How to Pay for Study Abroad

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. 

Scholarships may cover tuition, living expenses, flights, and other costs associated with studying abroad. And one of the biggest advantages of receiving a scholarship is that you are not required to pay it back!

Many scholarships are based on academic performance, but options based on other requirements are available as well.

A great starting point for finding scholarships you qualify for is to connect with your local study abroad office. Additionally, consider contacting an SAF counselor for guidance on where to look. 

Research International Student Loans

Saving a large sum of money can be difficult, especially if your study abroad program is scheduled soon. One option with that in mind is to look into student loan companies. 

While they do charge interest, they'll assist you in paying for the program's expenses now while you pay them back over time. 

Options are available for foreign students through international student loans as well!

Seek Funding Assistance from Family and Friends

If you are uncomfortable applying for a student loan, consider asking your circle. Crowdfunding is another popular way of financing expenses, allowing friends and family to contribute to your trip. 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. As long as your bills are being paid, you can set any spare money aside for traveling abroad. 

Preparing for your trip ahead of time is the best since you can have it paid off before you go. This takes most of the stress out of the trip, and leaves you to focus only on the amount you'll spend abroad—no worrying about repaying a loan or family member!

Declutter and Sell Items

Decluttering your home, 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.