Financial Planning

When financing your Education Abroad experience, preparation and planning is key. We recommend that you begin planning your finances at least one year in advance of your trip. The Financial Aid Office is available and eager to help you begin and navigate this process. 

You will have similar types of costs when studying abroad that you would during your time on campus.  Tuition, housing, food/meals, health insurance, transportation, etc.  There are also additional costs to consider:

• $85 application fee
• Airfare
• Passport and/or visa
• Immunizations
• Personal spending money

This Study Abroad Budget Worksheet may be a useful tool to aid in your budgeting and planning efforts.

Once you have been accepted into your study abroad program, the Center for International Studies will submit an official budget to the Financial Aid Office prior to your term abroad.  If you applied for financial aid, the program budget and cost sheet supplied by CIS will be used to estimate your financial aid eligibility and award for the term(s) that you are studying abroad.

Many students will borrow additional loans to cover Education Abroad program costs. You can keep your debt load down by budgeting closely, borrowing only what you need and paying for as much as you can out of pocket with savings or earnings from work. 

Scholarships also are available through Huskies Scholarships, CIS, endowed scholarships, and national and foreign-funded scholarships also are available to help with travel costs, living expenses and tuition.

Budgeting and money tips

Before you leave the country:

• Consider Power of Attorney for a family member so that they can assist in an emergency with your funds. Give a trusted relative or friend access to your account so they can help you if there is a problem.
• Sign up for direct deposit (link to our new website when ready) so that any additional (overage) financial aid funds will go directly to the bank account of your choosing.  If you do not sign up for direct deposit, overage funds will be mailed via paper check to the local address that you’ve designated on your e-Services.
• Contact your bank and credit card companies and let them know that charges will be coming from overseas.
  • Be sure you know whether the country you are visiting needs a “chip” in the card to be able to use it. Many US cards do not have this chip.
  • Ask these companies if there are any additional surcharges to withdraw money overseas.
  • Ask about the limit you can withdraw per day or about any other security holds that might cause problems.
  • Exchange rates often change daily.

Be careful what kinds of cash machines that you choose to use and be aware of your surroundings when you are withdrawing cash.

• Traveler’s cheques are rarely used these days.
• Have a safe place on you to carry cash and cards and not in a purse or backpack that may be taken.