Ways To Pay:
Out-Of-Pocket - Many people work their butts off to save for studying abroad; they get second jobs, work during school, and stash away every dollar of Christmas and birthday money they've gotten over the last year and a half in a false book. They collect every penny, quarter, and nickel until they have enough to take to the local CoinStar in hopes of having at least $50 more than they did earlier.
Loans - This is what I did. I did not originally intend on studying abroad, but when I decided it was important to me, I was in the mindset that I will be in debt for a good portion of my life anyway, what was $13,000 more? Especially when it meant going to London for 6 weeks, which I would have not otherwise been able to do. Loans need to be taken seriously, though; it is by no means free money - someday, you will have to pay them back (with interest), but they are the best option for those who don't just have thousands of dollars lying around.
I did run into problems with my loan, though, two weeks before I left. After speaking to my study abroad and financial offices several times, they led me astray. I was told that getting my loan 4 weeks before my departure would be enough time, but it was not, and there was a risk of me not getting my money before I left. I got it the day before I left, thankfully, but there was also an issue with my budget. The school did not tell me that they budgeted me, and so when I put my loan in for $15,000 (which, after months of doing math and working out exchange rates and cost, was the number I came up with for my budget), they took it down to $13,000 without telling me because that's the maximum they thought I needed. Unfortunately, there was no way to bypass that, and thankfully it wasn't horrible and didn't ruin my trip, but it was unneeded stress right before I went. So, with that being said, if you are planning on/thinking about using a student loan, make sure you are fully communicating with your financial aid office and aware of the power they have and the numbers they are laying out.
Scholarships - It's unlikely you could get scholarships to pay for everything, but they are great for getting the cost down, especially if you've never traveled before. Unfortunately, because my parents make too much money and I have traveled before, I was not eligible for many scholarships (another reason I paid with student loans). There are a ton of scholarships out there, though, so chase them all while you can, let them know why you're the best person to give their money to - why do you want to travel? What inspires you about your host country? Why study abroad? Why your program? Why now? What do you hope to find over there?
Things to Include in Your Budget:
- Tuition
- Program Deposit - this will be upfront money that will count towards the total cost of your program but will be due in cash or by check ahead of time
- Administrative Fee - this will go to your home campus and keeps your school email, accounts, and ID active
- Textbooks - this will always depend on your classes/program, but usually $200 is a good estimate
- Airfare - look at the prices of tickets during the time of year you'll be traveling; you can usually find good discounts for students, but always budget (if you're flying somewhere like Europe or Asia) at least $1,300; I ended up only paying $967 for my direct, round trip tickets; Tuesdays and Wednesdays are the cheapest dates to book flights; keep in mind you will most likely have to pay out of pocket for this because your loan will not come early enough; book earlier rather than later
- Airport Transfers - $70-$100 depending; cabs are most likely going to rip you off when you first get there, so it's better to pre-book a transfer
- Local Cellphone - most programs will require you to have a phone; we paid less than $50 for a bunch of minutes and texts on crappy track phones; usually they will tell you where to buy these; be safe and budget at least $100
- Personal Expenses and Food - this will be the biggest cost other than tuition; make sure you take exchange rate into account, as well as other trips you may want to take while over there, how often you'll be eating out, and things you'll want to buy; the last thing you want is to miss out on fun times because you didn't budget enough to go out with your friends
Tips to Save Money:
- London Pass - the London Pass is an amazing card that, for a flat, very reduced rate, gives you entrance into most tourist sites in London, including, but not limited to: Windsor Castle, the Tower of London, Westminster Abbey, The Monument, the London Zoo, Kensington Palace, and the Tower Bridge Exhibition; it comes in either 3-day or 6-day packages, and you can include travel if you do not have an Oyster Card (http://www.londonpass.com/)
- Concession Rates - students will often get discounts with a valid student ID; look out for those because the savings add up quickly
- Cook Rather Than Eating Out - especially in London, it is so tempting to go out to eat every single night, but those meals add up faster than you think (and so do the drinks), so do yourself and your wallet a favor, and go to the local produce market or store and eat in a few nights a week; invite over your new friends and have a cooking party, then you can go out and drink!
One thing my friends and I ran into while abroad was the small costs we didn't expect (paper towels, dish soap, laundry detergent, trash bags, toilet paper, etc.), so plan accordingly for things like that ahead of time. Also, WATCH YOUR MONEY! It seems like you aren't spending a lot, but when you take exchange rates into account, it's more than you think. The Pound is worth more than the Dollar right now - it was about $1.50 to the pound while I was there, and before we knew it (in only a week and a half) each of us had spent close to $900. So, watch your bank account, take exchange into consideration, and cut costs where you can. Buy things you really want/would actually use. I bought more things for myself during this trip than I ever have on any trip, even when I went to Japan, but most of it was art (12 pieces including a painting, photographs, and posters).
If you're in London and you want to get little things for yourself or others, the markets are the best places to go. The Camden Markets (right off the Camden Town tube station on the Northern Line) is full of eclectic shops and local merchandise, such as paintings, photos, jewelry, tea, and clothing. The prices aren't bad either and the shop owners are very nice.
Camden Lock Markets on the Canal - great food and shops
Painting of Tower Bridge I bought at the Camden Markets from a local painter - only 25 Pounds for a big square painting
If you get a painting, find a Rymend's and get a poster tube for easy and safe travel home
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