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Service Abroad - Money Matters

Page history last edited by Kelly Behrend 11 years, 8 months ago

Study Abroad: Tools & Tips 

Money Matters


Finances can be a major roadblock for students who would like to study abroad. Here are a few pointers on financial aid, scholarships, and money management while abroad.

 

Expenses to Consider 

  •  Visa fees; (depending on location); check US Embassy website abroad for details specific to your study abroad location as soon as possible because deadlines for your country may be quickly approaching
  •  Vaccination costs; check the Center for Disease Control for country-specific information: http://www.cdc.gov/travel  
  •  Passport fees; if you need one and don’t already have one, go to this website: http://travel.state.gov/passport/ - note that it may take a few weeks to receive your passport
  •  Housing expenses; depending on your program, you may need to consider housing fees
  •  Food expenses; do some research on average costs in online travel guides like the Lonely Planet
  •  Travel expenses; in case you’d like to do extra traveling while abroad
  •  Transportation to/from airport and daily transport; consider metro/taxi/bus
  •  Prescriptions/toiletries; fill your prescriptions beforehand and buy any necessary toiletries here in case they don’t have them abroad!
  •  Medical insurance; oftentimes your program or university may already offer health insurance, but if not look into other options
  •  Extra “emergency” money; be prepared for an emergency situation!

 

Financial Aid & Scholarships

  •  If you already receive financial aid to attend your home university, it is possible that some aid could be transferrable to your semester abroad, depending on your program and university policies. Speak with your Study Abroad Office and Financial Aid Office. 
  •  There could be additional financial aid available specific to study abroad students. Again, consult your Study Abroad and Financial Aid Offices for more information.
  •  There also may be merit-based scholarships available from your university or abroad institution. Check with the Study Abroad and Financial Aid Offices at both universities.
  •  Consider applying for a research grant offered by either your university or a third-party grant source. 
  •  Write fundraising letters to friends, family, and support groups in your life like churches or social clubs. Explain why you’re going abroad (and particularly if you’re doing volunteer work) to help you fundraise for your trip. Here are some helpful “how-to” websites:

 

Money Management While Abroad 

  •  The First Month: Students who have gone abroad have shared that the first month abroad is when they were the most financially vulnerable. Unexpected fees and events can occur during this time, while you’re still getting used to your new home. It takes time to find bargain stores and restaurants as well as the best ways to get around your local area. For these reasons, it may be best to allocate double your estimated monthly expenditures for the first month to ensure that you’re financially stable.
  •  How to Take Money Abroad: Students generally use ATMs while abroad, where you’re more likely to get the best exchange rate possible. It may be a good idea to bring traveler’s checks in case of an emergency. It’s always a good idea to bring some foreign currency with you, as you may need it upon arrival (in the airport or for for food, transport)
  •  RUESCH International: This company provides a service for parents to send foreign currency checks to their children overseas as well as traveler’s checks. Their number is 1-800-424-2923.
  •  Exchange Rates: Check these websites for the latest exchange rates: http://www.xe.com/ucc and www.oanda.com 

 

Managing Visas and Other Paperwork

The best resource for preparing to study abroad in terms of legal documents and safety is the Department of State’s website for students studying abroad. It includes information on travel documents, advisories, emergency preparation, embassies abroad, travel tips, voting procedures and more! Definitely visit this website while preparing to study abroad.

 

http://www.studentsabroad.state.gov

"Students Go Abroad... From Here"

 


<- Previous Page: Choosing a Study Abroad Location | Next Page: Intercultural Issues ->

 

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