Financial aid for study abroad can get you packing for a semester or two in no time.
There are a number of different financial products that can help you realize your study abroad dreams, including:
You’ll just need to know the basics to help you formulate your financial plan.
Get More for the Money You Have
One of the most often overlooked variables when planning a study abroad experience is the power of the exchange rate.
- Since the U.S. dollar is worth more or less in different countries around the world, exchange rates can greatly affect how much you effectively get for your money. That in itself can act like a new source of financial aid for study abroad.
- Our dollar fares very well in certain Asian countries and Australia. Unfortunately, the dollar doesn’t stack up as well against the Euro, making study abroad in European nations a bit more expensive.
- When it comes to tuition and other direct college expenses you might not see a difference from your home school’s cost. Where you can save big money is on the everyday living expenses like eating and drinking, and of course traveling and exploring.
If you’re flexible about your study abroad destination, you can really save some money.
Financial Aid for Study Abroad
Financial aid for study abroad can include both federal and private study abroad loans.
Usually any federal loans you receive for your regular schooling can be used to cover your schooling abroad; assuming your home school has approved your study plan and you’ll be receiving credit. Additionally, you must be enrolled at least half-time.
A much more flexible study abroad financial aid option is the private study abroad loan.These loans can be used to pay for:
- Direct schooling costs like tuition and room & board.
- Travel expenses like air fare, rail passes, and more.
You can even borrow enough to travel and explore while you’re in your new country. This includes extending your travels before or after your program.
Study abroad grants and scholarships can also provide much needed financial aid for your study abroad ventures. Although highly competitive to secure, these financial products can make paying for your studies abroad much easier. And since they don’t have to be paid back, you’ll be happy you took the time to apply.
Affording Your Experience
Money to study abroad can come from many different sources. Factored into your overall student budget, study abroad financial aid like study abroad loans or scholarships, grants and fellowship can help to finance your dream trip abroad.
To learn more about affording your experience, click here.
Study Abroad Loans
Study abroad loans are private student loans that can be used to finance tuition, room & board, living expenses, and even travel costs. These loans can be found through a variety of lenders and can mean the difference between ˜hello” and ˜bon jour.”
For more information about how a study abroad loan can help you, click here.
Study Abroad Scholarships, Grants and Fellowships
Study abroad grants, scholarships, and fellowships deliver you with the best kind of money is the free kind. If you are able, be sure to apply for any applicable programs bcause there’s no money quite like the kind that doesn’t have to be paid back.
Click here to find out how to get free money for your study abroad experience.
