When you decide to study abroad, you’re making an investment in yourself and your future (not to mention guaranteeing yourself an amazing experience). But like any investment, your time abroad comes at a price. The financial cost to study abroad can sometimes be enough to make your heart skip a beat.
Understanding financial aid so that you can afford to travel overseas is an important — but not particularly fun — part of the process. If you’re anything like me, you’ll probably spend plenty of evenings scrolling through example budgets and financial aid FAQs, amazed at how pricey your semester abroad could actually be.
While I am not a financial expert, I’ve picked up a thing or two from my own study abroad experience. My hope is that this overview of study abroad scholarships and financial aid will help you determine which funding options are best for you.
Start here, but keep going. Gather information from a variety of credible sources. Schedule appointments with your university’s study abroad and financial aid offices. Talk to friends and family members who have studied abroad to see how they navigated their financial aid.
And before you make any major decisions, run your plans by a trusted financial advisor. This could be a parent, a mentor, or a university staff member — anyone who understands your situation and has your best interest at heart.
So we know you need money. Let’s get to it.
Federal Aid: Loans, Grants, & Scholarships for Study Abroad
Federal aid refers to any financial support provided by the federal government, including grants, loans, scholarships, and work-study opportunities. As long as your program is approved for credit by your university, you can use some types of federal aid while abroad.
Below you’ll find a few kinds of federal funding that may be available to you, depending on your financial need and academic interests. Be sure to consult StudentAid.gov for more information on your options.
- Stafford Loan: Officially known as Direct Subsidized and Direct Unsubsidized loans, this fixed-rate loan through the U.S. Department of Education is available to most students, regardless of financial need
- Pell Grant: Administered through the U.S. Department of Education, this is one of the most commonly awarded need-based grants for undergraduates.
- Supplemental Educational Opportunities Grant (SEOG): This grant is available for students with the greatest need for financial aid. Unlike Pell Grants, the amount awarded to students is determined by their institution rather than the Department of Education. Not all schools participate in this program, so check with your financial aid office.
- The Benjamin A. Gilman International Scholarship: Sponsored by the U.S. Department of State, this program enables Pell Grant recipients to receive extra support for their study abroad experience. It is designed for American students looking to “gain proficiency in diverse languages and cultures.”
- National Security Exchange Program (NSEP) Boren Scholarships: Boren Scholarships fund opportunities for U.S. undergraduates in a variety of fields to study in countries critical to U.S. interests. Boren Fellowships are also available to U.S. graduate students.
- Critical Language Scholarship (CLS): This federally funded language and cultural immersion program is intended to help students master one of about a dozen languages considered vital in U.S. foreign relations, national security, and economic prosperity.
- Fulbright scholarships: The Fulbright U.S. Student Program sends recent college graduates overseas to continue their studies or conduct research. Similarly, the Fulbright English Teaching Assistant Program places recent grads in positions to English in other countries while also helping to fund those positions.
You can find even more financial aid, scholarships, and grant opportunities at USA Study Abroad. This list includes some programs that aren’t specifically intended to fund international studies but that can be used for that purpose nonetheless.
State Aid
State aid isn’t as widely discussed as federal financial aid, but that doesn’t mean you shouldn’t explore what’s available. Most states offer a range of merit- and need-based scholarships for eligible students.
Financial support varies by state, so you’ll want to do your research to determine which programs might be a fit for you.
Scholarships from Your University
Most universities offer scholarships specifically for study abroad and international education programs. Beyond that, departments or degree programs within the university often have their own scholarships, many of which can be applied toward study abroad experiences.
Explore your university’s website, consider opportunities associated with your major, and talk to your advisors to get a sense of available funding.
Read the requirements carefully as some university-sponsored scholarships are limited to on-campus activities.
Organizations that Provide Financial Aid for Study Abroad
A wide range of community groups and nonprofit organizations offer scholarships that can be applied to study abroad programs. Investigate everything from your local Kiwanis Club (smaller awards but often with less competition) to national foundations (bigger payoff but tougher to win).
For-profit companies like Coca-Cola and Tortuga Backpacks have their own scholarships, as well, many of which can be used to cover the costs of travel.
Think outside the box when searching for and deciding whether to apply for these opportunities. Remember that they don’t have to be specifically designated for study abroad. The fact that you’re pursuing something educational is enough to qualify you.
Consider searching for financial aid by destination country, field of study, career goals, and demographic. For example, you might find a scholarship for studying in Australia. Or for STEM students. Or because you want to work in business. Or because you’re the child of active-duty military, a first-generation college student, or a member of a certain church.
Other Sources of Financial Assistance
Applying for grants, loans, and scholarships is important, but it doesn’t guarantee that your travels will be fully funded. Take some time to make a travel budget, and save as much as you can in the months leading up to your trip.
Here are some other forms of financial aid that can also help.
Foreign government scholarships
Just like the U.S. federal government offers financial aid for study abroad, many foreign governments sponsor scholarships to encourage U.S. and other international students to attend their universities. Start your search to see what’s available at USA Study Abroad, managed by the U.S. Department of State.
GoFundMe
Consider using platforms like GoFundMe to ask your social networks for financial support. A word from the wise: use GoFundMe to help cover known expenses, not emergencies. People can be generous with their donations, but whether you’ll get the money is a big unknown. You don’t want to have to depend on it in a crisis.
Side hustles
If fundraising isn’t your cup of tea, side hustles are a useful way to bolster your travel funds without having to take on another job completely.
For inspiration, check out The Financial Diet’s 12 Side Hustles You Can Do From Bed. Funding your travel requires time and effort, but the end result is worth the hustle.
Friends and family
Take a page from Shark Tank and make it a formal business request with presentation, explaining why someone should invest in your educational endeavors. Or simply ask for cash for your birthday, holidays, or graduation. Twenty bucks from Grandma might not seem like much, but it still gets you $20 closer to your goal.
How to Pay for Study Abroad
Most universities have a process to ensure that financial aid can be applied toward an approved study abroad program.
When planning for my study abroad experience through Ohio State University, I was given a checklist detailing each step. I was required to fill out a university-specific scholarship application, then submit a budget letter and a letter of intent to Ohio State’s online portal.
I then attended a mandatory “Funding Education Abroad” workshop hosted by the study abroad office. Throughout the process, I was encouraged to reach out to my financial aid and my study abroad advisor with any questions.
Your university will have its own set of protocols, but you’ll probably have access to several advisors and a variety of online resources. If something doesn’t make sense, speak up! It’s better to ask a silly question than overlook a key detail, especially when financial aid is involved.
Editor's Note: Financial aid and loan resources are subject to change, potentially altering the availability of funds or the requirements for claiming and using those funds. The information in this article was accurate at the time of writing. Consult with a trusted advisor before making financial decisions.
Protect Your Study Abroad Budget
As you budget for study abroad and figure out how to pay for it, it’s also a good idea to think about how you’re going to protect that investment. Most study abroad programs will expect you to have travel insurance, usually because they want you to be able to pay for medical care if you get sick or hurt during your trip.
Travel insurance can do more than that, though. If you have to cancel your trip or something happens that forces you to return home early, or if something happens to your luggage while you’re abroad, you may have some expenses you want to recover. Trip protection may be able to help, meaning there’s less money you lose out of pocket.
Get a quick quote online — it's more affordable than you think — or chat (call or email) with a licensed agent. They’ll help you make sense of what you’re buying and make sure you get the right plan for your budget.
Contributors
Grace Lower was the lead writer for this article. Editorial assistance provided by Becky Hart.
