A stack of coins with a tiny mortarboard symbolizing the financial benefits of studying abroad for Canadian students.

We all agree that studying abroad is a good thing, right? Many businesses these days operate in a global context, and it makes sense that employers are looking to hire people who have studied, worked or lived abroad. The interpersonal skills learned abroad, as well as self-reliance, problem-solving, and 'out-of-the-box' thinking are huge assets to any organization.

How can you get this international experience without breaking the bank? There's a myth out there that studying abroad is out of reach for the average student. But education abroad doesn't have to cost an arm and a leg. Sure, if you're aiming for the University of Cambridge in the UK, you'd better start buying lottery tickets! Still, there are lots of scholarships available for studies abroad — and other money matters to consider.

A Few Ways to Keep Costs Down

  • Many international universities offer academic or sports scholarships — here are a few to check out.
  • Many governments also offer scholarships; Fulbright scholarships (to study in the USA), Erasmus Mundi (Europe) and Destination Australia are just a few.
  • A few countries offer FREE tuition to everyone, including international students — for example, Germany and Finland.
  • In some countries — England for example — Bachelor degrees are generally three years and Master's programs only one year. You may find studying abroad cheaper than Canada when you consider paying for one year less of tuition/accommodation.
  • Some provincial governments offer financial assistance, such as the Ontario Student Assistance Program.
  • Some universities in the USA offer Canadians the same fees as local US students — which are much cheaper than international fees!
  • Some countries are just much cheaper to live in overall. Check out Hungary, Poland, or the Czech Republic for options. With less money spent on rent and groceries each month, your expenses will be a lot less daunting!

Consider the Return on Investment on Studying Abroad

Even if you do end up paying a little more to study abroad, the financial benefits outweigh this. Studies find that study abroad alumni find jobs faster than their peers, and their starting salaries are 25% higher. Talk about a raise!

Visit the Study and Go Abroad website for more information and advice about studying abroad, and to get info on the upcoming Spring Study and Go Abroad Fairs in Montreal, Toronto and Vancouver.