iRevise Guide to Studying Abroad

As you decide which program meets your needs, you should have an accurate idea of how much your sojourn abroad is going to cost. Programs organized by U.S. institutions and organizations usually charge a price that covers the major expenses: tuition and fees, room and board, books, local transportation, and medical and accident insurance. Be sure to find out what your program's fees do not cover. Overseas round-trip transportation is sometimes included, sometimes not. After comparing the cost of several programs, you may discover that a higher-priced program is actually a better value because of the elements it includes.

Tuitions at foreign universities, which are usually state supported, are often much lower than those charged by American institutions. Some countries, however, such as the United Kingdom and Australia, have initiated separate overseas student fees that are considerably higher than those charged to their own citizens. U.S. institutions try to keep the costs of their overseas programs comparable to costs on the home campus.

The cost of living abroad depends on the country. As you would expect, big cities are generally more expensive than smaller cities and towns. Living in countries in which the U.S. dollar is weak relative to the local currency is especially expensive. Your own spending habits will also play a large role in how much you spend. Students on limited budgets have had successful and rewarding study abroad experiences by managing their resources very carefully. Budget for additional expenses such as admission to cultural sites and events, optional travel (often an unexpectedly large item), food and housing during school vacation periods, fluctuating exchange rates, inflation, gifts, and personal expenses.

Most students pay for their higher education through a combination of the following:

Savings, or past income, is the best way to pay for college, but you don't have to save for the entire multi-year cost of higher education. Most students that need help receive some type of financial aid. Still not convinced? Read our common myths about paying for college.
Your family can help you pay for college. Parents often help pay for the higher education bill out of current income as do working students and students not eligible for work-study. But maybe your grandparents, uncles or aunts, or brothers or sisters can help out too.

Financial Aid

Grants are awards that do not have to be repaid. Grant money usually is given to those students with the greatest financial need to pay for tuition and room and board. Grants are available from the federal and state government and the schools themselves.
Scholarships are awarded based on criteria such as your grades, athletic ability, cultural or religious background, or special talents. Scholarships come from colleges, community groups, churches, states, and businesses. Like grants, they do not have to be repaid. In most cases, you must apply for scholarships to get scholarships. Ask you guidance counselor, look on the Internet for free scholarship searches, or check out resource books on scholarships from the public library. Be wary of any offer that guarantees you will get a scholarship or charges fees to find scholarships for you.
Work-study is a part-time job, either on- or off-campus, offered through the school to help you earn money to pay for college expenses. The work-study money you earn comes from the federal or state government. The average student works about 15 hours per week. If you qualify, you must then find a job. Your school may help you with this, but you still may have to interview for the job, and fit your work schedule around your classes.
Loans with low interest rates help students pay for higher education and are available through several federal and state programs and most banks for both students and parents. Essentially, student loans allow you to borrow against your future income. If you are eligible, you must fill out a loan application each year. Applications are available from your school, your bank, or from the federal government. You also can apply online for some federal loans. For private loans, you must contact the institution that has the loan for an application.