Attending university in another country sounds like a dream for those who love adventure and diverse learning experiences. Thoughts of exploring new worlds and ways of life fill your mind, promising a great future. When you look at the reality of finances, however, things can start to fall apart. Beyond visas, air travel, and the cost of the school programs themselves, you have to take day-to-day survival into account, too.
You might even start to think that studying abroad is only for rich students with generous parents. Don’t give up the first time you come across a big number in your research. It helps to break everything down into smaller pieces. This guide will help you change your mind and understand that it’s often accessible to anyone with a good plan, a smart mind, and a strong work ethic.
Saving Up for the Big Move and Beyond
Regardless of where you travel to and which school you choose, you will need to fund most of your expenses with savings. Set a specific goal amount to save before considering leaving your home country or current educational situation. You can make it more fun by using a goal-setting app or even hanging a paper chart on your wall to fill in as you put money away.
You will not have the opportunity to make a full living wage on a student visa in a foreign country. Of course, having family investment helps. Working for a year or so before attending university gives you a chance at savings. If you’re already at a school, check the campus website or bulletin board for other earning options. There are other ways to make money, too, even after you move.
Find out where you can sell books outside of the United States. International options exist through the power of today’s internet. In fact, it’s the standard for all book sales these days. These platforms offer an excellent way to get rid of bulky textbooks you no longer need and earn money for new ones or other expenses.
Don’t forget about the opportunity to sell back books online. Multiple vendors compete for your books in the US, so you can check out buyback price comparison sites to find the best prices. You can sell used books online in Canada, or other countries. You can also sell other gently used items directly to other students or people in the neighborhood.
Before you sell anything or look for an official job, always check the rules of your student visa to make sure you don’t run afoul of the regulations. The last thing you want to do is risk your chance of studying abroad by doing something wrong. It might be possible to get a part-time job through the school itself or earn up to a certain amount of money elsewhere.
Can You Get Financial Aid for Study Abroad?
There isn’t an easy answer to this question. If you already attend a school in your home country and plan to take part in their international programs, you can usually transfer the financial aid from one to another. Ask at your university’s aid or student affairs office. If you get any type of loans or grants from sources outside your school, you need to research their rules directly. Some may not transfer to places in different countries. Pell Grants and federal financial aid are obtained through FAFSA in the United States.
Another option is to seek out scholarships and grants specifically designed for study abroad programs. They can come from a university, a nonprofit organization, or even a large international company. The more you apply for and get, the easier it will be to afford your dream education. Pay close attention to documentation, essay, and deadline requirements.
Choosing an Affordable Country and School
Where you choose to study has a significant impact on the cost of your education and living situation. Most semesters take about four months to complete, so you will also need to find a place to live, pay for food, transportation, and other expenses at the same time. Consider all of these factors when making your decision. You can’t simply fall in love with the idea of going to Paris or London and book a flight.
Answer the following questions to make sure that studying abroad is the best choice for you, and that you can afford to do so.
- How much are you paying now for your education and living expenses?
- Can you afford to pay more in another country if necessary?
- How much money can you save before school starts at your target university?
- Is travel affordable if you want to visit home?
Create an organized chart or spreadsheet that displays the actual numbers. This makes it easier to compare locations to determine the most affordable one.
Know what you will actually have to pay for when you study abroad:
- School tuition, class fees, textbooks, and other educational supplies
- Rent for student housing or shared apartments – Many don’t have dorms
- Public transportation to classes and all other necessary spots
- Groceries, restaurant meals, coffee, and nights out with friends
- Toiletries, clothing, and incidentals to make your life comfortable
Start with the basics of how to budget as a college student so you know exactly what you can afford. Then, research where you can get an affordable education. Some countries are a lot less expensive than universities in the United States. Please verify the actual, current cost for foreign students. Remember that cheaper programs in expensive cities can still end up costing you more than something local does.
Also, consider currency exchange rates when you make your calculations. If you don’t, you might find yourself in for a big surprise. Even if you think you’ve saved enough in your local currency, it might not stretch as far as you expected.
If you want to study abroad, do your research into what’s allowed, the steps you need to take, and how you’ll save and make enough money to keep yourself fed, housed, and having fun during the time in another country. It is possible for most young adults, but it takes careful planning to make an international education work.
