What is a Financial Aid Consortium/Contractual Agreement?
US Department of Education federal guidelines require that universities who approve students to participate on study abroad programs for credit transfer toward their degrees need to have a Written Agreement with the study abroad organization or sponsoring-institution in order to process financial aid for those students. Essentially these agreements set up the relationship between the home school and the visited institution or organization (i.e. CIEE) to ensure that the home school has all of the information they need to process financial aid for their students, such as: dates and location of the study abroad program, costs (the actual program fees as well as the estimated additional costs) associated with the program, and the number of credits or enrollment status required for the program. They also guarantee the home school that any changes to this information will be forwarded to them, and that the visited institution or organization will not also request or process any financial aid
Related Questions
- Once I have filled out my FAFSA and turned in my consortium agreement, how do I receive financial aid to pay for both tuition bills?
- A PARTNERSHIP AGREEMENT SEEMS UNNECESSARILY BUREAUCRATIC. WE WOULD PREFER A MORE FLEXIBLE, CONSORTIUM APPROACH, CAN WE STILL APPLY?
- What is the difference between a consortium agreement and a contractual agreement between schools?
