Funding your Gap Year
What’s on your horizon?
Financial aid (loans, scholarships, grants) is available for all Carpe Diem Education programs. If you are eligible to receive financial aid, you’ll need to be enrolled at an accredited institution in order to access the funds using one of two options:
1. Through our partnership with Portland State University or
2. Through a consortium agreement
Carpe Diem has compiled a few resources to help guide you through the financial aid process. Below you’ll find information on accessing financial aid, grants, scholarships, loans, and a few other sources of funding.
We know the financial aid process can often feel overwhelming so, please feel free to call our office if you need assistance.
Federal Pell Grant
The Pell Grant is a need-based grant. To qualify, you must be a full-time undergraduate student with an Expected Family Contribution (EFC) below the limit determined each year. Speak with your financial aid adviser for current information.
Federal Supplemental Educational Opportunities Grant (SEOG grant)
This need-based grant is awarded to those students demonstrating the greatest financial need. Students typically must qualify for the federal Pell Grant to receive an SEOG Grant. Speak with your financial aid adviser for current information.
Federal Stafford Loan
The Stafford Loan is in your name and is available to all students, regardless of financial need. If the loan is subsidized, the government will pay the interest while you are in school. If the loan is unsubsidized, you have the option of capitalizing the interest or of paying the interest quarterly during the in-school period. Payment of the principle itself (for both subsidized and unsubsidized loans) does not begin until six months after graduation, provided you remain enrolled on at least a half-time (six credits) basis.
Parent PLUS Loans for Undergraduate Students
PLUS loans are available to your parents-if you are a dependent undergraduate student-to help finance your education. Parents may borrow up to the full cost of your education, less the amount of any other financial aid you receive. There is a minimal credit check required for the PLUS loan, so a good credit history is required.
If you receive a federal Pell grant, you are eligible to apply for a Gilman Scholarship. The Benjamin A. Gilman International Scholarship Program provide up to $5,000 for American students to pursue overseas study for college credit. Students studying critical need languages are eligible for up to $3,000 in additional funding as part of the new Critical Need Language Supplement program. Critical Need Languages include Arabic, Chinese. Korean, Russian, Turkic (Azerbaijani, Kazakh, Kyrgyz, Turkish, Turkmen, Uzbek), Persian (Farsi, Dari, Kurdish, Pashto, Tajiki), Indic (Hindi, Urdu, Nepali, Sinhala, Bengali, Punjabi, Marathi, Gujurati, Sindhi).
Private Loans for Students
- This organization offers loans to cover most education-related expenses for students. This loan is available regardless of other financial resources or aid. Learn more here!
Region Specific Scholarships
Freeman-ASIA Awards for Study in Asia (Freeman-ASIA) provides scholarships for U.S. undergraduate students with demonstrated financial need to study abroad in East or Southeast Asia.
Recognizes youth for outstanding activism and achievements in the fields of environmental and social justice advocacy. Maximum Award: $3,000. Eligibility: youth ages of 13-22. Deadline: Refer to Website
LIVFund has been designed for anyone who wants to learn, intern or volunteer [LIV] in Latin America and is seeking financial assistance in order to offset program or living abroad expenses. Their goal is to help others get the most out of their experience abroad. Maximum Award: $500.00 Eligibility: 18 or older. Deadline: On going, you can apply up to six months prior to going abroad
Fund for Education Abroad (FEA) was created in order to open doors for deserving education abroad students. FEA will award funds for students planning to study abroad on any academically rigorous programs. Designed by the FEA Advisory Board, FEA scholarships are intended to meet the financial needs of students who might not be eligible for government grants or existing funds limited to specific programs or groups of students>
The Foundation for Global Scholars (FGS) is a 501(c)3 nonprofit organization that provides scholarships students pursuing accredited study abroad programs. They empower globally minded college students who want to make an impact.
Michigan State University provides this database of scholarships for multicultural students.
The Foundation grants approximately 200 individual awards each year to both full time undergraduate students enrolled in four year bachelor programs and to full time graduate students.
Scholarship Search Resources
- Many Carpe Diem students have been successful fundraising a portion of their tuition in non-traditional ways. We’ve compiled a list of ideas along with sample letters and forms that alumni have been successful with. Fundraising Packet.
FundMyTravel is an online crowdfunding platform specifically developed to suit the needs of individuals desiring to study or volunteer abroad.
Accessing Financial Aid
In order to access financial aid that you’re eligible for, you’ll need to choose one of the two options below. Both options will require work on your part and you’ll need to complete all steps/requirements to successfully receive your financial aid. We’re more than happy to assist you in any way possible; just ask for help.
PORTLAND STATE UNIVERSITY
Carpe Diem Education students are able to access financial aid through our partnership with Portland State University. If you’re not currently a student at a college/university or your college/university is unable to set up a consortium agreement, you will need to be admitted to Portland State University in order to access financial aid.
PSU FINANCIAL AID CHECKLIST
Click here to view PSU’s Guide to Financial Aid for First Time Students.
If you’re currently a student at a college/university setting up a Consortium Agreement between your college/university and Carpe Diem/PSU might be an option. Consortium agreements include a “home” institution (your college/university) and a “host” institution (Portland State University/Carpe Diem). The advantage of the consortium agreement is that you remain a current student at your college/university and receive financial aid in the same way that you currently are. Consortium agreements typically include pre-approval of credit transfer too. In order to see if this is a viable option for you, you’ll want to connect with the Study Abroad/International Programs office at your college/university and ask them about setting up a “Consortium Agreement.”