Studying Abroad? Let’s Review Your Funding Options | 03.16.10

Posted in College Life, Financial Aid, Private Student Loans By Student Loan Network Staff

If you’re reading this, that probably means you’re thinking about or have already decided you’re going to study abroad or do a global seminar. First of all, congratulations! You would be surprised how few students actually leave the country during their time in school; it truly is an enriching experience and gives you access to a more diverse portfolio of cultural perspectives.


So, now let’s talk about paying for it. Typically, studying abroad involves more expenses and complications than what you would normally encounter here in the states. I’ve made a little list of costs to expect to help you plan:

  • Airfare
  • Tuition
  • Apartment/Dorm/Flat Rent & Fees
  • Food
  • Supplies / Books
  • Spending Money (an on-campus job is unlikely, and federal work study doesn’t apply abroad)

In most cases, you will still be eligible and receive whatever federal aid you qualified for after filing your FAFSA, but what about the extra expenses? In general, I personally would recommend having about $1,000 a month available to you in spending money while you are abroad. It sounds like a lot, but all sorts of stuff comes up that you don’t expect while you are away from homeā€¦ and having the money if you need it is invaluable. There is *nothing* worse than being in a strange place and feeling helpless because you ran out of money without the ability to work and earn more.

A private student loan can be a good choice for this, because it allows you to borrow as much as you need to have a good safety cushion while you are away. When you return, you can simply apply the leftover funds back onto the loan so that you are not paying interest on the extra money.

In addition, some schools offer scholarships or loans of their own for their students studying abroad. Check with your college’s financial aid department to see if there are any special forms of financial aid you can apply for to cut down the cost of your SA program.

ScholarshipPoints Redemption Code: STUDYABROAD10

Image Credit to Jack Hess on Flickr

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42 Responses to “Studying Abroad? Let’s Review Your Funding Options”

  1. Chris says on February 11, 2011 at 11:15 am:

    Can anyone offer a suggestion?

    I am 37 years old and have long since paid of my previous student loans. I have been accepted to a school in Switzerland that is rank among the top 3 in the world to further my education. They are a small private school acredited by NEAC&I, but are not acredited through the US Dept. of Edu.. Can anyone tell me any lending institutions that will make a private student/personal loan with a strong US co-signer???

    Thanks,
    Chris

    Reply To This Comment
  2. Steve says on June 12, 2010 at 12:04 am:

    I’m an exchange student who is studying at Canada. The information from the post is really helpful for me, I believe.

    Reply To This Comment
  3. yang says on May 15, 2010 at 6:51 pm:

    sound great

    Reply To This Comment
  4. Daniel says on May 14, 2010 at 4:53 pm:

    Not interested in studying abroad

    Reply To This Comment
  5. Emma says on May 13, 2010 at 4:30 am:

    I can't wait to study abroad. I just have to find the right program.

    Reply To This Comment
  6. Tammy says on May 11, 2010 at 4:27 am:

    I am very excited about going to college. Knowing me I will not hesitate on a studying abroad opportunity. Are there much studying abroad opportunities for Music Majors?

    Reply To This Comment
  7. @canadianstar85 says on May 5, 2010 at 10:32 pm:

    I am hoping to study abroad in Italy to expand my Italian language skills.

    Reply To This Comment
  8. Skedzielewski, Anthony says on May 5, 2010 at 5:48 pm:

    I have studied abroad while in high school and everything stated is very true; funding is needed.

    Reply To This Comment

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