Why cost is a major factor when studying abroad

Costs for studying abroad:

  • Accommodation

  • Health Insurance

  • Visas

  • Tuition

  • School supply resources

  • Money for leisure activities

  • Standardised testing

  • Applying to universities (costs around $75 US)

  • Transportation costs

  • Costs for food and groceries

  • Cell phone bills

  • Work permits

  • Data roaming

  • Personal expenses

The list above highlights why cost is a major factor when it comes to wanting to study abroad. Many families are concerned about their financial responsibilities when it comes to studying abroad, however multiple scholarships and financial aid options are available. Universities encourage students to apply regardless of their financial stability as they offer many support networks for families in order for their children to attend college.

List of scholarships available:

  • Academic scholarships/Merit awards

  • Sporting scholarships

  • Leadership scholarships

  • Music scholarships

  • Language scholarships

  • Extracurricular scholarships

  • Community service scholarships

  • Full scholarships/non-full scholarships

  • Need-based financial aid

Some universities also offer need-based financial aid based on your family’s finances. For example, students at Harvard University whose parents earn less than US$65,000 receive full financial aid. However, many universities take finances into consideration when assessing applications; there are currently only 5 universities in the US that offer need-blind admission to all students, including international applicants (Harvard, Yale, Princeton, MIT and Amherst College).

When choosing between several universities, often cost is the factor that families take into account when making the final decision. Families and students should keep in mind that tuition is not the only cost when it comes to university costs. Often families forget about visas and insurance which is vital when students choose to take part or their full college experience overseas. Families should be reassured that the majority of international students that attend college in the US, for example, end up on a scholarship which demonstrates that though the cost is a major factor when it comes to studying abroad, universities offer scholarships and other financial support.