5 Steps to study abroad while on a budget | Earnest

How to study abroad on a budget

By Kat Tretina | Published on March 9, 2026

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Whether you want to improve your foreign language skills or immerse yourself in a new culture, studying abroad can be a great way to expand your horizons and further your education.

However, going to school outside of the country can be cost-prohibitive for some. The exact cost depends on the school you attend and the country you choose, but it can add up to $20,000 per semester.

How much does it cost to study abroad?

The cost of studying abroad varies widely depending on the program, school, and country, but it can range from $10,000 to $25,000 per semester, including tuition, housing, and travel expenses. For comparison, the average 2022-23 academic year tuition for in-state students at U.S. public four-year universities is $10,940 annually, according to Bank Rate.

If you want to study abroad, but can’t cover the cost out of your own personal savings, keep in mind that there may be other financing options available to you.

1. Come up with a budget

First, come up with a budget for your semester abroad and calculate how much you’ll need for:

Tuition
Housing
Books and supplies
Airfare
Passport or visa
Food
Health insurance
Personal expenses, like clothing or entertainment

Talk to your school’s financial aid office. The staff likely has budget worksheets or program overviews specific to the country you plan on studying in that tell you what to expect in terms of cost and the currency exchange rate.

2. Explore scholarship and grant opportunities

Once you know how much your semester abroad could cost, start looking for scholarships and grants. Unlike student loans, scholarships and grants don’t have to be repaid. And, you can combine multiple ones together to pay for your education. Some scholarships and grants to consider include:

Benjamin A. Gilman International Scholarship: A grant program operated by the US Department of State, this award was designed to help students with limited financial means to go to school overseas. Eligible students can receive up to $5,000 to study or intern abroad. Visit the grant website for more information and to apply.
Travel Safe Abroad Scholarship: If you write an essay on how to stay safe while traveling abroad, you could win a $1,000 scholarship to offset your education costs. Visit the Travel Safe website for more information and to apply.

Use sites like Unigo and Scholarships.com to find relevant scholarships and grants to help you pay for your semester abroad.

3. Check into federal financial aid

In some cases, you may still be able to use federal financial aid—including federal grants and student loans—to pay for your study abroad program. Complete the Free Application for Federal Student Aid (FAFSA) to determine your eligibility for federal aid. Then, check with your school’s financial aid office to confirm which types of federal aid, such as Pell Grants or Direct Loans, can be applied to your study abroad program.

Some colleges have partnerships with international schools that allow you to pay home tuition rates while studying abroad. However, additional costs such as travel, housing, and local expenses may still increase the overall cost of a semester abroad. You’ll still have to cover extra costs like airfare, but going to a partner university can help you save money.

The earlier you start the process, the better. It’s essential that you submit the necessary paperwork on time to the American school and the international school you’ve chosen so that you can use your federal aid.

4. Work remotely

Depending on your study abroad destination, you may be able to offset costs by working in your spare time. Check the labor laws and visa requirements of the host country, as many countries restrict international students from working.

Alternatively, consider remote work opportunities, such as freelancing or online tutoring, that allow you to earn money without local restrictions. For example, you could be a virtual assistant on UpWork, complete graphic design jobs on Fiverr, or teach English with VIPKid.

You can take on gigs when it works for your schedule, and you can use the extra cash you earn to pay for some of your expenses (or give yourself some additional spending money!).

Use sites like Remote.co and Freelancer.com to find remote opportunities that fit your needs.

5. Apply for private student loans

Scholarships, grants, federal aid, and part-time jobs may not be enough to cover the full cost of your semester abroad. If that’s the case for you, you’ll need extra funding to cover the gap.

That’s where private student loans can be a solution.

With this approach, you take out a loan from a private lender like Earnest. You can borrow up to the total cost of attendance at your selected program, and you can decide to defer payments until after you graduate.

If you have good credit, or if you have a co-signer with good credit and stable income, you can qualify for a loan with a low interest rate, making the repayment more affordable. At Earnest, you can complete an eligibility check for a loan in minutes without affecting your credit score.

Paying for a semester abroad

Studying abroad is a once-in-a-lifetime opportunity to experience a new culture while earning credits toward your degree. If cost is a concern, explore all your funding options. Scholarships and grants can help reduce your expenses, and Earnest offers flexible student loans to cover the rest—so you can focus on making the most of your time overseas.

About the Author

Kat Tretina

Kat Tretina is a freelance writer based in Orlando. Focused on personal finance issues, she’s dedicated to helping people pay down debt and boost their income.