Chapter 2. How do you calculate the total cost of a study abroad program?
Budget planning is the first step to take in preparing for studying abroad. Most educational institutions will provide you with a budget planning worksheet to calculate the estimated total cost of a study abroad program. Keep in mind that your budget comparison should include the two scenarios of taking classes in and out of your country. Your goal is to identify the marginal cost of studying abroad, if any.
Considering the time and expenses they can put into studying abroad, some students choose to study abroad during summer terms so that they can speed up their graduation timeline. Some students also seek employment during the summer to save money. What is important to note is that it might be economically prudent to take classes during the summer and graduate early. Keep in mind that federal student aid is calculated on a yearly basis (visit Federal Student Aid Links to an external site. and our study module on Student Loans for more information). Many programs' tuition for officially sponsored programs are covered by federal student aid and are paid regardless if students took them abroad or not. The difference is spreading the financial aid either over two semesters or over two semesters and a summer.
To determine the study abroad program, first, research available programs at your institution and scholarship opportunities and make sure to check your financial aid eligibility. Next, to calculate the total cost of a study abroad program, identify the additional cost such as airfare, visa application cost (if required), education abroad administrative fee (if applicable), additional cost of travel and excursions as you compare the cost of taking classes in and out of the country.
How to
Below is a sample budget planning worksheet that could help you get started:
| Item | Cost Estimate (Typical Semester) | Cost Estimate (Study Abroad Program) |
|---|---|---|
| Tuition | ||
| Education Abroad Program Fee | ||
| Student Fee | ||
| Education Abroad Administrative Fee | ||
| Information Technology Fee | ||
| Room | ||
| Board | ||
| Health Insurance | ||
| Airfare | ||
| Books and Supplies | ||
| Travel and Excursions | ||
| Daily Transport | ||
| Passport and Visa | ||
| Personal Expenses | ||
| Miscellaneous | ||
| TOTAL COST |
This budget worksheet helps you determine the total cost of a study abroad program. You will also want to find out funding from financial aid eligibility, scholarships and grants and personal savings. Always keep a cushion for emergencies and credit cards as a standby as needed.
Practice
Now that you know how to calculate the total cost and additional out-of-pocket expenses needed for your educational adventure, think of paying it forward and discuss you plans with friends, your academic advisor, your financial advisor, or family members.
Congratulations! You can move on to Chapter 3. How do you finance a study abroad program?
To review the full module on Study Abroad, click here.