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Finances Information

Finances

Student Budget

It is important to understand your total program cost so that you can budget your money appropriately; otherwise, you could end up running out of money half-way through the program. It may be helpful to discuss your program costs with your family in order to establish a realistic budget.

UCEAP students can find a detailed estimate of all costs while abroad in the UCEAP Portal under the "Finances" tab.
 


 

All students should be knowledgeable about their program costs and fees. It is the responsibility of the student to know which items are included in the “Estimated Student Budget” and which are not. The “Estimated Student Budget” does not include the cost of recreational travel or personal entertainment.

The “Estimated Student Budget” is divided into four sections:

  1. Campus Fees: These fees are collected by UCEAP and paid directly to UC Merced. They are required of all UC Merced students whether they are physically on campus or not.

  2. UCEAP Fees: These fees are paid directly to UCEAP and include travel insurance, participation fees, and other fees directly associated with your program or its host institution. Check your program’s “Estimated Student Budget” for a complete list of included expenses.

  3. UC Fees: These fees are collected by UCEAP and include your UC tuition and student services fees.

  4. Personal Expense: These estimated expenses are not collected by UCEAP; students are responsible for making arrangements to pay these expenses. Expenses typically include round-trip airfare, local transportation, books, and incidentals as well as housing and meals if those are not included in the UCEAP Fees.

It is especially important for financial aid students to understand the “Estimated Student Budget” and to know how their aid will be applied toward these fees.

For some programs housing is considered an estimated personal expense and will be the student's responsibility to arrange and make payments. If this is the case for you, UCEAP will not make housing payments on your behalf. Payment deadlines vary so consult your Predeparture Requirements checklist or communications from your provider or host institution for further information. If your housing payment is not due until after arrival, be sure to save your allocated housing funds and only use for housing costs.

Making Payments to UCEAP

There are two payments for all summer, fall, or spring programs and three payments for all year programs. If you are a financial aid student (i.e. you are expecting any combination of grants, scholarships, and/or loans), your first payment is deferred to the second payment due date. For students participating in a yearlong program, your payment is deferred to your second payment due date. All students who continue to owe a balance to UCEAP after any financial aid is applied are responsible for paying the remaining balance owed—even financial aid students. The payment amount will vary by program. Log in to the UCEAP Portal to see your account balance. You must pay the total amount due by the date indicated in the "Estimated Student Budget". If your financial aid covers the fees listed in the “Estimated Student Budget,” you do not need to submit this payment.

If you owe a balance for your study abroad program you have two payment options. One option is to log into the UCEAP Portal and pay with an e-check or select credit cards. Once in your UCEAP Portal account, select “Fees and Payments” under the "Finances" tab then follow the instructions to submit your payment. Keep in mind that there will likely be a transaction fee for all credit card transactions. The second option is to pay by check, whether an electronic check, or mail a personal check, traveler’s check, or cashier’s check to:

UC Education Abroad Program
Attention: Student Payments
420 S Fairview Ave, Suite 202
Goleta, California 93117

Make checks payable to “UC Regents” and write your student ID number on your remittance. You do not need to include the payment voucher as long as you include your student ID number on your check.

UCEAP will not accept payment over the phone or by bank wire. All payments must be made to UCEAP directly. UC Merced will not accept payments on their behalf.

Payment deadlines can be found in the Predeparture Requirements checklist in the "Estimated Student Budget" under the "Finances" tab. Additional information about payments is available in the “Money Matters” section of the UC Guide to Study Abroad.

An extended payment plan (EPP) is available upon request and requires a $25 non-refundable fee for enrollment. Additional information is available in the “Money Matters” section of the UC Guide to Study Abroad.

Financial Aid

The study abroad team will provide the Office of Financial Aid and Scholarships a list of participants once our list is finalized. Students must have completed a FAFSA and satisfied all requirements to be eligible to receive any type of aid including loans. Financial aid will be offered to cover the cost of the study abroad program.

All students who are planning to receive some sort of aid will receive an email from their financial aid advisor, Leticia Diaz. In the email, you will be presented with your financial aid package for your term abroad. If you have questions about your financial aid package or need help interpreting the information in the spreadsheet, contact Leticia Diaz.

