

529 Ed. Plans

DC TAG

W&M Summer

Programs

 

Not available

 

Yes

 

No

Not

Advised

 

No

W&M Semester

Programs

 

Yes

 

Yes

 

No

 

Yes, please contact your provider

 

No

Tuition

Exchange

Programs

 

Yes

 

Yes

 

Yes

 

Yes

 

No

Third

Party Providers

and Assisted/Direct Enrollment

Semester: Yes

Summer:  Not

available

 

Yes, provided that party provider has relationship with a Title IV institution

 

No

Please contact your provider.

 

No

 

  Required Documents – available on Reves website and on application/registration portal at http://studyabroad.wm.edu 

  • “Consortium Agreement” provides information on the tuition, fees and anticipated expenses, including airfare.  This form should be submitted to the Study Abroad Office once students complete the section identifying the program they wish to attend.  It is faxed to the appropriate program and then to W&M Financial Aid.
  • “Refund Disbursement Form” provides the mailing address for any refund check that is sent when the student is away from campus.  It should be submitted to the Study Abroad Office and will be sent to Student Accounts.

 Disbursement Process-- Disbursements are made no earlier than the start of classes for the regular W&M semester/summer calendar.  For programs beginning after that date, disbursements will occur on the first day of the study abroad program.   Students should be prepared to pay fees, airfare, etc before receiving their financial aid disbursements.

  • For W&M-sponsored summer and semester programs:

Financial aid is disbursed and transferred to Reves program accounts.

  • For all other programs:

Financial aid is “refunded” to the student - W&M does not pay third-party providers directly.

W&M Payment Plans

You can use your Virginia 529 plan for semester study abroad programs if you are enrolled in an academically approved institution, registered for study abroad through the Reves Center, and registered as “Study Abroad” in banner.  Your Virginia 529 funds will disburse to your student account at the beginning of the semester, the same as if you were studying at W&M.  If you are participating in an exchange program or a W&M sponsored semester program (LaPlata, Oxford, Montpellier or Sevilla), you will owe the difference between your 529 benefit and your program fee, if applicable.  If you are participating in an assisted enrollment program with an exchange university, directly enrolling into a foreign university or going on a third party provider program, such as CIEE, API, etc., the 529 funds will be refunded to you (refund check or direct deposit through eServices) and you in turn will pay your study abroad institution.  

Neither W& M nor the Virginia 529 office will pay the third party institution directly, and you may have to pay your tuition before you receive your refund.   Refunds are usually processed within the first week of the beginning of class at W&M.  If you are not signed up for direct deposit through eServices, you must submit a Refund Disbursement Form to the Reves Center.  Contact W&M Student Accounts with questions.

Tuition Management System (TMS) can only be used for the W&M tuition exchange programs. TMS can not be applied to any other study abroad option. Students can cancel their contract with TMS for the semester they are abroad and re-enroll for the semester they return to campus.