Uncovering the True Costs to Study Abroad

1
Uncovering the True Costs to Study Abroad
2

• Living and learning in a foreign country is a
  great way for college students to broaden their
  horizons and gain global experiences. Studying
  abroad is becoming more common as colleges
  increasingly require students to spend time
  overseas and as more entry-level positions look
  for this on a résumé.

3

• It's important to plan for the added expenses
  that come with studying abroad to make the
  experience rewarding for your student and your
  finances. Here are a few things to consider
• Program costs
• Make sure you understand the program costs. Some
  colleges strive to make programs equal to your
  usual tuition payment however the program costs
  may vary with the country and length of program.
  Many programs require a 10 to 20 percent down
  payment when your student applies for it, and you
  may need to submit installments in the weeks
  leading up to the program.

4
Financial aid

• Check with your son or daughter's financial aid
  office to ensure any current scholarships and
  Study Loans for Abroad dollars follow him or her
  overseas. If your student received third-party
  scholarships, notify the organizations about your
  child's plans as well. Encourage your student to
  ask if their college has special funds available
  for study abroad programs. It's also important to
  research third-party scholarship opportunities.

5
Cost of living

• Ask if room and board costs are included in the
  program, or if they are an additional expense. If
  your student is responsible for securing his or
  her own housing, costs may vary based on the city
  and style of living. Work with your student's
  study abroad office to find the best fit for your
  student's safety, desired cultural experiences
  and budget. Keep in mind that housing and
  spending money will go further in a country with
  a lower cost of living, particularly in a strong
  dollar environment.

6
Cell phone coverage

• Most cell phone companies charge a premium for
  international calling and texting - and that's
  only if the phone is compatible with
  international networks. Contact your cell phone
  carrier to determine if your student's cell phone
  will work overseas and if additional charges
  apply. Web-based telephone services such as
  Google Voice or Skype may be an economical
  alternative.

7
Insurance coverage

• Check to see if accident and sickness insurance
  is included in program fees. If your child has
  ongoing healthcare needs, you may need a
  supplemental policy as basic insurance may not be
  enough. Educate your son or daughter on how their
  insurance will apply overseas so they understand
  when to pay for healthcare expenses out of pocket.

8
Travel expense

• Remember to factor transportation expenses into
  your budget. Expenses may include flights to and
  from the host country and daily public
  transportation while your child is in the
  program. Talk to your student about their desires
  to travel more broadly within the country or
  region they are studying in, and add those to
  your budget as well.
• Consider bringing your child to meet with your
  financial advisor, who can help you plan for your
  student's essential and unexpected expenses while
  overseas. Planning for all aspects of studying
  abroad will allow you to feel more comfortable
  financially, enabling your student to have an
  experience he or she will treasure for years to
  come.

9
Source http//EzineArticles.com/9244532
https//www.facebook.com/AvanseEducationLoan
https//www.linkedin.com/company/avanse-financial-
services
https//twitter.com/avanseeduloan
https//plus.google.com/AvanseFinancialServicesLt
dMumbai
https//www.youtube.com/channel/UCcsuUx1EH1C08XmX2
embpug