Money Matters
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Money Matters
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COSTS: Basic program fees paid to the travel contractor are based on the cost of round-trip airfare, housing, meal allowance, orientation activities, excursions and cultural events, and other direct expenses such an International Student I.D. card or insurance when they are included in the program price. Added to that are costs for facilities (rental of classroom and office space) abroad, promotion and publicity, equipment rental, liability insurance, and office assistance abroad. Travel contractors specializing in study abroad programs take care of all these logistics for District programs. They have offices and/or support staff in California as well as in locations abroad and your program fees (and those of similar programs throughout the state) cover the costs of running those offices. Class registration fees are the same as those on campus in California: $11.00 per unit plus college service and I.D. card fees. Out of state students pay an additional $125.00 per unit.
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SPENDING MONEY: Before leaving the U.S., it is a good idea to change $50 or $100 into foreign currency so you will be prepared upon arrival for snacks, tips, and unexpected purchases. You can arrange for your bank to purchase the foreign currency (may take a week or longer), purchase it from Thomas Cook or other foreign exchange agency, or leave a little early for LAX and change the money there. The exchange rate may be a bit higher, but it is convenient and hassle-free.
In addition to the program and enrollment fees, you will need to budget additional funds to cover the cost of passport, books, lunches, personal items, living expenses during the semester break, meals out and/or snacks, gifts, local bus fare and personal travel which may include a Eurail pass. The amount will vary according to your personal taste and spending habits--a very frugal student might get by on as little as $1500 and others have spent as much as $7,000 or more for a semester. Returning students say that $2500 - $3000 should be about right for most people for a semester; $750 - $1,000 for the summer. Take along as much personal spending money as you can realistically afford. Work out a budget of so much spending money per month, try to stick to it, and you'll do fine. Some of the extra expenses you'll want to plan for:
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MONEY TRANSFERS: Travelers' checks provide an easy and safe means of handling normal transactions abroad, particularly when traveling. Be sure to keep receipts separate from the checks so they are readily available in case of loss. Major credit cards such as American Express, MasterCard, and Visa are widely accepted throughout Europe but Visa is most commonly accepted. With a MasterCard or Visa card, you can get an immediate cash advance by presenting your card and passport at a major bank. The bank will verify your credit through a computerized system, and you can then cash a sum of money accordingly. ATM cards are now widely accepted abroad but they must be on the Cirrus or Plus systems and have a 4-digit PIN. Deposits can be made to your local account and funds withdrawn overseas. If you have an American Express Card, you can cash personal checks at one of their offices abroad. You can also transfer money through American Express.
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FINANCIAL AID: If you are receiving financial aid, you must check with your campus Financial Aid office to be sure you have completed all the necessary paperwork and interviews and that you know the approximate disbursement dates. Depending on the source of your financial aid funding, you may or may not receive funds before leaving the U.S. If you have not made other arrangements, the study abroad office will send your financial aid checks express mail. You will need to sign and return a form indicating that you have received the check, and you will need to endorse the check and send it back to California for deposit to a bank account before funds are available. In most cases, the study center office is not able to cash financial aid checks.
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