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  • Financial Aid Facts

    • Aid cannot be paid before the start of classes at The New School. Students are responsible for making payment to third parties directly, so they must make those arrangements directly with the host institution or provider.
    • Students are still responsible for the Health Services fee at The New School while abroad and must maintain health insurance coverage while studying abroad, either through the university’s Student Health Insurance Plan or alternative coverage (students should check to see whether their health insurance plan covers them while they are abroad).
    • Students must alert Student Financial Services about their study abroad costs for housing, food, and travel if they differ from the costs the student would normally incur while studying at The New School, especially if the student is using a PLUS or private loan.
    • Students should sign up for direct deposit and let their bank know of their travel plans; they should also designate an authorized user for their New School account while they are abroad (contact Student Financial Services to do this).

    Consortiums and Contractual Agreements

    If a student is paying tuition to another school or a third-party program, a consortium or contractual agreement is needed only if the student plans to use federal financial aid. This consortium or contractual agreement MUST be on file before federal aid can be paid to the student.

    Consortium Agreement

    Used for Title IV–eligible institutions. Check the Information for Financial Aid Professionals (IFAP) or an updated list of domestic and foreign eligible schools. This agreement guarantees that the student does not receive federal aid from both schools.

    Contractual Agreement

    Used for institutions that are not eligible for Title IV, such as third-party providers or foreign institutions that are not on the IFAP list of eligible schools. The agreement guarantees that the student is receiving educational credit.

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