Studying Abroad on a Budget: What You Don’t Know Might Cost You
January 29, 2010 | Jen Smith
I found the program I liked. Paris in springtime, somewhere to the tune of $12,000. I applied to my school’s international office, took out a loan and almost $15,000 later, I’m not in France yet.
When it comes to budgeting your study abroad experience, costs can rack up and most likely, your program won’t include the little things. Preparing for these little snags can help to steer clear of financial woes and reduce stress as you get ready to set off on your trip.
The first thing to consider is your passport. Apply for your passport, even before you apply for your study abroad program. You will need the passport to apply for a visa, which is a long process that you must have finished before your departure. Getting this out of the way early will prevent a passport/visa panic in the weeks before your trip. The passport will cost about $100. If you procrastinate, like I did, you will have to pay to get your passport expedited, which is another $100.
After you get your passport, you should apply to your study abroad program. There will likely be an application fee of $50 to $100. The application process might require you to get a teacher recommendation as well as a transcript, which will cost a small fee as well. When you’re accepted into a program, you will likely have to pay a confirmation fee, which varies from program to program. My particular program called for a $500 confirmation fee.
From here, see if your program will defer the final payments until a financial aid disbursement date. If they do, they will send you a letter to bring to your financial aid office that states that you will be receiving aid at the beginning of the school term. This will afford you time to earn scholarships and financial aid before you have to write a big check. Your study abroad office will send a budget to your financial aid office, making you eligible for more aid and federal loans. If you need to take out a loan for your study abroad experience, opt for a federal loan over a bank loan because the interest rates are much lower. Make sure you have an updated FAFSA.
Once accepted into a program, it is time to start the visa process. If you are studying abroad in summer, where you will only stay for a matter of weeks, you might not need one. However, if you are spending a semester abroad, a visa is definitely required. Obtaining a visa is a lengthy process that requires you to gather documents like enrollment verification from your home and abroad schools, a financial statement about your budget abroad and a proof of lodging in the country you’re staying. A consulate will look over the documents and grant the visa; however, every consulate requires very specific documents. Log on to your consulate Web site, and print out the list of required documents so you can check them off as you obtain them. Processing the documents and mailing the visa could take weeks so if you procrastinate too long you could put yourself in jeopardy of postponing your trip. The processing fees for a visa vary by consulate and the type of visa. For a student visa, you can expect to pay $70 to $150.
Now, it’s time for you to fill the gaps of what your program doesn’t cover. Most programs will cover lodging, tuition to your foreign university, international health insurance and some excursions. Your program might not cover your airfare, which could cost upwards of $1,000 depending on where you’re studying. Also, your program probably won’t cover all your meals so don’t forget to factor food into your budget.
Finally, how are you going to communicate with friends and family when you are abroad? International calls are expensive, so using Facebook or Skype to keep in touch will save you some coin. However, when you’re abroad you’re going to want a mobile phone to keep in touch with your new international friends. Your program might provide a mobile phone, but if it doesn’t, a cheap way to keep connected is buying a pay-as-you-go phone once you get off the plane.
Don’t forget to leave room in your budget for travel, souvenirs and fun. With good planning, your trip abroad will be the time of your life.
