First things first; Scholarships.
Apply to as many as possible! Don’t be frugal on scholarship opportunities. We
have an abundant list of scholarships that can be found on the Study Abroad
website (http://studyabroad.uark.edu/students/financial-information/scholarships.php) Take note, scholarships have strict
deadlines. There’s no worse feeling than rushing through a scholarship
application and feeling that it was subpar. Give it your absolute best!
Applying to scholarships takes time management and patience, but it’s totally
worth it. Also, never underestimate yourself. Apply to any scholarships that
you are eligible for; you never know what your chances are, and you might just
receive it.
There are several
scholarships out there that focus on specific groups (major, race, honors, GPA
etc.) and I highly encourage to search for those as the pool of candidates is
slimmed down. One such scholarship that I recommend to apply to if you are Pell
Grant eligible is the Gilman Scholarship. The Gilman is a generous award, up to
$5000 and up to $8000 if you are planning on studying a critical language. 1 in
3 receive it for the semester and 1 in 4+ for the summer. Always ask your
department and any organization if they have any scholarships available; chances
are, they do.
Outside scholarships can be used as well, such as your hometowns
Rotary Club or local businesses, religious centers and civic organizations. Also,
if you are not bound by a certain program, maybe try exploring programs and
countries that offer more funding. You increase your chances of
funding by choosing a program/country that meets the criteria of a particular
award. An example would be the Boren Award, which is eligible to students
studying a critical language on a longer term program.
If you’re on a really
tight budget, definitely consider where you are studying abroad. Choosing a
country that has a lower cost of living and an exchange rate that makes the US
dollar stronger is an option that will allow you to spend less without feeling
like you’re missing out on a lot.
Alright, now that
you’ve found funding for studying abroad, here are some tips on living on a budget
abroad. The best advice I can give is to live like a local, not a tourist.
Don’t go to restaurants that are tourist traps; they are expensive and not that
great. Go grocery shopping at your local store/ farmers market. Use public
transportation. Walk. Don’t spend a lot on cheap souvenirs (it’s tempting). Haggle
(when acceptable i.e. flea markets). Basically, just ask yourself “What Would A
Tourist Do?” and don’t do it.
Here are some more
handy tips to not be broke as a joke while studying abroad:
- Be wary of ATM fees and currency conversion fees (they are sneaky and pesky). Try and find a “sister bank” in the country you’re in as well as your local bank. An example would be Bank of America in the US and BNL D’Italia in Italy. You are still charged the conversion fee, but not the ATM fee.
- Always check conversion rates. Sometimes they drop or rise with no warning.
- Make a weekly budget and stick to it. Set aside money for dining and going out, and use the quality over quantity rule here. (Remember, avoid tourist traps)
- Look for student discounts with your ID. In France, we got to visit Palace of Versailles and Villa Savoye for free, because we had our student visa.
- When traveling, make sure to be flexible and explore flight/bus/train options. RyanAir. EasyJet and Vueling are airlines that are generally cheaper, but strict. Always read the fine print. Also, look at flexible date options as sometimes you can save a lot of money by moving your trip around a day or two.
- Stay in a Hostel if by yourself and Airbnb with large groups is what I recommend.
- Don’t expect luxury. Travelling can be very much romanticized and if you have high expectations of where you will stay and what you do (like staying in a chateaux in the south of France whilst nibbling on some citrus caviar on a hand etched crystal plate on a private beach) you will be let down. Instead, realize that you just need a place to get some shut eye, so cheap is good (except for bed bugs, make sure you read reviews or bring your own towel to lay on). That way, you can spend more time exploring as you won’t be as tempted to stay in the hostel all day!
- Don’t go overboard on traveling. It will cost you in money and time. Instead, travel locally! Traveling in country is much cheaper and you get to explore areas that probably won’t be super packed. Packing up and going somewhere every weekend is expensive, stressful, rushed and you actually miss out on being familiar with the city you are studying in.
- Make use of your smartphone. There are numerous free apps that you can use to help come in contact with people and find your way around. Watsapp, Viber, Line and Tango are a few apps that are free to communicate with over Wi-Fi. Even to the US. TripAdvisor and Ulmon also have free offline maps to download.
- Be aware. Always keep your items close as pickpocketing is pretty common. Don’t carry too much money and valuables with you. It’s always better to be safe than sorry.
Overall,
the most important thing to keep in mind is to make the best out of your
experience abroad. Don’t get hindered by financial situations, working hard
before you depart and just being smart about your money while abroad will
relieve you of tension so you can have the greatest time. Remember, think and
spend like a local.
--Ayesha, Peer Advisor
