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Funding Your Study Abroad

Involvement in study abroad programs by students is rapidly increasing, as more and more students, schools, and establishments recognize the crucial importance of international education. Even the US Congress is getting in on the interest, introducing the Paul Simon Study Abroad Foundation Act in March, which is structured to considerably enlarge and democratize study abroad by funding thousands of study abroad scholarship awards.

The objective of the Simon Act is to boost the number of US students abroad from the present 200,000 yearly to 1 million within 10 years, concentrating especially on under-represented groups like lower-income students, and under-represented destinations like the Middle East and the developing world. Though aggressive, that goal is not unrealistic, as growth rates on US students going abroad are already quite healthy.

The Simon Act acknowledges what most students already are aware of – the greatest hurdle to growing study abroad involvement is funding. Travel, international communication, exchange rates, and simply residing far from home all raise the normal burdens of tuition, fees, and living costs.

But there are approaches to help fund your study abroad – here are the first few steps.

Check out your Study Abroad and Financial Aid offices

Your study abroad office or your program director can offer direction on a reasonable budget for your time abroad. Plan your budget carefully so that you can take advantage of travel and cultural chances. Select a program carefully – London and Tokyo are a lot more expensive than the emerging world. Then either your study abroad or financial aid office can assist you to sort out how much of your current financial aid will transfer. Work-study, institutional assistance, and some other types of financial aid typically do not transfer completely to study abroad programs. Knowing how much of your existing package will apply to your selected program should be the first step.

Research and apply for scholarships – 

There are a lot of scholarship awards and funding chances obtainable for study abroad. Fulbright scholarship awards are well-known, but there are a lot of similar, lesser-known scholarship awards. Start with online resources. CareerIntels offers a large searchable database of scholarships for international study. In addition, find out if your school provides any study abroad scholarship awards.

When it comes to looking for and applying for scholarship awards, there is no alternative for hard work and preparation. A lot of the awards are very competitive, so you have to put your best effort into the application.

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Apply for loans – Funding Your Study Abroad

Prestigious scholarship awards are hard to get, and many scholarship awards don’t provide the full expense of studying abroad. After you’ve done the research and applied for as many prospective scholarship awards as you can, study abroad loans are obtainable to cover any remaining cost of unmet financial need. At StudyAbroadLoans.com, students can submit application for up to $50,000 each year, which is a lot of funding for just about any destination and get all the same terms as a standard student loan. Interest rates are competitive, settlement can be delayed until after completion, you can apply online in minutes, and funding is quick and straight to the student. For additional information or to apply online, visit StudyAbroadLoans.com.

Study abroad is not just for well-to-do students at elite private schools anymore. Increasingly, it is becoming the norm, a demanded part of a complete education in an interrelated world. With effort and fortitude, almost any student can secure a means to fund their study abroad.

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