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Financial Preparation

Budgeting

Once you have been accepted, you will receive an official budget for your internship. The figures should look familiar since they will be similar to the cost estimates presented in the internship position description. The official budget outlines the average cost for interns at a specific site. If you intend to do a lot of traveling, dine lavishly, or shop till you drop for souvenirs, plan to take extra money!

Financial Aid

  • If you receive financial aid, make sure the financial aid office on your home campus has a copy of your official budget.
  • Double check that they have all the required paperwork.
  • Double check the process for releasing your aid.
  • If someone else has to have access to your account to pay your IE3 bill, make sure you have signed all required papers to make that possible.
  • Remember, the IE3 bill may come directly to your house from IE3(Oregon State University), not to your university account.

Credit Card Security

Be sure to notify your credit card company and your bank that you will be traveling abroad so that they will not suspend your account when they identify overseas transactions. Also, make a note of the telephone numbers to call if your credit or ATM card is lost or stolen. Remember, US toll-free numbers don't work when calling from abroad.

Power of Attorney

Some interns find it helpful to sign a power of attorney, so that someone they trust can access accounts on their behalf while they are away. Many campuses and banks offer a notary service. Forms are available at office supply stores.

Bills

In addition to the bill you get from IE3 for your program fee (sent at the beginning of your internship term to the address you listed in the IE3 paperwork), you may have other ongoing bills. Make sure that you have made arrangements to have them paid while you are gone. Think about:

  • car payments
  • cell phone payments
  • rent
  • utilities

Don't forget to make sure that all campus fees (including library fines) are paid before you leave for your internship. Some campuses block registration if you aren't completely up to date and you don't want to find out two weeks into your internship that you aren't registered and your financial aid won't be released because Catcher in the Rye was returned two days late!