Study Abroad | Money Matters

Are you interested in study abroad but think you can't afford it? Think again! Studying abroad is an investment in your future. The personal, academic, and professional rewards you'll glean through studying abroad will last a lifetime. Like any other type of investment, it requires planning, careful management, creativity, and perseverance.

Plan Your Budget Ahead

Calculate all of your current on-campus costs, including rent, food, entertainment, books and supplies, etc., and determine your annual budget. Use this as a baseline for comparison of costs abroad. Do not assume that you will find work abroad.

Various factors influence study abroad program costs: country, local cost of living, and length and type of program. Determine your needs and interests and compare the features and costs of various programs to find the best match. Make the program work toward your long-term goals, and it will be worth the investment. Be sure not to compare programs by their basic program fee. Check first to see what is included in the fee, because some stated fees may include housing, excursions, and airfare.

For in-state students, Bilateral and ISEP programs usually cost the least, because you pay the same tuition and fees you would normally pay to go to Virginia Tech. For out-of-state students, VT Direct, ISEP Direct, and non-VT programs frequently work out to cost less than what you would normally pay to Virginia Tech.

Set your priorities. Work longer hours, or get a part-time job. You may have to make some difficult choices. Are you willing to use money set aside for spring break to study abroad instead?

Creative Fundraising Ideas

1 Waive holiday and birthday gifts and request financial gifts or loans instead.

2 Write a creative letter to your relatives, asking for financial support in exchange for monthly letters while abroad, or a presentation and dinner upon return.

3 Ask friends to join you in raising money by painting, cleaning, or car washes.

5 In exchange for the use of your car while you're gone, have a friend or sibling make all or part of your car payments.

6 Find out if your employer will make a cash advance to be paid back through payroll deductions. No harm in asking!

Be sure to express your appreciation for any support. Your energy and enthusiasm for an international experience will be contagious!