Financial Aid Options
- Loans and Financial Aid:
If you receive financial aid, study abroad in the country of your choice may be partially or fully covered by the terms of your financial aid package. If the study abroad program you have chosen is directly associated with your U.S. home campus, you may have a better chance of having your financial aid money cover your program costs in the country of your choice. However, you can't assume that financial aid will apply; even if it does, there may be limits as to what it covers. Inquire about the terms of your financial aid package at your college or university's financial aid office. You may also be eligible for a student loan, or an additional loan, if you receive federal work–study as part of your financial aid packet. Before asking for a bank loan, ask a financial aid adviser on your campus.
- Scholarships, Fellowships and Grants:
With advance planning, you may be able to obtain scholarship or grant money from your U.S. home university or even from the institution in the country of your choice where you will study. There are many academic awards and fellowships available for students with an interest in study abroad or other international experiences. To find scholarship and fellowship opportunities, visit your college or university's financial aid office, search on–line, or consider purchasing one of the many books available on the subject. Many academic departments also offer student research grants for research completed abroad; most often, the fields of anthropology, geology, and medicine offer research grants.
- Other Sources of Money:
Even though it may be hard to juggle a full load of classes and a job, working is a great way to raise money for study abroad. Although working on–campus doesn't usually get you the highest salary possible, campus jobs do help your cash flow. Since your goal is to earn fast cash, you don't necessarily need to look for a job oriented around your future career. While career–oriented jobs can be terrific learning and networking opportunities, non–career jobs may have more flexible hours allowing you to work between classes. Also, try making appeals to your local community, religious and academic organizations. These groups may set aside funding, or take up special collections, for students. If you or your family happen to belong to any community or religious organizations, those groups may be more apt to sponsor you because they know you; these groups often see you as a representative or role model and may even ask you to speak at their meetings when you return from studying abroad. If your study abroad in the country of your choice involves volunteer work or charitable activities, some organizations may also be more willing to support your efforts.
- Study Abroad Parent Guide Financial Information: Financial information geared towards parents, but useful for students as well.
- GlobalScholar.us: Go to Course 1, Module 2, Task 6: "Money Management" about how to save and spend money while overseas.
- AllAbroad.us – Budgeting: Mentors address how to create and follow a budget as well as giving tips for budgeting overseas.
- AllAbroad.us – How to Pay: Mentors answer questions about how to pay for a study abroad experience.
- AllAbroad.us – Study Abroad Scholarships: Scholarships, grants, and fellowships for general study abroad, diverse students, and for non–traditional countries.
- Fast Web: This service provides a free customized list of financial aid sources including private sector scholarships, fellowships, grants, and loans.
- GlobalScholar.us: Go to Course 1, Module 1, Task 5: "Funding Your Study Abroad Program" for useful information about saving and how to research financial aid.
- StudyAbroad.com: Directory of various financial aid programs and websites for study abroad.
- Study Abroad Student Guide: Information about financial aid programs for students studying abroad.
- The Financial Aid: Page links to scholarship searches and comprehensive listing of financial aid information.
- The Student Guide: Department of Education publishes a guide each year on the eligibility requirements on various federal aid programs.