Studying abroad can be both an exciting once-in-a-lifetime experience and a daunting process. Part of the process includes financing your study abroad program before the start date and while also completing your program overseas. It takes a considerable amount of time and effort in planning your personal finances to be able to cover all of the total costs and logistics. Studying abroad may not be as expensive as you may think it appears. There are an unlimited number of opportunities out there for you to take advantage of. This article provides three separate ways to fund your study abroad program efficiently and successfully.
- Federal Financial Aid
-
Financial aid is a great support system that lays the foundations for an eligible number of grants and awards. Grants are given by the government that is paid towards a standard college education, such as tuition fees, housing/boarding and general living expenses. FAFSA is the primary form of federal financial aid and is free to all college students to apply for each academic year. Depending on the selected study abroad program you are participating in, some or all of your financial aid may be used. Each program is designed uniquely, so awards and amounts will be subject to change, adjusted and varied. Your university’s study abroad financial aid advisor on campus would be a helpful resource in assisting you with discussing and evaluating your financial aid award package in detail.
- Personal Savings
-
Saving money is the simplest and most valuable approach in funding your study abroad program. Practicing saving money is convenient for a couple of reasons. First, you can start as early as possible. If studying abroad is something you have planned to do during your time in college, saving up money ahead of time through working a full or part-time job or receiving gifts for example can significantly increase the total amount over a period of time. Second, creating a habit of savings is not only beneficial for studying abroad alone, but it also sets up a good routine of managing your money in the event that using it may be necessary in extreme cases or critical situations, given an unpredictable future. Whatever the motive or circumstance may be, personal savings can be a lifesaver when managed reasonably. Saving money can provide a feeling of accomplishment and happiness for a person who realizes their overcoming of challenges and discipline.
- Scholarships
As you can see, the options for funding your study abroad program are diverse in nature, yet all share the same goal of helping you achieve your dream of studying overseas. Federal financial aid, scholarships and personal savings all reward you money without having to pay it back, unlike loans. What comes down to funding your study abroad program is your willingness, determination, and motivation to work extensively towards what you want. Studying abroad is a journey that you won’t want to forget. Make the first move of your planning and jump ahead.