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Estimating Your Budget
For Studying and Living

Lesson Summary:
Costs
Variables
Location
Sponsor
Program Type
Duration
Home Campus Tuition Policy
Other Fees
Financial Aid
Scholarships Available

Choosing a study abroad program that is the "right fit" for you is the best way to achieve your personal and academic goals for study abroad, as well as assist you with your long-range career plans.

Therefore, it is important to plan carefully.

However, when selecting the program, you are likely to get the most from involved careful planning.

Hundreds of opportunities exist, more than ever before. They differ in location, duration, curriculum, degrees of cultural immersion, language, cost, and many, many other ways.

Because there is so much to consider, it's smart to begin planning a full year before you want to depart.

Costs.

In order to encourage students to study abroad, most U.S institutions do their best to try to keep the expenses of overseas study comparable to the cost of the same period of study at the home campus.

How much will studying abroad actually cost you (and your parents), especially in relation to what study at home costs?

There is no simple answer to this major question, other than that participation in any given program can add up to somewhat less or much more, depending on a host of factors - some of which are controlled by your institution (e.g., its tuition policy, whether it sponsors its own programs, whether financial aid travels, etc.); some of which are matters over which American institutions may have no control (e.g., international currency exchange rates, overseas costs of living, university tuition costs, etc.).

In short, the absolute, overall cost of an overseas study experience is something apart from how affordable it is to any given participant.

Variables.

Many US sponsors of study abroad programs bundle the program's major costs into one comprehensive fee. This usually includes tuition, housing, meals, and international airfare, and may also include medical and accident insurance, excursions, books, rail passes, and other program-related expenses.

Others may include some, but not necessarily all of these items. Since all are likely to be relevant to figuring out overall costs, it is your and your parents' responsibility to ask enough questions until you have complete figures and can decide if the bottom line is clear, and affordable. It is equally important to have an idea of the many variables which can affect overall costs.

Costs vary by:

Location.

Programs in Western Europe tend to be more expensive than those in most other parts of the world.

But relatively expensive programs sometime exist in countries where the cost of living is relatively low, and conversely, depending on the nature of the living and learning experience.

The cost of living in countries in which the U.S Dollar is weak relative to the local currency is (usually) higher than in countries where the U.S Dollar is strong. Because it costs more to live in most cosmopolitan areas than in the hinterlands, programs based in cities typically cost more.

Sponsor.

In general, programs sponsored by private colleges or organizations are more expensive than those offered by public institutions. If you are interested in a program in a specific location or at a particular foreign university, check to see if more than one sponsor offers it. In some cities, a number of institutions sponsor similar study abroad programs, at a variety of prices.

Program Type.

Island programs, where everything is specially arranged for the U.S group, are usually more expensive than immersion or direct enrollment programs. Because special or U.S style services cost more, this is reflected in the program fee. These can include on-site support services, special language-training courses, cross-cultural orientation, social activities, and excursions to sites of interest.

The extra expense may be well worth it if this is your first time abroad or you think you would get more out of a program that offers those services. But you can save money by choosing a program that doesn't include them. Remember however, that you will then have to be more independent when it comes to problem solving.

Duration.

While some of the costs of participating in a program are the same, regardless of how long the overseas sojourn is (e.g., airfare), other costs vary according to how long one is away, e.g., room and board, tuition, etc.

Thus, the longer the program, the more expensive it is, in absolute terms. On the other hand, there are also 'economies of scale,' so that the per week/per credit cost of a summer program may be proportionally greater than the per week/per credit costs of a semester program, etc.

Home Campus Tuition Policy.

Tuition fees at foreign universities, which are usually state supported, are often much lower than those charged by U.S institutions. Some countries, however, charge separate fees to foreign students that are considerably higher than those charged to local students. If you choose a program sponsored by your own school or another U.S school, you may find that you're paying full home-campus tuition even if the school you'll be attending abroad charges much lower tuition. The higher cost to you is for the home-campus credit as well as for the home-campus study abroad advising and other administrative and support services.

Other Fees.

In addition, there are a number of other expenses which may or may not be included in the stated bottom line 'program fee' - and some of which are not part of the 'program' per se, but are nevertheless related to the overall costs of the experience of living and learning in another country.

These can include:

General - Academic fees - Application fee - Tuition and other academic fees - Administrative fee - Books and other supplies - Use of labs and libraries - Computers: Internet use fees, etc.
Housing and Board - Accommodations/Food - Housing or key deposits - Residence permits - Food Related Lessons: Don't Forget to Eat While at School
Transportation - Transportation from U.S to host country - Commuting costs to and from campus - Program-related travel
Travel Documents - Passport fee - Visa, if required - Immunizations, if required - International Student Identity Card Related Lessons: Before You Leave: The Application Process for the US, Immigration and Visa Issues for Study Abroad US
Insurance - Health and accident insurance - Traveler's insurance
Miscellaneous - Cultural sites and events - Gifts - Fluctuating exchange rates - Postage and phone calls Related Lesson: International Phone Cards
Personal - Laundry - Dry cleaning - Personal care products - Clothing

Always contact the sponsor directly for the most current information on costs. Exchange rates fluctuate, and the mix of services provided for the program fee can change, so the cost listed in last year's catalog or study abroad guide may no longer be accurate.

Financial Aid.

Federal and state governments, foundations, and private and public organizations are primary sources of financial aid. Be sure to check with your financial aid director, study abroad advisor or bursar about whether your financial aid can apply to study abroad.

If you are planning to attend an overseas study program sponsored by another institution, the home institution, through a written agreement between the schools, might allow you to use your financial aid. But students should realize that policies vary among institutions of higher education and therefore, should check with their study abroad advisors and financial aid administrators regarding enrollments with another institution.

Join LearnHub's Scholarships community for more on Financial Aid!

Scholarships Available

Schools and institutions offer a wide variety of scholarships and financial aid specifically for international students. Scholarships are awarded on the basis of academic profile, and sometimes financial ability. Grants and loans are also often available. To find out the exact details you should contact the school directly.

Here are some examples of schools offering scholarships:

• New England Institute of Technology
• The University of Stirling
• Schiller International University
• Mississippi State University
• The University of Kentucky

As you can see, there a lot of planning involved when studying abroad.
Start early!

References/Image Credit: handbook, treeffe, busyashell, JajaMaroo, NMH School, Amy Uni, Kara Marie, Fluffy Sam, ,Epidenver, Geetesh, End of Level

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