Money to study abroad can include a number of financial products such as:
Together these study abroad money sources can help you get to your international destination of choice for a summer, a semester, or an entire year.
But how do you find out what’s right for your financial situation and study abroad plan? We can help.
Study Abroad Money: What’s Available?
Study abroad funding options are similar to those regularly available to you:
- Most types of federal aid will be transferable if you are enrolling at least half-time in an approved study abroad program through a U.S. college or university that’s recognized by your home school for credit.
- Additionally, study abroad loans or private student loans can help you bridge the gap between what you have and the study abroad money you need. These loans are available in countless denominations through a variety of private lenders. What’s great about private loans is that you can take out additional funds to cover transportation costs and other incidental expenses.
- In addition to student loans, there are also many private and government funded scholarships, grants and fellowships that can provide you with money to study abroad. Many U.S. and international schools offer programs themselves, such as Oxford University’s Rhodes Scholarship program.
- The U.S. government also has many options like the Fulbright Program which is sponsored by the Department of State. In fact our government now considers study abroad so crucial to our country’s future successes that the Abraham Lincoln Study Abroad Act of 2006 was passed making an array of new fellowships available.
Create a Student Budget
In order to find money for studying abroad, you have to figure out exactly how much your desired program will cost and of course how much you have available.
Creating a student budget will help you determine how much study abroad money you’ll need.
In addition to tuition, room & board, and other standard costs, your student budget should include entries for those costs you might not require at home, such as:
Your student budget will be much more accurate if you research the school and its surrounding areas. Use your favorite search engine to find out about attractions around the school.
- What types of activities will you want to partake in?
- What places will be on your ˜must see” list?
- Also, think about where you’ll want to travel while you’re there and consider transportation costs, lodging costs, and of course spending money. This includes any travel you’ll be doing before or after the study abroad program.
Don’t forget to contact the school you would like to attend and ask for a complete breakdown of all incidental attendance costs including fees, books, and other school-related expenses.
Will You Have Enough Money to Study Abroad?
Although there are many outside sources for study abroad money, many students depend on institutional financial aid to attend college. It’s important that you speak to your school’s financial aid department to understand how study abroad will affect your current financial aid package.
Unfortunately, most schools won’t allow you to apply direct school aid, such as institutional grants and scholarships, to study abroad programs.
In fact, many times if you leave school, even for a semester, you will forfeit your direct aid package altogether. That means that you might not get it back when you return. If this is the situation with your school’s financial aid policies, consider enrolling in a summer abroad program instead as an alternative.
