College Money Smarts - Study Abroad

When the travel bug bites, cure it with study abroad to earn academic credit and international experience that looks great on a resume.

Most colleges have study abroad or international programs offices where they can match your academic program or interest with a country you would like to visit nearly anywhere in the world. You can study abroad for a few weeks, a summer or a whole semester, whatever suits your fancy and finances.

Don’t let your finances – or lack of them – inhibit exploration of the opportunities for international study. There are scholarships and financial aid available for travel and study abroad if you know where to look.

Look for Money

The first stop is to your international programs or study abroad office or Web site at school. The counselors can outline the various opportunities and help with estimates of cost. Next stop: your financial aid counselor.

You will need to bring the estimate of your study abroad expenses. These expenses include: tuition, fees, room and board, books and supplies, air fare, other travel expenses, meals, spending money and insurance. You can get this information from the study abroad office.

Then your financial aid counselor can assess what aid might be available to you to cover your anticipated expenses. You will need to file the Free Application for Federal Student Aid (FAFSA) as early as possible, or amend your current one. If you have qualified for a New York State Tuition Assistance Program (TAP) award, you may receive additional money to cover the tuition.

Uncle Sam Can Help

Federal scholarship programs are available for international study as well. Most students have heard of Fulbright Scholarships for graduate students, faculty and professionals, but there are grants available for undergraduate students, too.

The Benjamin A. Gilman Award offers scholarships of up to $5,000 for study abroad to U.S. citizen undergraduate students. The scholarship is based on both length of study abroad and financial need.

Students already receiving Pell Grants are also encouraged to apply.

The Boren Awards for International Study provide scholarships of up to $20,000 to U.S. undergraduate students who plan to study in countries not typically represented in college study abroad programs. Scholars are expected to study less commonly taught languages such as Arabic or Korean. The Web site lists eligiblity requirements and emphasized countries and languages.

Additional information about federally funded scholarship programs for international study can be found at the federal student information Web site.

Private Help

Private funding sources can help pay for a trip abroad, too. The Rotary Foundation’s Ambassadorial Scholarships have been funding students for international study since 1947. In 2005, nearly 800 scholarships were awarded. Interested applicants should apply through their hometown Rotary Club. For details, contact your local Rotary or visit their website.

Additionally, the NAFSA: Association of International Educators has a wealth of financial aid information for students considering study abroad opportunities.

These are only a few of the financial aid and scholarships available for study abroad. So, when the travel bug bites, get your cheddar and start packing!

Updated: 12/9/2009