Best Ways to Finance a Summer Study Abroad Program

With summer approaching, you or your child may be considering a Summer Study Abroad Program that is either offered by your school or is available through another school's summer study program. These programs can offer students a unique and rich new perspective on subjects of interest or even on life in general. Depending on the destination country and the nature of the program, studying abroad can range from relatively cheap to highly expensive. If it's important enough to you and for you or your child's education, the cost of studying abroad shouldn't hold you back. Here's why:

Financial Aid Is Available

According to the National Association of International Educators, the majority of funding for study abroad programs comes from financial aid in the form of Pell Grants and student loans. If your study abroad program is offered through your current college or university, as one of its programs, you can generally use financial aid that would be available to you over the summer semester, for that college or university, for studying abroad. If you already filed your FAFSA and indicated that you would be in school at least half time over the summer, you should already have an award amount for that semester or quarter. Otherwise, when applying for financial aid, you should send your information to the college or university that is offering the study abroad program you plan to attend for an award package for that school. Note that the same annual limits apply for federal student aid when studying abroad versus studying within the United States, so your offer may not fully cover the costs of your summer study.

Timing of Financial Aid Application

As with all financial aid applications, time is of the essence. The earlier you file, the higher your chances of receiving grant money that doesn't have to be paid back. As schools generally start a new school year with the Fall Semester, summer study falls at the end of the current school year rather than the start of the next. For example, a summer program in the summer of 2011 would be covered by the 2010-2011 financial aid application which most people filed during the first few months of 2010. In the best case scenario, you'll apply for financial aid in January or February to study abroad during the summer of the following year, rather than trying to get financial aid for the upcoming summer. Waiting to the last minute to file for financial aid almost guarantees that there will be no 'free' money, and that any aid available will be loans.

Private Student Loans

Also available to students interested in studying abroad, private student loans can help you or your child satisfy the costs of summer study. Private student loans have different qualification criteria and limits to their use though, so you'll want to be sure to check with your lender. A list of current private student loan lenders can be found at FinAid.org.

Scholarships

Scholarships are another source of free money for a study abroad program. Scholarships are available for a wide variety of students, from all kinds of backgrounds, and all areas of study. Many companies, organizations, and individuals offer scholarships for exceptional students or students with particular backgrounds or areas of study. A trip to the library, school counseling office, or an online search can yield a treasure trove of results for scholarships that can be used for studying abroad. You'll want to be sure to pay attention to each scholarship's application process and filing deadlines to insure that your efforts aren't wasted. StudyAbroad.com publishes an excellent list of scholarships available to people wishing to study abroad.

Creative Sources

Other sources of funding for study abroad programs can be found by being creative. Perhaps a local paper or an online publication will pay towards or even fully sponsor your summer study in return for frequent contact from you with updates on your studies and your new insight and perspectives gained from being in a foreign country. Family members might pitch in to help part of the family. Local businesses may even be solicited as it can be a source of advertising for them to partially sponsor an up and coming member of the community. Finally, don't overlook the value in fundraising for your study abroad program. Some businesses, in an effort to show their community support, will permit a high school or college student to set up a table and sell baked goods, key chains, or other knick-knacks.

Budgeting and Saving

Obviously, setting a budget and saving for a summer study program will help as you attempt to meet the costs of your study abroad program and have spending money available for your time overseas. Be sure to adequately estimate the amount needed to cover the costs of the program, room and board expenses, and spending money, as you'll want to make the best of any downtime while in a foreign country. By following the above ideas and adequately identifying the amount you'll need, you can enjoy a rewarding, once in a lifetime experience.

Sources:

Financial Aid for Study Abroad Programs. NAFSA.
Private Student Loans. FinAid.org.
Scholarships. StudyAbroad.com.