After seeing enrollment decline by 91% during the 2020-21 academic year, study abroad programs have made nearly a full recovery from colleges and universities’ pandemic pauses.
By summer 2021, the Institute for International Education reported a 523% increase in U.S. college students going abroad, with 83% of schools expecting an increase in the 2022-23 academic year.
Studying abroad may offer a priceless opportunity to experience a different culture and see a new part of the world, but it can come at a hefty price. In 2023, the average cost for a semester abroad is $16,368, according to a recent Study.com survey.
While federal aid can be applied to study abroad programs, institutional aid or other grants may not always apply or be enough to cover the costs. As a result, many students are turning to other options to pay for studying abroad — if they’re available.
