Here are some options of how students have funded their programs in the past. Remember that while one option might be the solution for one person, two or three options combined together might be the right solution for someone else.
With the right approach, you can show them how studying in Bali can lead to academic success, improved career prospects and new found independence.
- Be prepared
- country info, program info, learn new language, new culture
- Reseach finance options
- funding options, budget, sponsors, savings
- Outline the many benefits
- study experiences, better grades, improving career, personal grow
- Ensure you will stay in touch
- keep in touch by Skype or WhatsApp
- Put yourself in their shoes
The International Student Card provides some travel insurance, including medical evacuation and repatriation but the deal here are the student discounts that go with the card.
The easiest way to get money is with your ATM/debit card. Be sure to contact your bank and see about international transaction fees, as they can add up fast.
Consider, your credit card might contain an international insurance as an international health and travel insurance!
The Bali Studies fee may be tax-deductible (many have even been able to deduct the cost of airfare!). Tax deducibility can be a significant benefit to you, reducing your real pocket contributions, on average,30%!
Instead of getting yet more socks, ask a relative to contribute to your study abroad program fund. Here are many online platforms available to help you collect and track donations. An excellent site is Fund My Travel, another is Go Get Funding but there are many others!
Community organisations are a great option for funding your international experience and some have done just that! Your church, synagogue, or Rotary Club are good organisations to look into as they have a history of supporting youth in international programs.
You may even be able to leverage bringing your experiences back to benefiting the community in some way, such as mentoring younger students when you return and sharing your new found wealth of perspective on the world.
The key is to get an early start so that all of your forms are completed.
Meet with a study abroad advisor at your university. They can help you get an overview of different programs.
Schedule a meeting at your financial aid office. The financial aid officers can discuss what options are right for you personally.
Good will be if you’re already using federal or university financial aid. Same funds can be put towards your semester abroad. This includes grants, loans, scholarships and private funding.
The available sourve of financial aids are:
- private and public organisations
Grants are money allotted to you by the government so you pursue your goals despite your financial struggle. The best part of a grant is that it doesn’t need to be repaid! The two main grants offered by the Federal Government for education are need-based, meaning that in order to apply for these, your family’s income must be below a certain amount.
The Federal Pell Grant is one of the most commonly awarded need-based grants for full-time undergraduate college students. The main factor to qualify is financial need - you must have an Expected Family Contribution (EFC) below the limit determined each year. If your family’s income is around $20,000 yearly, you probably qualify for the grant.
Another need-based grant ist the “Federal Supplemental Educational Opportunities Grant” (SEOG). It is for undergraduate students with exceptional financial need, or the “most needy” students/those with the lowest EFCs. You can get uo to $4,000 per year depending on your need, when you apply, and the funding of you school.
Financial aid, including institutional aid, may be applied toward the cost of your study abroad program. Students on study abroad programs are officially registered as full-time, Off-Campus Matriculated (OCM). OCM students thereby retain full eligibility for federal grants and education loans.
Loans are essentially money borrowed directly from the federal government, which need to be paid back six months after graduation, provided you remain enrolled in school at least half-time. Here are some or the common knows:
- Federal Stafford Loan
- Federal Perkins Loan
- Parent PLUS Loans
Scholarships are a great resource for what you should absolutely take the time to scour scholarships.
There are various types of scholarships offered, and you need specific requirements to qualify. This money you don’t need to pay back either.
A good resource to get insider information, ask your mates, who already went abroad, how they had funded their experiences. Don´t be afraid to seek multiple sources!
- National Security Education Program (NSEP)
- Benjamin A. Gilman International Scholarship
- Boren Scholarship
Studying abroad is one of the most enriching possible experiences, and it's one that more students should attempt to have. There is no better time to go abroad than as a student.
- Combine opportunities
- Keep deadlines
- Consider Referral-/Buddy Program
There is nothing more wonderful than someone hearing your accent and asking you if you’re from the same city, it’s completely brilliant.