Funding Your Study Abroad

Studying abroad offers a tremendous opportunity to see the world, immerse yourself in a new culture and gain a new understanding of yourself and your field of study. Yet only 1-2% percent of college students take advantage of this opportunity, which may be due to the costs of overseas travel. While it does require careful financial planning, it might be easier than you think to afford studying abroad.

This guide will introduce you to the costs of studying abroad, factors to consider in your planning and the different financing options that may be available to students hoping to study abroad, whether it's for a summer, a semester or an entire degree program.

Surprisingly, studying abroad can sometimes be more affordable than a traditional on-campus education. In addition to any study abroad scholarships they may earn, students may be able to apply their current financial aid packages toward study abroad programs.

Study abroad scholarships are financial awards that help students cover such expenses as lodging, travel, tuition or books. Students must apply for scholarships, and while most are highly sought after by students, some lesser-known scholarships are underutilized and therefore involve less competition. It literally pays to conduct a thorough search.

There are three popular and prestigious scholarships for undergraduates who want to complete their education abroad: the Fulbright Scholar Program, Marshall Scholarship, and Gates Cambridge Scholarship. Each is offered to students who have shown outstanding academic achievement.

The cost of an international education can deter some students from considering study abroad. However, financial aid, grants, scholarships, and loans can make it possible, so take the time to investigate all of your financing options.

Federal loans available to students or their parents can help pay for study abroad as well as at home, whether it's for a semester or your entire degree program. They are often less expensive than private loans, with fixed interest rates and more flexible repayment schedules. These include Stafford Loans, PLUS Loans, and the Montgomery GI Bill.

Although there are more options than ever for private-lender student loans, federal loans still usually charge lower fees and interest rates. In addition, the federal government does not back private lender loans as they do with Stafford or PLUS loans. However, maximum federal loan limits are not always enough to cover the rising costs of education, and a private loan may be necessary to fill the gap.

Planning is essential to fit study abroad into your educational picture. It's important to understand the cost-of-living differences between where you live now and your preferred study destination, and what those differences will mean for your lifestyle. For example, if you live in New York City, you will find the cost of living in Hong Kong is 11 percent cheaper on average. Let's look at how other countries' expenses compare with those of the United States.

Source: Expatistan 2019

Look at all expenses you will incur when selecting your study abroad program, the program length, language and culture you'll be immersing yourself in. Planning and budgeting your money as you live abroad will eliminate unwelcome surprises, such as running out of money halfway through your studies.

• Creating a Budget for Studying Abroad
• How to Budget for Study Abroad
• Budgeting while Abroad
• Yale Study Abroad Budget Calculator
• How to pay for study abroad

• Center for International Education
• Study Abroad Costs in the Netherlands
• Sample Budget worksheet
• Sample Budget worksheet London

• Housing Arrangement Handbook for Students
• FAQs on Host Family or Independent Housing
• Apartments for Study Abroad Students
• Study Abroad Housing Questions
• Center for Study Abroad Housing Info

• Study Abroad Reviews
• Students Abroad Travel Planning
• Study Abroad Basic Facts for Students
• Center for Global Education
• International Student Resources
• Fastweb
• College Board Scholarship Search