How Much Does It Cost to Study Abroad?

Studying abroad can be a memorable, life-transforming experience that expands your worldview, forges lifelong friends and connects you to another culture. While many students dream of spending a semester or a year in another country, one of the main reasons they don’t study abroad is cost. It’s a common misperception that studying abroad costs too much. 

Compared to average college tuition, it's surprisingly affordable. Perhaps that's part of the reason students studying abroad increased more than 1,000% in the 2021-2022 academic year. Is it expensive to study abroad? It doesn't have to be. Read on to understand how much it costs to study abroad and find the best options to pay for it.

Overview of Studying Abroad

When you study abroad, you’ll attend college lectures or perform research at a foreign university in conjunction with your university’s study abroad program. Depending on the university, you may have opportunities to study abroad on as many as five other continents. You can have the opportunity to attend an international, world-class university, experience a new city and a new culture and make new friends.

Studying and exploring different countries is a priceless opportunity for many students. Depending on the location of your study abroad program, it could also open opportunities to travel and experience other countries. 

Study abroad programs can cost anywhere from $4,000 to $10,000 per semester. Students may choose a semester study abroad program or a full year at a foreign university. 

According to the Institute for International Education, the benefits of studying abroad go beyond a dream to travel. Students who study abroad are 6.2% more likely to graduate in four years and have an average grade-point average (GPA) of 0.16 points higher than those who did not attend a study abroad program. Those effects are multiplied for first-generation college students and underrepresented minorities. 

In one survey, more than 90% of study-abroad participants said that participating in an education exchange program developed or improved key skills for post-secondary education. It also significantly impacted many participants’ career choices and job opportunities. 

Different Factors that Affect the Cost of Studying Abroad

The cost of studying abroad varies widely by location and program. Australia is one of the most expensive study-abroad options for U.S. students, while Mexico is one of the most cost-effective. The cost of a study abroad program can vary by the economy of the country, the type of program and the agreement with your university. 

You’ll need to consider the program's cost plus additional expenses for food, housing, transportation and airfare, insurance, personal advising and on-site support. While costs can be high, there are ways to reduce total costs and cover the study abroad program. You can find scholarships and loans, and roommates can help you cover some program and housing costs.

Here are the main factors that affect study abroad costs. 

• Tuition: You will typically need to pay tuition to your university plus an additional study abroad fee. This is the largest expense for a study abroad program, but you can use scholarships or student loans to potentially reduce the cost. 
• Airfare: Depending on the location of your study abroad program, the airfare could cost between $300 and $2,000 or more. 
• Local transportation: Local transportation costs could be comparable to your home country or more. 
• Housing: Depending on the study abroad location, housing could cost between $200 and $2,000 per month. 
• Food: Food expenses could be higher or lower than in your home country. For many study abroad programs, you can expect a similar food budget as long as you're frugal.  
• Insurance: Depending on the insurer, you'll need health insurance and possibly travel insurance in a foreign country, which may cost $150 to $500-plus a month. 
• Books: While the cost of books may be comparable to costs at home, it's important to factor these into your total budget. 

How to Pay for Study Abroad

You can pay for study abroad, including scholarships, grants, student loans and work-study programs.

Option No. 1: Scholarships

Scholarships are the most cost-effective way to pay for study abroad programs. You can look for scholarships based on academics, location, foreign language and within your university. Your school's study abroad or financial aid office can be the first stop to see whether you qualify for any study abroad scholarships. You can also search for scholarships online. 

How it works

You can qualify for scholarships based on academic merit, study abroad location, whether you're studying a foreign language or your major. There are also study abroad scholarships for minorities, women or students in specific degrees like science, technology, engineering and mathematics (STEM).

Option No. 2: Student Loans

Many students apply for increased student loans to pay for study abroad. You can apply for federal or private student loans to help pay for study abroad programs. It's important to consider the options, including interest rates and fees, carefully. 

How it works

Start by filing the Free Application for Federal Student Aid (FAFSA). You'll find out how much you can qualify for through FAFSA loans, making it easier to budget and plan for study abroad. Find some of the best student loans or the best personal loans for college students to get started.

Option No. 3: 529 Plans

A 529 is a tax-advantaged college savings plan. You'll need to plan ahead to have 529 college savings. If your family set up a 529 plan, you could use the funds to study abroad. Just $50 per month invested in a 529 plan for 18 years from when the child is born could be worth over $16,000 by college age. 

How it works

With a 529 plan, you contribute money that is then invested into a preset selection of investment options. The investments are usually mutual funds, which will grow over time. As long as you withdraw 529 savings for qualified educational expenses, including books, tuition, fees, room and board and related educational costs, you won't have to pay taxes on them. 

Option No. 4: Work and Study

From getting a part-time job to online tutoring jobs, some students fund a study abroad experience by working while studying. Many countries allow students to work between 20 and 40 hours weekly while on a student visa. 

How it works

Start by checking the country requirements and allowed working hours. Consider whether you can get a virtual job or you can freelance online. Talk to existing employers about working abroad, or consider looking for a job in your new country. Some study abroad programs may also offer a work-study agreement or research position to pay for some or all of the tuition. Find side hustles for college students here. 

Is It Possible to Study Abroad for Free?

While most study abroad programs aren't free, you could get scholarships, grants or other opportunities to study abroad for free. If you're flexible about where you're willing to go or want to take on a work-study program or research assistantship position, you could potentially go on a study abroad program for free or even earn a modest stipend. 

How much does studying abroad cost? That depends on your unique situation, where you'll study and how many funding sources you can put toward the study abroad. 

Should You Study Abroad?

With the cost of living in the U.S. higher than pre-pandemic levels, studying in a lower-cost country can lead to lower overall costs. In addition, studying abroad can give you a strong advantage in the competitive job market. Employers look for employees with the independence, critical thinking and creativity that studying abroad can develop. 

Employees with a global perspective and international experience are a strong asset in an increasingly global economy. If you're looking for an adventure, a resume-builder and a life-transforming experience, consider funding options and locations to build a study abroad experience that fits your career goals and budget. Is studying abroad expensive? It doesn't have to be.

Frequently Asked Questions