Studying abroad can be a great option for students looking to experience new cultures, make friends and work with a diverse group of like-minded peers. Students attend classes or conduct research at a foreign institution or through their home college’s study abroad program.
Be sure to consider the tuition costs and other expenses before deciding to study abroad and how to pay for your program.
Average Costs To Study Abroad
Studying abroad can cost between $3,650 to $19,968, according to the Council on International Educational Exchange (CIEE). By comparison, a full year of tuition at a public four-year university for in-state residents in the U.S. is $9,678.
Costs can vary widely based on your school’s region. For example, study abroad costs usually account for program fees and housing. Other expenses, such as living expenses and airfare, can significantly add to the overall cost. Be sure to also consider the costs associated with how you enroll.
Direct Enrollment vs. Third-Party Providers
When you decide to study abroad, you will need to choose between direct enrollment or enrolling through a third-party institution. Direct enrollment is done with your chosen institution without going through a third party, which typically reduces your costs. The application process is similar to applying with a domestic institution. You can then transfer your credits to a home institution to finish your degree.
Third-party providers are independent organizations that oversee study abroad programs. They assist students with logistics like course registration or housing. Some providers offer academic and social guidance during the program, as well. If you’re willing to take on a higher tuition payment, the third-party option simplifies the study abroad experience.
What Costs Do Study Abroad Programs Cover?
Study abroad programs may cover accommodations, field trips and health insurance. However, the fee for a study abroad program isn’t comprehensive; it only covers some of your overall expenses. The fees for study abroad programs usually cover:
- Tuition. This is the primary expense of studying abroad. Tuition costs vary depending on the program you select, whether you enrolled directly or through a third party. Some programs may also incorporate food and housing into your tuition.
- Student health insurance. Some third-party will automatically enroll you in health insurance before you begin your studies. Your insurance premium may be added to your tuition bill. Coverage amounts may vary depending on your institution, but some can range up to $500,000.
- Housing. Your program may also cover rent, utilities and living expenses. Some programs charge housing fees up front, but you may need to budget for housing near your institution before you begin your studies.
- Transportation. Third-party programs often incorporate the costs of flights into your upfront expenses. When you arrive in your new country of study, you may need to budget for public transportation if your program doesn’t provide a stipend for it.
Those expenses add up quickly. For example, a semester at Korea University via The Education Abroad Network costs $13,950 per semester. However, when you add other expenses such as airfare, books, meals and travel insurance, the total grows to $17,900.
Below is a breakdown of expected costs for three different programs abroad.
Factors That Influence Study-Abroad Costs
When thinking about studying abroad, consider the key factors that may affect your expenses:
- Direct enrollment vs. third-party provider. You have the choice of enrolling directly with a university or a third-party provider. Direct enrollment is cheaper, but you handle all the logistics, including visas and travel arrangements. Third-party providers are more expensive, but they handle the arrangements and provide personalized guidance.
- Location. Where you study has an impact on your cost. For example, European countries tend to be the most popular and the most expensive.
- Exchange rates. The currency exchange rate can have a big impact on your cost. When the USD is strong relative to foreign currency, your money goes further. Before you enroll, check the exchange rate and factor it into your budget.
- Extra costs. You should factor any additional expenses into your budget. For example, if you don’t have a meal plan, you’ll have to purchase most of your meals, which can be expensive.
5 Ways To Pay for Study Abroad Programs
As a U.S. student studying abroad, you have several financing options:
1. Grants and Scholarships
You may be eligible for grants or scholarships from universities or nonprofit organizations. Grants and scholarships don’t have to be repaid, making them a valuable option.
A few scholarship programs that cover international students include:
- Benjamin A. Gilman International Scholarship: This congressionally-funded program is available to U.S. undergraduate students with up to $5,000 in scholarship funds to study or intern abroad.
- Fund for Education Abroad: This organization offers multiple scholarship opportunities for students in underrepresented groups in study abroad programs.
You can search for study abroad grant programs through the Institute of International Education.
2. Federal Student Loans
Some students can use federal student loans for their semester abroad. Your aid amount depends on the program, so fill out the Free Application for Federal Student Aid (FAFSA) and contact your domestic university’s financial aid office to discuss your options.
As an undergraduate student, you can use federal Direct Subsidized and Unsubsidized loans to pay for your program, and your parents may be eligible for Parent PLUS loans.
3. Private Student Loans
Private student loans can cover any remaining residual expenses after scholarships and federal loans are applied. Many private student loan lenders will approve applicants studying abroad, and some specialize in international student loans.
Before applying, review the terms and conditions. Private loans may not have grace periods, so payments may be required during your study abroad program. They can also have high interest rates.
4. Work Part-Time
You could have a part-time job or paid internship in the country where you’re studying to help offset your expenses. However, you will need a short-term work permit visa before you can work.
If you’re studying abroad through a third-party provider, they may help you navigate the work permit process. Visit the U.S. Department of State- Bureau of Consular Affairs website for information.
5. Crowdfunding
Crowdfunding is a creative way to raise money for your study abroad experience. Family members, friends and generous strangers can donate money to make your education dreams come true.
You can use platforms like GoFundMe or FundMyTravel to create a profile and tell your story. Share the link with your loved ones or on social media to request donations.
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