Presentation on theme: "ISA FUNDING 101. What is the ISA? The ISA was created to support Yale College students who receive financial aid during the academic year to participate."— Presentation transcript:
What is the ISA? The ISA was created to support Yale College students who receive financial aid during the academic year to participate in at least one international experience.
Who pays for the ISA? Each year, ISAs are paid by Yale College and through the generosity of donor funds. Each ISA recipient is required to submit a report about their experience, and to thank the donors who helped fund this experience. In summer 2013, nearly 450 students received the ISA and nearly $3.5 million dollars was spent in ISA funding.
Who is eligible for an ISA? Generally freshmen, sophomores and juniors who have not received an ISA award before, including a SIC only award. They must have received Yale Scholarship in the preceding award year (with the exception of Light Fellows) and plan to attend an approved program that is four weeks or longer. Full eligibility criteria can be found here http://www.yale.edu/yalecollege/international/funding/isa /eligibility.html, including the Leave of Absence policy. http://www.yale.edu/yalecollege/international/funding/isa /eligibility.html The ISA does not support independent projects (like research or internships) unless a student receives fellowship funds, in which case s/he may be eligible to receive the ISA SIC.
How do I check my eligibility? Students who receive Yale financial aid can find out what their percentage award will be on the Student Information System: www.yale.edu/sis.www.yale.edu/sis Log in. Go to the Financial Aid Menu. Click on the International Summer Award Calculator at the bottom.
Types of ISAs Eligible students may receive one of the following types of ISAs, depending on their summer activity: ISA-SIC for Fellowships International Summer Award - Student Income Contribution ISA-SIC Plus for Study or Internship Programs International Summer Award - Student Income Contribution, plus a percentage of program costs
What programs are ISA SIC Plus eligible? Eligible study abroad programs must be on the approved list, and must be at least 4 weeks in duration Students receiving ISA funding to support study abroad must also be receiving academic credit for their experience Eligible internship programs must be UCS-sponsored, and must be at least 8 weeks in duration. Eligible internships are listed in UCS’ Symplicity database Study AbroadInternships
ISA-SIC for Fellowships International Summer Award - Student Income Contribution The ISA-SIC provides a pro-rated* amount of the Student Income Contribution (SIC) to be used toward Fall semester expenses. Students who win a Yale funded summer fellowship for an international activity of four or more weeks duration may be eligible for ISA-SIC funding. More information on fellowships can be found at in the Student Grants & Fellowship Database at http://studentgrants.yale.edu/. http://studentgrants.yale.edu/
How much is the Student Income Contribution (SIC) for summer 2013? The summer 2013 SIC grant was $3000. The summer 2014 SIC grant amount will be announced in March 2014. The SIC award will be prorated according to the length of your program. Students on financial aid who do not have a Student Income Contribution (SIC) requirement are not eligible for the ISA-SIC or the SIC portion of the ISA-SIC Plus. However, these students may be eligible for the additional funding portion of the ISA-SIC Plus.
ISA-SIC Plus for Study or Internship Programs International Summer Award – Student Income Contribution, plus a percentage of program costs The ISA-SIC Plus provides a pro-rated* amount of the Student Income Contribution (SIC) plus a percentage of the program budget, based on the student's need for financial aid in 2013-2014. Students participating in an ISA eligible program may be eligible for ISA-SIC Plus funding. The maximum amount of ISA-SIC Plus funding will not exceed $10,000. This amount includes the Student Income Contribution (SIC). *The SIC amount that a student receives will be pro-rated based on the length of the student's experience abroad. This award assists with Fall expenses.
What is the program cost? 2013 budgets are available on the website, and 2014 budgets will be posted soon so students can use those to estimate program costs.
Please Note: A student’s total scholarships and fellowships cannot exceed the total program budget, just like financial aid for the academic year. If a student’s combined summer scholarships and fellowships exceed the program budget, the ISA award would be adjusted.
How do I apply for ISA financial aid? Please note that there is an ISA application which is separate from your program application. The ISA application opens on February 15, and you can access the application by going to www.yale.edu/isa and clicking “Apply for the ISA”. www.yale.edu/isa The ISA application deadline is May 1.
ISA Award Example ISA SIC Plus Funding Example In the 2013-2014 award year Emily is considering several ISA options. She has 70% eligibility. The three programs she is considering below are 8 weeks long and eligible for ISA-SIC Plus funding.
What does the shortfall mean? Since Emily has 70% ISA eligibility, she will be responsible for a portion of the cost. Students who are short a portion of the program cost will need to pay out of pocket for that expense. For Programs 2 and 3 we are not able to award Emily her full eligibility because of the ISA cap. This means her family will be responsible for a greater portion of the program cost and/or SIC. We recommend creating a plan to raise the amount you need through self-funding options, like taking advantage of Yale employment, holding a fundraiser, or asking friends and family to help. We find students who do ask friends and family for financial assistance have the most success when they treat their request like a presentation: go in with all the facts, show them how you will benefit, and be able to articulate specifically what you’re asking them for.
Can I borrow to offset the cost of abroad expenses? Students in Yale Summer Session or participating in Yale in London may be able to borrow to cover any gap in their program costs, or to cover New Haven room and board expenses. Please contact Financial Aid for details on eligibility and for the application.
When and how are funds received? Students can expect their funds in early May. If you participate in Yale in London or Yale Summer Session you will receive charges and credits through your Yale Student Account. You should check your Account History to view them. All other students will receive checks which can be picked up at the Cashier’s office. You will receive an email from firstname.lastname@example.org as soon as the check is available. In the unlikely event you’ve already left campus when the funds are available, please respond to the email from email@example.com and ask them to mail the check to a US address. You will need to respond to their reply email to authorize the mailing of the firstname.lastname@example.org In all cases, if you receive SIC Plus funding, the payment will include both the ISA and any eligible SIC funding. It is the student’s responsibility to put the SIC portion aside for next year’s expenses.
What if fees are due before I get my ISA payment? Program deposits and early airfare fees are the responsibility of the student. We may be able to provide written confirmation of your percentage eligibility once accepted to the program, and some programs will reduce or postpone the required deposit with that documentation. We are unable to advance funds to a student under any circumstances.
By accepting the ISA, you agree to the following terms: If a student’s plans change and s/he is no longer eligible for the ISA, then s/he are required to return any ISA funding that s/he may have already received. Students must use the ISA only for approved expenses. If students withdraw or fail to complete the program, that student will be required to return all or part of the funds. Likewise, federal funds received for summer programs may also have to be returned in accordance with federal regulations.
By accepting the ISA, you agree to the following terms: Upon completion of my time abroad, all ISA recipients must submit a report about their experience that may be sent to donors who helped to fund their experience. Failure to submit the ISA report by the September 1 st deadline will result in your access being blocked for a semester or longer to Undergraduate Career Services’ Simplicity system, which will block your ability to search and apply for internship programs, post-graduate jobs, UCS and employer-sponsored events, and alumni networking resources. Students using ISA funding to participate in a non-Yale summer study abroad program must earn Yale credit. This means that students must earn the US equivalent of a C- or greater in my courses abroad.