Finances

South Africa uses the South African Rand, more commonly know as the Rand. Check the current exchange rate by googling USD to South African Rand. We suggest that you travel with several sources of money (ATM/debit card, credit card, and cash). Take about $200 USD out in Rand from your bank. This will ensure that if one of your means for accessing money fails, you will not be stranded without money. Cost of living may vary greatly according to lifestyle. Will you cook for yourself or will you eat in restaurants? How much will you need to spend on course textbooks and equipment? How much will you spend on leisure activities? Do you have transport costs? It is best to work out what your estimated income and expenditure will be and budget accordingly.

Credit/Debit Cards

Credit cards are widely used in South Africa. The best known are Visa, MasterCard, and to a lesser extent, American Express. Be prepared to show identification in order to use the card (this rarely happens but you should always have your ID with you anyways!)

Be sure to notify your bank and credit card companies that you will be traveling so they do not freeze your account and to ensure that your PIN will work while you are abroad.

Have a 4-digit pin number for ATMs. While 6-digit pins are increasingly common in the US, you'll need a 4-digit pin in South Africa! Check with your bank to make sure your card is activated for overseas use and that your PIN will work overseas.

ATM/debit cards can be used to obtain cash if they have a major credit card logo (Visa, MasterCard) on them. There are numerous ATMs in South Africa, including Standard Bank and FirstRand. The exchange rate for ATM withdrawals is usually the best available since it is the bank’s own bulk rate plus a 1-2 percent charge. Keep in mind that when you change cash abroad at an exchange business, they may have what appear to be low exchange rates, but they frequently also charge a commission

It is recommended that you carry the phone number of your local bank in case you misplace your ATM card. It's highly recommended that you chat with your local bank before traveling!

Study Abroad Billing: what to expect

All students will be charged Holy Cross tuition and the Holy Cross standard room charge.
Board/meal plan will not be charged given that there is no meal plan at University of Cape Town

All students will be billed a mandatory fee of approx. $235 per semester for Global Security Assistance and international Medical/Travel Insurance provided by International SOS (ISOS) and Cigna Global Health/Lloyd’s Insurance (students will NOT be charged the Health Service fee). This fee is considerably less than the cost of the policy and is subsidized by Holy Cross.

If a student is on campus at Holy Cross for one semester, they will be charged the Student Activity Fee. If a student is abroad for the academic year, they will not be charged this fee.

Why am I being billed Holy Cross tuition?

The College of the Holy Cross Study Abroad Program operates on a Home School Tuition Model. Students on Holy Cross approved programs will remain continuously enrolled at Holy Cross while studying abroad. This allows students to receive Holy Cross credit for their courses abroad and for grades to be posted on their Holy Cross transcript.

The College is committed to making study abroad accessible for all qualified students. To honor this commitment, the College offers need-based financial aid for students studying abroad and, accordingly, relies on tuition revenue to provide this need-based financial aid. Additionally, using the Home School Tuition Model allows for federal financial aid to be applied to a student’s bill.

Finally, for enrolled Holy Cross students, the Office of Study Abroad provides a full range of student support services and programming - from initial inquiry through pre-departure support while abroad and when they return to campus. In other words, tuition dollars also cover the operating costs of the Office of Study Abroad.

Financial Aid

The determination of financial aid eligibility for studying abroad via a Holy Cross approved program is calculated just as it is for students who are living on campus. Financial aid is based on the standard cost of attendance. The College considers the standard cost of board when determining your financial aid award even if you are not directly billed for it on your student account. If you and/or your family are financing your education with loans, you should consider the total cost of attendance when determining the amount of loans you are requesting. The cost of attendance includes tuition, fees, room, board, books, supplies and personal expenses. To review the specific costs, please go to: https://www.holycross.edu/bursars-office/tuition-fees

If you are awarded scholarships from sources external to Holy Cross, for example, a study abroad partner University, you must report the scholarship to the Financial Aid Office. Financial Aid will then determine how the scholarship is applied to your HC bill. Should you have specific questions regarding your financial aid award, please contact them at 508-793-2265 or via email at financialaid@holycross.edu

Other Expenses to anticipate

Students are responsible for:

Refundable deposits (ie housing deposits)
Any fees related to obtaining a visa
Transportation to and from the airport on both ends of their trip
Meals (you will NOT be charged the HC meal plan
Books
Personal expenses (including bedding, toilet paper, cleaning supplies, etc)
Personal travel
Laundry

*subject to change

Here's a helpful guide to average prices in Cape Town

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