Students who are awarded a Laurel Fellowship and/or expect to use any government or other outside aid (including parent loans and payment plans) for study abroad must follow these steps to process those funds. We strongly encourage students to share this information with their parents or anyone else who will be contributing toward their expenses.
Students are responsible for ensuring that all required forms are submitted on time. Student Financial Services will not be able to finalize aid eligibility or disburse any funds until the file is complete. Students must also submit all of the regular financial aid forms to reapply for aid from the College by the May 1 deadline, even if they expect to use only federal and/or state aid for study abroad. (International students awarded Laurel Fellowships do not need to reapply, as their family contribution is fixed at the time of admission.)
This summary provides an overview of the procedures required. The document Guidelines and Policies for Aid Transfer includes more detailed instructions. Students who have been approved for Laurel Fellowships should also read the document Laurel Fellowship Terms.
Confirming the Budget: Consortium Agreement Form
Once a student has been accepted to a program, we require a Consortium Agreement Form to confirm the actual program cost. Student Financial Services will use the information on the form to prepare a budget and package the aid for which a student is eligible.
The Consortium Agreement Form is due in Student Financial Services by June 1 (for fall or full year); December 1 (for spring).
Disbursing the Funds: Disbursement Form
The Disbursement Form authorizes Mount Holyoke to release the aid, which is sent by check to a US bank account designated by the student. Funds are disbursed in August (for fall) and January (for spring). Students studying abroad for the year will receive their aid in two disbursements. Mount Holyoke's administrative fee for study abroad will be deducted before the funds are disbursed. If a student has an unpaid balance on her Mount Holyoke account, funds equal to the amount owed to the College will also be deducted before funds are disbursed.
We cannot disburse funds prior to August (for fall programs) or January (for spring programs), even if the program has an earlier payment due date. Students may need to ask their program to defer payment of fees. Most programs will allow students to defer payment of amounts to be covered by financial aid if the student provides a copy of these guidelines and the award details from the “Financial Aid & Budget” tab of Financial Aid Online. Student Financial Services can provide a copy of the financial aid award on letterhead,if required by the program.
The Disbursement Form is due in Student Financial Services by June 1 (for fall or full year); December 1 (for spring).
Paying the Program
Students who participate in Mount Holyoke programs and exchanges, and in some affiliated programs, will pay Mount Holyoke. All other students will pay their program/university directly, and should have bills sent to them, not to Mount Holyoke.
The checklist will help students follow the necessary steps in a timely way.