Consider and Plan Your Finances
Plan your finances carefully before beginning your study abroad journey
Key considerations
Any funding you receive is likely to be only a contribution to your living and travel costs, so we recommend you save as much as you can and budget carefully. If you meet widening participation criteria, you may be able to access additional funds.
We ask you to consider the costs of going abroad very carefully before you apply. Though an international experience is hugely beneficial, choosing a destinations that is affordable for you is crucial.
Consider your budget well ahead of time. What will the big costs be, from flights to accommodation? How will you cover your travel costs? Researching and planning carefully will help you feel prepared and in control of your financial year.
Likely costs
You will need to factor in:
- flights and visa fees
- insurance
- vaccinations
- accommodation
- living costs
Most destinations – including EU countries – will require a student visa. In addition to paying for the visa, you may incur other costs (e.g. travel to visa appointments, postage, notary or service fees) and it is likely that you will be asked to show proof of sufficient funds for your planned duration abroad. Some countries will not grant you a visa unless you can prove that you are able to afford their expected living costs, while some countries may insist you transfer money to a secure account at the host university, as part of the visa application process.
Tips for managing your money
Do not rely on part-time work to make your placement affordable – student visas for most countries (including those in the EU) will restrict or prohibit you from working
Do not to rely on any external funding, such as Turing, covering all your costs – Turing funding aims to help offset the additional costs of studying abroad, but will not fully fund your international experience
Often, our exchange partners have an average cost of living detailed on their websites
Consider splitting any funding or grants you have into monthly chunks, so that you don't run out of money towards the end of your time abroad
If you've not built a budget before, there are some great resources and advice on our Student Finance webpages – they can also offer you some financial advice before you go, or while you are abroad.