How to Afford Study Abroad – Part 3
8. Host a fundraiser
I did not do this for my study abroad, but plenty of college students do it. Hosting a fundraiser is a great way to raise money for your study abroad program.
I have seen students do everything from selling t-shirts to hosting a bake sale to simply starting a GoFundMe in order to get money for their study abroad.
9. Take out a loan
Yep, you might need to take out a loan for study abroad. I did it, although in hindsight I probably could have avoided a loan entirely if I had just chosen a cheaper apartment.
While I am typically all about minimizing debt, I think that taking out a loan is actually worth it for study abroad. It’s a unique, once in a lifetime experience, and for many students (myself included) it’s their favorite college memory.
Not only is study abroad fun, it’s also a valuable experience that can help you out later in life. (I know that I personally got my next internship because of how impressed my interviewers were with the stories I told about studying abroad!)
10. Get a local SIM card
Another major mistake I made while studying abroad was not getting a local French SIM card for my cellphone. I tried to just use WiFi, but I ended up having to use cellular data sometimes which cost me a lot!
If you want to use your cellphone while abroad, be sure to pick up a local sim card right when you arrive. It’s usually much cheaper than American phone plans, and you can get unlimited data for under twenty dollars a month.
11. Work while abroad
If you still need some extra money for study abroad, consider getting a part-time job while you’re abroad for some extra cash.
In Paris, the most common jobs for foreign exchange students were babysitting and tutoring. One of my friends on study abroad got a weekly babysitting job for a local family and was able to earn an extra 100 euros a week.
Unless you have a work visa on top of your student visa, most of these jobs will just pay you cash under the table.
12. Pick a cheap destination
Still haven’t decided where you want to study abroad? Picking a cheaper destination for your study abroad is a great way to save a lot of money and still have an awesome time while you’re abroad.
For example, consider choosing a program in cheaper Eastern Europe instead of more expensive Western Europe. Or pick a less common destination, like Central America or Southeast Asia.
13. Choose a cheaper program
Going off the tip above, compare the different study abroad program your university offers and choose a cheaper option.
Sometimes there will be multiple programs in the same city or country with varying prices, depending on the program. If you have your heart set on a specific destination, shop around until you find the cheapest program for that place.
14. Find cheap housing
This was one of my biggest “mistakes” while studying abroad. I decided to live in an apartment by myself in Paris, in one of the most expensive areas. I loved my apartment, but this was definitely a HUGE expense.
You can save so much money on study abroad by finding a cheap housing option, like a shared apartment or even a homestay. Homestays are awesome because you get to live with a local family and often they will even cook meals for you, which can help you reduce your food budget as well.
15. Stick to a budget
One of the most important things you can do while studying abroad is creating a budget and sticking to it. This will help you manage your finances without any stress.
At the beginning of your program, calculate how much money you’ll have every month and then break that down into categories for expenses. Some expenses you might have on study abroad are rent, food, transportation, travel, entertainment, cellphone, etc.
For more study abroad and money saving tips, be sure to read these posts: