<p>So, I'm currently in my junior year and looking to study abroad in February. My parents aren't exactly helpful and can't contribute pretty much anything to my tuition. My school is extremely good about financial aid, however, so I've been okay for my three years here. Next semester, if I choose to study abroad, I'll be about $4,000 short. That $4,000 will be primarily spending money and my flight ticket back in July. My parents don't qualify for the PLUS loan, so I was considering increasing my federal loan from $7,500 to $12,500. My only question is, will this be possible to do a full month into the semester? I know financial aid is divided among two semesters, and there is no way to get around that, so I was thinking about just increasing the loan now. That way, I could get the $2500 refund for this semester and save it for next semester. Is this plausible? </p>
<p>By the way, my parents haven't applied for the PLUS loan this year, but I know they will get rejected. They were rejected my freshman year, and if anything, their credit has only gotten worse. </p>
<p>Also, any other options? I applied for the Gilman scholarship which is awarded to 1/3 of the recipients, but I'm not relying on that. If I get it, I will just use that to pay the loan that I take out.</p>
<p>You can actually wait to get the loan until second semester, and it will be based on your cost of attendance for the entire year … you don’t “have” to get it in both first and second semesters (you can’t get it all 1st semester, but you can get it all 2nd semester). The best thing to do is talk to someone “in the know” in the financial aid office. That person will guide you in the way that is best for your school and your situation.</p>
<p>I just have to ask…what will you be spending $4000 on…in spending money? Even subtracting $1000 for a ticket home…what do you plan to spend $3000 on? Does this include food expenses? Housing?</p>
<p>My son did a study abroad for a semester and spent well less than $2000, and that included food he bought.</p>
<p>Only seven meals a week are included in the package, and I’m a 3000-calorie/day guy. I’m a swimmer and burn about 1000-calories a day from laps (which I will continue to do in Australia), so I have to make up for the calories I burn. So that’ll be 17-20 meals a week where I have to purchase my own food. My program is about five months. That’ll equate to about $2000 in itself (averaging 4 weeks in a month, $6USD/meal).</p>
<p>Lastly, plane tickets cost $1300 one-way. That will only leave me $700 for five months. And this will still have to pay for a number of things (car transportation, personal items, etc.)…</p>
<p>Believe me, I’ve thought this out. I’m a junior in college and I’ve been my own parent my entire life. I’m not planning on just taking out a loan freely. I don’t know if that was your thinking, but it’s not. Entertainment will probably have to be paid for with my little income from working during winter break.</p>
<p>It sounds like you have this well thought out. My kiddo was a small guy…with no meals included, but he certainly didn’t eat 3000 calories a day! </p>
<p>Good luck to you. I think Kelsmom gave you a great answer. Talk to your school.</p>
<p>But in the meantime, get your parents to apply for that Plus…with out a denial on that, you won’t be eligible for that additional loan.</p>
<p>Study abroad is a great experience if you can do it!</p>
<p>Re-check the specifics about your visa for study in Australia. In the past, student visas came with automatic work permits. You may be able to pick up a part-time job when you are there.</p>
<p>Kelsmom has told you how it works. Good luck to you. Hopefully, passport, visa and other things have been done as the shutdown is heavily affecting that area of government, from what I understand.</p>