Excited about traveling abroad but financially unsure how you can finance your trip? Well, let’s take a look at the different resources that are readily available for you to take advantage of.
Fellowships- these resources are fully funded by your sponsor and do not have to be paid back. This is based on
your personal and academic achievement.
Financial aid- Federal and state governments, foundations, and private and public organizations are primary sources of financial aid. (You have to make sure you speak with your study abroad advisor to see which funds are able to transfer over.)
Grants- this is funding that does not have to be paid back.
Loans- these are resources that have to be paid back.
Scholarships- Check within your school to see if they offer any scholarships. At my college, Washington and Jefferson College, they had a scholarship that administered $5000.00 for those desiring to study abroad. Of course, you had to write an essay and interview to obtain the funding.
Transfer of federal funds (Sister School to your college) – Oftentimes, your college will have agreements with other schools abroad. This agreement allows you to transfer your tuition to the foreign school. Generally, this covers your room and board and college courses.
Overall, I hope you enjoyed how to finance your trip abroad! This is a part of a series that I will be doing for the next couple of weeks. Please, check back to get more inside information about your traveling abroad. Also, if you know some other programs out there, please, feel free to share with us. Safe travels!
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