Can You Afford to Study Abroad?

Written by  //  2013/01/25  //  Financial Aid, Study Abroad  //  Comments Off on Can You Afford to Study Abroad?

Studying abroad is a great way to learn about the world. Unfortunately, it is also expensive. If you do not have limitless funds, you should consider finding alternative ways to pay for your trip. Fortunately, students around the world have found clever ways to fund their own studies.

Saving Your Money

The easiest way to get money for studying abroad is to save it personally. Yes, it is difficult but it is on of the only ways you can get money without filling out paperwork. Consider storing up your loan excess and living cheaply for a few months. You may want to consider getting part-time job to help boost your income. Though work can be difficult if you plan on leaving the country, there are many great opportunities in most college towns. You should be able to save up at least some of your living expenses while you are in school, giving you a great start on your study abroad funds.

Applying for Loans

If finances are an issue, student loans are available. You can still get loans if you want to study abroad. Most private lenders are more than happy to help you further your education, even if you want to do it on another continent. You should make sure that you understand the terms, though, as many private lenders have relatively high interest rates. Depending on your year in school, you may be able to use low-interest federal loans to satisfy your payments. This will not work in every case, though, so you should be sure to check on your eligibility before you plan on moving.

Getting Grants

Grants are a great alternative to loans. Grants are usually given for very specific purposes, but they are not required to be paid back. Like scholarships, grants are very competitive and often only apply to certain individuals. Unlike scholarships, grants do tend to be offered for study abroad purposes. If you have a real financial need, finding a grant should not be too hard. If you are able to find a need-based grant, it might not hurt to find grants for students in your subject. While it might not be the easiest process, grants really are the best way to get money for studying abroad.

The Scholarship Game

Scholarships come in many shapes and sizes. While there are a precious few scholarships out there that might allow you to attend college abroad, you might be better off seeking general tuition scholarships or college scholarships that will pay for the cost at your school of residence. Many programs allow students to study abroad while still gaining credit at home, a perfect opportunity to make use of a domestic scholarship while you still move on internationally. Always check the terms of these agreements, though, as some might want to make sure that you actually attend the college in question.

Your Department

Another way to combat the costs of studying abroad is to research and talk to staff members in your specific department. When it comes to specific types of study abroad opportunities, some departments within colleges will provide private scholarships or grants to make sure that certain students get a chance to study abroad. It is far more likely that you will get such an opportunity if you are a standout student, though, so make sure to spend the semester prior to your attempt to go abroad impressing your professors.

Always make sure that you understand the real costs of studying abroad. You will certainly pay tuition, but room and board costs can be variable. The more research you do now, the fewer surprises that you will have in the future.

Author Bio
Ryan Ayers is a writer and blogger who creates articles in relation to education. This article offers financial advice to students wishing to study abroad and aims to promote further study with an Online Degree in Diplomacy.

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