Guide to
studying abroad

There are countless advantages to studying abroad including:

  • Personal growth and development
  • Improved problem solving skills
  • Cultivating a new international network of exceptional people
  • Cultural immersion and jaw-dropping new experiences
  • Improved foreign language skills

If you’re ready to embark on a new adventure overseas, check out our top tips to make your semester abroad a success.

*OFX provides general information that may not consider your personal financial situation or goals. It is not financial advice, and OFX assumes no liability for decisions made based on it.

  • How much is tuition?
  • Is housing available for students or are students expected to find nearby housing and pay rent?
  • Are there transportation costs associated with attending classes?
  • Does the school or country have additional requirements regarding things like health insurance?
  • How much are materials for the program? Books, art supplies or equipment costs can really add up.
  • In order to get a student visa, does the student need to prove they have enough funds to live in the country for the duration of their student visa?
  • What is the cost of living in the country and region where the program takes place? How much money needs to be available for things like food, and entertainment?

Unfavourable exchange rates can turn an expense into a major expense.
Save with OFX when you transfer.

Subject-specific

Scholarships that are awarded when a student studies a particular subject area or field of study.

Destination grants or scholarships

Some countries offer awards for students as a way to entice them into coming and studying. They are often supported or funded by the government of that country and students will have the opportunity to apply their award to specific courses, conferences, or materials while they study at approved colleges and universities in the country.

Student-specific

Scholarships are also available for applicants who qualify based on requirements like gender, race, religion, family history, medical history, sexual orientation, ethnicity, etc. Other requirements may be part of these scholarships as well, like GPA or field of study.

Merit-based

The most common type of scholarship is a merit-based scholarship. These are awarded based on student achievement and can cover areas from academic achievement to athletics.

Program-specific

some study abroad programs offer financial aid, scholarships or grants for students applying to specific programs. There are a variety of qualifications for these awards and they vary between programs and institutions.

Program-specific

some study abroad programs offer financial aid, scholarships or grants for students applying to specific programs. There are a variety of qualifications for these awards and they vary between programs and institutions.

Studying abroad in the United States

There are several requirements for students who want to study abroad in the United States. The school must meet certain criteria and be part of the Student and Exchange Visitor Program (SEVP). Schools in the U.S. cannot accept an international student unless they have been approved for entry into the country by the Department of Homeland Security.

There are also language requirements when it comes to studying in the United States. Most students will be asked to take a test that shows their level of English proficiency. The test must be approved and accepted at the university of choice.

Studying abroad in Australia

The Australian government hosts an online portal for all international students applying for work within the country. Interested students simply create an account and can manage their visa application process online.

While a visitor visa is okay for any program three months or less, a student visa will be necessary for longer stays. Visa options that may apply to studying in Australia include: visitor visas, working holiday visas, student guardian visas and temporary graduate visas.

The best place to get information about Australian visa requirements is the Department of Immigration and Border Protection.

Studying abroad in the United Kingdom

Rules in the U.K. depend on if the student is attending a university or a further education college. For most international students, it is more difficult to attend a further education college in the U.K. than a university.

For international U.K. university students, in addition to the application process for a visa, the government recently raised the amount a student must have in savings before being admitted for study in the country. All students have to show they can support themselves for nine months or the full length of their course, whichever is shorter. Under recent changes, students at some publicly funded colleges are not allowed to work part-time. They also have strict rules on academic progression and a minimum salary requirement for some types of visas.

For international students attending further education colleges, rules have recently changed in the U.K. in regards to graduating students staying in the country, making it harder for graduating students by eliminating post-study work visas for students in further education colleges and eliminating the ability for students to work part-time during their study.

Typical costs associated with studying abroad

  • Tuition
  • Rental payments
  • Allowances for the student
  • Books and materials
  • Travel budget
  • Healthcare or health insurance