Student Budgeting & Financial Preparation
We understand that cost is an important factor in deciding what SIT Study Abroad program is best for you. It is also important to understand how much your study abroad program will cost before you go so you can plan for expenses you may have while abroad. Below are the first steps you should take when planning to study abroad:
- Reach out to the study abroad office at your home institution to find out more about their study abroad policies.
- Visit the financial aid office at your home institution to find out about your financial aid eligibility while abroad.
- Research local expenses to get an idea of the costs of the country you plan to study abroad in. Make sure you convert the costs to the U.S. Dollar (USD).
- Create a budget to determine what the cost of your study abroad program will be to you. See more about this below.
- Make sure you select “Yes” that you would like to apply for an SIT scholarship on your SIT Study Abroad admissions application.
How much will my program abroad cost me?
The total cost of a program is comprised of many factors. Some of which you will be billed for and pay SIT or your home institution directly, and other estimated costs that you will likely incur during your time abroad.
Costs you can expect on a bill include:
- Tuition – the cost of expenses for your courses and insurance if you become ill
- Housing – where you will live while abroad
- *Meals – (depending on the program you participate in); what you eat while abroad
Estimated costs you can expect to incur, but will not be billed for, may include:
- *Meals – (depending on the program you participate in); what you eat while abroad
- Travel – this includes airfare to and from your program country and transportation while you are there
- Books and supplies – books and other coursework materials for your program
- Personal expenses – funding for personal items while abroad, such as toiletries and other miscellaneous items
- Visa and passport fees – fees related to a Visa (if required), and passport
- Immunizations – your medical provider may recommend that you receive certain vaccinations before being able to participate
- Other expenses – you may incur other expenses depending on your program
These costs are estimated as they will vary depending on the program you choose, its location, and your lifestyle.
*Depending on the program you participate in, you may be billed for meals, or this may be an out-of-pocket expense.
Please refer to your particular study abroad program for specific costs.
How should I budget to pay for my program abroad?
When budgeting to study abroad, there are important things to consider, such as:
- The total cost of the program (both what you will be billed for and estimated costs).
- The amount of financial aid you have available toward the cost of the program.
- The types of activities you may want to participate in during your free time while abroad. Do you want to travel independently, attend an event, go out to dinner, etc.?
- The out-of-pocket expenses that you may be responsible for toward the total cost of the program.
How do I know the amount of my available financial aid?
The total financial aid you are receiving may be comprised of both SIT Study Abroad Scholarships & Grants as well as financial aid from your home institution.
The financial aid office at your home institution will be able to tell you how much financial aid from their office can be applied to your program abroad. This aid may include:
- Federal financial aid (federal Pell Grant and/or Direct Student Loans)
- Institutional financial aid (scholarships and/or loans from your home school)
- Outside scholarships (scholarships from an outside resource)
How much should I expect to pay while abroad?
To determine an estimated amount of out-of-pocket cost, you should use this formula:
Total Cost of SIT Program – Your Total Financial Aid = Your Cost to Study Abroad
Example:
Total Cost of SIT Program Abroad = $20,000 (billed and unbilled expenses)
SIT Scholarship Aid = $2,500
Home School Financial Aid that Your College Approves to Transfer to SIT= $8,000
$20,000 (cost of program) – $10,500 (total financial aid) = $9,500 (your estimated out-of-pocket cost to study abroad)
This is an estimated amount as it will vary depending on your program and unique expenses while abroad. However, this is a good formula to use when planning your budget for your trip abroad.
Questions? Please Contact Us:
Office of Student Financial Support
Tel: 888.272.7881 (toll-free in US)
Email: [email protected]
Schedule a virtual meeting here: Calendly – Sarah Pietryka Tucker