Finances

Banking and Credit Cards

While it depends on the length of your stay, you probably won’t need to open up a local bank account for just one semester or summer away. Find out what your program recommends.

You can use credit cards to purchase items and your ATM card to obtain cash. It’s helpful to always have cash on hand.

Contact your bank regarding PIN requirements—most countries require a 4-digit pin. You will probably be charged a withdrawal fee, so it is usually best to take out the maximum amount each time and keep the funds in a safe place. You will be withdrawing money in the local currency. Be aware of exchange rates and fees. Check with your bank about its policies and compare rates and fees. It may be easier to use a credit card for some purchases.

If your credit card is a swipe-only card, you may encounter difficulty in using it, particularly in Europe.  If you have a swipe-only card, and a vendor will not accept it, plan to bring along enough cash.  Otherwise, before departure, see if your bank can issue you a card with a “chip” or a smart card.

Be sure to notify your bank/credit card companies that you will be traveling .  If you don’t, your accounts may be frozen due to identity theft concerns. You should also arrange to have all monthly bills forwarded to your permanent address and paid while you’re away. Find out from your credit card companies what fees they may charge for overseas purchases.

Develop a plan with your family in the event that you need additional money quickly. Consider opening a joint account and/or giving them access to your bank account. Research the steps to wiring money long distance.

Budgeting

The Office of Education Abroad seeks access for all Cal Lutheran students to academic opportunities locally and globally. We recommend consideration of some of the following factors when selecting a program:

Compare programs’ durations and locations.

Shorter term programs may seem less expensive at first glance, but semester programs may provide greater value, depending on other factors. Costs of living also vary by location. Consider more non-traditional locations or smaller cities to keep expenses affordable.

Review our different program types and their cost structures.

Programs vary in their cost structures, which affect what sort of financial aid and scholarships may apply. Please review your program’s brochure in our database to determine its cost structure.

Compare currency exchange rates.

The U.S. Dollar will go further in some countries than others, depending on exchange rates. Being prepared for how U.S. currency will convert into local currency can help you better choose a location as well as budget and spend more wisely while on your program.

Plan a budget based on your lifestyle.

Consider tracking your expenses for a month while here at home. This will help you determine how much you should budget for personal expenses while on your program.

Get creative with your approach to budgeting.

• Students can take a look at their personal budget to determine if they can cut out something they regularly spend on to save funds for their program. This is something the student could resume consuming after returning from their program or when the goal is reached.
• Banks can assist with budgeting. Take a look at their website or call to inquire.
• Use points/miles: Select a credit card that you know you can pay off and use regularly for expenses. Miles can be used for your airline ticket or points can be turned in for other useful benefits.

Program Payment

Study Abroad Student Fee

The Study Abroad Student Fee will be added to your student account in advance of the term you're away. If you withdraw after you commit to your program, you will not be refunded the fee.  Please notify the Office of Education Abroad of any changes before the deadline and complete the Withdrawal Form (available in the Office of Education Abroad).

The Study Abroad Student Fee is $200 for semester programs and $100 for summer and winter programs.

Financial Aid Disbursement

Your financial aid will not be disbursed until after the add/drop period at Cal Lutheran, usually around late October for fall term and late February for the spring term.  Make sure that you fill out the Cal Lutheran Dynamic Form regarding your financial aid. 

All students are required to fill out the Dynamic Form whether they receive financial aid or not.  If you have questions or concerns about your financial aid disbursement, please contact the Office of Education Abroad, Financial Aid, and Student Accounts.  The Office of Education Abroad can follow up with your program if needed, so it’s important to contact Cal Lutheran’s Financial Aid office regarding your financial aid.

Summer and Winter Aid

I fyou are participating in a summer or winter program, ask your program for a “Verification of Financial Aid” form to notify them that you will be receiving aid from Cal Lutheran.  This will help avoid the need to pay the full amount to your program up front.  Your financial aid will be sent directly to your program from Cal Lutheran.  Any remainder can be sent home to you electronically or by check.