How to Save Money While Studying Abroad

by on July 13, 2010

Whenever you plan to study abroad, you must be aware of both kind of personal and professional pay-offs. If you are really serious for studying abroad, leave out the thought of fun of pub-hopping in a foreign country. Due to increasing cost of higher education, students are finding ways to study abroad with minimum cost. Have a look to the following tips to save money while studying aboard:

photo courtesy: Getty Images

  1. According to a recent graduate of Champlain College, in Florence, Italy “Study abroad can be expensive,” “but the experience is worth far more than any dollar amount.” She visited 12 different countries by booking cheap last-minute flights and staying in hostels during her semester. This shows that if you want to experience study abroad yourself without breaking the bank than the foremost thing you have to do is to take smart decisions.
  2. You can save thousands of dollars from the total expenditure of your time out of the country by looking beyond Europe. If you opt for a country in Asia, Africa or South and Central America, you will get a added value of having a glance at an rising country that is expected to play a larger role in the global economy in the future.
  3. Use ATMs to withdraw cash as traveler’s checks cost you money in the process. Never exchange money at the exchange shops because they will not give you the best value for dollar. Open a local bank account and minimize banking fees. You should know the fact that overseas ATMs only allow you to withdraw from your checking account, you can’t access savings there.
  4. Give up the packaged program like study abroad programs and organize your own international experience. You can get relevant information on internet about the best schools, courses, places to stay. Search for blogs about the university or city. Arrange your stay with a host family, it not only saves you dollar, but also give you a taste of the local culture.
  5. Look into fellowship or scholarship opportunities if you wish to save money while studying aboard. Your university may have scholarships or leads on scholarships for students going abroad. You could volunteer as an alternative of getting college credit. You’ll find many people online interested in helping you.
  6. Arrange for things on your own like divide transportation with another student, or compare prices on mobile phones. Don’t pay for airport transportation or guided day trips out of convenience, arrange your own to tailor them to your needs and be free to shop around for local tours. Use credit cards as they will generally get you the best exchange rate.

{ 1 comment… read it below or add one }

Chris February 12, 2012 at 1:08 pm

My son is a Sophomore at the University of Georgia. He is able to use his hope scholarship to pay for the tuition of classes taught on a study abroad program to Italy. The classes have to be part of the normal curriculum of studies to qualify.

Also, out of state students can qualify for in state tuition for study abroad classes. This can be a huge savings given that out of state tuition can be 3-4 times in state tuition. This can, for all practical purposes, pay for the costs of the travel and room/board during the study abroad session.

Lastly, check on the credit card terms for international charges. Some charge zero extra fees are percentage. I think Capital One might be one of these. Others will charge 3% or more on top of other fees for “international currency” exchange charges. This will save you $30 or so for every $1000 spent on credit cards.
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