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Study Abroad, Scholarships and Financial Aid: Common Misconceptions

August 31, 2007
by CEA MOJO
When it comes to financial aid, it seems as if there are more questions than answers – especially for study abroad students who want to use scholarships, grants and other aid for their study overseas. But don’t worry – it’s not so complicated! Here at CEA, we’ve helped thousands of study abroad students to use their financial aid to take Spanish courses in Spain, French courses in France or explore dozens of other study abroad programs.
Take a look at some of the most common myths and facts about using financial aid to study overseas – and get started on your study abroad with CEA today!

Misconception 1: Financial aid is based on grades and academic performance

Many scholarships do rely on grades, academic performance or athletic ability. It is important to note, however, that Federal Financial Aid, which comprises almost 75 percent of all student financial aid, is based entirely on need. This enables students with lower grades to stay eligible for certain types of financial aid, including grants and loans.

Misconception 2: My chances of receiving financial aid are the same no matter when I apply

Absolutely false! There is a reason why scholarship and financial aid providers are persistent in asking you to apply early. On many occasions, funds are limited or are disbursed on a first-come, first-served basis. It is also important to apply early in order to allow time to fulfill all requirements, such as letters of recommendation and official transcripts.

Misconception 3: Scholarships can’t be used to study abroad

Not true. Many scholarship and financial aid providers release federal aid for payment toward a study abroad program as long as the program is approved for transfer credit by your home institution and applies toward a degree. To ensure transferable credit to your school, we encourage you to check with your academic or study abroad advisor before you study overseas.

(Source: Educational Testing Service)

Tips for Applying for Scholarships

Now that you know the misconceptions about scholarships and financial aid, take some time to find scholarships available for you. You never know how much money may be there to help you study abroad until you look. You can even apply for study abroad scholarships from CEA to help you pay for your program.

Check out all our study abroad financing resources for more links and tips on finding country-specific and general scholarships – and get started today!
Read more about our CEA MOJO Bloggers & Photographers.
 
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