Financial Planning
Begin planning early
Planning for Your Experience Investment
Studying abroad is an investment in your education, personal growth, and future career. With a little planning, your international experience can be more affordable than you might think.
Start Planning Early
The earlier you begin planning, the better prepared you'll be. We recommend starting your financial planning at least one year before your departure to explore funding options, create a budget, and apply for scholarships.
What Costs Should You Expect?
Many of the expenses you'll have while studying abroad are similar to those you would have while attending SCSU, including:
- Tuition and fees
- Housing
- Food and meals
- Local transportation
In addition, there are some study abroad-specific expenses to consider:
- $100 Education Abroad application fee
- Airfare
- Passport and/or visa costs
- Required immunizations or medical appointments
- Personal spending money and travel expenses
Financial Aid & Study Abroad
Once you are accepted into your study abroad program, the Center for International Studies will provide an official program budget to the Financial Aid Office.
If you have applied for financial aid, this budget will be used to determine your financial aid eligibility and award package for the semester or term you are abroad. Connect with the Financial Aid Office early to discuss how your aid may apply to your program.
Tips for Keeping Costs Manageable
A successful study abroad experience starts with a smart financial plan.
- Create and follow a budget
- Apply for scholarships and grants
- Borrow only what you need
- Pay out-of-pocket for expenses whenever possible
- Start saving early for airfare, travel documents, and personal expenses
Budgeting and Money Tips
Before You Depart
Consider a Financial Backup Plan. Give a trusted family member or friend access to important financial information or consider establishing a power of attorney if appropriate. This can be helpful if an emergency arises while you're overseas.
Notify Your Bank and Credit Card Companies. Let your bank and credit card providers know you'll be traveling internationally. This helps prevent your cards from being flagged for suspicious activity and temporarily frozen.
Understand Your Banking Fees and Limits. Before you leave, ask your bank:
- Whether your debit or credit card will work in your destination country.
- If your card includes a chip and PIN feature, which may be required abroad.
- What fees apply to international withdrawals and purchases.
- Daily withdrawal limits and any security restrictions on your account.
Monitor Exchange Rates. Currency exchange rates fluctuate regularly, so it's helpful to understand the value of your money before making purchases or exchanging currency.
While Abroad
Use ATMs Carefully. Only use ATMs located in secure, well-lit areas and stay aware of your surroundings when withdrawing cash.
Keep Cash and Cards Secure. Carry only what you need for the day and keep cash, credit cards, and important documents in a secure location. Avoid storing all of your money in one place, such as a backpack or purse.
Don't Rely on Traveler's Checks. Traveler's checks are rarely accepted today. Debit cards, credit cards, and mobile payment options are generally more convenient and widely used.
Pro Tip
Bring more than one way to access your money. Having a combination of debit cards, credit cards, and emergency funds can help if a card is lost, stolen, or stops working while abroad.