Financial aid disbursements are issued only after you accept and approve your financial aid package. If your aid exceeds your program fees (Campus Fees, UCEAP Fees and UC Fees ), you could receive a refund as early as 10 days before the official start date of your program. If your aid is not sufficient to cover the fees for your program, you will owe a balance and it will be your responsibility to pay the remainder. Financial aid students should log into the UCEAP Portal to verify their account balance. If your aid has not been applied to your UCEAP Portal account by the due date, contact your UC Merced financial aid advisor immediately. If some or all of your aid is sent directly to you, for example a Federal Direct Parent PLUS loan or an outside agency scholarship/grant and is to be used towards your balance due then you will need to submit payment by the due date or enroll in an Extended Payment Plan. If you have any questions about your financial aid package, contact your financial aid advisor, Leticia Diaz.

UCEAP students should consider receiving direct deposit refunds via eRefund. UCEAP eRefund is separate from UC Merced’s Electronic Funds Transfer (EFT). Enroll in eRefund through your UCEAP Portal application. For more information, visit the Predeparture Requirements checklist and click on the Finance Authorization Forms. 

Note for UCEAP students studying abroad spring semester: Because it can take up to 90 days for your grades to be sent ot UC Merced, there may be a temporary impact on financial aid for continuing students. After spring semester, the Office of Financial Aid and Scholarships attempts to verify students are making Satisfactory Academic Progress (particularly the quantitative component) based on courses completed but, because academic records from abroad arrive delayed at UC Merced, OFAS may not be able to verify SAP until those grades appear on the student’s UC Merced academic record. OFAS is committed to protecting continuing students from being dropped from their courses and being assessed late payment penalties, but they are unable to disburse financial refunds due until SAP requirements are verifiably satisfied. SAP will not affect all students studying abroad in the spring semester. It may only affect those with program end dates in June or July.

Power of Attorney

You are strongly encouraged to arrange for a relative or other responsible party to have power of attorney for you for the time you are abroad. Granting power of attorney assigns an individual the power to act as your legal representative in specific situations. This arrangement requires notarization, so it should be established before you go abroad. For financial aid purposes, you should submit a notarized form to the Office of Financial Aid & Scholarships (OFAS). Notary services for study abroad are available through the Students First Center (SFC) at no cost to students.

The person assigned as your power of attorney with OFAS will be allowed to:

  • Obtain your financial information
  • Sign and submit forms on your behalf

Submitting a notarized form to OFAS grants an individual power of attorney only with OFAS at UC Merced. If you need someone to act as your power of attorney elsewhere (e.g. your bank), you will need to make separate arrangements with that institution.

Do not have your family or friends mail checks or other important paperwork to be signed to you abroad. You will risk having your checks lost in the mail.
 

Handling Money Abroad

The best way to handle money varies depending upon your site and preferences. However, there are some general rules to keep in mind when planning for expenses. For program-specific information, consult the “Handling Money Abroad” section of your program guide located in your Predeparture Requirements checklist. We strongly encourage you to discuss your budget and money management with your parents, guardians, or caregivers before you depart. It is important to understand how these matters will be handled and to have a support person at home to assist you in case of an emergency.

Foreign Currency

Although it seems obvious, remember you will likely be dealing with a foreign currency while abroad. The money will look different from U.S. money, and it will take some time to get used to a new currency and its value. Once you arrive you may be tempted to exchange all of your money and to spend it. It is recommended that you wait. It will take you a few weeks to really figure out how the exchange rate works and what things are worth. Students can find themselves broke after only a month or two because they did not fully understand the new currency. Whatever you need to buy will be available after a few weeks. Take the time to get to know the currency and city before you spend all your funds. You may choose to download an app for your phone to help with currency conversion.

ATMs & Credit Cards

UCEAP students may check their program guides for more information about the accessibility and use of ATM cards, debit cards, and credit cards in their host country under “Handling Money Abroad”.

ATM cards provide a convenient way of getting cash abroad. With that in mind, it is a good idea to keep your own record or arrange online access to monitor your bank account. Additionally, we recommend you check with your home bank to be sure you understand all fees or surcharges applicable to overseas use of your ATM card. These charges can be steep for repeated transactions and will determine how you budget your money.

If ATMs are widely available in your host country, you may want to look into obtaining a debit card that takes money directly from your account. This way, if you need additional funds, your family can deposit money directly into your account in the U.S. and you can have access to it almost immediately. Again, make sure that your card has international withdrawal privileges, that you understand the fees associated with the use of an ATM card, and that you have a numerical PIN (some machines do not have the alphabet written above the numbers). Also, ATMs in some countries may not accept ATM cards with PINs starting with zero (0).

