Chapter 3. How do you finance a study abroad program?
There are several resources you should look for if you want to reduce the financial burden of studying abroad. Scholarships and grants are normally administered by universities depending on how centralized or decentralized their offices for student aid are. Check with your institution, campus, department, and student organizations to determine where and how you can find resources to fund your study abroad program (For Penn Staters, visit Global Programs Links to an external site. to learn about available scholarships). Most importantly, complete the Free Application of Federal Student Aid Links to an external site.(FAFSA) even if you do not typically receive grants and aid from the Federal Government. Always make sure that the study abroad program you choose is an officially eligible program for student aid and the credits you will earn are accepted in your academic program. In addition to scholarships offered by your institution, there are national scholarships offered by the Federal Government such as The Boren Scholarship for Study Abroad Links to an external site. and the Gilman International Scholarship Links to an external site.. Both scholarships have specific qualification requirements, so always check on your eligibility and deadlines to apply.
Your social circle is another resource that could be worth exploring. Check with your family members, relatives, church, civic organizations, friends who attended study abroad programs and social media. Gain tips about how to reduce costs, cut expenses, and increase resources for funding.
How to
Once you collect information on available funding options, make a list of funding resources using the template below. Also, make a plan to cover emergencies, identify an internationally accepted credit card you can use, and check the estimated amount of financial support you can receive from home, if available.
| Source of funds | $ Total Amount |
|---|---|
| Federal Student Aid | |
| Pell Grant | |
| Scholarships | |
| Federal Loans | |
| Subsidized | |
| Unsubsidized | |
| PLUS Loans | |
| Private Loans | |
| Family Contribution | |
| Religious Affiliations | |
| Civic Organizations | |
| Relatives | |
| Friends | |
| Social Media Participants | |
| Personal Saving | |
| TOTAL FUNDS |
Practice
Now that you know how to finance a study abroad program, think of paying it forward and discuss useful tips with your social circle.
Congratulations! You can move on to Chapter 4. How do you stay safe, safeguard your belongings and get most of the experience?
To review the full module on Study Abroad, click here.