<p>I've been accepted and have pretty much committed to a fall semester program at a university in Melbourne, Australia. I have been looking forward to it for a couple of months now and I just received my official budget estimate for what it might cost.</p>
<p>When I applied for this program, I saw that the cost estimate was much less than what this budge estimate says it will cost. The budget estimate I just received calls for it costing 14k (which includes anything and everything; from airfare to personal expenses, tuition, room and meals, visas). I do not get much "free" financial aid and so I will most likely be needing to take out most of this cost in student loans. Some will be government unsubsidized/subsidized and others will be private.</p>
<p>I already pay a little more 8k a semester for my school in the U.S., including room and board and tuition, and most of that is paid through student loans.</p>
<p>What I basically want to know is, is it really worth it to take out more loan money to cover this study abroad experience? I really feel that it will help me gain a new perspective on life and my studies, so that I can be more marketable in the workplace as well. I also have a strong desire to travel and I feel that this is one of the only times in life that I can live in a place for such a short period of time, instead of just visiting, so that I can pick up parts of the culture.</p>
<p>This isn’t going to help, but I’m in the same place as you right now- trying to figure out if taking out a loan for studying abroad is worth it. (I already pay for part of college through loans, too.) Your thoughts have pretty much echoed mine (about not having this opportunity in the future) so I definitely understand what you’re going through. I’m so torn because I want to study abroad and don’t want to pass on this experience, but I don’t want to make a huge financial mistake I’ll regret after graduation.
Sorry I wasn’t any help, but I definitely wish you the best of luck in making this decision!</p>
<p>Do either of your colleges have reciprocal agreements with other foreign universities? Is it less costly to do a summer abroad program? What about your school securing a foreign summer internship?</p>
<p>Does the study abroad program or the University of Melbourne offer scholarships and grants? My son and I didn’t realize he could have applied for a scholarship until it was too late. Ask your Study Abroad staff if they know how you can afford it.</p>
<p>If you can find as much summer work as possible to reduce that $5,000 to $6,000 shortfall that would help. The experience will be worth it plus you can set goals for when you return home. Good Luck!</p>