Credit cards are another source of payment that is widely accepted throughout the world. As in the U.S., credit cards are used in many shops, restaurants, and hotels. Credit cards are especially useful in medical or financial emergencies. If you decide to get a credit card for your program, Visa and MasterCard are the most widely accepted brands. U.S. credit cards usually charge a 1-3 percent exchange fee for international purchases, so check with your card company for details and terms of use.

If you plan to bring cards abroad, you should notify your bank and credit card company of your travel dates before departure; this is often through an online portal or by calling the customer service number on the back of the card. This will help prevent any disruption in usage. Additional services may be available to you through your home bank. Be sure to talk to your bank and credit card company about any foreign affiliations, chip-embedded cards, and PIN requirements at ATMs (e.g. number of digits required, numerical restrictions, etc) in your host country. It is possible that your U.S. card may not be compatible with ATMs and other scanning devices in your host country.

If your ATM or credit cards are ever lost or stolen while abroad, you will need a way to report the incident to your bank. Some banks may have this functionality within their app but others may still require a call to report loss or theft. If your bank requires a phone call, save the number to your device or keep a list of these contacts in an accessible place.

Apple & Google Pay

Both Apple Pay and Google Pay can be used in many UCEAP locations around the world. This is a convenient option to make purchases abroad, but you must consider the terms of the card associated with your account. Banks and card companies may still charge foreign transaction fees and currency conversion fees. Every time you tap, your card may charge you these additional fees. 3% may not seem like a lot at first but those fees will add up quickly, especially if you’re on a weekend trip and eating out for every meal. If contactless payments are common in your host country, it is still recommended that you carry another form of payment abroad. In the very least, you will be prepared if technology fails or you encounter a “cash-only” shop.
 

Exchanging Money

You can exchange money at banks, foreign exchange offices, airports, hotels, some tourist information centers, and sometimes at travel agencies depending on the country. Banks generally offer better rates. Depending on the country, exchange rates at hotels, train stations, and tourist shops can be less favorable. A passport is usually required for exchanging money. You can obtain foreign currency in the U.S at your local bank but you may have to pay additional processing and/or delivery fees.

Cash

It is important to remember not to travel with a lot of cash. Cash is impossible to replace if lost or stolen. However, it is recommended that you exchange a small amount of money (e.g. $200) into the local currency of your destination country before you depart. You should only exchange enough local currency to cover the first few days in your new country and any minor emergencies. Likewise, it is a good idea to keep a small amount of U.S. dollars (~$50) for your return trip.

Budgeting Your Expenses While Abroad

While you are abroad, you will be in charge of managing your own money. If you are like most students, you will have limited funds so it is important to budget your money to ensure it lasts throughout your entire time abroad.

Start by reviewing the Personal Expenses for your program. Out-of-pocket expenses vary by program so be sure to review your program's “Estimated Student Budget” before determining your cash budget.

Next, break down your estimated personal expenses to a daily, weekly, or a monthly budget. Determining the amount of money you can spend each day will help you to avoid spending more money abroad than you can afford. It is important to keep in mind that you will likely need more money in your first month abroad to cover initial, one-time expenses such as a housing deposit, a bus pass or household items.

When creating a budget, it is also a good idea to consider:

  • The cost of everyday items in your host country
  • Exchange rates
  • ATM and foreign currency conversion fees

Lastly, take a look at your current spending habits in the U.S. Track your expenses for one month while living in the U.S. and compare your findings to your study abroad budget. Are you spending more or less than you plan to spend abroad? If you are spending more, scale back and try living within your study abroad budget. If you find it too difficult to stay within your budget, you may need to reassess how much money you plan to spend abroad.

Tracking your expenses by category (i.e. food, entertainment, etc.) will help you to better understand where you are spending the most money. When done every month, this type of accounting can give you the incentive to economize. Use budgeting apps or keep track of your expenses the old-fashioned way with a spreadsheet. Many budget templates are also available in Google docs.

Cutting Costs While Abroad

Top 11 tips for cutting costs while abroad:

  1. Track your expenses abroad and budget your daily expenses
  2. Withdraw more money less often and do so on days with more favorable exchange rates
  3. Ask about student discounts
  4. Live like a local and eat/shop outside of the tourist zone
  5. Understand ATM and foreign currency conversion fees
  6. If you use a credit card, use one that does not have a foreign transaction fee or a currency exchange fee
  7. Be smart about transportation and avoid taxis when possible, make use of public transportation
  8. Haggle when appropriate
  9. Bring a reusable water bottle everywhere you go
  10. Explore your host country rather than jet setting during breaks
  11. Take a cooking class and learn to cook local cuisine at home