Study abroad scholarship application form with a black pen resting on top

6 Quick Money Tips to Make Your Study Abroad More Affordable

Study abroad programs are great opportunities to learn new cultures, but they're not cheap. Here's how to make studying abroad weigh less on your finances.

Studying abroad is a unique opportunity to step into a new culture—but that doesn’t mean you can take that step for free. Study abroad programs can add up once you get to your international destination. You don't want to stress about your money problems the whole time you're in a foreign country. If you are nervous about financial matters while studying abroad, here are some tips based on my personal study abroad experience.

1. Apply to as many study abroad scholarships as possible

Depending on your study abroad program, there may be scholarship opportunities available directly from your external program provider, host institution, or home university. Opportunities may come in the form of grant funding too, so be sure to look out for all your financial options. Start researching as early as possible because deadlines for these scholarship awards may occur way before your study abroad application is even due.

2. Plan ahead and budget realistically

Before you leave, think about what your everyday expenses will be in another country. How much money will you need for food, transportation, and basic needs, like toiletries? Once you figure that out, you can see how much you’ll have left over for side trips and souvenirs. Use resources like budgeting templates and other money-saving strategies to keep you and your finances organized. 

3. Know the currency exchange rate and how expensive everyday things are

Do you know how much food, clothes, and toothbrushes cost in the country you're heading to? This is related to your planning and budgeting, but planning out your everyday expenses is a little harder when the country you are going to uses a completely different currency. Familiarize yourself with exchange rates to minimize sticker shock and keep on budget once you arrive.

Related: 6 Smart Financial Plans Before You Study Abroad

4. Watch out for ATM and exchange fees

Many American banks charge fees every time you use an ATM overseas (or domestically for that matter). While a dollar or two may seem minor, these fees can add up if you only take out small amounts of money at a time. One way around this is to use the ATM as infrequently as possible, but that means carrying more cash with you, which isn’t always a good idea. Try finding a bank that doesn’t have overseas ATM fees or that reimburses you for them, which is what I did.

5. Don’t have all of your money tied to one card or account

Accidents and emergencies happen, and if your debit card gets lost or taken, you don’t want to be left without a way to access your money while studying abroad. I created a secondary, international-friendly bank account before I left and kept some of my funds in the other account in case my main card or financial source was compromised.

6. Decide what’s worth a splurge and what’s not

No matter how interesting fancy international cuisine and souvenirs may be, not everything will be worth splurging on. For me, this meant spending a little more on travel and international experiences than material souvenirs. Memories stay with you forever, while souvenirs may break or get lost during travel. At the same time, having a few meaningful keepsakes from the places you visit is also a nice way to remember your travels, but these don’t have to be expensive.

Related: When Is It Appropriate to Splurge as a College Student? 

Study abroad programs can be a life-changing experience, but managing your finances wisely is key to making the most of it. By applying for scholarships, budgeting, understanding exchange rates, avoiding unnecessary fees, and being mindful of your spending, you can reduce financial stress and focus on enjoying your time while studying abroad. Prioritize experiences over material purchases, and plan carefully so you’re prepared for unexpected expenses. With these tips in mind, you’ll be better equipped to have a fulfilling and affordable study abroad journey.

Not sure yet where you want to study abroad? Consider these 5 Unique Locations for Your Study Abroad Travels and get excited for an amazing adventure.

Like what you’re reading?

Join the CollegeXpress community! Create a free account and we’ll notify you about new articles, scholarship deadlines, and more.

Join Now

Tags:

Join our community of
over 5 million students!

CollegeXpress has everything you need to simplify your college search, get connected to schools, and find your perfect fit.

Join CollegeXpress

College Quick Connect

Swipe right to request information.
Swipe left if you're not interested.

Pace University

New York, NY


Leah Maciel

Leah Maciel

High School Class of 2021

CollegeXpress has helped me with all aspects of applying for college. The website is extremely easy to navigate and gives access to so many resources. I was able to research all of the colleges I was interested in, find out any information I wished to know about, and keep them organized in a list. I've also been able to research scholarships and save them as resources for later. I've used many websites in my college and scholarship search, and CollegeXpress has by far been my favorite one to use.

Laura Wallace

Laura Wallace

High School Class of 2019

My favorite part of CollegeXpress is that it features student writers so I get an inside perspective from students slightly older and farther along than me. I realize that other college websites also utilize student writers; however, I relate the most to the college writers that I read articles from on CollegeXpress.

Jeff Parsons

Jeff Parsons

Counselor

Thank you so much for this valuable information about these opportunities. I truly appreciate the CollegeXpress communications and use them to keep my high school seniors informed about their opportunities!

Joycelyn

Joycelyn

High School Class of 2023

I’m currently a college freshman attending Towson University. My major is Information Technology, and I plan to minor in Electronic Media & Film to achieve my goal of becoming a production engineer. Upon graduating high school earlier this year, I was awarded a $5,000 scholarship from CollegeXpress, which greatly assisted in paying my tuition. Truthfully, this financial reward was the difference in affording my room and board and tuition, along with other expenses for school. My family and I haven’t stopped celebrating my award since it was bestowed on me. I will never forget this opportunity for allowing me to get my foot into my university financially.

Casey Kammeyer

Casey Kammeyer

$500 Refer-A-Friend Scholarship Winner

I love the site CollegeXpress; it has been very helpful finding colleges and getting them to send me information. It has also been very, very helpful with finding tons of scholarships. Also, I told many of my friends about it and they love it as well!