Most students pay for study abroad through a combination of existing financial aid, scholarships specifically designed for international programs, personal savings, and family contributions. The good news is that many of the funding sources you already use for college, including federal student aid and 529 plans, can follow you overseas if your program meets certain requirements. With some planning, studying abroad doesn’t have to cost dramatically more than a semester on your home campus.
Use Financial Aid You Already Have
If you receive federal financial aid through FAFSA, you may be able to apply it to a study abroad program. The rules depend on the type of program and your enrollment status. A semester abroad sponsored by your U.S. college or university is the simplest path: your school typically processes your existing aid package and applies it to the program costs, since the credits still run through your home institution. If you’re enrolling full-time in a foreign school independently, different rules apply, and you’ll want to check the Federal Student Aid website for your specific situation.
Institutional scholarships and grants from your home university often transfer to approved study abroad programs too, but this varies by school. Contact your financial aid office early, ideally a full academic year before your planned departure. Some schools require a separate application to release aid for overseas programs, and missing a deadline could mean losing funding you were otherwise entitled to.
Tap 529 Plan Funds
If you or your family have a 529 college savings plan, those funds can cover qualified study abroad expenses, but only if the host institution is approved by the U.S. Department of Education. You can verify this by checking the Federal School Code List. A program run through your U.S. college automatically qualifies if your home school does. A foreign university can also qualify on its own if it appears on that list, and hundreds of international institutions do.
Qualified expenses from a 529 include tuition, fees, books, supplies, and required equipment. Room and board also qualify, but the student must be enrolled at least half-time. If you live off campus, your eligible room and board withdrawal can’t exceed the school’s published cost of attendance estimate for housing and meals. Withdrawals used for non-qualified expenses trigger income tax plus a 10% penalty on the earnings portion, so keep your receipts organized and your spending within the rules.
Apply for Study Abroad Scholarships
Several scholarship programs exist specifically to help students afford international experiences. The most prominent is the Benjamin A. Gilman International Scholarship, a U.S. Department of State program that provides merit-based awards to American undergraduates with high financial need. Gilman scholars can use the funding for study or internship programs abroad, and the program offers supplemental awards for students pursuing STEM coursework or studying languages considered critical to national security.
The Boren Scholarship, funded by the National Security Education Program, supports students studying in regions and languages underrepresented in U.S. study abroad (think Central Asia, Sub-Saharan Africa, or the Middle East rather than Western Europe). Boren awards come with a service requirement: recipients commit to working in the federal government for at least a year after graduation.
Beyond government programs, look for funding from these sources:
- Your university’s study abroad office: Many schools offer their own competitive grants ranging from a few hundred to several thousand dollars.
- Third-party providers: Organizations that run study abroad programs sometimes offer scholarships to students enrolling through them.
- Private foundations and nonprofits: Groups like Fund for Education Abroad and Diversity Abroad award scholarships targeting underrepresented students.
- Professional and heritage organizations: If you belong to a professional society, honor society, or cultural organization, check whether they fund international study.
Apply to several. Most study abroad scholarships have smaller applicant pools than general college scholarships, which improves your odds considerably.
Choose a Program Structure That Fits Your Budget
How you structure your time abroad has a major impact on cost. There are two main models, and they differ in both price and level of support.
Direct enrollment means you register at a foreign university and pay that school’s tuition directly. This is typically the cheaper option because you’re not paying an intermediary. Tuition at public universities in many countries is significantly lower than at U.S. schools. The tradeoff is that you handle logistics yourself: housing, course registration, visa paperwork, and credit transfer all fall on you and your home university’s study abroad office.
Affiliate programs (also called third-party provider programs) handle placement and support services for a fee. Organizations like CIEE, IES Abroad, and API coordinate housing, excursions, on-site staff, and academic advising. The average cost of an affiliate program is roughly $14,295 per semester, according to GoAbroad.com, though this varies widely depending on the provider, destination, and what’s included. Some provider fees bundle housing and meals, which makes the sticker price look higher but may actually be comparable to direct enrollment once you add up all costs separately.
If your home university charges a flat tuition rate per semester regardless of where you take classes, an exchange program can be the best deal. You pay your regular tuition to your U.S. school, attend a partner university abroad, and your main additional costs are flights, insurance, and living expenses.
Budget for Costs Beyond Tuition
Tuition or program fees are only part of the picture. Several other expenses add up quickly, and overlooking them leads to budget shortfalls mid-semester.
Flights: Round-trip international airfare typically runs $500 to $1,500 depending on your destination and how far in advance you book. Booking three to four months ahead and being flexible on departure dates helps. Student travel agencies sometimes offer discounted fares.
Visa fees: Most countries require a student visa, and application fees range from about $30 to $350 depending on the country. Some also require proof of financial means, which might mean showing a bank statement with a minimum balance.
Health insurance: Many programs require international health insurance, and some countries mandate it for visa approval. Your domestic student health plan likely won’t cover you overseas, or will cover only emergencies. Student travel insurance plans start as low as $16 for basic coverage, but comprehensive plans that cover medical evacuation and higher benefit limits cost more. Check whether your program fee already includes insurance before buying a separate policy.
Living expenses: Day-to-day costs like food, local transportation, phone service, and laundry vary dramatically by city. A semester in Southeast Asia or Latin America might cost $300 to $600 per month in living expenses, while Western European capitals can easily run $1,000 or more. Research the specific city, not just the country.
Currency conversion: Using a debit or credit card abroad often triggers foreign transaction fees of 1% to 3% per purchase. A no-foreign-transaction-fee card or a bank account designed for international use can save you hundreds over a full semester.
Save Strategically Before You Go
Give yourself a runway. If you know you want to study abroad sophomore or junior year, start saving freshman year. Even modest amounts add up. Setting aside $100 a month for 12 months gives you $1,200, enough to cover flights and visa fees for many destinations.
Summer jobs and paid internships in the months before departure are the most common way students build their abroad fund. Some students also reduce their course load by one class the semester before, freeing time to work more hours. If your program is in the spring, a full summer and fall of saving gives you a solid cushion.
Crowdfunding is another option that works better than many students expect. Platforms that let you create a fundraising page for educational expenses allow family members and friends to contribute toward your trip in lieu of holiday or birthday gifts. Be specific about what the money covers, as people are more willing to contribute toward a concrete need like airfare or textbooks than a vague request.
Reduce Costs While Abroad
Once you’re overseas, your daily choices make a real difference. Cook most of your meals instead of eating out. Use student discounts aggressively: a valid student ID (especially an International Student Identity Card, or ISIC) unlocks discounts on museums, transit, and even some airlines in many countries. Choose budget carriers for weekend travel instead of national airlines.
Housing is your biggest controllable expense. A homestay with a local family is often cheaper than renting an apartment and usually includes meals. University dormitories, where available, tend to cost less than private housing. If you do rent independently, splitting an apartment with other students brings costs down significantly.
Planning your travel in advance also matters. Students who budget a fixed weekly amount for discretionary spending report less financial stress than those who spend freely and try to cut back later. Set a realistic number, withdraw that amount in local currency each week, and when it’s gone, you’re done until next week.