Overcoming the Challenge of Finances When Studying Abroad

FINANCES

Challenge

We all know that pursuing a degree can be costly and that going abroad can potentially add to this burden. Plane tickets are expensive, as is the travel you might want to do while abroad. Currency exchange can work against you, and your study abroad program might cost more than your home institution.

Overcoming

The first thing to realize about finances is that it may well be possible to have a lower cost for your semester or year abroad than for that same time period at your home institution. A number of factors contribute to this:

Financial aid from your home institution frequently transfers
Special scholarships are available for study abroad - particularly to help students going to unusual destinations or students from historically underrepresented populations
Currency exchange may be in your favor making the cost of living abroad significantly less than at your home institution
The US has relatively high tuition fees, which may be significantly lower in the country where you study abroad
You can always raise funds for your study abroad experience - creativity may be required, but bake sales and car washes have paid the way for many a student to study abroad!

Here are a few examples of funding that is available for studying abroad:

Gilman Scholarships award up to $5,000 to students interested in studying abroad who already receive federal Pell Grants
Freeman-Asia Awards are an example of destination specific scholarships and can be worth up to $7,000 for students interested in studying in Asia
SIT Study Abroad Diversity Fund and CIEE Robert E. Bailey Scholarships are two examples of funding available to minority students interested in studying abroad

Obviously all of this requires effort on your part to research your options, apply for scholarships, and be proactive in pursuing the opportunities available to you. You can visit the IIEPassport Student Guide for more information on financial aid and a list of resources to start your search.

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