Finances

Welcome to the next installment of your weekly pre-departure newsletter from OCSE! This week's newsletter is all about the finances of studying off campus. Before you depart, it's important to have a solid understanding of the finances of your off campus experience.

Read below for more information and things to consider.

What does it cost to study off campus?

The cost to study off campus is typically about the same as the cost to study on campus. Students on Skidmore and Approved Programs will be charged the Skidmore comprehensive fee for their semester or year off campus. This fee is equal to Skidmore tuition, on campus apartment rate, board if applicable, an off-campus study processing fee and required fees. (Students on an Approved Program are not charged the required fees.) If your program does not include room and/or board, or only includes partial board, the fee will be adjusted accordingly.

• Skidmore will cover: program tuition and mandatory academic fees, room (double occupancy), board if applicable, international medical insurance, and any other mandatory program fees.
• Students are responsible for: airfare, passport, visa and immigration costs if applicable, onsite transportation if not included in the Skidmore or provider’s program fee, books, accommodation upgrades, board if not included in the provider’s program fee, optional field trips and excursions, refundable deposits, and personal expenses. Students are also responsible for their housing and board when participating in programs that do not include those items. The Skidmore comprehensive fee will be adjusted accordingly in these cases.
• How does billing work? Students will be billed by Skidmore’s Bursar directly for the comprehensive fee on the same time schedule as billing for campus.

Can I use my financial aid to study off campus?

Skidmore students participating on Skidmore and Approved Programs can utilize their financial aid toward the costs of their program. If you currently receive financial aid, you should make an appointment with the Financial Aid Office to review the use of your financial aid package for off-campus study. In addition to Skidmore financial aid, some Approved Programs offer merit or need-based scholarships which you are eligible to apply.

What are the extra costs to study off campus?

In addition to what you are billed by Skidmore, there will be extra costs to study off campus. Students should expect to pay the following expenses:

Prior to departure:

• $500 deposit to OCSE
• Passport and visa costs
• Flight and/or travel costs
• Refundable deposits

After you arrive onsite:

• COVID-19 testing fees (if applicable)
• Books and supplies
• Local transportation
• Board/meals if not included in the provider’s program fee
• Housing upgrades
• Optional field trips, excursions, and independent travel
• Personal expenses

How do deposits work?

Most programs require two deposits upon acceptance - a confirmation deposit to secure a spot in the program and a housing deposit. For Skidmore and Approved Programs, a $500 non-refundable confirmation deposit should be submitted to Off-Campus Study & Exchanges, not to the program provider.  You can read more about how to pay this deposit here.

Since you pay a deposit to Skidmore, you should not also pay a deposit to your program unless it is a refundable deposit.

Students are responsible for paying any refundable deposits and non-included fees directly on-site or to the program provider. The most common type of refundable deposit is a housing deposit.

What's my budget?

It is important to understand the total out-of-pocket expenses you will incur so that you can budget appropriately; otherwise, you could end up running out of money half way through the semester. Your program provider should be able to provide you with a detailed estimate of all costs you will be expected to cover while off campus. You should discuss this information with your parents or guardian in order to establish a realistic budget. 

Additional things to consider

1. What foreign currency does your off-campus study location use and what the exchange rate is to the US dollar? Here’s a helpful website to check the exchange rate. 

• Be sure to notify your bank and credit cards that you will be studying off campus so they don't think that withdrawals or charges from a new city are fraudulent. Don't forget to check what the international transaction fees are for purchases on your debit or credit card.
• Do not disregard invoices that you receive from your program! If you receive an invoice for expenses covered under Skidmore’s comprehensive fee, please send the invoice(s) to OCSE for payment. Some programs will send invoices directly to students instead of OCSE.

Coming up next week...

In next week's pre-departure email, we will focus on health and safety.

#globalskidmore

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