There are many considerations in planning financially for a study abroad program. As has been mentioned, each study abroad program has a distinct cost specific to that program and may include different components. Students can find cost information for IU Overseas Study programs in the fee sheet located under the financial aid and costs tab of the individual program pages. These sheets include a break-down of program costs billable through the IU Bursar along with estimates for other variable costs students will likely incur outside of what is included in the billable costs. Examples of these costs include: meals not included in the program fee, airfare, and independent travel. You will want to be sure and identify all expenses you will have for the program.
Once you know the overall costs of the program you can start to evaluate your financial resources. Students can start by reviewing their current financial aid packages and confirming which of these resources can be applied toward program costs. Also consider any additional resources you might have, whether that is support from family, savings, or independent scholarships. Once you have determined the resources you have access to, you may also wish to look into additional resources such as scholarships.
Scholarships designated for use for study abroad have varying eligibility requirements. Some scholarships are need-based, while others are based on merit. Scholarships might also be limited to certain schools or majors, or restricted to certain programs. For more information on scholarships, students can review the Overseas Study website or visit the office in person.
It is important to budget appropriately for your time abroad. Our office created a budget worksheet we encourage students to complete. It is available on our financial considerations page. This worksheet provides a place to list the costs associated with studying abroad as well as the funding identified to cover those costs.
Students should also prepare for costs they might have in preparation for going abroad, such as vaccinations, passport and visa application fees, or purchasing travel items.
Students should plan early for their housing before and after their program. Depending on your circumstances, you may incur fees for the cancellation of a lease or housing contract if you will not be on campus for the entire year. Students can be in touch with IU residence halls or their landlord to discuss the situation and be informed about potential fees in order to budget accordingly. Students who are living off campus may want to consider the possibility of subleasing their apartment, if your leasing agreement permits such arrangements. Students interested in this type of arrangement however would be welcome to place an ad on the IU classifieds webpage.