Planning Your Study Abroad Budget

How much does it cost?

Cost is always an important subject, especially for study abroad. You will want to pay particular attention to what each program includes in the total cost.

Things to look for include:

  • Is there a meal plan?
  • Do I have to pay for meals?
  • Do I need additional insurance?
  • Is the airfare included?
  • Are designated excursions included in the general fee?
  • What is the exchange rate like?
  • What is the overall cost of living?
  • Am I in an urban, semi-urban or rural community?
  • Are supplies and books included?
  • Do I have to pay for a cell phone or internet?
  • Is there public transportation and what does it cost?
  • Can I walk to class?

These questions are to get you thinking about potential costs. You will want to budget in spending money for things like food, travel, souvenirs and gifts. All education-related expenses will be included in the calculation of your financial aid package.

 

Direct vs. Indirect Costs

Direct costs are those costs included in the program fee in addition to tuition. Many programs highlight and outline the various amenities included in their program fee. Many programs include housing and insurance as direct costs but students must research individual program cost outlines.

Indirect costs are those costs not included in the program fee. Financial aid will assist you in determining what portion of your aid package will be applied towards indirect costs. Each student’s financial aid package is unique. Some examples of potential indirect costs include but are not guaranteed to be covered include supplies, books, meals, and airfare, taxes on airfare or travel, public transportation.

Spending money is neither a direct nor an indirect cost. There will be a 'financial gap' of some expenses not covered by your financial aid package. Students should plan to bring enough money with them to cover the financial "gap."

Caution! Students should not assume that the program with the lowest program fee is the cheapest. It is important to examine multiple program sites in order to compare cost breakdown. Our office is here to assist in any way possible to help financially plan for your time abroad.

 

How can I afford it?

Many programs offer merit-based scholarships. The qualifications for each scholarship vary by program. We encourage students to search out and apply for scholarships from outside funding sources.

Potential funding opportunities include: