July 25, 2023

Is a Study Abroad Worth the Costs?

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Is a Study Abroad Worth the Costs? Unpacking the Financial Pros and Cons

Studying abroad can be an experience that transforms your perspective on the world, expands your cultural understanding, and adds valuable dimensions to your education. But is it worth the cost? For parents and students alike, the financial aspect of studying abroad often stands as a significant concern. Let's delve into the nuances of this question, exploring both the potential returns and the economic realities.

Weighing the Financial Costs

Studying abroad comes with costs beyond tuition - travel expenses, living costs, health insurance, visa fees, to name a few. The expenses can pile up depending on the country you choose, the length of your stay, and the lifestyle you adopt while there.

For example, studying in cities like London or Paris may be significantly pricier than opting for countries like Germany or Taiwan, where the cost of living is generally lower. Additionally, many universities in Europe, particularly in Germany and Norway, do not charge tuition fees to international students, which can result in substantial savings.

Before diving into the experience, make sure you consider all potential expenses, including books, local transportation, meals, and even entertainment. In short, creating a comprehensive budget that accounts for all probable costs is an essential step.

Looking at the Financial Returns

Studying abroad can bring various financial benefits in the long run, even if it might seem costly initially. Here's how:

1. Increased Employability: A study from the Institute for International Education of Students (IES) found that 97% of students who studied abroad found employment within 12 months of graduation, compared to 49% of the general graduate population. The global perspective, cultural understanding, and language skills acquired during study abroad programs are increasingly sought after in our globalized economy.

2. Potential Higher Earnings: The same study also found that students who study abroad have, on average, a 25% higher starting salary than those who do not. The unique skills and experiences gained through international study often justify higher salaries.

3. Career Opportunities: Studying abroad can open doors to international career opportunities, internships, and networking. Being familiar with the country and its culture, language, and professional environment can give you a distinct advantage when applying for jobs in that country.

Scholarship Opportunities

Thankfully, there are ways to mitigate the costs associated with studying abroad. Numerous scholarships and grants are available for students looking to pursue an education overseas. These can be need-based, merit-based, or destination-specific, among others.

For instance, the U.S. government offers several scholarships like the Benjamin A. Gilman International Scholarship Program for low-income students and the Boren Awards for students studying in areas of the world critical to U.S. interests. Similarly, the Erasmus+ program offers scholarships for students within the European Union.

Universities often provide scholarships as well, either as part of their general financial aid programs or specifically for study abroad programs. Non-profit organizations, businesses, and professional associations also offer scholarships.

The key to finding these opportunities is to start looking early. Check out resources like the Institute of International Education’s Funding for U.S. Study Online directory, talk to your university’s financial aid office, or reach out to the study abroad office for information about specific opportunities.

Conclusion

Is studying abroad worth the cost? The answer isn't universal. It varies depending on personal circumstances, chosen country, and individual financial capacity. However, with a well-planned budget, awareness of potential long-term returns, and diligent pursuit of scholarship opportunities, studying abroad can be an investment that yields lifelong dividends in terms of cultural enrichment, broader perspectives, and enhanced career prospects. If you can make it work for you financially, the benefits could very well be worth the costs.