Students with Financial Need

Many students are turned off to the idea of studying abroad because they “can’t afford it.”  While it’s true that there are additional costs associated with study abroad, some college students can take advantage of direct exchange programs, such as those offered through International Student Exchange Program (ISEP), where students pay prices similar to what they would at their home campus. On these direct exchange programs, students pay their home college tuition and fees, and often home college housing and meals prices. Students must only come up with additional expenses such as the administration fee, airfare, insurance and student passport/visa.

Also, financial aid can be used to study abroad. In fact, most scholarships, loans and grants are applicable. In addition to using current financial aid, there are scholarships designated for study abroad that can be learned about through the home university international programs office.  There are also numerous national scholarships, including the Bowman Travel Grant, Gilman Scholarship, National Security Exchange Program, Fulbright Fellowship and Freeman-Asia Scholarships (see the "related items" below). 

Some countries allow international students to work for a limited number of hours per week (usually no more than 20).  While working abroad shouldn’t be the main source of income while studying abroad, this might be a good option for students who are looking to make some extra money. Working abroad also adds another dimension to the study abroad experience.

There are lots of internship, work and teaching abroad opportunities, both short and long-term.  While someone won’t get rich teaching or working overseas (internships are often unpaid), most positions pay at least a living wage. 

Volunteering abroad affords the opportunity to make a difference in many people’s lives.  Many (but not all) of the volunteer programs are located in non-Western and developing countries and range from one week to two years in length.  Although most volunteer programs require a monetary contribution, this often covers training, room and board while overseas. There are a few programs, such as the Peace Corps, which provide a stipend for program participants. 

Cost Saving Tips

• Towns and small cities are usually more affordable than larger cities.
• The cost of living in non-traditional locations (e.g. Eastern Europe, Africa, Latin America, Southeast Asia) is often lower than Western Europe, Japan and Australia. Studying in these locations may also increase your chances of getting a study abroad scholarship.
• Look online to get a sense of the cost of living in cities worldwide; you may be able to live abroad for 3 months for cheaper than you would at home for that same time period if the currency exchange rate is favorable.
• Use a budget sheet to see how costs compare in programs abroad versus expenses for staying on campus for the same time period.
  

What can study abroad advisors do?

• When speaking with students, don’t overwhelm them with details or assume they know the basics.  (Of course, there are many low-income students who have a very good understanding of study abroad, but it never hurts to cover the basics).
• Address the myths and barriers to study abroad.
• Provide easy to find, straight up information on full program costs. 
• Provide budget sheets and help students go through them.
• Ask students who’ve recently returned from studying abroad to provide full program cost information and budget advice for future study abroad students.
• Encourage students to consider studying abroad in non-traditional countries. 
• Take financial need into consideration (including if a student with a disability will need to bring a personal assistant but state funding doesn't transfer abroad) when awarding in-house scholarships.
• Make sure information is available and easily accessible (handouts, web, etc.).
• Be proactive! Invite coordinators from programs that target low-income students to an open house in the study abroad office.

This can include:

• High school programs that target low-income students (e.g. Upward Bound, university-sponsored programs).
• College programs that target low-income students (e.g. Education Advancement Program, Student Support Services, McNair Scholars).
• University-sponsored minority scholarship programs (sometimes these programs have a class or seminar requirement) or federally-funded social security benefits programs for disabled students.
• Financial Aid Office that has Pell Grant recipients and information on other financially needy students.
• Local community colleges that attract students looking for lower cost education options.

Financial Questions to ask on Study Abroad Program Evaluations

1.  How much did you spend on the following?

Program Fee $___________

Did this include (check all that apply):

___ Tuition  ___ Housing  ___ Meals  ___  Excursions  ___ Other: _______

Housing (if not included in program fee) $_________

Meals (if not included in program fee) $__________

Did you receive a Meal Stipend?  __ Yes  __ No    If yes, was it enough?  ____

Local Transportation $__________

Books $__________

Airfare $___________ 

Disability Costs $__________

Other $ _____________

2.  Which of the following options would you recommend that future participants use for money while abroad?

___ Credit Card 

___ ATM or Debit Card (from US bank)   

___ Traveler’s Checks   

___ ATM or Debit Card (from host country bank)

___ Wiring money 
___Other (Please specify)_______________________________________

3.  How much did you spend on bank service charges and transaction fees?  __________

4.  How did you finance your study abroad program?  (Check all that apply)

__ Personal Funds   __ Family Support   __ Loans   __ Grants   __ Scholarships   __ Vocational Rehabilitation Funds   __ Social Security Funds
__ Other (please specify)____________________

5.  If you received a study abroad scholarship, what was the name and amount? ______________________________________

6.  How did the amount you spent compare with what you expected to spend? 
 __ More   __ Same  __ Less

7.  Did you (check all that apply)

__ Use a suggested program budget 

__ Maintain a tight budget 

__ Spend freely 

__ Somewhere in-between

8.  Were there unexpected costs on your program (or in your host country) that other students should know about?

9. What arrangements did you make to continue receiving Social Security, Medicare, Vocational Rehabilitation or other benefit funding programs abroad? 

10.  What budget advice would you give others?

Created by Malaika Marable Serrano, Programs Abroad Coordinator, Center for International Education, University of Tennessee, Knoxville, with some modfications by Mobility International USA