With proper preparation, you can plan a great study abroad experience that fits your financial needs.
Follow the steps below for successful financial planning of your study abroad:
1. Understand Costs
You can estimate how much study abroad may cost by reviewing your program's budget. Study abroad programs typically publish a student budget that includes fees you pay to the sponsoring institution (e.g. tuition, program fees, insurance) as well as out-of-pocket expenses (e.g. meals, transportation).
As you review your costs, keep in mind that:
- Locations in major cities, especially in Western Europe, will often have a higher cost of living and therefore higher program costs.
- Longer programs are typically more economical over time than short-term programs.
- Program budgets do not usually include personal travel, emergencies, and other exceptional expenses in their cost estimates.
2. Identify Funding
There are many ways to fund your study abroad experience. The most popular is to apply your existing financial aid towards the cost of studying abroad. You may also be eligible for special study abroad scholarships from program, campus, and extramural sponsors. You can also seek out additional funding through funding directories and personal fundraising.
3. Make a Budget
Once you have reviewed costs and identified your funding options, create a budget so that you can monitor your income and expenses. Having a budget will help you save prior to departure and track your spending while abroad.