As a low-income student, I didn’t think study abroad would be an option for me, but with encouragement from my study abroad advisor, I applied to a few programs. When I was accepted to the IFSA London program at King’s College, I was hesitant, knowing I couldn’t afford London prices for five months.
Thankfully, with the help of scholarships and saving techniques, I was able to enjoy London to the fullest without going broke. You can too! Here are some tips and resources to help finance your study abroad experience.
1. Talk to your college or university financial aid people. This is one of the most important steps. Once you have applied to study abroad, meet with someone at your financial aid office. Have an honest discussion and ask: Does your aid transfer? Will your financial aid be sent directly to your study abroad office or will you need to send it? Can you use it to help pay for flights or other expenses?
2. Apply for study abroad scholarships. Not to sound like a parent, but apply, apply, apply to everything! There are countless programs that give thousands of dollars to U.S. students to help finance study abroad. Many require only a few items, including a personal statement and transcript.
I received a Gilman Scholarship, part of a national scholarship program for undergrad students with limited funding to study abroad, sponsored by the U.S. Department of State. I also applied to the Fund for Education Abroad, a nonprofit organization that provide scholarships for students who are underrepresented in the U.S. study abroad population. I also received a similar scholarship from my college study abroad office. Lastly, IFSA has a wide variety of scholarships.
3. Budget spending for each month. This was critical. Using Microsoft Excel (or Google Sheets) allocate a certain amount for each kind of expense: books, eating out, groceries, rent, travel, transportation, and miscellaneous costs. Your expenses might differ each month, but this will help you stay accountable. You could also use a personal expense app like Mint or PocketGuard. However you do it, budgeting and tracking expenses helps you visualize how much you’re spending and reminds you to review your goals.
4. Take advantage of free fun and food. Food is one of the largest expenses in London. Of course, when you’re abroad you want to try local cuisine. I tried to cook at home whenever possible, but I also treated myself to new cuisine and different restaurants. The free app Too Good To Go helped me find amazing unsold food from a variety of restaurants in London for at least half the original price!
Traveling and exploring locally are also expensive. But you can have fun for free! In London, you’ll never get tired of sightseeing—there is always more to see. Also, check out Time Out London, an online magazine with free daily events and attractions. I relied on this to stay on top of new events and stay on budget.
If you’re a low-income student, study abroad really is possible, even in expensive cities like London. I had the best time in London, and I got to experience everything I wanted to—despite financial restrictions.
—Ramisa T., (Hamilton College), King’s College London
FAQs
Determine a set amount of money that you will need each week for “needs”, such as food and transportation, and then see what you will have left over for “wants”, such as entertainment and travel. Keep track of your spending by saving receipts and adding up expenses throughout your program.
How to create a study abroad budget? ›
Determine a set amount of money that you will need each week for “needs”, such as food and transportation, and then see what you will have left over for “wants”, such as entertainment and travel. Keep track of your spending by saving receipts and adding up expenses throughout your program.
How do students afford to study abroad? ›
Use your financial aid for study abroad
Federal aid is almost always transferable to other countries as long as you are earning credits towards your degree. Financial aid you receive through your home school or university can also be applied abroad as long as the study abroad program is offered through your school.
How to save up money for studying abroad? ›
How to Budget for Study Abroad
- Decide where you want to study abroad. ...
- Consider a work-study or paid internship. ...
- Apply to grants & scholarships early. ...
- Set your budget before you leave. ...
- Opt for a homestay. ...
- Avoid bank fees. ...
- Take advantage of student discounts. ...
- Make friends with locals.
Anticipate expenses Be realistic about what you want to do and what you can afford to do Think about where/what you will be eating Think about how you will be getting around Keep some money aside for emergencies Plan your spending (e.g., startup costs, one-off costs, weekly costs) Track your spending Planning a budget ...
What is a good budget for study abroad? ›
With good planning and budgeting, students could plan to spend less than $5,000; yet it also reflects how costs can add up quickly. A good starting point is an average of 175-200 Euros per week (or 185-215 USD per week).
How do I create a study abroad program? ›
- Step 1: Create the Course. ...
- Step 2: Develop the Program Itinerary and Budget. ...
- Step 3: Submit the Program Information to the Office of Education Abroad. ...
- Step 4: Begin Marketing the Course. ...
- Step 5: List the Course in SIS and Register Students. ...
- Step 6: Coordinate Program Fees and Finances.
Additional costs may apply
Beyond tuition and fees, students going abroad have to consider additional costs including airfare, passport or visa fees and income they may lose by not being able to work while abroad — all things that may not be covered by financial aid.
Is study abroad worth the cost? ›
Studying abroad is worth it if you can find a program that aligns with your interests, goals and finances. The once-in-a-lifetime experience can improve your future career and income prospects, broaden your horizons and give you space to build new skills.
How can I study abroad full time? ›
10 Ways to Study Abroad
- Book a study abroad program through your university. ...
- Find study abroad programs through a third-party provider. ...
- Enroll directly with a university overseas. ...
- Take a global independent study. ...
- Supplement your learning with field research abroad. ...
- Intern for school credit.
In the 50/20/30 budget, 50% of your net income should go to your needs, 20% should go to savings, and 30% should go to your wants. If you've read the Essentials of Budgeting, you're already familiar with the idea of wants and needs. This budget recommends a specific balance for your spending on wants and needs.
What is the best way to budget? ›
We recommend the popular 50/30/20 budget to maximize your money. In it, you spend roughly 50% of your after-tax dollars on necessities, including debt minimum payments. No more than 30% goes to wants, and at least 20% goes to savings and additional debt payments beyond minimums. We like the simplicity of this plan.
What is the 10 rule budget? ›
The 60/30/10 budgeting method says you should put 60% of your monthly income toward your needs, 30% towards your wants and 10% towards your savings. It's trending as an alternative to the longer-standing 50/30/20 method. Experts warn that putting just 10% of your income into savings may not be enough.
Can college abroad save you money? ›
Nearly everyone who graduates without studying abroad regrets it. But the truth is, missing out on study abroad in the name of a tight budget is unnecessary. If you're already paying for college, study abroad is a chance to get more for your tuition. It can even offset your expenses depending on where you go.
Is it cheaper for Americans to study in the UK? ›
The cost of college education in the UK and the US varies widely depending on a number of factors, including the specific college or university, the course of study, and the location. Generally speaking, however, the cost of college education in the UK tends to be less expensive than in the US.
How does studying abroad work financially? ›
Many college students and study abroad participants use financial aid to defray the overall expense. Some options include taking out loans, applying for scholarships and grants, enrolling in payment plans, and more. It all depends on which part of the program you need help paying for — so let's break down the cost.
