It Doesn't Cost as Much as You Think
One of the most common myths about study abroad is that it is not affordable. We are here to say - study abroad doesn't cost as much as you think! With scholarships, financial aid, and low-cost options, we can help you find a program that fits your financial needs.
Did you know study abroad programs are available that cost the same - or less - than studying on-campus?! Check out our list of good-value study abroad programs.
Do you know how much you pay to attend TTU? You would be surprised how many students cannot answer that question! The total estimated cost of attendance for 2023-2024 is $29,086 for undergraduate residents with additional fees charged to Business and Engineering undergraduates. You can use this number to compare program costs.
Some tips to consider:
- Many TTU students choose to study abroad in European locations. Do you know where some of the most expensive places to live are located? In Europe.
- Consider choosing a program off the beaten path. The cost of living in these locations may be more affordable. Also, choosing a less-common study abroad destination will give you a competitive edge when applying for scholarships.
- It may seem counter-intuitive, but a semester program is often more cost-effective than a short-term program. Also, fewer students study abroad for a semester which means you'll have a better shot at scholarships because there is less competition.
- Make sure you're comparing apples to apples. Some students choose short-term or summer
programs because the cost on the program budget sheet is lower. When comparing programs
of different lengths, divide the total cost of the program by the number of days or
number of weeks of the program and then compare. This will provide you with a more
- Each approved study abroad program features a budget which outlines estimated costs. Use the budget planning worksheet to help you compare costs across study abroad programs of interest.
- Be flexible. We cannot guarantee that every program will be affordable for you. However, we can guarantee that we will help you to find a program which meets your financial needs. Plan ahead and do your research to find the right program.
Money Etiquette Abroad
No matter where you're going, money needs to be handled in a safe and responsible way. Though your money may look different than you're used to, it's by no means "monopoly money." Some countries prefer to use cash and using a card is difficult. Do research on your specific country before you go to learn basic information about the host country currency and how it's used.
Generally, it is not necessary for a student to open a bank account abroad. Your home debit card will work for most ATM's internationally and will allow you to draw money in the host country currency. The ATM may charge a fee for you to do this, and your bank back home may also. Try to plan how much money you will need for the week to avoid going to the ATM on too many occasions. You can keep the majority of the money at your accommodations in a safe place and only take with you what you need for the day.
In some countries, use of debit and credit cards is much more limited. Make sure to do your research before you leave so you know what to expect.
Red to Black
Red to Black offers free and confidential peer-to-peer financial coaching to Texas Tech students. They provide individual coaching sessions and group presentations on topics such as creating spending plans, the importance of starting to save early, maximizing financial aid (including student loans), how to choose employee benefits, and establishing and wisely using credit. Red to Black's purpose is to empower students so that they can achieve their financial goals.