Study Abroad Financial Q&A
Mariette Thomas, director of the Center for International Education, shares answers to the most common questions about the cost to study abroad.
What are the financial benefits of studying abroad?
Students who have studied abroad have a competitive edge when entering the job market. Employers are looking for applicants who have international experience. With less than 10% of U.S. college students graduating with a study abroad experience, studying abroad is a great way for your student to set themself apart from other applicants post-graduation.
Study abroad helps students develop 21st century job skills that are valued across professional industries. Study abroad improves career possibilities, the starting salaries of recent graduates, the speed of getting a job offer, and earning outcomes throughout one's career. A study from the Institute for the International Education of Students found that:
- 97% of study abroad students found employment within 12 months of graduation. Compare this to only 49% of graduates that found employment in the same period. That means study abroad students were twice as likely to find a job.
- 25% boasted higher starting salaries than students who did not study abroad.
- 59% of employers said study abroad would be valuable in an individual's career later on with their organization.
- 34% of study abroad alumni claimed that study abroad helped them choose their career field.
A 2015 study by the UK Higher Education International Unit found that study abroad alumni have a 19% lower unemployment rate than their peers who did not study abroad and out-earn their peers by 17%. This equates to approximately $7,000 annually for U.S. students. Maintaining this earning advantage translates to earning an extra $567,500 over one's career!
Think your student can't afford to study abroad? It's more affordable than you think!
How much do study abroad programs cost?
The cost to study abroad varies widely depending on the program, location, as well as a student's personal expenses. Many semester abroad programs are exchange programs, which means that students pay Loyola tuition and all Loyola scholarships, state aid, and federal aid apply. Loyola also offers fee-based programs. Some programs may be cheaper than a term at Loyola depending on a student's scholarships and financial aid! Loyola summer programs start at just $3,000 for 2 courses (6 credits), and cover all excursions and cultural events associated with the courses, health/medical insurance, and housing.
What kind of financial assistance can students get to study abroad?
For many students, studying abroad is only possible with financial assistance. Each year, Loyola awards scholarships to students who plan to study abroad on our programs. Non-Loyola scholarships are also available. See a
list of available scholarships and application deadlines. Of course, students should discuss all financial planning with their financial aid counselor well in advance of applying as well.