Financial Strategies for Studying Abroad
When you study abroad, you’ll be immersed in the global community. The friends, memories, and experiences you’ll take away from your trip can provide you with academic, professional, and personal benefits throughout your life. It may even encourage you to further expand your global presence through travel, work-study, or charity programs.
Despite being structured by your academic institution, study abroad programs are generally not included with your tuition. And, studying in another country is far from inexpensive. You may be responsible for your own airfare, room and board, and any personal expenses incurred while you’re abroad. To be able to experience the globe without breaking the bank, there are several financing tools that can help.
Federal Student Aid
Federal student aid generally describes a variety of financial assistance tools offered by the U.S. government. Each of these tools is generally awarded on a highest-need basis and may or may not require repayment. While your academic institution may offer a wide variety of financial assistance programs, the more common forms available for study abroad programs are as follows:
- Grants. A federal grant is a monetary reward that does not need to be repaid. They are generally distributed yearly with recipients having a determined need for federal financial help. The most commonly recognized federal grants are Pell Grants and Supplemental Educational Opportunity Grants (SEOG).
- Loans. A federal loan acts just like a traditional bank loan. It will have to be repaid, and usually repayments must begin within a certain amount of time following your graduation or withdrawal from college. The most commonly accessed federal loans are the Stafford, Perkins, and Parent PLUS loans.
- Scholarships. With a scholarship, your adventure is funded by monetary assistance that does not need to be returned. Most scholarships are made available to college students through the school or through a third-party organization. The U.S. government offers two primary scholarships for those wishing to continue their studies abroad: The Boren Awards for International Study, and the Benjamin A. Gilman International Scholarship.
Federal aid is not the only means of obtaining financial assistance for your education abroad. Your study abroad advisor or university financial aid coordinator should be able to analyze your unique situation and provide a comprehensive list of additional forms of aid that may be available to you. It’s also useful to search online as well for other types of study abroad aid.
Once you’ve organized your financial assistance plan and are set to travel, take a moment to read more about culture shock and how to acclimate comfortably to your new environment. Take a look at the information we’ve provided on the next page to see what we mean.
