Finances

While deciding which program you want to go through and where, it is extremely important to keep in mind your financial situation. Unfortunately, this is the number one barrier that students are affected by and prevent many from going abroad. I have provided a few ways to save as much money as you can through choosing the right program, financial aid, scholarships and lastly things to consider while abroad.
There are a few misconceptions about the cost of studying abroad. Yes, it is expensive but in many circumstances it will either be the same cost as at your home institute, or it could be less. Choosing which type of program you go through (University-sponsored, direct enrollment, provider) will be a main factor in what the cost of your program will be.
  • Choosing the right program (if finances are your number one concern)
    • University Sponsered program- with the California State University International Program (CSUIP) students at any Cal State University will pay the fees of their home campus, with a small fee for the international expenses. Overall, most students end up paying nearly equivalent to what they would have abroad. Plus, students were also able to use their FAFSA student Financial Aid if they were already receiving it.

    • If you enroll with a provider that is approved of your school, financial aid--either through government aid or alternate funding (such as loans), then your financial aid will be accepted with the provider.
*TIP* Check with your advisor at your school and find out what your institution has to offer. They will know which programs accept financial aid and what type.\
    • The following is a list of some providers that usually accept your financial aid (if approved by your institution)
      • CEA
        • This provider accepts financial aid as long as it is approved with your home institution
      • CIEE
        • If approved by home institution, federal student financial aid programs accepted
          •  Pell Grants, Supplemental Educational Opportunity Grants SEOG, Perking Loans, National Direct or Stafford Lonas, and Parent Loans for Undergraduate Students (PLUS)
      •  ISA
        • If enrolled as a full time student, and  will receive credit at your home university, you can generally receive the same financial aid, usually the Title VI funding (Pell, Stafford and PLUS)
      • CIS abroad
        • Also, if approved by your institution, financial aid is accepted
      • GSE
        • If approved by institution

  • Scholarships
    • There are hundreds of scholarships available, some are broad and are for any type of study abroad, whereas some are for more specific areas/locations of education. Take advantage of all the scholarships available! 
      • Keep in mind the deadlines, most are different than the actual study abroad deadlines
      • Research the program you're interested in, often they have their own scholarships available
      • There are different types of scholarships available, based on:
        • financial need
        • academic achievment
        • achievement in another area
        • membership of a particular group (ethnic, racial, social, minority)
      • Scholarships can support different aspects of your study abroad, ranging from:
        • All fees
        • living stipend
        • research
        • housing
        • text book allowance
        • travel
    • The following is a list of Scholarships, both independent of programs, and program-based scholarships
      • Gilman International Scholarship
        • provides scholarships for undergraduate students who are receiving Federal Pell Grant funding to participate in study abroad programs worldwide
        • open for U.S. citizens who are planning to study abroad
        • accepts applications twice a year, and should apply an entire semester before going abroad
        • award up to $5,000 per academic year or semester
        • sponsored by the Bureau of Educational and Cultural Affairs of the U.S. Department of State
      • Fulbright Scholarship
        • Offers fellowships for U.S. graduating seniors, graduate students, young professionals and artists to study abroad for one academic year. 
      •  Diversity Abroad Scholarship
        • sponsored by the AIFS foundation
        • African-American, Asian-American, Hispanic/Latino and Native-American students are strongly encouraged to apply
        • Students studying in non traditional locations (outside western Europe and Australia) are also encouraged to apply
      • AIFS Scholarships
        • $600,000 annually in scholarships and grants
        • Types of scholarships and Grants
          • Affiliate Grants, Semester Program Grants, International Scholarships
          • AIFS-HACU
            • $50,000 annually for outstanding Hispanic students
      • CIS Abroad Scholarships
        • 70% of CIS students receive scholarships or grants
        • CIS Scholarships include:
          • Early Bird, Leadership, Photo Journalist, Correspondent, Green  
        • CIS Grants
          • Cooperating Partner Alliance, Bring a Friend, Go Again
          • If receive a diversity abroad, Gilman Grant, or Golden Key Award, will receive an additional Grant
      • IES Abroad
        • $2.5 million in scholarships and financial aid
        • Scholarships include:
          • Merit-Based, Diversity, Legacy, Summer
        • Grants include:
          • Disability, Public University
      • CEA
        • Scholarships include:
          • Academic affiliate, Academic Merit, Financial Need, Global Education, Chris Towns France, Summer

The main point I am trying to get across is that there are many options and ways to fund your trip through scholarships, grants, and financial aid. Don't give up when you see the initial cost. There are many organizations that are trying to encourage more students to go abroad by funding their trip, so ask around, and remember to talk to with your advisor!




"Hidden Costs"
And ways to be smart while abroad


Although programs will give you an estimate of the costs while abroad, there are some hidden costs which are often overlooked, but can drastically change your budgeting allowance.
  • Things to keep in mind:
    • The first month or two will be your most expensive, and you will need to have money available
      • Why? because you are getting settled in and have to buy basic necessities (for your house, school, etc.)
    • Housing
      • Depending on where you are, often you will have to give your first and second months rent, plus a deposit. So, instead of paying the 500 euros you thought it would be, you're paying 1500 euros. Huge difference, and it is important that you have the money upfront.
      • There may be additional fees for electricity/gas, phone, internet, and water that may be a lot more expensive than you had budgeted for. Ask before signing a lease what these will be.
    • Travel
      • Part of studying abroad is taking advantage of traveling where you couldn't before.
      • costs add up!
      • you may not realize it in the moment, but the extra $5 on a sandwich and $10 on drinks, in addition to hotel/hostel cost, airfare, souvenirs, etc. will add up a lot, and very quickly.
      • For your initial flight to your destination, there are a few companies that find good prices for students, and provide certain insurances.
      • For cheap ways to travel in Europe
        • There are many low cost flights available, check way in advance or last minute
    • Taxes
      • other countries have much higher tax than the U.S. does. Instead of the 8.75% here, it can be doubled or quadrupled that.
    • Money-Exchange fees
      • depending on what bank you have, any withdrawals, deposits, charges will be accompanied with banking and international fees
      • this is also something you should look in to prior to departure, some countries are "sister banks" with U.S. banks and won't have additional fees. For example, Bank of America and the French bank BNP are sister banks and if you withdraw from a BNP there won't be additional fees. But, there still will be the currency exchange fees
      • Stay up-to-date with what the current exchange rates are!
    • Climate/Environmental costs
      • Although you should research before going abroad, sometimes you will have no choice but to adjust to your new climate by buying additional clothing to help with extreme cold temperatures, or extreme heat.
      • Also, you may have to buy things that would allow you to be more culturally sensitive (longer shorts, etc)
    • Emergency and Health Care
      • Though never expected, sometimes you will have an emergency and need attention. Know what your coverage is through your program because they have usually set up an insurance policy for you.
      • Costs can actually be cheaper than would be in the U.S.
    • If receiving Financial Aid
      • don't forget to stay on top of what needs to be done
      • if gone for more than a semester, there will be more forms to fill out, and you don't want to lose your financial aid because you forgot to fill out a form
      • find out when you will receive your first installment. It may be a couple of weeks after your program starts, so be prepared for this
Main idea to take from all of this, there will be unexpected costs in your study abroad, and you should be as prepared for them as you can be. Make sure you make a budget before leaving so you know what you have and don't have. Over-budget and leave extra room of unexpected costs.
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