Funding Your Study Abroad Trip with Federal Financial Aid

Planning your study abroad adventure is exciting, but financing the trip can feel overwhelming. Convincing your parents to support your dream of spending a semester overseas is one thing—asking them to pay for it can be another challenge! Thankfully, there are various ways to reduce the cost. If you’re already paying for college with federal loans or grants, you can use that aid toward your study abroad program—as long as both your school and the program are eligible. Here’s how to apply federal financial assistance to your study abroad experience.

Grants, Loans, and Scholarships: What You Need to Know

Let’s break down the types of federal financial aid available, and how each can help fund your studies abroad.

Grants

Grants are essentially free money from the government to help cover your education costs. The best part is—you don’t need to repay them! Two major need-based grants are available through the federal government. If your family’s income falls below a certain threshold, you could be eligible for:

• Federal Pell Grant: One of the most widely awarded need-based grants for full-time undergraduate students. Eligibility is based on your Expected Family Contribution (EFC), determined by your Free Application for Federal Student Aid (FAFSA).
• Federal Supplemental Educational Opportunity Grant (FSEOG): Like the Pell Grant, the FSEOG is need-based but is reserved for students with the greatest financial need. The amount you receive depends on factors like your level of need, when you apply and the funds available at your school, and your school’s policies. FSEOG awards range from $100 to $4,000 annually.

Your international school may also offer grants, so keep your search open. Broaden your search and apply for as many scholarships as possible to increase your aid chances!

If you’re a student already using federal financial aid for your education, you can use this funding to cover your study abroad costs. Start by filling out your FAFSA early to determine your eligibility. Then, meet with the financial aid office at your home school. If your school participates in federal student aid programs, they can guide you through the process, which may include necessary paperwork for both your U.S. school and your international program. StudyAbroad.com advisors can also help answer questions you might have.

If you plan to earn a degree abroad, this process may vary, so check with your chosen school to confirm their participation in federal aid programs. Ask all the right questions early to ensure you meet all the requirements!

Loans

If federal loans and scholarships don’t cover additional expenses, private student loans could help bridge the gap. Private loans typically have different terms than federal aid, such as varying interest rates and repayment plans. Your credit score will be a factor in determining eligibility and rates, so having good credit might allow you to secure better terms. Make sure to understand the terms of any loan you take on, including deferment and repayment options. There are a few different loan options available depending on your financial situation:

• Federal Stafford Loan: A Stafford Loan may be a good option if you don’t qualify for grants but still need financial assistance. This fixed-rate loan is available to undergraduate and graduate students attending school at least half-time. You can borrow from the U.S. Department of Education, regardless of your credit history.
• Federal Perkins Loan: If you have exceptional financial need, the Perkins Loan offers low-interest financial aid. Unlike other federal loans, this one is issued by your school, and you repay it directly to them. With a 5% interest rate and a 10-year repayment period, this loan can provide flexibility as you plan your finances after graduation.
• Parent PLUS Loan: If your parents are willing to help cover your study abroad expenses, they can apply for a Parent PLUS Loan. This loan allows them to borrow up to the total cost of your education, including tuition, housing, and supplies. The only requirement is that your parents pass a minimal credit check, as this loan is based on credit rather than financial need.

Scholarships

Scholarships are another excellent way to fund your study abroad trip, and like grants, they don’t need to be repaid. There are many scholarships opportunities available through StudyAbroad.com, each with eligibility requirements:

• Affiliate University Scholarship: If you’re a student or alum from a StudyAbroad.com affiliate university, you may automatically qualify for this scholarship. Check with your advisor to confirm your eligibility!
• Travel Correspondent Scholarship: Capture and share your study abroad experience through videos, photos, and blogs to earn up to $250 USD! Open to students participating in a StudyAbroad.com program. The scholarship amount is deducted from the final program fee. Apply within 10 business days of submitting your study abroad application by emailing info@studyabroad.com. Submission requirements may vary by program length. Be creative—your video or photos could be from anything, like a weekend trip or a casual outing.
• Alumni Discount: If you’ve previously participated in a StudyAbroad.com program, you’re eligible for a $250 USD discount on a future program of at least 8 weeks. The discount is applied to the final program payment.
• Early Applicant Discount: Submit your study abroad application at least 6 months before your program start date and your $95 USD application fee will be waived. To qualify, ensure your application is complete and inform your StudyAbroad.com advisor about the discount.

Crowdfunding

Crowdfunding can also be a great way to raise funds for your study abroad journey. Follow these steps to launch a successful campaign!

• Choose the Right Crowdfunding Platform: Selecting the right platform is key. We recommend FundMyTravel, designed specifically for meaningful travelers. Other options include GoFundMe, Fundly, Indiegogo, Kickstarter, and ScholarshipOwl.
• Plan Your Campaign: Set a realistic goal that covers tuition, travel, and living expenses. Craft a compelling story and engaging title explaining why studying abroad is important to you. Establish a deadline to create urgency and be transparent about how the funds will be used.
• Promote Your Campaign: Maximize your reach by sharing your campaign on social media platforms like Instagram, Facebook, TikTok, and LinkedIn. Send personalized emails to family, friends, and mentors. Engage with local businesses, schools, and community groups, and pitch your story to bloggers or local media. Show appreciation by posting regular updates, thanking donors personally, and sharing photos and experiences from your study abroad journey. Keeping supporters involved will encourage further contributions.

