Studying Abroad – Paying for a Semester

    Published: 06-16-2009
    Views: 12,866
    Travis Stalcup with IES Abroad explains how to pay for your semester studying abroad.

    Travis Stalcup: Hi, I'm Travis Stalcup with IES abroad. Today I'm talking about how to prepare for a semester abroad and first I'm going to discuss how to pay for your semester abroad.

    Studying abroad can be a big investment. You should research the many ways you can fund your semester abroad. Check to see what is included in the program cost and what extra cost there may be. Some programs are more inclusive than others and may cover housing, meals, medical insurance, orientation, and some field trips in the program cost.

    Next find out what your school pays for. Ask your schools Financial Aid office about your eligibility for financial aid and whether, it can be applied to study abroad. You might also qualify for additional financial aid and scholarships offered exclusively to students studying abroad. There are other creative ways to save money at home and abroad.

    Here are five ways you can save money before you go abroad. Number one, create a budget, determine what you can afford by finding out the average cost of everyday items in your host city. Number two, read ahead, check out guidebooks geared towards student travelers and budgets.

    Number three, be your own fundraiser. Reach out your community and to the organizations you are affiliated with for contributions to your study abroad plans. Number four, search student airfares, utilize online student travel sites that offer more flexible departure dates for open-ended tickets discounted for students.

    Number five, research discounts and apply for savings cards. Find discounts, do current affiliations Auto-Insurance for example, work through international Youth Travel programs. No matter how much you prepare and save currency fluctuations are bounds to affect your budget abroad.

    At some locations the US dollar is strong against local currency, meaning your living cost abroad are lower. In others the US dollar is not as strong, meaning you'll pay more for the cost of living there. No matter where you study abroad learn what the exchange rate is so you can make sound financial decisions while you are abroad.

    There are many ways you can fund your semester abroad, but I hope this video has helped to give you some tips on how to save money before and during your semester abroad.