One of the most important (and overwhelming) parts of starting a new semester in the United States or Canada is coming up with a smart study abroad budgeting plan. Creating a solid budget in advance can ensure a smoother transition for international students, allowing for a more enjoyable study abroad experience.
Study abroad costs for international students vary significantly depending on the university and city you’ll be studying and living in. Therefore, student budgeting should account for all potential expenses, including:
Use your university’s cost of attendance as a starting point for calculating your study abroad budgeting needs. Keep in mind that colleges tend to underestimate true costs. So, it’s best practice to overestimate your expenses to ensure ample funds are available throughout the year.
According to the Institute of International Education’s 2024 Open Doors Report, over 54% of international students primarily rely on personal and family funds to pay for higher education in the U.S. Fortunately, there are many ways to help ease the burden, including applying for international scholarships and finding a research or teaching assistantship with your university. As an F-1 student, you can supplement your income with a part-time on-campus job or look into international internship opportunities that meet work visa requirements.
An international student loan can also help fund your study abroad education. MPOWER Financing offers funding for up to 100% of education expenses, including living expenses, for eligible schools in North America.
Here are some practical budgeting tips for students new to the U.S. or Canada.
As a returning international student, you’ve likely settled in and can now reflect on previous semesters. Use this information to identify where you overspent or underestimated costs to refine your study abroad budgeting plan. Additionally, you’ll want to think about:
A little time and effort spent study-abroad-budgeting now could save you big time throughout your international education. By planning for key expenses and seeking out funding opportunities – such as international scholarships and study abroad student loans – you can focus on enjoying your time abroad. And remember, your budget is meant to be a tool, not a source of stress. It will take time to adjust and figure out what you do and don’t need when starting a new semester in the U.S. or Canada.
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