How much does it cost to study abroad as an American?

Studying abroad - whether that's for a full university degree or a single semester, is an excellent experience and can also make you more attractive to employers afterwards.

The costs of studying abroad as an American vary a lot depending on where you want to go, and for how long.

This guide gives you some ideas to think about - and introduces the Wise account and card as a great way to manage your money across currencies, with low fees and the mid-market rate, to keep your costs down when you study abroad¹.

How much does it cost to study abroad?

Studying abroad might look different to different people. Perhaps you want to take an entire university degree in Europe to learn a new language and get qualified at the same time.

Or maybe you’re thinking of doing a semester in Japan to broaden your experience. Both are possible, through international student schemes direct from universities, and through exchanges and third party providers.

The experience you get from studying abroad can vary enormously depending on where you go and how you set up your course.

You might choose to apply directly to a university as an international student, and then fall in line with other students completing the same course as you - or you might choose to do a short term exchange or experience program with a third party provider like CIEE².

Both options are worth looking at - this guide walks through a quick introduction to some popular options to study abroad as an American.

Studying abroad: financial aspects to consider

Aside from paying your tuition fees, you’ll also have to budget for a whole range of other costs. Bear in mind that these expenses vary hugely based on where you go, what you study and how long you plan to be away for.

You’ll need to do in depth research to make sure you’re setting a realistic budget - consider these as items you may need to include:

Airfare Visas Any agent or company fees if you arrange your overseas study through a third party Housing costs Local transportation once you arrive Food and daily expenses - bear in mind that this varies enormously based on the cost of living in your destination Books and supplies Personal expenses for entertainment

What are the cheapest countries to study abroad as an American?

As we’ve mentioned, studying abroad can include quite a lot of different costs. While tuition fees will be a major expense it’s not the only thing to think about. Costs of daily living are also extremely important, and can drive up how much you need to budget significantly.

We’ll dive into that in a moment - first, a couple of options you may think about for relatively low cost tuition fees with a world class experience on offer.

Norway is one place often cited as a great place to study abroad³. As an American you won’t get free tuition - a perk that’s now available only for EU passport holders - but you’ll still be able to apply for a good range of courses at high quality universities, which are taught in English.

Add in the amazing range of options for sports, activities and cultural experiences, and it’s still well worth a look⁴. As an example of the cost, studying a Masters degree in a science subject at the University of Oslo will cost around 26,000 USD/year in tuition fees as a US citizen⁵ - not wildly different to the average cost to attend an out of state university.

Looking for something different? Consider Argentina perhaps - the University of Buenos Aires has an exchange program which can cost as little as 500 USD for tuition for a term⁶, depending on where you’re studying in the US. As you’d expect, this is a competitive program and won’t be right for everyone - but an exciting opportunity nonetheless.

Other countries which are worth considering for relatively fairly priced tuition for American students include Germany, Taiwan, Mexico, India and Poland. Whether any of them suit you will depend a lot on your subject, your preferences and how long you’re hoping to be away for.

Tuition fees for Americans

Let’s dive further into the costs of tuition at international universities for an American. Research initiative, Education Data, publishes a list by country of the costs for tuition, alongside some estimated living expenses, which can be a handy place to start your research.

Here’s a summary of some of the costs of international tuition on average, for some popular destination countries:

Country	Tuition cost (average) as an international student (per year)⁷
Australia	20,000 - 45,000 USD
Canada	20,000 - 45,000 USD
UK	17,000 - 43,000 USD
India	350 - 5,500 USD
Korea	16,800 USD

Cost of living

Daily life will also come with a cost. What you pay for general expenses can vary a lot - here’s a summary of how Educationdata.org rates the costs of living for a year in the countries we detailed above. Naturally, how much you spend will depend a lot on your lifestyle, as well as factors like how often you choose to fly home, what sort of entertainment you enjoy and so on - so doing your own research is also crucial.

Country	Cost of living/expenses on average per year⁷
Australia	16,700 USD
Canada	15,500 - 17,800 USD
UK (England)	21,700 USD
India	4,600 USD
Korea	9,500 USD

Get Wise to cheaply and conveniently manage your money across currencies when you study abroad

Wise offers multi-currency accounts which can hold 40+ currencies, with a smart linked Wise card for easy spending and withdrawals.

Open an account online and add money in USD, to convert to whichever currency or currencies you need with the mid-market rate and low fees from 0.43%1. Or just leave your money in USD and let the card do the heavy lifting, converting with the mid-market rate and the lowest available fee every time. It’s free to spend a currency you hold in your account, and you’ll get up to 2 ATM withdrawals monthly with no Wise withdrawal charge*, anywhere in the world, and then low fees after that.

With Wise you can:

Send money abroad with the mid-market exchange rate and low fees Get paid like a local in 9 different currencies Spend in over 150 countries with the Wise card Hold and manage +40 currencies at the tip of your fingers Opt in to receive annual percentage yield (APY) on your USD balance with Wise’s interest feature (subject to change, certain limitations apply — see Program Agreement for more information)

Say goodbye to overcomplicated international transactions.

Say hello to Wise

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information

*Wise will not charge you for these withdrawals, but some additional charges may occur from independent ATM networks

How much does it cost to study abroad in Italy?

While studying in Europe can come with very varied costs, Italy is generally considered to be one of the cheaper countries you can choose.

Many universities have great international programs where courses are taught in English, making them accessible even if your Italian isn’t up to much.

To give an example, the University of Venice international programs⁸ include undergraduate, masters and double joint degree options across a range of subjects, with fees annually coming in at around 2,500 USD⁹.

How much does it cost to study abroad in Japan?

educationdata.org⁷ suggests that tuition in a Japanese university is likely to cost from 7,200 USD to 16,000 USD a year. Living expenses may be in the range of 10,500 USD a year per person - although this can vary a lot based on where you are exactly and your personal lifestyle.

How much does it cost to study abroad in Spain?

Spain is one of the cheaper European destinations profiled by educationdata.org. According to their research, tuition in Spain as an American is likely to run from around 850 - 28,00 USD, while daily expenses are generally around 12,000 USD per year⁷

How to study abroad: step by step

There’s not one single right way to study abroad - your journey will be unique to you. However, in most cases you’ll need to work through the following:

Step 1. Research your options based on the country you’re interested in, the courses and the length of time you want to be away for

Step 2. Figure out your budget, including accommodation, daily life, tuition and entertainment

Step 3. Make one or more applications to the university or universities you pick

Step 4. If you’re accepted to a program, assess the offer and accept

Step 5. Complete any university formalities, and start to apply for your visa and other necessary travel documents

Step 6. Figure out how to manage your money abroad without excess fees - see if Wise can help

Step 7. Make accommodation arrangements if this is not offered directly via the university

Step 8. Arrange your flights and start to get ready for your new adventure

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Studying abroad is a great experience and can give you a huge competitive advantage in the job market. Use this guide to start your thinking and planning - it's a big decision and will require some serious thought, from picking a country, university, and course through to getting a visa, a place to live, and a flight.

While you’re finalizing your plans, remember to check out Wise as a convenient way to manage your money across USD and the currency or currencies you’re going to need, with low costs and the mid-market exchange rate.

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Sources:

1. Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information
2. CIEE
3. Study in Norway - Norwegian Embassy in the US
4. Study in Norway
5. University of Oslo - international fees
6. University of Buenos Aires
7. Educationdata.org
8. University of Venice international program
9. University of Venice - international student guide

Sources checked on 02.02.2024