Financial Planning Guide

The financial aid budget for each study abroad program is located at the top of the online program brochure accessible in Broncos Abroad. To view the budget, see the "Budget sheets" tab and click on the semester during which the study abroad will take place.

Program budget

The program budget includes:

• Program fee (billable)—amount charged to the student's account for the Western Michigan University semester of study abroad enrollment. A description of what's included in the program fee is published in each program budget sheet.
• Out-of-pocket costs (non-billable)—estimates of other costs directly related to participating in the academic program; some of these costs may vary according to individual preferences and needs. See additional expenditures below.

Disbursement of financial aid may not coincide with the start date of the program abroad; plan ahead! Some out-of-pocket costs occur prior to financial aid and scholarship distribution for the semester, such as passport and visa or residence permit fees, the study abroad commitment fee, airfare, immunizations, etc. See the program's budget sheet for details or contact Study Abroad if you have questions.

It is the students' responsibility to meet with a financial aid advisor in WMU's Student Financial Aid and Scholarships office to determine if they have sufficient personal funds or will be awarded sufficient financial aid to support their participation in the study abroad program selected. While some financial aid may apply to the study abroad experience, additional funds might be needed to cover costs that exceed tuition and program fees.

Additional expenditures

Program budgets do not include activities that are not part of the academic program, such as personal travel, entertainment, shopping, etc. Students should plan to bring additional funds for their own personal activities.

All study abroad students should make a plan for how they will meet the expenses associated with their study abroad. One of the best ways to do this is to map out your current savings and any projected earnings against the costs outlined by your study abroad program’s budget sheet. If the gap between these figures is larger than what your financial aid or external support can meet, then it is time to start budgeting your spending. It is important to keep in mind that while scholarships are widely accessible, students should not count on receiving a scholarship when making their financial plans. These awards should be considered as additional spending money, not determinant factors as award amounts are often not announced until after commitment to a program is required.

Use this financial planning tool to get started

Realizing you may need more money? Consider some of the following to bolster your savings and make studying abroad a reality:

• Pick up a part-time job. Even if it is just a couple hours a week, put all of the money you earn towards your savings and you will be surprised how quickly it adds up.
• Have a garage sale. Sell some belongings you no longer need and advertise that the money raised will go toward advancing your education by spending time abroad. You can also list the items you are looking to sell on ebay or amazon to increase your chances of selling them.
• Offer to mow, shovel, walk dogs, babysit, etc. within your neighborhood. These tasks can often be flexible with your school schedule.
• Set aside some time to be a tutor for courses you excelled at.
• Have a creative side? Look into monetizing your hobby by selling creations on etsy.com.
• Give up your holiday or birthday gifts for a set number of years in exchange for a high cost item like your plane ticket.
• Make some lifestyle changes that can result in savings that really add up. Here are a few estimated examples:

*Note: All figures are estimates. Costs vary among programs.

Other swaps you can consider are renting movies from Redbox instead of going to the movie theater (saves $7), preparing your own sandwich instead of going to Subway (saves $4), reducing the data on your cell phone plan (can save $30/month), etc. These are just a few examples of how tracking your current expenses and developing an action plan to reduce them can result in acquiring the funds necessary to for your study abroad program. Ultimately it is up to you to decide if changing your lifestyle is realistic and where you want to make sacrifices today to enjoy a transformative experience in the future.