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Budgeting for Study Abroad

Studying abroad is an amazing opportunity, filled with incredible experiences and high-impact learning that will last you a lifetime. It is a long-term investment in your future, and the perspectives that you gain from a study abroad experience, both about the host country and your own, will help you become a more globally connected citizen who can contribute to a better world.

Study abroad takes planning-personal, academic, and financial. Although ²¨É«µ¥Ë« makes its programs as affordable as possible, there are costs involved in these kinds of experiences. The steps, general timeline, and budget planner below will help you in tackling the financial preparations to achieve your goals to study abroad.

1. Find your study abroad program.
   The Application Steps and Programs pages located in the left column are a great place to start. They outline the types of programs that are available, things you should consider in choosing a program, and how to apply to a ²¨É«µ¥Ë« study abroad program.  You should also begin discussing your study abroad goals with your Success Coach and Faculty Mentor, the Study Abroad Office, and your parents early!  Make an appointment or stop by the Study Abroad Office to learn more about your program options.  The staff can help you in finding a program that is a good fit for you.
   
   You do not have to officially chose your study abroad program before you start budgeting and planning for it. Deciding which specific program to participate in can come later, but it is good to do a bit of field research to get a general estimate of what the potential costs are.
   
   
2. Make a study abroad budget plan.
   Before you start saving for your study abroad experience, you should decide on your end savings goal. The overall cost of studying abroad varies depending on a number of different factors, including length of the program and location. Once you have an idea of your savings goal, and maybe even the program in which you plan to participate, you can now get a jump start on saving for your study abroad program.
   
   You can use the ²¨É«µ¥Ë« Study Abroad Budget Planner Excel workbook to help you financially plan for your study abroad experience. If the cost amounts that you find are in the local currency, be sure keep in mind the rate of exchange with the US dollar.
   
   Make sure to budget more than you think you will need! Consider the cost estimates you have in your budget plan to be an under-estimation, even if it seems like you over-estimated the costs. There could be currency fluctuations, changes in the US or global economies that impact your travel costs, or the cost of living there is higher than predicted.
   
   
3. Start saving
   Ideally, you should start preparing financially at least a year in advance for your study abroad experience by creating a study abroad savings fund. While it can be done in a shorter time span, twelve months allows you to save and prepare at an easier pace. It may sound extreme, but starting to save money at least one year before your program will help you have a stress-free experience while studying abroad. 
   
   Here are a few ways you can help build that study abroad savings fund faster:
   • To help maximize your savings, think about depositing your money into an account that offers higher interest rate rates than the standard savings account (which offer low rates or none at all) and using this as your formal study abroad savings fund.  These can include:
   • High yield savings account. These offers better rates than a standard savings account.
   • Money market account. This is similar to a high yield savings account, but can have more limited access to your funds.
   • Certificate of Deposit (CD).  A CD can vary in length from one month up to five years. CD’s can offer even higher interest rates, but there might be penalties for withdrawing funds before the CD matures.
   The minimum deposit amounts and interest rates can vary depending on the institution, so do your due diligence and research the type of account that works best for you and your situation.
   
   
   • Consider finding a part-time job (but don’t let it get in the way of your studies!) or working during the summer, then putting all or part of your earnings aside in your study abroad savings fund.
     
     
   • Set up an automatic transfer (weekly, biweekly, monthly) from your regular bank account into your study abroad savings fund account.
     
     
   • Ask for contributions to your study abroad savings fund instead of gifts for holidays and birthdays.
     
     
   • Be creative!  Think about different ways that you can fundraise. Hold an event, have a bake sale, or even set up a GoFundMe page.  Are your parents or other relatives part of a community or professional organization, such as Rotary, Moose, or Kiwanis?  Maybe they can help provide some funding as well.
4. Investigate your financial aid options
   Fortunately, all of the financial aid that you receive through ²¨É«µ¥Ë« can apply to a ²¨É«µ¥Ë« study abroad program.  However, it is always a good idea to talk to the staff in the Office of Financial Aid to ascertain how a study abroad program might affect your financial aid package. You might qualify for other grants, loans, or scholarships depending on the fees and program charges for the study abroad program that you select.
   
   You should also talk to the Student Accounts Office about payment plans. The study abroad fees and program charges will be placed onto your student account during the semester that you participate in your program. The Student Accounts Office offers different payment plans that allow you to pay over a period of time rather than pay your total balance in one lump sum at the beginning of the semester.
   
   Scholarships. Scholarships! Scholarships!! There are both internal and external scholarships available to help you study abroad.  Check the Scholarships and Funding page in the left column to get started and talk to the staff in the Study Abroad Office. Also consider doing independent research on your intended host country to see if there are any scholarships available for international students. Apply for everything for which you think you might be qualified, regardless of the size of the scholarship.  Even if the scholarship is less than your overall costs, every little bit helps. Worried about writing an essay for scholarship application?  No problem!  Visit the Writing Center and they can help you craft a winning essay.
   
   
5. Study abroad
   Your tuition and program charges are settled, your airfare is purchased, and all of your planning and saving has paid off!  It is finally time to go on your study abroad program.  While you are away, be mindful of your account balance and occasionally refer back to your budget planner to make sure that your spending is on track.  This will allow you to adjust your spending accordingly and have a financially stress-free experience. Also set aside some money as an emergency fund to have available for any unexpected costs or other financial “hiccups” that might occur while you are abroad.   

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