How to Finance Your Study Abroad Program

It has been said that traveling is the one activity that, while costing money, increases wealth. Studying abroad is a journey worth every cent, and participants enjoy their hands-on learning experiences in a new city and culture. Learning overseas is one of the few opportunities to experience another college, like the University of Mississippi in the USA or Dublin City University in Ireland, where you live like the locals do. In preparing to go, the expenditures might pile up, but there are many strategies to save money on your overseas academic experience.

Apply for Scholarships

Once you've decided to participate in a study abroad program, it's important to start searching for scholarships to help cover the costs. Many scholarships are based on academic performance, but options are available that do not have specific academic requirements and can be used for this learning experience. These scholarships may cover tuition, living expenses, flights, and other costs associated with studying abroad.

A great starting point for finding scholarships is to connect with your local study abroad office, where you can learn about available opportunities. Additionally, consider contacting an SAF counselor for guidance on where to look. One of the biggest advantages of receiving a scholarship is that you are not required to pay it back!

Research Student Loans

If your study abroad program is scheduled soon, saving a large sum of money might be difficult on short notice. Look into student loan companies to assist you in covering the program's expenses so you don't have to pay for everything at once. The government supports several loans that are available in a variety of nations.

Seek Funding Assistance from Family and Friends

If you are uncomfortable applying for a student loan, consider asking family members to give you money for a study abroad program. Crowdfunding is another popular technique of spreading the news, allowing friends and family to contribute to your trip expenses if you want. Even though your connections might not be able to cover the entire cost, deducting any amount from your immediate payment alleviates some of the burden.

Work and Save

If you know you'll apply for a study abroad program in a few months or years, start saving money now. Many companies in your region likely employ students for part-time or full-time work, and as long as your necessities are fulfilled, you can set any spare money aside for your long-term goal of traveling abroad. In some respects, this method of preparing for the trip is advantageous since you will have it paid off before you go, allowing you to concentrate only on saving money for your time abroad rather than worrying about repaying a hefty loan or a family member.

Declutter and Sell Items

Decluttering your house, downsizing, and selling goods you no longer need are popular methods to generate additional money. Even if the items you sell seem insignificant, any contribution you can make towards the cost of a study abroad session could quickly accumulate. With the help of modern technology, it is easier than ever to sell items on apps like Mercari, eBay, and online marketplaces.

When you're ready to begin arranging your study abroad program, schedule an appointment with an SAF counselor to discuss possibilities and expenses.