The next blog in our series, How to Talk to Your Parents about Study Abroad, dives into one of the most important topics: costs. Financial considerations play a major role in study abroad decisions, and for many families, this is where the most questions arise. While the experience itself is priceless, it’s important to show your parents that you understand the financial commitment and have done your research.
P.S. If you haven’t already, be sure to read the first blog in our series that discusses how to start the study abroad conversation with your parents. Check it out here!
The Money Talk: Step by Step
Money is often one of the first things parents think about, so being prepared to discuss costs can make a big difference in building trust and confidence.
1. Compare Prices
Start by comparing the cost of studying abroad with what you’d normally spend during a semester at your home campus. Costs like housing, meals, transportation and everyday expenses still exist at home. In many cases, the overall cost of studying abroad is more comparable than it initially seems.
2. Look into Financial Aid and Scholarships
Next, make sure you understand financial aid and scholarship options. Many students can apply their existing financial aid toward an API program, which can significantly offset costs. API also offers multiple scholarships and funding opportunities designed to make study abroad more accessible. Coming into the conversation with this information shows initiative and that you are actively looking for ways to make the experience accessible for your family. Learn more about API scholarship opportunities here.
3. Discuss Insurance
Finally, talk with your parents about getting a Cancellation for Any Reason (CFAR) or Interruption for Any Reason (IFAR) insurance policy. These policies help reduce financial risk if you’re unable to travel for any reason before your program starts or need to return home early. Keep in mind that insurance must be purchased early in the planning process.
Remember, you and your parents are a team working toward the same goal: finding a study abroad experience that is meaningful and financially realistic. Including them early gives you experienced partners who can help ask the right questions, weigh options, and make informed decisions. And don’t forget, you have a major resource on your side: API. We’re here to support you and your parents as you navigate the ins and outs of study abroad, and we’re pretty great at answering questions too!
We hope this helps reassure you that the money talk doesn’t have to be intimidating. Taking the time to prepare can make the conversation feel much easier and more productive. Stay tuned for our next topic on safety and support!
