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 Program prices vary widely by school, region, and other factors.
Brown University students, for example, must pay $24,136 for a
semester in such locations as London and Kyoto, Japan, excluding
health insurance, travel, housing, meals, books and miscellaneous
expenses.
For some insight into the value of studying abroad as well as to get
tips about locations, and saving money, Reuters asked Stacie Berdan,
author of "A Parent Guide to Study Abroad," to demystify some of the
complexities of these programs.
Q: How should parents and students look at the often high
cost of study abroad programs?
A: As a parent, I understand that price matters a great deal.
But as a business woman, I recommend parents look at the value of
the experience and its return-on-investment, or ROI.
Q: What countries tend be more affordable?
A: Generally speaking, Western European countries such as
England, Italy and France are inherently more expensive than
developing countries such as Peru, Senegal or Thailand. The
difference has to do with the host country’s overall standard of
living and the overall cost of basic goods and services.
Q: What steps do you recommend parents take to help shave
some costs?
A: Every year tens of millions of dollars are given to
students to study abroad. Most colleges and universities with study
abroad offices have a wealth of information about the various forms
of scholarships available from a variety of sources.
IIE (Institute of International Education) offers the most
comprehensive listing of study abroad resources online (http://studyabroadfunding.org).
Lastly, look into the option of having your child enroll directly in
a foreign university, which usually requires withdrawing from his or
her home college for the semester or year. This is usually the
cheapest alternative, and significantly so, and offers your child an
opportunity for real independent learning on a global scale.
Q: What sort of insurance changes or additions should be made
before sending a child abroad?
A: If your child is on your health insurance policy, keep
them on and call your representative to find out if additional
coverage is necessary. At the same time, look into the medical
insurance being offered by the study abroad provider to be sure it
properly covers your child and that he or she completes the
necessary paperwork prior to departure. Most countries around the
world do not accept U.S. medical insurance and may demand cash prior
to treatment if one does not have international traveler's medical
insurance.
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Q: Are there any sorts of bank account or credit card changes
that parents or students should make?
A: If your child is going to be studying for at least a
semester or a year, consider opening a local bank account so he or
she has better access and won't be charged transfer fees.
Another option is to open a U.S.-based account with international
branches (depending on the study abroad location) or a U.S. bank
that allows for free ATM withdrawals and no foreign transaction fees
– same with credit cards. Credit cards are important and provide a
means for your child to use less cash, but check the study abroad
location to find out if the security chip is used in credit cards as
opposed the magnetic strip.
Q: If you son or daughter is on your cell phone plan, can
they remain on it?
A: Cell phones are a good idea to have, but your child should
be using them on a local basis, not for calling back to the U.S.
Skype is the obvious free option. Although parents should check
their carrier's plan for coverage, most students tend to either buy
a local SIM card to use in their U.S. phone (check to make sure it’s
compatible) or buy a cheap, local cell phone and SIM card. They
won’t really need their U.S. music or movie lists as they should be
immersing themselves in local culture.
(Editing by Beth Pinsker and Richard Chang)
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