Is Study Abroad Too Expensive? Understanding the Cost and How to Budget
Study abroad is an exciting opportunity to explore new cultures, gain a global perspective, and enhance your education. But many students assume it’s out of financial reach before they even consider it.
Here’s the reality: You’re already spending money on rent, food, and activities in the US. Studying abroad doesn’t necessarily mean spending more—it just means spending differently. With the right planning and resources, studying abroad can be more affordable than you think.
Understanding the costs
When evaluating study abroad opportunities, it’s important to understand what the program fee includes. IFSA includes items like housing, excursions, health insurance, and more. Here is an itemized list to give you a better idea on how to budget.
- Tuition and all-inclusive fees- costs vary by program, country, housing options, and meal plans
- Living expenses- food and necessities
- Currency exchange rate- in some countries, your savings can go further with a strong exchange rate
- Travel costs- flights, local transportation, and optional travel insurance
- Visa- required for most study abroad destinations
- Health insurance– included in your program fees
- Books and materials- academic supplies for your classes and your technology needs
Brandon, a computer engineering student at Brown University, described what you can expect to spend when you study abroad. Read more about his financial advice and his experience at the University of Auckland in New Zealand.
Understanding your financial opportunities
- IFSA Special Offers- Enter to win a free study abroad program worth up to $25,000 with the IFSA Spring 2026 special offer. Additional prizes include twenty $750 flight vouchers for students participating in January 2026 or Spring 2026 programs.
- Scholarships, loans, and grants- Many students assume that financial aid is limited for study abroad, but there are many scholarships and grants available. More than one in three IFSA applicants receives funding through a scholarship. Explore your financial aid opportunities.
- Financial aid- If you already receive financial aid, you may be able to apply it to your study abroad program. Check with your school’s financial aid office.
- IFSA Upfront Advance- UpFront allows you to bill certain fees to your IFSA student account. You can then pay these expenses with financial aid or with our monthly payment option. This program is available for any IFSA Semester and Academic/Calendar Year program. Download the Upfront Advance Request Form and complete the instructions to apply.
- IFSA Payment Plans (Semester or Academic/Calendar Year Programs only)- If you’d prefer to budget your expenses rather than pay them upfront, consider enrolling in our monthly payment plan. This flexible payment option makes study abroad more financially accessible. See Billing, Payments, and Refunds for complete details.
- IFSA Student Marketing Correspondents- If you enjoy producing digital content such as photos and videos, you can apply to become an IFSA Marketing Correspondent and earn a $750 stipend to document your experience! Explore the Marketing Correspondent opportunity.
Kimyan was working part-time to finance her Business degree at Franklin & Marshall College. She assumed she could never afford an international experience, but through scholarships, financial aid, and smart budgeting, she made her dream a reality and participated in IFSA’s University of Galway Partnership Program. Read about how she did it.
Is it worth the investment?
Study abroad requires a financial commitment, but the long-term benefits can outweigh the costs. If the only thing stopping you from studying abroad is money, you’re not alone. According to NerdWallet, an average semester abroad can cost between $7,000 and $15,000. However, you might be surprised to realize you’re likely already spending money at home on items such as food, activities, and social outings. Studying abroad is a different way of spending. It is an investment in global experiences that foster independence, build cultural awareness, and drive personal growth. Explore the impact study abroad has on personal growth and how it can change your future.
Can you afford study abroad?
Is study abroad too expensive? Review the list below and mark the items that apply to your situation:
- I already budget for rent, food, and entertainment
- I’m willing to apply for study abroad scholarships
- I could save money by working part-time
- I can cut back on expenses to save
- I’d consider a low-interest student loan
If you checked three or more from the list above, study abroad is likely more affordable than you think!
Still unsure? Take our quiz!
- How do you usually spend money for fun?
A. Going out, concerts, travel, shopping
B. Budget-friendly activities (hiking, game nights, campus events)
C. I already keep my spending low
Reveal Answer
If you chose A, you’re already spending money on personal expenses, so why not shift them abroad? If you picked B or C, you likely won’t overspend because you’re already cost-conscious and living on a budget.
2. Would you consider funding options like scholarships or a side gig?
A. Yes, I’d apply for study abroad scholarships
B. Maybe, if it made studying abroad possible
C. No, I don’t want to apply for extra funding
Reveal Answer
If you picked A or B, there are many ways you are willing to fund your experience! If you chose C, you may need to save more upfront before going.
3. What matters more to you: Short-term savings or long-term benefits?
A. I’d rather invest in my future career and experiences
B. I want to save money but also gain new opportunities
C. I don’t want to spend extra money, even if it benefits me long-term
Reveal Answer
If you picked A or B, studying abroad is likely worth the investment for you. If you picked C, you might need more time to feel financially comfortable.
Final thoughts: Study abroad is possible!
Study abroad is not just for students with thousands in savings. Many students fund their experience through scholarships, smart budgeting, and financial aid. If you do find yourself worrying about finances, instead of thinking, “I could never afford this,” ask yourself, “How can I make this work?”
Start your journey
Find the best-fit program for you and start by speaking with a study abroad counselor or financial aid specialist to identify opportunities. Study abroad isn’t out of reach. With the right mindset and planning, it’s a life-changing investment you can afford.
If you have any questions about financial planning, contact our IFSA Finance Team.