Financing and Budgeting for Study Abroad
The Office of Education Abroad works closely with the Financial Aid Office to ensure students understand the financial costs (indirect and direct) for studying abroad and to understand the ins and outs of their tailored financial aid package. Students will meet individually with the Financial Aid office staff to discuss their individual financial aid package—the amount of aid that qualifies for a study abroad program (if during the fall or spring semester) and other payment sources (such as loans and scholarships) to consider.
Journey Beyond Marietta Grant Program is unique to Marietta College students wanting to study abroad in the summer or participate in a faculty led program. Recipients must be accepted to an approved summer study abroad program or a Faculty Led Program Grant program to receive the funding. There are various grants in the Journey Beyond Marietta Grant Program, an overview can be found here and for a full listing of grants click on the Journey Beyond Marietta brochure.
How much money should I save?
This answer depends upon many factors: What is included in your program? How much do you want to travel independently while abroad? Is my destination costly to get to but cheap when I live there? Is my destination more expensive than my own city? We encourage students to save so that you have money to cover additional expenses and have freedom to enjoy much of what your host country can offer. You will want to budget in spending money for things like food, travel, souvenirs and gifts. All education-related expenses will be included in the calculation of your financial aid package.
When investigating program options is it important to always ask—What is included?
Key things to investigate as you explore program options:
- Is there a meal plan?
- Do I have to pay for meals?
- Do I need additional insurance?
- Is the airfare included?
- Are designated excursions included in the general fee?
- What is the exchange rate like?
- What is the overall cost of living?
- Am I in an urban, semi-urban or rural community?
- Are supplies and books included?
- Do I have to pay for a cell phone or internet?
- Is there public transportation and what does it cost?
- Can I walk to class?
Program Cost Comparison Worksheet
What is cost of living and why is it important?
The cost of living refers to what amount of money a person needs to live there and function. Housing, food, transportation and cost of personal items (such as toiletries, laundry detergent, clothes etc) would need to be factored into this calculation. Thinking about the cost of living is important because it may affect your choices. While cities tend to be more expensive, there are also lots of free events and discounted rates. You will always have a choice as to the amount you want to spend of food (cheap, middle, expensive), but knowing in advance will help you budget for your time abroad efficiently.
Can I use my financial aid to study abroad?
Meeting with the financial aid office is crucial to understanding your costs associated with studying abroad. While studying during the academic year, Marietta College students are eligible to use federal and institutional aid towards their program costs. You will need to understand your financial aid package, the costs associate with your program and gap for indirect costs (those costs not associated with your program or outside of the parameters of your financial aid package.
Are there additional funding sources available for study abroad?
Yes! Some third party program providers offer scholarships (merit and need-based) for different locations. Please review their websites for more information on funding opportunities. Visit the budgeting and finance page for information on additional scholarship opportunities.
Additional external funding sources include but are not limited to:
Gilman Scholarship Program http://www.iie.org/en/Programs/Gilman-Scholarship-Program
Institute of International Education Study Abroad Funding http://www.studyabroadfunding.org/
FinAid.org Exchange and Study Abroad Scholarships http://www.finaid.org/otheraid/exchange.phtml
National Security Education Program Boren Awards http://www.borenawards.org/boren_scholarship
Freeman ASIA Scholarships http://www.iie.org/en/programs/freeman-asia
Fund for Education Abroad http://www.fundforeducationabroad.org/applicants/scholarships/
Diversityabroad.com financial aid tips http://www.diversityabroad.com/financial-aid