By Lana Sadok

So you want to study abroad! But, that’s expensive. Well, at Smart About Money, we are here to help! One of the most common questions the Education Abroad office gets asked is “How do I pay for Study Abroad?”

If you are thinking about studying abroad and it is a huge possibility for your schedule, but money is the only thing holding you back, then you have come to the right place! This article will cover all the financial considerations when planning your trip. 

Program Costs

The program cost will be your biggest expense. Program fees are not regular UMass tuition fees. The program fee includes academics, housing and sometimes meals. It does not include any personal expenses. It will be billed through an outside provider. 

The only UMass fee associated with study abroad is the education abroad fee of $910. However, if you are thinking about domestic exchange, then that will have the same tuition cost as UMass. Talk to Sheila Brennan in the student success office to learn more!

Scholarships

There are many options for scholarships! Through the IPO, scholarships are awarded based on merit or need. The application for a merit based scholarship includes an essay about who you are and why you want to study abroad. 

Alternatively, pell grant receivers are eligible for the Gilman scholarship. It is a significant scholarship for underrepresented groups to visit destinations that are less common. The application for this scholarship is a lot more competitive since it is awarded nationally. There is an office that helps to assist students in the application process, which is also an essay. Specific programs have scholarships you can apply to depending on the program you choose. 

Note: Athletic scholarships that apply to UMass tuition sometimes aren’t eligible for study abroad programs. Similarly, tuition credits such as the John and Abigail Adams scholarships are invalid.

Financial Aid

If you are eligible to receive financial aid, grants, or awards, then they can be used to study abroad. There are specific scholarships awarded through the FAFSA that can be applied. 

Additional Loans/Grants

Logically, work study is forfeited because on campus work cannot be completed abroad. There are alternative loans available like Sallie Mae private loans and parent plus federal loans if needed.

Regional Costs

Depending on the continent you want to visit, there can be variability in costs. Generally, Latin America is cheaper than Europe which is cheaper than Australia which is cheaper than Asia. Some countries have better conversion rates where the US dollar is worth more. This makes living expenses a lot cheaper. Egypt and Morocco are great examples of this, where you could live on around $5 a day (excluding housing). 

Depending on the area within the country you are studying in, housing costs could be cheaper. For example, homestays are much less expensive and also include food, so the overall cost of food goes down. Moreover, in the bigger cities, the cost of living will be higher. Whereas, on the outskirts, the cost of living is cheaper. USAC is a great option for finding cheap programs since housing is mostly located in the outskirts of the major cities.

For further questions, you can set up a meeting on Navigate with a Peer Financial Coach or the International Programs Office.