Money can be most debated subject when it comes to studying abroad. From how much the program costs to preparing your student’s pocket change, we want to help ease some of your troubles by providing resources to help navigate finances.
Money-Matter’s Workshop
The Education Abroad office is hosting a weekly workshop to talk with students about their concerns about finances. The workshop is led by one of our advisors. They are open to talk about any financial related topic but also have an agenda to help drive conversation. Please check the UA Calendar to see when the next Money Matters Workshop is scheduled.
Funding
So your student may be asking themselves, “How do I pay for study abroad?” Funding is a very important factor in planning an education abroad experience. Our office is here to help! There are multiple resources for students looking for study abroad funding, but they can also use their existing financial aid, scholarship, and other methods of payment here at UA. As soon as your student begins, it is time to start thinking about budgeting for their program. Their Education Abroad Advisor can help guide them to the correct person that can assist with their scholarship or financial aid. It is important to note that there are restrictions and rules with all scholarships and aid. Asking the difficult questions about money first, can help to clear up confusion later.
- Do I need to be a full time student to use my aid/scholarship?
- Does my entire scholarship/aid amount apply the same or just to a portion of my program?
- Can I defer payment for my program until my scholarship/aid is released?
- Do I need to do a budget sheet?
- Can my scholarship/aid pay for flights and other in country extras?
These are just a few key questions that your student needs to be thinking about early on in the process. Like mentioned we are here to help. Our office will be offering a money matters workshop weekly and your student’s EA advisor can help direct them as mentioned. We are not experts on scholarships/aid, but we have contacts who are!
In-Country Money Matters
Another topic that comes up with money, is how can your student spend their money once they are arrived in the country of their program. We advise that each student go into their country with at least 48 hours worth of local currency already in hand. This will help to ensure that they are not stranded if credit/debit cards do not work immediately. Speaking of credit/debit cards: be sure to research different fees and charges associated with using the cards internationally. It may be worth it to look into a card specifically for the trip that do not have international fees or allow free ATM withdrawals. The most important preparation to do is to look into the local norm for that country. Your student should find out if they are going to a cash culture (a country that primarily uses cash for daily transactions) or one that works more with plastic (similar to spending in the US, cards debit/credit accepted for almost any type/size purchase). It is key to look into these matters ahead of time. Check out our write up on how to prepare for the First48 hours in-country.