Budgeting for Study Abroad
Understanding your budget for study abroad will help you in selecting the right program. It is important to聽make聽financial plans and apply for scholarships and aid.
Plan your funding early
Research and apply for scholarships聽a minimum of 6 to 12 months in advance of when you plan to travel聽so you don't miss important deadlines.
Understand your program costs
Consider the difference between cost and value.
- Sometimes a longer-term experience can be more cost effective!聽Replacing a semester abroad with one you had already budgeted for here at 美高梅官网 can make study abroad more affordable.聽
- While a semester abroad may have a higher cost, it聽can sometimes be聽a better value than聽a shorter stay in the same country.
Consider countries where the cost of living is lower.
- Cost of living will vary from country to country and is often the largest determining factor in聽overall program cost, i.e.,聽a聽program in Thailand will likely cost less than a program in the UK due to the vastly different costs聽of living in the two countries.聽
- Similarly, consider聽a smaller city; it costs much less to study in Viterbo, Italy聽than it聽does聽to study in聽a city like聽Rome.
Think creatively and save
- Create a budget - whether old-school on paper or on an app like Mint,聽creating聽and maintaining聽a budget聽can help you manage your funds abroad.聽
- Ask relatives to contribute to your study abroad for birthdays and holidays, consider setting up a crowdsource account like聽FundMyTravel.
- Live like a local, rather than a tourist. Utilize public transportation, seek out local markets, and make friends with聽local聽students.
- Look for student discounts!聽There are often discounts for young people on train tickets, museums and more.聽 Be sure to ask and have ID ready to show.聽聽