Financial Aid Opportunities

First Steps

Before you become overly worried about the cost of studying abroad, you need to have all the information available to you. Put numbers, thoughts, and figures down on paper so you can refer to them later or compare them with other options. Some preliminary questions:

What is included?

Often, a simple breakdown of the costs of a program will help clarify the financial commitment. Key items to look for are; number of credits (and who is granting them), whether or not room and board is included (and what is promised), if airfare is included, how much travel the program has (and what is included during trips), and other “little” things that can add a lot to the final price like books, internet service, transportation to and from school, etc.

With a cost breakdown like this, students often find that inexpensive programs turn out not to be such a great deal, and programs that seem expensive can actually end up costing less than the same number of credits on campus. One final thing to consider in the cost breakdown is program location, you are likely to spend quite a bit more on everyday personal spending in Western Europe compared to somewhere in South America, for example.

Can I use my federal financial aid to pay for this trip?

Yes, if you will be receiving credits accepted by your home university. Here it is important to know who is granting the credit for your program, and if your school will accept that credit. Normally there is no problem with credit transfers between 4-year colleges and universities in the US. However, some programs offer credit granted through partner institutions overseas. While these are normally accepted, one of the first things you want to do if you find a program of this type is confirm with your registrar that any credits earned will be accepted at your university. This should clear up the financial aid question and save you some headaches down the road.

Can I use my school’s financial aid to pay for this trip?

This is a little bit more tricky than the last question, but the same rule generally applies. The first thing to do is get together the information about the school that will grant the credit, then talk directly to your financial aid office.

What about outside sources of funding?

There are many different options for finding funding, and the best place to look is the internet, followed by your financial aid and study abroad offices. A good place to start would be this page. This page will, in turn, link you to a myriad of sites where you can find funding.