Finances

 

Education Abroad seeks access for all UConn students to academic opportunities abroad. We recommend consideration of some of the following factors when selecting a program:

Compare programs’ durations and locations.

Shorter term programs may seem less expensive at first glance, but semester programs may provide greater value, depending on other factors. Costs of living also vary from country to country. Consider more non-traditional locations or smaller cities to keep expenses affordable.

Review our different program types and their cost structures.

Education Abroad programs vary in their cost structures, which affect what sort of financial and scholarships may apply. Please review your program’s brochure in our database to determine its cost structure.

Research additional funding opportunities.

Its never too early to start looking into funding possibilities for your program. You may end up selecting your program based on the possible funding sources available.

Compare currency exchange rates.

The U.S. Dollar will go further in some countries than others, depending on exchange rates. Being prepared for how U.S. currency will convert into local currency can help you better choose a location as well as budget and spend more wisely while abroad.

Plan a budget based on your lifestyle.

Consider tracking your expenses for a month while here at home. This will help you determine how much you should budget for personal expenses while abroad.

Preparing your scholarship application for success.

Students should have another set of eyes look at their application for feedback. Obtaining a letter of recommendation in advance to be used as needed will also speed up the application process.

Consider company scholarships during your research.

Students should be aware of large companies or those they are affiliated with who may offer money to students to be used for college. Some of those known for offering scholarships to college students include Coca Cola, Ford, and Staples. If a student has a job at a company or a parent employee at a company, this could also be a great place to research opportunities. Some companies may even match funds obtained through scholarships.

Think outside the box about your identity.

There are lots of interesting scholarships for students. Do a Google search and you may find opportunities such as heritage scholarships and even those for left-handed people. One representative on the webinar talked about a student who applied for a Polish heritage scholarship The organization hadn’t had an applicant in two years and gave this student 2 years’ of funds!

Determine the opportunities offered by local organizations.

If a student or their parent is a member of a local organization, this could be a great place to search!

Get creative with your approach to funding.

  • Students can take a look at their personal budget to determine if they can cut out something they regularly spend on to save funds for abroad. This is something the student could resume consuming after returning from abroad or when the goal is reached.
  • Banks can assist with budgeting-take a look on their website or call to inquire.
  • Use points/miles: Select a credit card that you know you can pay off and use regularly for expenses Miles can be used for your airline ticket or points can be turned in for other useful benefits.
  • 50/50 Raffle: Sell tickets and keep half and draw a winner for the other half!
  • Teach a master class on a subject you know a lot about.
  • Host a bake sale, walk dogs, have a yard sale-you can even ask for donations for the yard sale!
  • Host an online auction, sell crafts or goods on Etsy, advertise services such as babysitting or lawn mowing on sites such as NextDoor.
  • Collect cans and bottles to recycle.

Make the most of your personal network.

  • Consider current and former schools you have attended, your community, sports and religious groups, to find out about grants and scholarships available. This is where social media contacts, including Facebook, can be helpful. Facebook may connect you to an older demographic who has access to funds.
  • When reaching out to contacts to raise funds or even setting up Crowdfunding, be sure to tell your story! Explain who you are, what you are studying, what makes you unique and what you hope to achieve on your program. Also, it is very important to explain exactly how the funds will be used. For example: program fees for classes and excursions, room and board, an airline ticket. You should thank all donors and make a plan to follow-up from your program via a postcard, social media or email.