Financial Resources for Study Abroad (Copy)

Funding your program

Funding your program Budget Planning and Available Resources

Budget planning and resource building usually take place in 4 easy steps!

Step 1: Knowing your program costs.

In each program brochure application, students will find a corresponding "Cost Sheet". This will guide you on both formal/billed costs (MICA tuition, program fees, insurance, etc.) as well as informal / personal costs (airline ticket, meals, entertainment, etc.) These "Cost Sheets" are the baseline which are intended to help you build a budget. Everyone's way of walking through the world is different - some of these numbers are estimates and depend on how participants choose to life while on a SAGE program.

Step 2: Knowing your finances and how they work.

Everyone's finances are different and knowing what resources you have available for the program costs (both formal and informal) is critical. Many students rely on various kinds of US Federal financial aid, MICA scholarships, money from work or savings, etc. Determining what aid / scholarships would be available to you and for what charges is your responsibility. Working with the team in GEO along with MICA's Office of Financial Aid is important - as an example, tuition for semester study abroad is often covered by your current MICA financial aid package.

Step 3: Building a budget and determining the gap.

Now that you have an estimation of your costs - both formal and informal - and you have an idea of what resources you have available to you, putting those items into a spreadsheet is a good idea. This will help you organize the information and determine what - if any - gap remains. From there you can set up a plan to fill the gap!

Step 4: Filling the gap.

Now that you know what you might need to fill any financial gap, it is time to set up a plan. Usually, students fill this gap with a combination of scholarship resources as well as personal funds raised/earned between the program application and when you depart. Time is your friend in this process by setting reasonable savings amounts each week/month. Below is an example of using a combination method for funding the financial gap you've determined from Steps 1 through 3:

Student builds $3,600 in savings for personal spending money for a SAGE program by saving $150 per bimonthly paycheck.

Student sets a reasonable target of $5,000 in a funding platform like "GoFundMe" or through community / family networks and is encouraging 100 people to donate $50 a person.

Student applies well in advance for additional scholarships on top of the above steps taken knowing that some might come through, while others might not.