How much does it cost to study abroad?
Whether you want to experience a different culture, enhance your education or meet new friends, studying abroad can be a priceless experience. But how much should you expect to pay to study overseas? That can depend on a few factors. Read on to learn more.
What you'll learn:
- Different study abroad programs come with various costs, so it’s a good idea to do your research to decide which might best fit your needs and your budget.
- The location, time of year and program length can also impact the cost.
- Scholarships, 529 plans, internships and work-study opportunities might help pay for study abroad programs.
- Using a student credit card and budgeting could help you manage expenses and finance your trip. Plus, you can build credit with responsible use.
Types of study abroad programs
There are a variety of study abroad programs, so if you’re considering hitting the books overseas, you may want to do some research first. Common study abroad programs include:
- College or university programs: College or university faculty lead these study abroad programs, which usually last a couple of weeks up to a full semester. These are generally discipline-focused programs that help you gain credit toward your major or minor.
- Third-party programs: If you’re looking for more of a package deal, study abroad programs from a third-party provider might be right up your alley. They often offer classes and options like housing, excursions, internships and volunteer opportunities.
- Exchange programs: Two schools typically agree to swap students for exchange programs. Tuition is still paid to your college or university. But when you’re abroad, you’ll usually be responsible for covering expenses like housing.
- Direct enrollment programs: In these types of study abroad programs, you’ll enroll yourself directly at a foreign university. And if you want to earn credit for a university or college back home, you might want to make sure the credits can be transferred.
Average study abroad program costs
Trying to calculate how much you’ll spend studying abroad can be challenging, because costs vary among the different programs and countries. According to the International Institute of Education, studying abroad costs an average of $18,000 per semester. However, the University of Louisville says that costs can range from $7,000 to $15,000 per semester and up to $6,000 for a summer program.
Here’s a closer look at the factors that can affect the average costs.
The type of study abroad program
Some program fees include tuition, housing and meals, while others also tack on a cost for weekend excursions.
Third-party provider programs can be the most expensive type of study abroad programs because they tend to include more options.
The time of year and length of the program
The cost of studying abroad may vary depending on the season and length of the program. Summer programs are usually shorter and cheaper than full semester programs during other times of the year.
The location
When it comes to studying abroad, some locations are more expensive than others. So it’s a good idea to keep the location’s cost of living in mind. For example, the cost of living in Australia can be more than the cost of living in France. The same could be true for studying abroad in a large city compared to a smaller one.
Additional costs
Don’t forget travel and living expenses. Costs for things like airfare, transportation, books, supplies, meals and spending money should also be part of your budget.
Tips to help with the cost of studying overseas
If you feel like the chance to study abroad isn’t within your reach financially, there may be some ways to make the experience more affordable.
Research available scholarships and other financial aid
Your university may offer scholarships to help fund studying abroad. And you can look for outside scholarship opportunities. If you have a 529 plan, you could also check whether you could use it toward a study abroad program.
Look for internship or work opportunities
You may consider interning or working part-time either before traveling or while abroad to help pay for your study abroad program. Some jobs or internships may even help you earn academic credit.
Plan a budget—and stick to it
Before you hop on a plane and begin your study abroad adventure, it’s a good idea to sit down and figure out a budget for your time overseas. Take a look at the cost of living, and be sure to stick to your budget.
Using a credit card can help you manage your spending throughout your travels. And if you’re using your credit card responsibly by doing things like paying your statement on time each month, you could build your credit. With Capital One student credit cards, you can earn cash back, and you won’t have to worry about things like foreign transaction fees when you’re making international purchases. View important rates and disclosures.
Study abroad costs FAQ
Still trying to figure out if studying abroad is right for you? Here are some answers to more frequently asked questions that might help you decide.
Should I use a credit card when studying abroad?
Using a credit card during your study abroad program can be a way to finance your trip, especially if your card doesn’t charge foreign transaction fees. Plus, your card may come with features like 24-hour travel assistance and travel insurance for peace of mind.
Savor Student and Quicksilver Student cards both come with perks, like earning cash back while building your credit with responsible use. And there’s no annual fee for either card. View important rates and disclosures.
Are there differences in costs between studying in certain countries?
Location can play a role in how much your study abroad program costs. Europe is a popular destination for studying abroad, with places like France and the U.K. at the top of the list. As a result, they may be more expensive. Countries like Mexico and Brazil tend to be more cost effective.
How much cash should I bring to study abroad?
In addition to a credit card, you might also want to have cash on hand when you’re overseas. While you’ll likely be able to use your credit card in most cities, cash can come in handy for things like tipping and transportation.
Key takeaways: Study abroad costs
Studying abroad can offer the experience of a lifetime to enhance your education while building lifelong skills and friendships. And if you plan it properly, you could find an option that works for your budget.
Looking for a credit card for your trip? Check out Capital One student credit cards. Before applying, you can see what cards you may be qualified for by getting pre-approved first. It’s quick, easy and won’t hurt your credit scores.
