Financial Aid

SiPN 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. The FAVF and any amount not covered by financial aid, as well as the $350 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:

 

Step 1:

Upon acceptance into SiPN, 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 SiPN. Some universities require that SiPN fill out a Consortium Agreement. If necessary, provide this to SiPN as soon as possible.

 

Step 2:

Access the Financial Aid Verification Form (FAVF) on your SiPN account or via the Resources tab. 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 SiPN on or before your final payment due date.

 

Step 3:

Follow up regularly with your financial aid advisor to ensure that a FAVF was returned to SiPN (in case you are not supposed to be the one sending it).

 

Step 4:

Submit payment for any amount not covered by aid, any additional fees, and the $350 security deposit on or before your final payment due date.

Example:

Total program cost: $11,000

$350 Security Deposit (not subject to Financial Aid)

$10,650 Final Payment

Financial Aid Award: $8,550

Amount Not Covered by Aid: $2100 (Final Payment $10,650 minus Financial aid Award $8,550)

 

Step 5:

Make arrangements to get your financial aid funds to SiPN as soon as they are disbursed. Since financial aid is often released only 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 SiPN 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 SiPN 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,SiPN can estimate what amount of aid you will receive, and therefore what portion of your SiPN program cost will not be covered by aid. The amount not covered, along with the $350 security deposit, is due by the final payment due date.

 

SiPN Terminology

  • Financial Aid Verification Form (FAVF):

SiPN form that you must have completed by your university financial aid advisor. This form tells SiPN 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 SiPN to defer any payments that will be covered by financial aid.

  • Consortium Agreement:

An agreement between SiPN 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. SiPN cannot defer a final payment due date using preliminary aid unless special arrangements have been set up between your school and SiPN’s Billing Department ([email protected]).

  • 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, SiPN 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/

http://www.privatestudentloans.com/

http://www.staffordloan.com/