Crowdfunding takes effort and consistency, but with a well-planned campaign, you can successfully fund your study abroad adventure. Start your campaign today and make your global education dream a reality!

We highly recommend FundMyTravel—a platform created specifically for meaningful travelers!

Start Applying for Financial Aid Today!

With these options available, how do you decide which method—or combination of methods—is best for you? Some students use a mix of federal loans, scholarships, private loans, and savings to create a personalized plan that suits their financial situation and goals. Your school’s finance office can be an excellent resource for advice, and family or friends may also have valuable insight. The sooner you start exploring your options, the more confident and prepared you’ll feel when it’s time to go abroad!

Exploring Your Funding Options for Studying Abroad

Before packing your bags, let’s discuss how to finance your study abroad adventure. Don’t worry; robbing a bank isn’t on the list of options! There are six main ways to fund your international education:

• Scholarships
• Financial Aid
• Grants
• Loans
• Crowdfunding
• Personal Savings

While you can always start saving independently, setting aside funds might only cover some expenses. Luckily, there are other great options that can help make your dream of studying abroad a reality!

Scholarships: Don’t Overlook Free Money

Scholarships are an underutilized resource, often ignored simply because students feel overwhelmed by the application process. However, it’s worth your time to explore them. Start with a simple internet search for study abroad scholarships and speak with your school’s study abroad advisor to ensure you get reliable, up-to-date information.

Pro tip: Some scholarships may offer smaller awards but are less competitive. Don’t shy away from applying to multiple scholarships, as smaller amounts can add up quickly. In some cases, universities even offer scholarships to students who write a thoughtful essay explaining why studying abroad is essential to their academic or personal goals. Also, be sure to see if your host university or provider has any scholarship opportunities that you qualify for.

Financial Aid: Use Your Existing Aid Abroad

If you’re already receiving financial aid, you might be in luck! Many schools allow students to apply their current aid packages to study abroad programs. Verify this with your financial assistance office, as policies vary by institution.

If your school doesn’t have this option, take a proactive approach by visiting your financial aid office to explore any special aid packages designed for study-abroad students. Even if it seems like a long shot, asking about all available options is the best way to avoid missing out on potential funding.

Grants: Free Funds With a Purpose

Grants, like scholarships, don’t require repayment and are typically awarded based on financial need, academic merit, or specific project proposals. Some are offered by governments, nonprofit organizations, or even universities with dedicated funds to promote global learning.

Check for federal or state-level grants that may be available for international study, such as the Benjamin A. Gilman International Scholarship Program in the U.S., which helps students with limited financial means. In some cases, grants may be tied to specific destinations, fields of study, or service commitments—so take time to explore your options and apply early!

Top Funding Options to Make Study Abroad More Affordable

Are you dreaming of studying abroad? Whether you’re looking to spend a summer exploring a vibrant international city, embark on a semester-long adventure, or even earn your degree at a foreign university, studying abroad offers life-changing experiences. However, the cost can sometimes feel overwhelming. But don’t worry—your dream is not out of reach! To help you get started, below are five funding options to help turn your study abroad aspirations into reality.

Scholarships

Scholarships are a fantastic way to fund your study abroad experience. In fact, many scholarships are specifically designed for students who wish to study overseas, covering everything from tuition to travel expenses. Start by checking scholarship directories and talking to your home university’s financial aid office, as well as your host institution and provider. StudyAbroad.com has several that you may qualify for! Remember, the key is to apply early and apply often.

Grants

Grants are similar to scholarships but often focus on specific academic fields or student demographics. They do not need to be repaid, making them an excellent option. Look for grants provided by government programs, non-profit organizations, and educational institutions. It’s worth researching to find hidden opportunities for which you might qualify.

Federal Financial Aid

Did you know that federal financial aid can sometimes be applied to study abroad programs? Depending on your program, federal loans, grants, and even work-study opportunities may be used to help fund your time abroad. Start by visiting your university’s financial aid office to see which programs are eligible for aid, and ensure all paperwork is submitted on time.

Private Loans

Private loans can fill any gaps left by scholarships, grants, or federal financial aid. While they must be repaid, private loans can provide the flexibility to cover additional expenses like housing, airfare, or daily costs. Shop around and compare interest rates to find the best option for you.

Personal Savings & Budgeting

Not everyone has a large savings account to draw from (especially students), so creating a savings plan can make a significant impact. Start budgeting early by cutting unnecessary expenses and setting aside funds for your trip. Every little bit adds up, and planning ahead can reduce financial stress when you’re abroad. You can also consider crowdfunding—many students successfully raise money by sharing their study abroad goals with friends, family, and supporters online.

Resources for Study Abroad Funding

By taking advantage of these options and planning strategically, the cost of studying abroad can become more manageable, opening up an exciting world of international learning and personal growth!