7 Costs to Plan for in Your Study Abroad Budget

IES Abroad

When it comes to understanding the costs of study abroad, it’s a lot like paying for college: there’s multiple expenses to factor into the final cost. Whether at home or abroad, you want to be prepared for the whole cost of your semester, which includes tuition costs, housing costs, and the basic cost of living. We’ve collected advice from the experts: our colleagues who work with students across the U.S. planning to study abroad—and get grilled on budgeting questions daily. They know the most important study abroad costs to consider so you and your budget will be prepared for study abroad.

Grab your notes app or spreadsheet and let’s make sure these study abroad expenses are factored into your budget!

Passport and Visa Expenses: If you don’t already have one, you’ll need a passport to go abroad! Think more than just the booklet itself, consider fees for passport photos and mailing expenses to have it processed. Also, depending on the country your study abroad program is in, you may be required to get a visa. The price and process for getting this important document will differ based on the country. Don’t fret, you can find basic visa resources by country right on our website and your advisor will guide you though the process.
In many cases, students need to get their visa in person at their consulate; so, keep in mind considerations like transportation for traveling there (which often-times is out-of-state). Hear about an experience first-hand from Correspondent blogger Jahnia T. in her vlog, “Preparing for Abroad FIVE Days Before Flight!”.
Also, if you’re studying abroad in Spain, we offer our ACCeSS visa processing program, where we review and submit your application on your behalf for a fee—saving you time and ensuring it’s done correctly.
Exchange Rates & Foreign Transaction Fees: Different countries have different currencies, which means the strength of the U.S. dollar may vary depending on where you go. We recommend using a currency converter to get a general sense of the USD equivalent to local currency. The majority of U.S. banks also do not operate abroad, so you should check in with your bank on what fees to expect when stopping by an ATM for cash or using a credit card. While we don’t recommend opening a foreign bank account to reduce these fees, you can consider a credit or debit card with no foreign transaction fees.
Traveling to and from Your Program: Your flight abroad (and back home!) is just the beginning, don’t forget about additional travel costs. Checked bag fees, transportation to and from the airport, and even snacks or meals while traveling all are additional fees you should anticipate.
Housing Costs & Meal Plans: While most universities in the U.S. offer them, meal plans are a lot less common abroad. If you opt for housing options like a shared apartment or residence hall, you’ll likely be responsible for purchasing and making your own meals.
Pro tip: a homestay includes not just the cultural immersion of living with friendly locals, but is also accompanied by up two meals a day included in the price!
On-Site Fees & Daily Expenses: After you arrive, there are everyday expenses to keep in mind: an international phone SIM card or data plan, travel adapters, public transportation, laundry etc. For more on-the-ground tips, check out How to Budget While Abroad.
Location-Specific Expenses: One of the most exciting parts of study abroad is picking your destination. No surprise here: just like the U.S., bigger cities usually come with a higher cost of living than smaller towns. That said, in the same way you can ball on a budget stateside in an L.A. or N.Y.C., you can do it abroad, too. It all comes down to a matter of preference and planning ahead—which is why you're here!
Personal Travel: When the trip makes it out of the group chat, make sure to set aside funds for that exciting long weekend or spring break travel. Between flights, hostels, and activities—it can add up! There’s also no shame in preferring to just attend rather than plan a trip, many of our programs feature exclusive field trips that are subsidized at a lower cost or included in the program fee, allowing you to soak up the journey stress-free.
If this is an area where you’d prefer to save some cash, lean into setting roots in your host city or exploring domestic travel in your country—there’s magic to be found wherever your feet are while abroad.
P.S. Slow travel is in, learn more about it and how it can transform your study abroad experience.

Study Abroad Funding: Prep Outside the Budget

You’ve got the additional costs factored in your budget, but now you’re wondering how to prepare to pay for study abroad. Here’s a few ideas as you gear up for your overseas semester:

Review Your University’s Financial Aid Policy: Every university is different, so you’ll want to learn about your school’s specific policies: do they charge the IES Abroad price, transfer your on-campus tuition, or is it something different? Sometimes it’s actually cheaper than on-campus tuition to study abroad, but you won’t know until you ask. If you’re unsure who to contact, no worries—our College Relations Managers are happy to guide you to the right campus contact.
Pro tip: if you think study abroad is out of your budget, check out our scholarship and aid application before you say no—with one simple application, we’ll tell you exactly what IES Abroad financial aid you’re eligible for in 5 business days. That way, you can make an informed decision.

Maximize Your Time Before You Go Abroad: Maybe it’s picking up a summer job or finding an open role on your campus. We also recommend having an open conversation with your family about budgeting and the costs of studying abroad, making sure everyone is on the same page can go a long way! In the past, some students have even asked loved ones for financial support towards study abroad around birthdays or during the holidays before your journey. Steps like these can set you up for success and give you some additional funds to use however you’d like during your program.