Can financial aid such as Pell Grant still be awarded if you choose to study abroad independently?

The other thing to consider is time at the 4 year school. If you already have 2 years at a CC, and then you do a year abroad, you will be transferring as a senior. Some schools do not take senior transfers. Some require a certain number of upper level courses to be taken at that school. You might have to take an extra semester or year at the 4 year school. If you are associated with the 4 year school before you go abroad, the courses taken may be ‘associated’ with the 4 year school.