Consider and Plan Your Finances
Plan your finances carefully for your global opportunity
Funding your opportunity
There's a lot to consider before going abroad and a plan for financing your experience is essential!
Any funding you might receive from the university is 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.
Likely costs
We ask you to consider the costs of going abroad very carefully before you apply. Though an international experience is hugely beneficial, choosing a destination that is affordable for you is crucial. Researching and planning carefully will help you feel prepared and in control of your financial year.
You will likely need to factor in:
- flights/travel
- visa fees
- insurance
- vaccinations
- accommodation
- living costs
A lot of destinations – including EU countries – will require a 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 you may 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
If you are studying abroad, do not rely on securing part-time work to fund your trip – student visas for most countries (including those in the EU) will restrict or prohibit you from working.
Try not to rely on any scholarships or funding to cover all of your costs – you'll likely need at least a small amount of personal savings available, even if it is just to set aside for emergencies.
Often, our partners will have an average cost of living and/or list of additional costs detailed on their websites. Consider using this and splitting any funding or grants you have into weekly/monthly chunks, this can help prevent overspending and ensures 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.