Financing an Education Abroad Experience

With careful planning and attention to program costs, financing your education abroad experience can be a stress-free process.  In fact, many programs are not much more expensive than studying on campus at St. Cloud State University. You can use your financial aid to help pay for travel costs, living expenses, and tuition. As a St. Cloud State student, you also have access to a number of local, endowed, national and foreign funded scholarship opportunities.

Financial Aid, Budgeting, and Money Tips

When financing your education abroad experience, preparation and planning are key. We recommend that you begin planning your finances at least one year in advance of your planned departure. The Financial Aid Office is available to help you begin and navigate this process. 

When you go abroad, you will have similar types of costs that you would during your time on campus such as tuition, housing, food/meals, health insurance, and transportation. There are also additional costs to consider such as the study abroad application fee, airfare, passport/visa, immunizations, and personal spending money. The Study Abroad Budget Worksheet may be a helpful tool in your budgeting and planning efforts.

Once you have been accepted into your study abroad program, the Center for International Studies (CIS) Office will submit an official budget to the Financial Aid Office prior to your term abroad. If you applied for financial aid, the program budget and cost sheet (pdf) supplied by the CIS Office will be used to estimate your financial aid eligibility and award for the term(s) that you are studying abroad.

Many students will borrow additional loans to cover education abroad program costs. Try and keep your debt load down by budgeting closely, borrowing only what you need, and paying for as much as you can out of pocket with savings or earnings from work.

Before you leave the country:

• Consider Power of Attorney for a family member so that they can assist in an emergency with your funds. Give a trusted relative or friend access to your account so they can help you if there is a problem.
• Sign up for direct deposit so that any additional (overage) financial aid funds go directly to the bank account of your choosing. If you do not sign up for direct deposit, overage funds will be mailed via paper check to the local address you have on file in your e-Services.
• Contact your bank and credit card companies and let them know that charges will be coming from overseas.
  • Be sure you know whether the country you are visiting needs a “chip” in the card to be able to use it. 
  • Ask these companies if there are any additional surcharges to withdraw money overseas.
  • Ask about the daily limit you can withdraw from your bank, foreign transaction fees, or any other security holds that might cause problems.
  • Be aware that exchange rates often change daily.

Be careful what kinds of cash machines you choose to use and be aware of your surroundings when you are withdrawing cash. Traveler’s cheques are rarely used so have a safe place on you to carry cash and cards. Do not carry your cash or cards in a purse or backpack that could be stolen.