Planning Ahead for Studying Abroad on a Budget

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As a college student, you likely have access to a study abroad program. While you may have a dream destination in mind and plans already brewing, it is important to step back and figure out the logistics. One of the biggest things to figure out is how you are going to afford it, especially on a college budget. However, if you start planning early enough, you will be able to figure out a budget and save up money to study abroad.

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Choose an affordable destination

While you have a dream place to study abroad in mind, it is important to be realistic as to what you can actually afford. There are certain places that are less expensive to study abroad in than other places. Take a look at other countries and how much you will likely spend. Compare this to how much money you will be willing to spend compared to how much you have coming in. If you are willing to spend the money to go somewhere a bit more expensive, go for it. Otherwise, go somewhere that is less expensive. You will still have a memorable experience and will learn a lot.

Sublet your apartment

When you study abroad, you still have to think about your student apartment lease that you have in your college town. Even if you are studying abroad, you are still responsible for your share of the rent. Many students choose to sublet their apartments while they study abroad. Even if the subletter is only paying for half of your share of the rent, this is better than you having to pay for your full rent on top of your study abroad expenses. Make sure to be in contact with your landlord and roommates throughout the process to make sure things are taken care of.

Time of year

It is important to compare prices in terms of the fall or spring semester when deciding when to study abroad. Look at things like airfare costs and other factors that may impact the cost of the overall study abroad experience. You may also want to see if your school’s study abroad program has a short-term study abroad experience over spring or summer break. This way, you still get the experience of studying abroad while on a budget. Talk to your program advisor to see what options are available and what they suggest for your circumstances. There are several factors that may impact the cost of your program based on the time of year, so be sure to do your research and keep them in mind.

Prepare for unexpected expenses

When you travel abroad, you know about the basic things you will need to buy and pay for, like living arrangements, food, and school tuition and materials. However, there are some expenses that may occur that you are not anticipating. These include your visas, phone bill, transportation, living expenses (including clothes), day trips, medical expenses, and an international driver’s permit. You may also want to go to concerts, experience nightlife, and buy souvenirs for yourself or your loved ones. These things often get overlooked, but they are an essential part of your study abroad experience. Budgeting for unexpected expenses now will save you stress down the line.

Financial aid

Many college study abroad programs offer financial aid for studying abroad. Scholarships and grants may be available to assist you with your expenses. Start looking early, as the earlier you start, the more money you may be able to find. There are also scholarship sites that help students look for scholarships and grants. Scour these sites to help find even more money to put towards your trip. Just be mindful that these scholarships and grants may only be able to be used for things like housing and tuition, so be sure to read the requirements carefully.

Student discounts

Just like in the United States, countries abroad offer student discounts on things like museums, historical sites, restaurants, and more. You may even want to purchase an International Student Identity Card, which will help save you money on things like hotels, restaurants, sites, and other places. The card is relatively inexpensive, and it will pay for itself over time.

Start saving money early

The sooner you start putting money aside for your trip, the more money you will have for your study abroad experience. Start a travel fund and put a little bit of money in each time you get paid. Do some odds and ends jobs or sell stuff you no longer need. Spend less money eating out or buying coffee out. If you pay with cash, save up loose change to put into your account. Taking little steps towards your savings goal each day, especially if you start early, will help you in the long run. Some sacrifice now will allow you to afford your travel abroad experience.

Starting to budget for studying abroad early will help you afford it, even on a tight budget.

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